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IT services · Technology · Fiscal year ends Dec 31
Waystar reported revenue of $1.1B in the fiscal year ended Dec 2025, up 16.5% from the year before. Operating income was $249M, an operating margin of 22.7%, and net income was $112M. Operating cash flow of $310M less capital expenditure of $26M left free cash flow of $283M. Net debt was $1.4B.
Ranks among the 36 it services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 705 | 791 | 944 | 1,099 |
| Cost of revenue | 215 | 250 | 316 | 348 |
| Gross profit | 490 | 541 | 628 | 751 |
| Research & development | 32.8 | 35.3 | 48.8 | 54.6 |
| Selling, general & admin | 185 | 187 | 269 | 307 |
| Operating income | 89.5 | 142 | 124 | 249 |
| Pre-tax income | −65.9 | −63.8 | −22.5 | 172 |
| Income tax | −14.4 | −12.5 | −3.4 | 59.7 |
| Net income | −51.5 | −51.3 | −19.1 | 112 |
| Diluted EPS | −0.42 | −0.42 | −0.13 | 0.61 |
| Diluted shares | 122 | 122 | 150 | 185 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 64.6 | 35.6 | 182 | 61.4 |
| Receivables | – | 126 | 145 | 177 |
| Current assets | – | 222 | 371 | 308 |
| Net PP&E | – | 61.3 | 46.7 | 51.6 |
| Goodwill | 3,010 | 3,030 | 3,020 | 4,017 |
| Total assets | – | 4,583 | 4,577 | 5,785 |
| Payables | – | 45.5 | 47.4 | 50.9 |
| Deferred revenue | 16.5 | 10.9 | 10.5 | 67.9 |
| Current liabilities | – | 123 | 146 | 218 |
| Short-term debt | – | 18.0 | 11.7 | 14.2 |
| Long-term debt | – | 2,200 | 1,221 | 1,459 |
| Total liabilities | – | 2,533 | 1,497 | 1,906 |
| Shareholders' equity | 2,106 | 2,050 | 3,080 | 3,879 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 103 | 51.5 | 170 | 310 |
| Capital expenditure | 17.4 | 21.5 | 27.3 | 26.5 |
| Free cash flow | 85.2 | 29.9 | 143 | 283 |
| Depreciation & amortisation | 183 | 176 | 187 | 141 |
| Stock-based compensation | 8.0 | 8.8 | 54.4 | 42.1 |
| Acquisitions | – | 40.0 | 0.0 | 630 |
| Share buybacks | 2.5 | 0.7 | 0.8 | 0.0 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.2% | 19.3% | 16.5% |
| Operating income growth (YoY) | – | 58.8% | −12.9% | 101.5% |
| Gross margin | 69.5% | 68.4% | 66.5% | 68.3% |
| Operating margin | 12.7% | 18.0% | 13.1% | 22.7% |
| Net margin | −7.3% | −6.5% | −2.0% | 10.2% |
| Return on equityBlank when equity is negative | −2.4% | −2.5% | −0.6% | 2.9% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 3.2% | 2.8% | 4.5% |
| Free cash flow margin | 12.1% | 3.8% | 15.1% | 25.8% |
| Cash conversion (CFO ÷ net income) | −1.99x | −1.00x | −8.88x | 2.76x |
| Receivable days | – | 58 | 56 | 59 |
| Payable days | – | 66 | 55 | 53 |
| Debt ÷ equity | – | 1.08x | 0.40x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 2,182 | 1,050 | 1,412 |
| Current ratio | – | 1.80x | 2.55x | 1.41x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.