Stock fact sheet · data as of
Waystar Holding Corp. (WAY): fair value, margin of safety and Wheel Score
Healthcare · Medical - Healthcare Information Services · United States · High Growth
Is WAY undervalued?
Waystar Holding Corp. (WAY) closed at 26.87 on 16 Oct 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 38.90, which puts the price 31% below it. 4 of the 8 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
There is a wide gap between EPV (7.81) and DCF (123.85). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files WAY under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.
Nine valuation models for WAY
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 123.85 | +361% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 18.12 | -33% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 24.59 | -8% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 9.59 | -64% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 43.01 | +60% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 33.42 | +24% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 50.82 | +89% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 7.81 | -71% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -8.33 | -131% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 32.33 | +20% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Waystar Holding Corp. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability WAY scores 6.9/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are thin or negative - ROIC 2.1%, ROE 2.9%, ROA 1.9% - with debt at 0.38 times equity and a free-cash-flow yield of 4.8%.
Waystar Holding Corp. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Subscription and Circulation 100% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 2/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 2.1% |
|---|---|---|---|
| GLS Moat | 6.9 / 10 | ROE | 2.9% |
| Debt / equity | 0.38 | ROA | 1.9% |
| Free-cash-flow yield | 4.8% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 2 · 5 / 10 |
Wheel Score 85: Prime
With a Wheel Score of 85, Waystar Holding Corp. sits in the Prime band - price, quality and premium all line up for the wheel strategy. The parts: Value 25/25, Health 11/20, Moat 10/15, Premium 20/20, Stability 19/20. A high score is a ranking, not a signal: it says nothing about timing, the earnings date or your position size.
Implied volatility is 55% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 18,169 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 3.7M shares a day on a market cap of $5.2B, with a beta of 0.07 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 19 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 31% margin of safety | |
| Health | 11 / 20 | Piotroski 5/9 | |
| Moat | 10 / 15 | moat 6.9/10 | |
| Premium | 20 / 20 | implied volatility 55% | |
| Stability | 19 / 20 | 3.7M shares/day, $5.2B cap, beta 0.07 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 4 Nov 2026 (after the close), 19 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Medical - Healthcare Information Services
The 12 companies below are the closest to Waystar Holding Corp. by market cap within the Medical - Healthcare Information Services industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| DOCS Doximity, Inc. | 31.50 | 25.03 | -26% | 60Fair | $5.6B |
| HTFL Heartflow, Inc. Common Stock | 50.91 | - | - | 45Weak | $4.4B |
| HQY HealthEquity, Inc. | 92.51 | 144.55 | +36% | 88Prime | $7.7B |
| HNGE Hinge Health, Inc. | 104.96 | 61.09 | -72% | 57Fair | $8.5B |
| PRVA Privia Health Group, Inc. | 21.67 | 42.94 | +50% | 45Weak | $2.8B |
| TEM Tempus AI, Inc. | 68.32 | - | - | 45Weak | $12.0B |
| BTSG BrightSpring Health Services, Inc. Common Stock | 62.36 | 46.43 | -34% | 59Fair | $12.3B |
| OMCL Omnicell, Inc. | 35.95 | 23.57 | -52% | 53Fair | $1.6B |
| CERT Certara, Inc. | 9.66 | 8.34 | -16% | 45Weak | $1.5B |
| GDRX GoodRx Holdings, Inc. | 3.51 | 3.44 | -2% | 62Fair | $1.2B |
| OMDA Omada Health | 18.67 | 4.09 | -357% | 52Fair | $1.1B |
| TDOC Teladoc Health, Inc. | 5.81 | 21.97 | +74% | 45Weak | $1.1B |
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Start free See the Sunday ScanQuestions about WAY
Is WAY undervalued right now?
By the GLS models, yes: at 26.87 the stock is 31% below the average fair value of 38.90 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of WAY and what does it mean?
WAY scores 85 out of 100 (Prime). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for WAY?
38.90 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Waystar Holding Corp. report earnings next?
The next earnings report is due on 4 Nov 2026 (after the close), 19 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does WAY have listed options, and how liquid are they?
Yes. The nightly snapshot found 190 listed contracts with 18,169 open interest across all expiries and implied volatility of 55% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.