TakeoverPE & activists

WAYWaystar Holding Corp.

Services-Computer Integrated Systems Design · $5.4B market cap · 340 employees

8.7×

More likely than average to be taken private

Top 1% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    0 of 2 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $34M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    276% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    4% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    0% of cash flow
    Buybacks + dividends over cash flow
  • Shareholder dissentNo
    98% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $3M · 97th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    12.5 per 10K words · 95th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    3.7× EBITDA net debt
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $5.4B market cap
    Market cap $500M–$5B
  • AI-rollup shapedNo
    2 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Key numbers

Revenue
$1.1BFY2022: $705MFY2023: $791MFY2024: $944MFY2025: $1.1B
17% YoY
Operating margin
22.7%FY2022: 12.7%FY2023: 18.0%FY2024: 13.1%FY2025: 22.7%
73% YoY
EBITDA
$390MFY2022: $273MFY2023: $319MFY2024: $310MFY2025: $390M
26% YoY
Net debt / EBITDA
3.7×
$1.5B net debt

Financials

MetricFY2022FY2023FY2024FY2025YoYTrend
Revenue$705M$791M$944M$1.1B 17% FY2022: $705MFY2023: $791MFY2024: $944MFY2025: $1.1B
Operating income$89M$142M$124M$249M 101% FY2022: $89MFY2023: $142MFY2024: $124MFY2025: $249M
Net income−$51M−$51M−$19M$112M 687% FY2022: −$51MFY2023: −$51MFY2024: −$19MFY2025: $112M
Operating cash flow$103M$51M$170M$310M 82% FY2022: $103MFY2023: $51MFY2024: $170MFY2025: $310M
Capex$17M$22M$27M$26M 2.9% FY2022: $17MFY2023: $22MFY2024: $27MFY2025: $26M
Stock-based comp$8M$9M$54M$42M 23% FY2022: $8MFY2023: $9MFY2024: $54MFY2025: $42M
Buybacks$2M$688K$844K$0 100% FY2022: $2MFY2023: $688KFY2024: $844KFY2025: $0

13D filers

FiledFilerFormStakeIntent
Oct 3, 2025ADVENT INTERNATIONAL, L.P.SCHEDULE 13D5.8%Passive

Insider trading

−$10Mnet selling by insiders, open market, last 12 months
Bought $189K · 1 tradeSold $11M · 12 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$37M$19M158124
FY2024$30M$55M177104