Screened 2026-09-15 · the tape above runs as of 23:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markup label.
Waystar Holding Corp. holds its Markup at $26.67. Elevated stress, defensive posture warranted, held for 12 days.
As held on the ledger · 2026-09-15
Phase
Markup
Quantitative state
Elevated stress, defensive posture warranted, held for 12 days
Price at the screen
$26.67
Valuation
38.10 trailing · 14.20 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.15
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
25.77%
Below 33%
Interest-bearing debt is just 25.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.43%
Below 33%
Cash held in interest-bearing accounts and securities is 0.4% of assets, under the one-third limit.
Pass
Receivables
4.12%
Below 49%
Money owed to the company is 4.1% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-15 screen. The gold marker is the market price at the same screen. A 39.3% margin of safety to the base estimate.
Third-party analyst targets: 23 covering, consensus None. The average target sits +24% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-15 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Healthcare billing still runs on broken rails
Every hospital claim or patient payment still fights through a tangle of insurers, legacy systems and manual checks that most software ignores. Waystar supplies the cloud platform that clears financials, manages denials and captures revenue in one place. The business is expanding revenue 22% a year at a forward multiple of 12 times earnings, with our fair value sitting well above the current price and a clean ethical pass.
Yet return on equity sits at just 4% and profit margins reach only 11%, while the moat remains unknown. Analyst targets cluster around 33 dollars and the consensus is strong buy, but none of that shifts our opportunity rating from none. Low capital returns suggest the growth may not translate into durable owner earnings.
The thin returns flag a business that could stay capital intensive and competitively exposed even as the market expands. Execution risk in health tech therefore outweighs the headline numbers. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WAY trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-16Markup$26.67+10.1%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 10.1% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (23 analysts) rates it strong buy, with a mean price target of $34.
2026-08-16Markup · changed$24.23+29.2%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 29.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (23 analysts) rates it strong buy, with a mean price target of $34.
2026-07-18Distribution$18.75+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 54%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (23 analysts) rates it strong buy, with a mean price target of $34.
2026-07-03Distribution$18.75+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$18.75Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
