WAYWaystar Holding Corp.
Services-Computer Integrated Systems Design
- Revenue
- $1.1B
- 17% YoY
- Operating margin
- 22.7%
- 73% YoY
- EBITDA
- $390M
- 26% YoY
- Market cap
- $5.4B
- Employees
- 340
- $3M revenue each
- Net debt / EBITDA
- 3.7×
- $1.5B net debt
- AI in 10-K
- 12.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 2 years3+ of last 5 years
- High CEO pay despite TSRNo$34M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo276% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes68% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$3M · 97th pctBottom quartile of its SIC industry
- Quiet on AINo12.5 per 10K words · 95th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$10M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $705M | $791M | $944M | $1.1B | 17% |
| Operating income | $89M | $142M | $124M | $249M | 101% |
| Net income | −$51M | −$51M | −$19M | $112M | 687% |
| Operating cash flow | $103M | $51M | $170M | $310M | 82% |
| Capex | $17M | $22M | $27M | $26M | 2.9% |
| Stock-based comp | $8M | $9M | $54M | $42M | 23% |
| Buybacks | $2M | $688K | $844K | $0 | 100% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 3, 2025 | ADVENT INTERNATIONAL, L.P. | SCHEDULE 13D | 5.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $189K · 1
- Open-market sells, 12 mo
- $11M · 12
- Net
- −$10M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $37M | $19M | 158 | 124 |
| FY2024 | $30M | $55M | 177 | 104 |