Waystar Holding Corp. — Earnings Quality Grade F
WAY · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 59 days, change +3 days YoY
AR growth 21.9% vs revenue growth 16.5%
Revenue 16.5%, CFFO 82.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -2.9% vs revenue 16.5%. Normal
SG&A/Gross Profit = 40.8%. Normal
Gross margin 68.3%, change +1.8pp. Stable
Cash Flow Quality
CFFO/NI = 2.76. Profits backed by cash
FCF $0.3B, FCF/NI = 2.53
Accruals ratio = -3.4%. Low accruals
Cash $0.1B covers only 6% of debt $1.5B
Balance Sheet Health
Goodwill+Intangibles $5.3B = 137% of equity. Over 50%
Debt/EBITDA = 3.8x. Healthy
Other assets 29.2% vs revenue 16.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles surged 31% YoY
Manipulation Score
M-Score = -2.42 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25