📈 Price History

Ratio Health

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About

Waystar Holding Corp. develops a cloud-based software solution for healthcare payments.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding WAY

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	423.2K	$10.2M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management uses positive framing ('momentum', 'strong progress', 'durable growth') and repeatedly cites specific metrics: '15% revenue growth', '42% adjusted EBITDA margin', 'raised full-year guidance'. They provide detailed justification for acquisitions and demand environment without hedging or defensiveness.

Q3 2025

Confident Specific

Management used strong language ('solid revenue growth', 'outpacing our guidance', 'momentum is strong and accelerating') and cited specific metrics (12% revenue growth, 42% EBITDA margin, 113% NRR) to convey conviction in execution and strategy.

Q4 2025

Confident Specific

Management repeatedly cited precise metrics (e.g., 24% revenue growth, 12% organic, 42.5% EBITDA margin, 112% NRR, 85 new clients >$100k, $15B in denials prevented, 90% appeal time reduction) and provided explicit forward guidance for 2026. There was no defensive or evasive language; answers were direct and data-heavy.

Q1 2026 latest

Confident Specific

The CEO repeatedly emphasizes 'solid start to the year,' 'strong execution,' and provides specific metrics like 22% revenue growth, 111% net revenue retention, and 40% of new bookings from AI. The CFO offers detailed breakdowns of revenue composition and reaffirms guidance with concrete figures, despite acknowledging near-term headwinds in patient payments.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. The company delivered 22% total revenue growth and 11% organic growth, with bookings exceeding expectations and the largest qualified pipeline in history. AI is increasingly becoming a growth driver, with 40% of new bookings and new SKUs expanding TAM. However, the near-term headwinds in patient payment solutions (print-to-digital conversion, utilization) are real and create some uncertainty for volume-based revenue growth in H1 2026. The guidance reaffirmation and strong margins suggest management believes these are temporary. Key things to watch next quarter: whether the print-to-digital conversion stabilizes, the pace of revenue realization from the large bookings pipeline, and any further metrics on AI pricing power or adoption across the client base.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Waystar Q1 2026: Revenue $314M (+22% YoY), 43% EBITDA margin, 111% net revenue retention

Revenue & Profitability

Q1 2026 revenue was $314 million, up 22% year-over-year (11% organic). Adjusted EBITDA was $135 million (43% margin). Unlevered free cash flow was $90 million with a conversion rate of 67% of adjusted EBITDA. Net revenue retention stood at 111%. For full-year 2026, the company guides revenue of $1.274-$1.294 billion and adjusted EBITDA of $530-$540 million.

Outlook

Management sees strong industry demand, evidenced by the largest qualified sales pipeline in company history and elevated implementation backlogs. Near-term headwinds include an accelerated shift from print to digital patient statements, changes in healthcare coverage, and weather-related impacts on utilization. The long-term tailwind is the AI-driven expansion of the addressable market from a $20 billion software market to a $100 billion labor-services opportunity.

Growth Drivers

Key growth levers include AI-powered solutions (40% of new bookings in Q1), cross-sell and platform adoption within the installed base, and expansion with large, complex provider organizations. The acute hospital segment now represents about 40% of revenue and is showing strong momentum. Million-dollar-plus annual value contracts are increasing, and net revenue retention reached 111%.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted EBITDA margin was 43% in Q1, slightly above expectations due to favorable revenue mix from higher-margin provider solutions. Management expects full-year adjusted EBITDA margin of approximately 41.7% at the midpoint of guidance. The conversion from print to digital patient statements is margin-neutral but expected to support long-term margin accretion.

Key Risks

Management identified near-term headwinds to patient payment volumes: accelerated conversion from print to digital statements, changes in healthcare coverage, and weather-related impacts. These are not competitive or product-driven. Large multi-year contracts have longer lead times to revenue (6-18 months). No other risks were flagged.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-29

Q2 2026 saw 18% revenue growth to $320M and a 43% adjusted EBITDA margin, driven by strong bookings, large client expansion, and robust demand for AI-powered solutions. Guidance for 2026 was raised, with continued investment in AI and automation, and a CFO transition announced.

Q1 2026 Q1 2026 2026-04-29

Q1 2026 saw 22% revenue growth, strong AI-driven bookings, and margin expansion, with provider solutions outpacing patient payments. Guidance for 2026 is reaffirmed, and integration of Iodine and new AI SKUs are driving momentum and expanding the addressable market.

Q4 2025 Q4 2025 2026-02-17

Delivered record Q4 and FY2025 results, surpassing $1B in revenue and exceeding guidance. Strong AI-driven growth, robust client retention, and successful Iodine integration position the company for 17% revenue growth and 16% adjusted EBITDA growth in 2026.

Q3 2025 Q3 2025 2025-10-29

Q3 saw 12% revenue growth to $269M and a 42% adjusted EBITDA margin, with strong client retention and expansion. The Iodine acquisition expands the market and accelerates innovation, prompting raised 2025 guidance and continued investment in AI-powered solutions.

Q2 2025 Q2 2025 2025-07-30

Q2 2025 saw 15% revenue growth to $271M and a 42% adjusted EBITDA margin, prompting raised full-year guidance. The pending $1.25B Iodine Software acquisition is set to expand the addressable market and accelerate AI innovation, with strong client retention and robust demand supporting continued growth.

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Investment Risk:
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