Waystar Holding Corp. develops a cloud-based software solution for healthcare payments. Its platform offers financial clearance, patient financial care, claim and payer payment management, denials prevention and recovery, clinical integrity and revenue capture, and analytics and reporting solutions. It primarily serves healthcare industry. The company was founded in 2017 and is headquartered in Lehi, Utah.
Full WAY analysis →
Competitive advantage assessment
Key strengths
Margins Consistently Above PeersGross margin at 68.3% (top 23%) and operating margin at 22.7% (top 6%) indicate strong pricing power.
Margins Stable Across CyclesOperating margin volatility is low (stability score 0.87), demonstrating pricing resilience across cycles.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
Upgrade to unlock the signals and evidence behind each defense.
Premium access
Unlock full defense analysis
Get key signals, strengths, and risks for every moat dimension.
Waystar Holding Corp. ranks #5 of 68
scored companies in Health Information Services by moat score — the top 7%.
The widest moat in the group is Veeva Systems Inc. (VEEV)
at 88/100.
Moat scores for companies ranked near WAY in Health Information Services
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 88
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 93
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 58
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 57
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 78
· 15% of the moat score
Scale matters only when it converts into economics.
Waystar Holding Corp. (WAY) scores 76 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #5 of 68 scored companies in Health Information Services, the top 7%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Health Information Services. Its strongest defense is Customer Stickiness (93/100) and its weakest is Resilience (57/100).
How does Waystar Holding Corp. compare with other Health Information Services companies?
Waystar Holding Corp. ranks #5 of 68 scored companies in Health Information Services by moat score. The widest moat in Health Information Services is Veeva Systems Inc. (VEEV) at 88/100. The companies ranked closest are Spok Holdings, Inc. (SPOK) at 79 just above it and HealthStream, Inc. (HSTM) at 74 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Health Information Services. The defenses are then weighted to produce the overall score out of 100.
Why is Waystar Holding Corp. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Waystar Holding Corp.?
The Corporate Default template measures 6 defenses, and WAY scores: Pricing Power (86), Cost Advantage (88), Customer Stickiness (93), Capital Efficiency (58), Resilience (57), Scale & Market Position (78). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
We value your privacy
We use cookies to enhance your browsing experience, analyze site traffic, and personalize content. By clicking 'Accept All', you consent to our use of cookies.
Read our cookie policy
Cookie Preferences
Manage your cookie preferences. Essential cookies are always enabled.