WAYMEDIUM SIGNALFINANCIAL10-K

Waystar demonstrated strong operational cash flow improvement and solid revenue growth, while managing increased debt levels and strategic cash deployment.

The company's operating cash flow grew substantially, indicating improved operational efficiency and cash conversion capabilities. However, the significant reduction in cash reserves alongside increased debt suggests either strategic investments or acquisitions that warrant monitoring for their return potential.

Comparing 2026-02-17 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

Waystar delivered solid financial performance with revenue growing 16.5% to $1.1B and operating cash flow improving substantially to $309.7M. The company's balance sheet expanded meaningfully with total assets growing 26.4% to $5.8B and stockholders' equity increasing 25.9% to $3.9B, though cash reserves declined notably to $61.4M while total debt increased 19.1% to $1.5B. The combination of strong operational cash generation with reduced cash balances and higher leverage suggests active capital deployment, likely for growth investments or strategic acquisitions.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+82.4%
$169.8M→$309.7M

Operating cash flow surged 82.4% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
-66.3%
$182.1M→$61.4M

Cash declined 66.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
+49.7%
$145.6M→$218.1M

Current liabilities surged 49.7% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+27.3%
$1.5B→$1.9B

Liabilities increased 27.3% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+26.4%
$4.6B→$5.8B

Asset base grew 26.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+25.9%
$3.1B→$3.9B

Equity base grew 25.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
+21.9%
$145.2M→$177.0M

Receivables grew 21.9% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
+19.1%
$1.2B→$1.5B

Debt rose 19.1% — additional borrowing for investment or operations; monitor coverage ratios.

Current Assets
Balance Sheet
-16.9%
$371.0M→$308.4M

Current assets declined 16.9% — monitor working capital adequacy and short-term liquidity.

Revenue
P&L
+16.5%
$943.5M→$1.1B

Revenue growing 16.5% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-18
ADDED
generally accepted accounting principles; Institutional Investors means EQT, CPPIB, and Bain, and their respective affiliates; "Iodine" means Iodine Software Holdings, Inc.; JOBS Act means the U.S.
Overview Waystar provides healthcare organizations with mission-critical AI-powered software that simplifies healthcare payments for providers across the continuum of care.
Our enterprise-grade platform streamlines the complex and disparate processes providers must manage to ensure accurate reimbursement and improves the payments experience for providers, patients, and payers.
The healthcare payment ecosystem is highly complex, spanning the full patient journey from pre-service patient onboarding and extending through post-service revenue collection, with dozens of interdependent steps in between.
Within this multi-step workflow, the process for determining how much a provider should be reimbursed involves millions of permutations of variables, such as unique payer contracts, each with individual rules, processes, and reimbursement requirements.
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REMOVED
generally accepted accounting principles; Institutional Investors means EQT, CPPIB, and Bain, and their respective affiliates; JOBS Act means the U.S.
You should not place undue reliance on our forward-looking statements.
Overview Waystar provides healthcare organizations with mission-critical cloud software that simplifies healthcare payments.
Our enterprise-grade platform streamlines the complex and disparate processes our healthcare provider clients must manage to be reimbursed correctly, while improving the payments experience for providers, patients, and payers.
The healthcare payment ecosystem is highly complex, beginning with pre-service patient onboarding and extending through post-service revenue collection, with dozens of interdependent steps in between.
+7 more — sign up free →
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