WAY Stock Forecast & Price Target

Waystar Holding Corp has demonstrated robust growth, achieving a revenue compound annual growth rate (CAGR) of 16% since 2022, with significant gains projected for 2024 owing to increased demand following the Change Healthcare cyberattack. The company has successfully increased its subscription revenue by 13.9%, contributing to an overall revenue growth of 11.9%, alongside a 27% year-over-year growth in patient payment solutions. Notably, channel partner fees, which have risen from 6.5% of revenue in 2022 to 7.1% of revenue in the first half of 2025, indicate an expanding market position and commitment to broadening its sales and marketing efforts.

Waystar Holding Corp is facing a challenging financial outlook evidenced by a significant reduction in capital expenditures as a percentage of revenue, which declined to 2.1% in the first half of the year compared to higher percentages in the previous years. Additionally, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio has diminished to 2.2x, reflecting a substantial drop from 6.4x at the end of 2023, indicating declining operational efficiency. Furthermore, management's expectations for sequential revenue decreases in the third quarter, with fourth quarter revenue projected to remain flat, highlight persistent issues in revenue generation and business performance.