Waystar - Public Comps and Valuation Multiples

Waystar Overview

About Waystar

Waystar Holding Corp is a provider of mission-critical cloud technology to healthcare organizations. its enterprise-grade platform transforms the complex and disparate processes comprising healthcare payments received by healthcare providers from payers and patients, from pre-service engagement through post-service remittance and reconciliation. its platform enhances data integrity, eliminates manual tasks, and improves claim and billing accuracy, which results in transparency, reduced labor costs, and faster, more accurate reimbursement and cash flow. The market for solutions extends throughout the United States and includes Puerto Rico and other USA Territories.

Founded

2019

HQ

Employees

1.5K+

Website

waystar.com

Sectors

Revenue Cycle Management
Healthcare Software
B2B SaaS
Vertical SaaS
HealthTech

Financials

LTM Revenue $1.0B

LTM EBITDA $420M

EV

$8.0B

Valuation Multiples

Multiples.vc

Valuation Multiples for 15K+ Public Comps

Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.

Browse Valuation Multiples

Waystar Financials

As of September 2025, Waystar reported last 12-month revenue of $1.0B and EBITDA of $420M.

In the same period, Waystar generated $693M in LTM gross profit and $237M in net income.

See Waystar valuation multiples based on analyst estimates

Waystar P&L

In the most recent fiscal year, Waystar reported revenue of $944M and EBITDA of $310M.

Waystar expects next 12-month revenue of XXX and NTM EBITDA of XXX

See Waystar valuation multiples based on analyst estimates

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.0B	XXX	$944M	XXX	XXX	XXX
Gross Profit	$693M	XXX	$628M	XXX	XXX	XXX
Gross Margin	67%	XXX	67%	XXX	XXX	XXX
EBITDA	$420M	XXX	$310M	XXX	XXX	XXX
EBITDA Margin	41%	XXX	33%	XXX	XXX	XXX
EBIT	$387M	XXX	$124M	XXX	XXX	XXX
EBIT Margin	38%	XXX	13%	XXX	XXX	XXX
Net Profit	$237M	XXX	-$19.1M	XXX	XXX	XXX
Net Margin	23%	XXX	-2%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

.seo-only-financials-wrapper { position: static; left: auto; width: auto; height: auto; overflow: visible; }

Financial performance metrics for Waystar including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.0B. EBITDA for the last twelve months was $420M. In the most recent fiscal year, Waystar achieved $944M in revenue and $310M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.0B	Analyst estimates available to subscribers	$944M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$693M	Analyst estimates available to subscribers	$628M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	67.4% gross margin	Analyst estimates available to subscribers	66.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$420M	Analyst estimates available to subscribers	$310M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	40.8% EBITDA margin	Analyst estimates available to subscribers	32.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$387M	Analyst estimates available to subscribers	$124M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	37.6% EBIT margin	Analyst estimates available to subscribers	13.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$237M	Analyst estimates available to subscribers	-$19.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	23.1% net profit margin	Analyst estimates available to subscribers	-2.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Waystar

This financial data table provides comprehensive performance metrics for Waystar, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Waystar generated $1.0B in revenue over the last twelve months.
The company achieved $420M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $693M.
Net income over the last twelve months reached $237M.

Fiscal Year Performance

In the most recent fiscal year, Waystar reported $944M in total revenue.
Fiscal year EBITDA was $310M.
The company maintained a gross profit margin of 66.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 32.9%.
Net profit margin reached -2.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Waystar. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Waystar Stock Performance

Waystar has current market cap of $7.1B, and EV of $8.0B.

Market Cap Evolution

Waystar Stock Data

As of October 17, 2025, Waystar's stock price is $37.

See Waystar trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.0B	$7.1B	XXX	XXX	XXX	XXX	$1.33

Benchmark Trading Valuation Multiples by Industry

Sign up to access valuation multiples like growth-adjusted P/E, next 12-month EV/Revenue, EBITDA multiples by industry and many more

Start Free Trial

Waystar Valuation Multiples

Waystar's trades at 8.5x EV/Revenue multiple, and 25.7x EV/EBITDA.

See valuation multiples for Waystar and 15K+ public comps

Waystar Financial Valuation Multiples

As of October 17, 2025, Waystar has market cap of $7.1B and EV of $8.0B.

Equity research analysts estimate Waystar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Waystar has a P/E ratio of 29.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$7.1B	XXX	$7.1B	XXX	XXX	XXX
EV (current)	$8.0B	XXX	$8.0B	XXX	XXX	XXX
EV/Revenue	7.7x	XXX	8.5x	XXX	XXX	XXX
EV/EBITDA	19.0x	XXX	25.7x	XXX	XXX	XXX
EV/EBIT	20.6x	XXX	64.4x	XXX	XXX	XXX
EV/Gross Profit	11.5x	XXX	n/a	XXX	XXX	XXX
P/E	29.7x	XXX	-369.1x	XXX	XXX	XXX
EV/FCF	34.5x	XXX	56.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Get Waystar Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

Start Free Trial

Waystar Margins & Growth Rates

Waystar's last 12 month revenue growth is 12%

Waystar's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.3M for the same period.

Waystar's rule of 40 is 53% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Waystar's rule of X is 71% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

See operational valuation multiples for Waystar and other 15K+ public comps

Waystar Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	12%	XXX	XXX	XXX
EBITDA Margin	41%	XXX	33%	XXX	XXX	XXX
EBITDA Growth	12%	XXX	16%	XXX	XXX	XXX
Rule of 40	53%	XXX	45%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	71%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	17%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	5%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	53%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 220+ Verticals

Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!

Digital Therapeutics

Pharma Analytics

Private Equity

ERP Software

Developer Tools

Consumer SaaS

Streaming Platforms

Explore Valuation Multiples by Industry

Start Free Trial