Waystar Holding Corp. — Form 8-K
Filed November 2, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 52/100
What the filing says
Waystar reported Q3 2026 revenue of $325.6M (up 21% YoY) with net income of $31.0M and adjusted EBITDA of $139.3M (43% margin). The company raised FY2026 guidance to $1.277–$1.287B revenue and $543–$549M adjusted EBITDA. Key metrics: 1,488 clients generating >$100K LTM revenue (up 14% YoY), 108% NRR, subscription revenue up 34% YoY to $180.7M, unlevered free cash flow of $114.8M.
Why this rating
Strong organic growth (21% YoY revenue, 34% subscription growth) and margin expansion (43% adj. EBITDA) are solid. However, absolute dollar size (~$325.6M quarterly revenue, ~0.15x market cap) is routine for a $2.1B company. Net leverage improved to 2.2x but debt remains substantial ($1.37B). No M&A, leadership change, or transformational event. Guidance raise is modest improvement, not material rerating catalyst.
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