Baird has initiated coverage on Waystar Holding Corp (WAY) with an Outperform rating, marking the firm's first assessment of the company’s investment potential. This rating reflects Baird's analysis of Waystar's business model, industry dynamics, and growth prospects.
Waystar, headquartered in Lehi, Utah, specializes in providing healthcare organizations with essential cloud software that streamlines healthcare payments. With a market capitalization of $6.8 billion, the company employs 1,500 full-time staff and operates an enterprise-grade platform designed to enhance billing accuracy and reduce labor costs for healthcare providers. The software is utilized daily by various healthcare entities, including physician practices, surgical centers, and large health systems.
As of November 1, 2025, analysts maintain a consensus rating of Buy for Waystar, with 7 Strong Buy, 13 Buy, and 1 Hold ratings among 21 total assessments. Baird's action adds to a series of recent analyst upgrades, including Mizuho's initiation to Outperform and Truist Securities' maintenance of a Buy rating.
Waystar's upcoming earnings report is anticipated on July 28, 2026, with expected earnings per share (EPS) of $0.41 and revenue of $326.1 million. The company has shown resilience in previous quarters, with Q3 2025 EPS reported at $0.37, surpassing estimates by 4.4%. Such performance indicates a positive trend, although investors should remain aware that analyst ratings can evolve with new information.
Overall, Baird's initiation reflects growing confidence in Waystar's ability to navigate the complexities of the healthcare payment landscape.