Waystar Holding Corp.
WAY · Services-Computer Integrated Systems Design · 191.8M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$8M (gross $688K, SBC $9M)
Reference price $26.25 · est. market cap ~$5.0B — last insider purchase, 2026-03-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Healthcare-payments software (SaaS) — profitable with strong operating cash flow and growth.
Strengths
- Profitable with strong operating cash flow — operating margin 23% (90th), net margin 10% (72nd), OCF margin 28% (90th)
- Growing — revenue +17% (82nd)
Risks
- Leverage — D/E 0.38 (60th)
- Net-income volatility (post-IPO) — net income growth -686%
- Customer-concentration/competition risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$188,986, last 6mo) Form 4 ↗
- Notable holderHeld by 6 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 1 open-market sale(s) by 1 insider(s) (~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
22.7%
Net margin
10.2%
Return on equity
2.9%
Return on assets
1.9%
ROIC
3.7%
Revenue growth (QoQ)
3.4%
Debt / equity
0.4×
Net debt / EBITDA
3.5×
Current ratio
1.4×
EBITDA
$390M
Tangible book value
-$1.4B
Cash & investments
$86M
Stock comp / revenue
3.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Schremser Christopher L. | Tax withheld | 15K | $19.23 |
| 2026-06-09 | Oreskovich Steven M | Tax withheld | 13K | $19.23 |
| 2026-06-09 | Miller Melissa F. (Missy) | Tax withheld | 2.9K | $19.23 |
| 2026-06-09 | Wittman Kimberly S. | Tax withheld | 2.7K | $19.23 |
| 2026-06-09 | Hawkins Matthew J. | Tax withheld | 48K | $19.23 |
| 2026-06-09 | Bridge T. Craig | Tax withheld | 12K | $19.23 |
| 2026-06-03 | MILLER HEIDI | Grant | 9.3K | — |
| 2026-06-03 | Hung Priscilla | Grant | 9.3K | — |
| 2026-06-03 | Gupta Aashima | Grant | 9.3K | — |
| 2026-06-03 | DeMichiei Robert | Grant | 9.3K | — |
| 2026-06-03 | Riefberg Vivian E. | Grant | 9.3K | — |
| 2026-06-03 | Roman Michael F | Grant | 9.3K | — |
| 2026-06-03 | DRISCOLL JOHN PATRICK | Grant | 9.3K | — |
| 2026-03-09 | Chan William | Grant | 82K | — |
| 2026-03-09 | Wittman Kimberly S. | Grant | 62K | — |
| 2026-03-09 | Schremser Christopher L. | Grant | 87K | — |
| 2026-03-09 | Bridge T. Craig | Grant | 87K | — |
| 2026-03-09 | Hawkins Matthew J. | Grant | 257K | — |
| 2026-03-09 | Miller Melissa F. (Missy) | Grant | 62K | — |
| 2026-03-09 | PACKER GREGORY R | Grant | 66K | — |
| 2026-03-09 | Oreskovich Steven M | Grant | 82K | — |
| 2026-03-02 | MILLER HEIDI | Buy | 7.2K | $26.25 |
| 2026-01-20 | Sinclair III Eric L. (Ric) | Option exercise | 7.6K | $18.19 |
| 2026-01-20 | Sinclair III Eric L. (Ric) | Option exercise | 33K | $4.14 |
| 2026-01-20 | Sinclair III Eric L. (Ric) | Sell | 40K | $30.08 |
| 2025-12-22 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-12-22 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $32.82 |
| 2025-12-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-12-10 | Schremser Christopher L. | Sell | 8.6K | $30.41 |
| 2025-11-25 | Miller Melissa F. (Missy) | Option exercise | 3.4K | $18.19 |
| 2025-11-25 | Miller Melissa F. (Missy) | Sell | 3.4K | $37.00 |
| 2025-11-20 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-11-20 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $35.27 |
| 2025-11-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-11-10 | Schremser Christopher L. | Sell | 8.6K | $36.12 |
| 2025-10-20 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-10-20 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $36.94 |
| 2025-10-15 | Hawkins Matthew J. | Option exercise | 200 | $4.14 |
| 2025-10-15 | Hawkins Matthew J. | Sell | 200 | $38.00 |
| 2025-10-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-10-10 | Schremser Christopher L. | Sell | 8.6K | $36.21 |
| 2025-09-23 | Hawkins Matthew J. | Sell | 13K | $38.08 |
| 2025-09-23 | Hawkins Matthew J. | Option exercise | 13K | $4.14 |
| 2025-09-22 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $37.63 |
| 2025-09-22 | Hawkins Matthew J. | Option exercise | 12K | $4.14 |
| 2025-09-22 | Hawkins Matthew J. | Sell | 12K | $38.08 |
| 2025-09-22 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-09-12 | Moskowitz Paul G | Other | 516K | — |
| 2025-09-12 | BAIN CAPITAL INVESTORS LLC | Sell | 4.3M | $39.21 |
| 2025-09-12 | BAIN CAPITAL INVESTORS LLC | Other | 516K | — |
| 2025-09-12 | Derby LuxCo S.a r.l. | Sell | 7.8M | $39.21 |
| 2025-09-12 | CANADA PENSION PLAN INVESTMENT BOARD | Sell | 5.9M | $39.21 |
| 2025-09-12 | Moskowitz Paul G | Sell | 4.3M | $39.21 |
| 2025-09-10 | Oreskovich Steven M | Sell | 17K | $40.49 |
| 2025-09-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-09-10 | Schremser Christopher L. | Sell | 8.6K | $40.49 |
| 2025-09-10 | Oreskovich Steven M | Option exercise | 17K | $4.14 |
| 2025-09-08 | Sinclair III Eric L. (Ric) | Sell | 19K | $40.03 |
| 2025-09-08 | Sinclair III Eric L. (Ric) | Option exercise | 19K | $4.14 |
| 2025-09-08 | Bridge T. Craig | Sell | 85K | $40.06 |
| 2025-09-04 | Wittman Kimberly S. | Option exercise | 18K | $21.50 |
| 2025-08-26 | Miller Melissa F. (Missy) | Sell | 3.4K | $37.01 |
| 2025-08-26 | Miller Melissa F. (Missy) | Option exercise | 3.4K | $18.19 |
| 2025-08-20 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-08-20 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $35.11 |
| 2025-08-18 | PACKER GREGORY R | Grant | 78K | — |
| 2025-08-12 | Hawkins Matthew J. | Sell | 47K | $34.66 |
| 2025-08-12 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-08-11 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-08-11 | Schremser Christopher L. | Sell | 8.6K | $34.49 |
| 2025-07-21 | Bridge T. Craig | Sell | 85K | $37.09 |
| 2025-07-21 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $37.10 |
| 2025-07-21 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-07-15 | Hawkins Matthew J. | Sell | 47K | $38.26 |
| 2025-07-15 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-07-10 | Schremser Christopher L. | Sell | 8.6K | $37.63 |
| 2025-07-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-06-25 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-06-25 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $40.22 |
| 2025-06-20 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-06-20 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $37.79 |
| 2025-06-16 | Hung Priscilla | Grant | 5.1K | — |
| 2025-06-16 | Riefberg Vivian E. | Grant | 5.1K | — |
| 2025-06-16 | Roman Michael F | Grant | 5.1K | — |
| 2025-06-16 | DRISCOLL JOHN PATRICK | Grant | 5.1K | — |
| 2025-06-16 | DeMichiei Robert | Grant | 5.1K | — |
| 2025-06-16 | MILLER HEIDI | Grant | 5.1K | — |
| 2025-06-16 | Gupta Aashima | Grant | 5.1K | — |
| 2025-06-11 | Miller Melissa F. (Missy) | Sell | 6.1K | $40.71 |
| 2025-06-11 | Bridge T. Craig | Sell | 16K | $40.71 |
| 2025-06-11 | Oreskovich Steven M | Sell | 16K | $40.71 |
| 2025-06-10 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-06-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-06-10 | Schremser Christopher L. | Sell | 8.6K | $40.58 |
| 2025-06-10 | Hawkins Matthew J. | Sell | 2.7K | $40.57 |
| 2025-06-06 | Wittman Kimberly S. | Tax withheld | 2.7K | $40.55 |
| 2025-06-06 | Hawkins Matthew J. | Tax withheld | 47K | $40.55 |
| 2025-06-06 | Schremser Christopher L. | Tax withheld | 16K | $40.55 |
| 2025-06-06 | Oreskovich Steven M | Tax withheld | 14K | $40.55 |
| 2025-06-06 | Bridge T. Craig | Tax withheld | 14K | $40.55 |
| 2025-06-06 | Sinclair III Eric L. (Ric) | Tax withheld | 16K | $40.55 |
| 2025-06-06 | Miller Melissa F. (Missy) | Tax withheld | 2.6K | $40.55 |
| 2025-06-05 | Hawkins Matthew J. | Option exercise | 60K | $4.14 |
| 2025-06-05 | Hawkins Matthew J. | Sell | 60K | $40.18 |
| 2025-05-30 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-05-30 | Sinclair III Eric L. (Ric) | Sell | 9.7K | $40.00 |
| 2025-05-27 | Hawkins Matthew J. | Option exercise | 140K | $4.14 |
| 2025-05-27 | Hawkins Matthew J. | Sell | 140K | $39.03 |
| 2025-05-23 | Hawkins Matthew J. | Option exercise | 198K | $4.14 |
| 2025-05-23 | Hawkins Matthew J. | Sell | 198K | $38.53 |
| 2025-05-22 | Hawkins Matthew J. | Option exercise | 2.2K | $4.14 |
| 2025-05-22 | Hawkins Matthew J. | Sell | 2.2K | $39.15 |
| 2025-05-21 | Sinclair III Eric L. (Ric) | Option exercise | 9.7K | $4.14 |
| 2025-05-21 | Sinclair III Eric L. (Ric) | Sell | 100 | $39.55 |
| 2025-05-21 | Sinclair III Eric L. (Ric) | Sell | 9.6K | $39.16 |
| 2025-05-20 | Moskowitz Paul G | Sell | 452K | $37.39 |
| 2025-05-20 | Derby LuxCo S.a r.l. | Sell | 806K | $37.39 |
| 2025-05-20 | CANADA PENSION PLAN INVESTMENT BOARD | Sell | 617K | $37.39 |
| 2025-05-20 | BAIN CAPITAL INVESTORS LLC | Sell | 452K | $37.39 |
| 2025-05-16 | BAIN CAPITAL INVESTORS LLC | Sell | 3.0M | $37.39 |
| 2025-05-16 | BAIN CAPITAL INVESTORS LLC | Other | 235K | — |
| 2025-05-16 | Derby LuxCo S.a r.l. | Sell | 5.4M | $37.39 |
| 2025-05-16 | Moskowitz Paul G | Sell | 3.0M | $37.39 |
| 2025-05-16 | CANADA PENSION PLAN INVESTMENT BOARD | Sell | 4.1M | $37.39 |
| 2025-05-16 | Moskowitz Paul G | Other | 235K | — |
| 2025-05-15 | Miller Melissa F. (Missy) | Option exercise | 3.4K | $18.19 |
| 2025-05-15 | Miller Melissa F. (Missy) | Sell | 3.4K | $39.19 |
| 2025-05-15 | Miller Melissa F. (Missy) | Sell | 3.3K | $39.16 |
| 2025-05-15 | Miller Melissa F. (Missy) | Sell | 100 | $40.06 |
| 2025-05-13 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-05-13 | Hawkins Matthew J. | Sell | 44K | $38.94 |
| 2025-05-13 | Hawkins Matthew J. | Sell | 2.7K | $39.46 |
| 2025-05-09 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-05-09 | Schremser Christopher L. | Sell | 8.6K | $40.17 |
| 2025-05-09 | Hawkins Matthew J. | Grant | 264K | — |
| 2025-04-10 | Schremser Christopher L. | Sell | 2.5K | $36.80 |
| 2025-04-10 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-04-10 | Schremser Christopher L. | Sell | 6.1K | $36.18 |
| 2025-04-10 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-04-10 | Hawkins Matthew J. | Sell | 27K | $36.09 |
| 2025-04-10 | Hawkins Matthew J. | Sell | 20K | $36.72 |
| 2025-04-01 | PACKER GREGORY R | Grant | 53K | — |
| 2025-04-01 | Schremser Christopher L. | Grant | 264K | — |
| 2025-04-01 | Bridge T. Craig | Grant | 264K | — |
| 2025-04-01 | Miller Melissa F. (Missy) | Grant | 158K | — |
| 2025-04-01 | Wittman Kimberly S. | Grant | 158K | — |
| 2025-04-01 | Sinclair III Eric L. (Ric) | Grant | 317K | — |
| 2025-04-01 | Oreskovich Steven M | Grant | 211K | — |
| 2025-03-13 | Hawkins Matthew J. | Option exercise | 47K | $4.14 |
| 2025-03-13 | Hawkins Matthew J. | Sell | 46K | $35.54 |
| 2025-03-13 | Hawkins Matthew J. | Sell | 500 | $36.36 |
| 2025-03-12 | Oreskovich Steven M | Option exercise | 17K | $4.14 |
| 2025-03-12 | Oreskovich Steven M | Sell | 16K | $37.00 |
| 2025-03-12 | Oreskovich Steven M | Sell | 700 | $38.07 |
| 2025-03-07 | Schremser Christopher L. | Option exercise | 8.6K | $4.14 |
| 2025-03-07 | Schremser Christopher L. | Sell | 1.6K | $35.68 |
| 2025-03-07 | Schremser Christopher L. | Sell | 2.2K | $36.96 |
| 2025-03-07 | Schremser Christopher L. | Sell | 3.6K | $37.41 |
| 2025-03-07 | Schremser Christopher L. | Sell | 300 | $38.70 |
| 2025-03-07 | Schremser Christopher L. | Sell | 900 | $40.11 |
| 2025-03-07 | Schremser Christopher L. | Sell | 100 | $40.55 |
| 2025-02-26 | Bridge T. Craig | Option exercise | 131K | $16.53 |
| 2025-02-26 | Bridge T. Craig | Sell | 183K | $42.15 |
| 2025-02-24 | CANADA PENSION PLAN INVESTMENT BOARD | Sell | 7.5M | $40.00 |
| 2025-02-24 | Moskowitz Paul G | Sell | 5.7M | $38.60 |
| 2025-02-24 | Moskowitz Paul G | Other | 573K | — |
| 2025-02-24 | BAIN CAPITAL INVESTORS LLC | Sell | 5.7M | $38.60 |
| 2025-02-24 | BAIN CAPITAL INVESTORS LLC | Other | 573K | — |
| 2025-02-24 | Derby LuxCo S.a r.l. | Sell | 9.8M | $40.00 |
| 2025-02-21 | Miller Melissa F. (Missy) | Option exercise | 3.4K | $18.19 |
| 2025-02-21 | Miller Melissa F. (Missy) | Sell | 200 | $41.14 |
| 2025-02-21 | Miller Melissa F. (Missy) | Sell | 3.2K | $42.22 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-02-17 | ResultsExhibits | filing ↗ |
| 2026-02-06 | Exec/director change | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
| 2025-10-01 | Material agreementDebt obligation3.02Exec/director changeReg FDOtherExhibits | filing ↗ |
| 2025-09-11 | OtherExhibits | filing ↗ |
| 2025-08-12 | Material agreementDebt obligationReg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-01 | 0001990354-26-000028 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001990354-26-000025 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001990354-26-000024 ↗ |
| 10-K | 2026-02-17 | 2025-12-31 | 0001990354-26-000011 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001990354-26-000010 ↗ |
| 8-K | 2026-02-06 | 2026-02-02 | 0001990354-26-000005 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001990354-25-000031 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001990354-25-000030 ↗ |
| 8-K | 2025-10-01 | 2025-10-01 | 0001104659-25-095372 ↗ |
| 8-K | 2025-09-11 | 2025-09-10 | 0001410578-25-002032 ↗ |
| 8-K | 2025-08-12 | 2025-08-12 | 0001990354-25-000015 ↗ |
| 10-Q | 2025-07-30 | 2025-06-30 | 0001990354-25-000012 ↗ |