Waystar Holding Corp.: A Lot Of Market Share Yet To Convert, In An Ever-Growing Market.
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Baron Capital452 FollowersFollow5ShareSavePlay(4min)CommentsSummaryBaron Discovery Fund initiated a position in Waystar Holding Corp., which provides a full spectrum of revenue cycle management software to health care providers.Waystar Holding Corp. acquired its Clinical Visitation capabilities with the July 2025 acquisition of Iodine Software for $1.25 billion.Waystar's $1 billion-plus in estimated 2025 revenues are a 50/50 combination of subscription and volume-based revenue.Waystar Holding Corp. will grow revenues organically in the low teens through 2031, with about 45% EBITDA margins.Waystar Holding Corp. only trades at about 15 times its 2026 EBITDA – and only 6 times our 2031 EBITDA estimates. Funtap/iStock via Getty Images The following segment was excerpted from the Baron Discovery Fund Q4 2025 Shareholder Letter. We initiated a position in Waystar Holding Corp. (WAY) , which provides a full spectrum of revenue cycle management software toThis article was written byBaron Capital452 FollowersFollowBaron is an asset management firm focused on delivering growth equity investment solutions. Founded in 1982, Baron has become known for its long-term, fundamental, active approach to growth investing. Baron was founded as an equity research firm, and research has remained at the core of its business. Note: This account is not managed or monitored by Baron Capital, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use Baron Capital's official channels.