Waystar explores sale that could return firm to private ownership

Waystar Holding Corp announced on September 15, 2026 that it is exploring strategic alternatives, including a potential sale that could return it to private ownership. The healthcare payments software company went public via IPO in 2024. It hired Evercore to advise on the early-stage process, which could change or end without a transaction. Shares have declined approximately 24% year-to-date. Market capitalization estimates range from $4.5 billion to $5.11 billion across TipRanks, Finimize and GuruFocus. Evercore ISI analysts expressed surprise at the news but called it a logical step given the stock's decline. They rate the stock Outperform with a $28 price target. Waystar's trailing twelve-month P/E is 38.06x, below its 5-year median of 53.08x. Its GF Score is 14 out of 100. Financial Strength scores 5/10 and Profitability 3/10. An Altman Z-score of 1.83 places the company in a grey zone for financial distress risk. Net margins are near 11%. No contested claims appear in the record. Only one center-rated outlet, Reuters, is listed in rated coverage; no left-rated or right-rated headlines appear. The wire summary notes major shareholders include EQT, the Canada Pension Plan Investment Board and BlackRock. Recurring subscription revenue and high customer retention provide support, while moderating growth, lengthy implementations and significant debt could limit flexibility. The process remains early and unresolved.