Waystar Holding Corp
WAYAbove valueHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +16.5%
- Net margin
- 10.2%
- ROE
- 2.9%
- FCF margin
- 25.8%
Valuation · value band
Above fair value
Zero-growth floor
$8
Central IV
$1
Optimistic top
$8
Waystar Holding Corp (WAY): A conservative value band $8 / sh (zero-growth floor to growth-capped optimistic top); central read about $1. Today’s price sits above that band (price $26 as of 2026-09-01).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.
Revenue growth 0% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 14.6% · Zero-growth downside $8
Price as of 2026-09-01 · yahoo · DGS10 4.8% @ 2026-09-01.
Method & numbers
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
Model cautions
- Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $0.72 – $0.86 · Greenwald zero-growth $7.63 · zero-growth base $7.63 · reproduction $7.63
Moat Below asset base · terminal value 25% of present value · owner-earnings yield 0% vs 10Y 4.8%.
Graham earnings-power value (normalized NOPAT)$-0.06 – $1.59 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$0.76 – $0.88 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 13.0–15.0% band (9–11% base + 4.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. Capex doubled within two years (AI-hog rule): flagged; the spike is treated as growth, not maintenance — owner earnings carry extra uncertainty. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 4.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 65.2 years of owner earnings, adding 4.0pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $-1.25B + capitalized R&D $116.97M（FY 2026, 2024, 2023, 2022） = $7.63 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.
Window TTM 2026-06-30, FY 2024, 2023, 2022 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 65.2 years of owner earnings → +4.0pp cost-of-equity premium → effective 13.0%–15.0%.
Owner-earnings DCF: growth g₁ 0% · OE FY TTM 2026-06-30, 2024, 2023, 2022 · Discount band: 13.29%–16.00% (DGS10 +4.5% to a 12% strict end, each +4.00pp for leverage premium, as of 2026-09-01). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 16.3% a year.
The market wants it well ahead of its own track record.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $21.3M combined · this quarter +1 opened / -1 exited
- Value$21.3MWeight (prev→now)New · 4.3%
SEC 13F · notes
Written summary
Written summary
Waystar Holding Corp (WAY) is held by 1 of the superinvestors tracked on Compounder, with a combined $21.3M in reported 13F value. The largest position belongs to Connor Haley, where it makes up 4.3% of the portfolio.
Over the latest quarter, 1 of the tracked filers opened a new position in WAY, 0 added to existing ones, 0 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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