$25.37+0.03 (+0.12%)
At close: Oct 1, 2026, 3:59 PM ET
Waystar Holding Corp · Tenets
How WAY measures up against value, income, timing, and long-hold tenets. Every criterion shows the live number and the pass rule. Always free.
The tenets below and the 0-100 Tenet Score on this report are two separate computations: each tenet runs its own criteria and its own pass rule, while the score is a percentile composite reported as one of four verdict words (Strong, Solid, Mixed or Weak).
3 / 17 qualify todayas of 2026-10-01 · computed nightly from our fundamentals DB; point-in-time auditable.
QUALIFIES
3
meet every gate today
BORDERLINE
7
within one input of the gate
FAILS
4
miss at least one gate
UNKNOWN
3
insufficient data to judge
passesfailsborderlineunknown
Value — six classic philosophies
Buffett Qualitydurable moat
~ BorderlineFailsROE ≥ 15%(fiscal 2025)3.2% · ≥ 15.0%
PassesGross margin ≥ 40%(fiscal 2025)68.3% · ≥ 40.0%
FailsNet margin ≥ 15%(fiscal 2025)10.2% · ≥ 15.0%
PassesDebt/equity ≤ 0.5(fiscal 2025)0.38 · ≤ 0.50
PassesGrowing FCF (multi-yr)(fiscal 2021 to 2025)32.5% per year · > 0
Decided by the pass rule for Buffett Quality.The pass rule for Buffett Quality is what decides that verdict, and it is not restated here.Buffett Quality under The screens ›
Piotroski F-Scorefinancial strength
~ 6 / 9PassesReturn on assets positive(fiscal 2025)1.9% · > 0
PassesOperating cash flow positive(fiscal 2025)$309.7M · > 0
PassesReturn on assets improving(fiscal 2025)−0.4% → 1.9%
PassesEarnings backed by cash (CFO > net income)(fiscal 2025)$309.7M vs $112.1M
PassesLeverage falling (long-term debt / assets)(fiscal 2025)26.7% → 25.2%
FailsCurrent ratio improving(fiscal 2025)2.55 → 1.41
FailsNo share dilution (≤ +2%)(fiscal 2025)+23.3%
PassesGross margin expanding(fiscal 2025)66.5% → 68.3%
FailsAsset turnover improving(fiscal 2025)0.21 → 0.19
Decided by the pass rule for Piotroski F-Score.The pass rule for Piotroski F-Score is what decides that verdict, and it is not restated here. These checks score 6 of 9.Piotroski F-Score under The screens ›
Munger Compoundershigh-ROIC quality
✕ FailsFailsROIC ≥ 15%(fiscal 2025)3.0% · ≥ 15.0%
FailsNet debt/EBITDA ≤ 3×(fiscal 2025)3.5× · ≤ 3.0×
FailsAltman Z ≥ 3 (safe zone)(fiscal 2025)2.30 · ≥ 3.00
Decided by the pass rule for Munger Compounders.The pass rule for Munger Compounders is what decides that verdict, and it is not restated here.Munger Compounders under The screens ›
Magic FormulaROC + earnings yield (threshold check; full rank needs universe)
✕ FailsPassesEBIT > 0(fiscal 2025)$249.3M · > 0
FailsEarnings yield EBIT/EV ≥ 6%(fiscal 2025)4.0% · ≥ 6.0%
Unknown — no dataReturn on capital ≥ 25%— · ≥ 25.0%
Decided by the pass rule for Magic Formula.The pass rule for Magic Formula is what decides that verdict, and it is not published separately on the methodology page. 1 of 3 carry no data.About this screen ›
Graham Defensivemargin of safety
✕ FailsPassesSize: market cap ≥ $2B$4.9B · ≥ $2.0B
FailsCurrent ratio ≥ 2(fiscal 2025)1.41 · ≥ 2.00
FailsPositive EPS 5y1y
FailsPays a dividend$0.00 · > 0
Unknown — no dataEPS growth ≥ 3%/yr— · ≥ 3.0%
FailsP/E ≤ 15(trailing twelve months)36.05 · ≤ 15.00
FailsP/E × P/B ≤ 22.5(trailing twelve months)45.16 · ≤ 22.50
Decided by the pass rule for Graham Defensive.The pass rule for Graham Defensive is what decides that verdict, and it is not restated here. 1 of 7 carry no data.Graham Defensive under The screens ›
Lynch GARPgrowth at reasonable price (historical-CAGR basis)
— UnknownUnknown — no dataPEG < 1 (hist. growth)— · < 1.00
Unknown — no dataEPS growth 10–30%— · 10.0%–30.0%
Verdict Unknown for this set.Verdict Unknown for this set. None of the 2 checks below carry data.Lynch GARP under The screens ›
Income — dividend safety
Income & Dividend Safetycoverage over headline yield
— Insufficient inputs (1 of 5 known)FailsPays a dividend$0.00 · > 0
Unknown — no dataYield in a healthy band (not a yield trap)0.0% · 1.0%–8.0%
Unknown — no dataCovered by free cash flow— · ≥ 1.20
Unknown — no dataEarnings payout not stretched— · ≤ 75.0%
Unknown — no dataBalance sheet can sustain the payout3.5× · ≤ 4.0×
Verdict Unknown for this set.Verdict Unknown for this set. 1 of 5 checks below carry data. The pass rule for Income & Dividend Safety is not published separately on the methodology page.
Dividend Growthraises you can count on
— Insufficient inputs (1 of 6 known)FailsPays a dividend$0.00 · > 0
Unknown — no dataAnnual dividend raised 10+ years running (Aristocrat ≥25, King ≥50)— · ≥ 10.00
Unknown — no dataNo dividend cut in the last 5 years—
Unknown — no data5-year dividend growth ≥ 5%/yr— · ≥ 5.0%
Unknown — no dataCovered by free cash flow— · ≥ 1.20
Unknown — no dataPayout not stretched— · ≤ 75.0%
Verdict Unknown for this set.Verdict Unknown for this set. 1 of 6 checks below carry data.Dividend Growth under The screens ›
Long Hold — quality compounders
Quality Compounderhigh returns, reinvested, few new shares
~ BorderlineFailsReturn on invested capital ≥ 15% in 4+ of the last 5 years0 of 4 on file
PassesRevenue compounding ≥ 8%/yr over 5 years17.4% per year · ≥ 8.0%
FailsNot diluting: diluted share count flat-to-down (≤ +1%/yr)2.6% · ≤ 1.0%
PassesFree cash flow margin ≥ 12%25.8% · ≥ 12.0%
PassesEarnings backed by cash (operating cash flow ≥ net income)2.76 · ≥ 1.00
Reading: does not hold. Not a gate checkDisciplined buybacks: actively reducing the share count (bonus)reading, not a gate check2.6%
Decided by the pass rule for Quality Compounder.The pass rule for Quality Compounder is what decides that verdict, and it is not restated here. Lines marked as readings are published beside the checks and are not gate checks.Quality Compounder under The screens ›
Timing — dip & swing receipts
Drawdown Contexta dip, not a collapse
~ BorderlineFailsOff its 52-week high by 8–35% (a dip, not a collapse)37.2% · 8.0%–35.0%
PassesDip within its own normal pullback band0.13
PassesNot past where its dips have historically recovered from0.17
FailsA dip in an uptrend (above a rising 200-day)24.45
PassesHigher-low structure still intactstructure intact · higher low
PassesClear of the earnings blackout (more than 5 days out)33.00 · > 5.00
Decided by the pass rule for Drawdown Context.The pass rule for Drawdown Context is what decides that verdict, and it is not published separately on the methodology page.
Reversal Evidencedaily close onlysigns the pullback is turning
✓ QualifiesPassesA bullish MACD cross within 10 sessions10.00 · ≤ 10.00
PassesReclaimed a rising 50-day EMA24.43
PassesPrinted a higher lowyes
FailsA volume thrust on the turn (≥ 1.2× normal)1.19 · ≥ 1.20
PassesReversal signals fired: 3 of 4 (MACD·MA·HL·Vol)3.00 · ≥ 3.00
Decided by the pass rule for Reversal Evidence.The badge above reads a pass with 1 of the checks below marked as failing. The pass rule for Reversal Evidence is what decides that verdict, and it is not published separately on the methodology page.
Not-a-Value-Trap Gatecheap for a good reason, not a broken one
✓ QualifiesPassesIn the cheap half of its own 5-year valuation range(through fiscal 2025)0.5×
PassesEarnings estimates not being cut0.02
PassesReturns on capital not deteriorating0.03
Decided by the pass rule for Not-a-Value-Trap Gate.The pass rule for Not-a-Value-Trap Gate is what decides that verdict, and it is not published separately on the methodology page.
Quality Floorpasses the quality/value gate on this dip
~ BorderlinePassesOperating profit is positive(fiscal 2025)$249.3M · > 0
FailsReturn on invested capital ≥ 10%(fiscal 2025)3.0% · ≥ 10.0%
PassesA solvent balance sheet (Altman Z ≥ 1.8, net debt/EBITDA ≤ 4)(fiscal 2025)2.3×
PassesQuality score ≥ 5053.70 · ≥ 50.00
PassesRevenue growing over 5 years(fiscal 2021 to 2025)17.4% per year · > 0
Decided by the pass rule for Quality Floor.The pass rule for Quality Floor is what decides that verdict, and it is not published separately on the methodology page.
Qualified Dipa pullback with receipts, not a falling knife
~ BorderlineA research signal from published criteria, not a recommendation.
FailsDrawdown context37.2% off its 52-week high
PassesReversal evidence3 of 4 signals fired
PassesTrap gate3 of 3 held
FailsQuality floor4 of 5 held
Invalidation level (structure break): below this the dip's structure has broken$20.94
Decided by the pass rule for Qualified Dip.The pass rule for Qualified Dip is what decides that verdict, and it is not restated here.Qualified Dip under The screens ›
Trend Alignmentprice in a confirmed uptrend
✓ QualifiesPassesTrading above its 50-day average24.47
PassesTrading above its 200-day average24.45
Passes50-day average above the 200-day (uptrend stack)24.47
Passes50-day average sloping up0.07 · > 0
Decided by the pass rule for Trend Alignment.The pass rule for Trend Alignment is what decides that verdict, and it is not published separately on the methodology page.
Relative Strengthoutperforming, ranked vs the universe
~ BorderlinePasses3-month return in the top half of the universe0.88 · ≥ 0.50
Fails12-minus-1 momentum in the top half of the universe0.12 · ≥ 0.50
PassesRelative strength vs the S&P 500 improving0.00 · > 0
PassesEarnings estimates being revised up0.02
Decided by the pass rule for Relative Strength.The pass rule for Relative Strength is what decides that verdict, and it is not published separately on the methodology page.
Momentum Triggera trigger you can see
✕ FailsFailsMACD above its signal line0.20
PassesBack above the 50-day on a fresh cross (≤10 sessions)10.00
PassesHigher high and higher low (stair-stepping up)higher high · higher low
FailsA volume thrust on the move (≥ 1.2× normal)1.19 · ≥ 1.20
Decided by the pass rule for Momentum Trigger.The pass rule for Momentum Trigger is what decides that verdict, and it is not published separately on the methodology page.
Volatility Regimecontext, not a signal
Context, not scoredAverage daily swing: elevated0.04
Volatility band width: mid-range0.35
Distance from its 52-week high: a deep pullback0.37
✓
Every verdict is auditableEach criterion shows the live number and the pass rule side by side — a receipt, not a rating. Several of these screens publish their rule in full under The screens; each row links to its own section where there is one.
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Unknown ≠ failAn “— Unknown” verdict means the inputs were insufficient: context, not a signal, and never counted as a fail.
Computed from our fundamentals DB; historical-CAGR PEG basis for Lynch. Research, not investment advice. Tenet's rulesets are independently developed from publicly available sources, and Tenet is not affiliated with, sponsored by, endorsed by or otherwise associated with any referenced investor or trademark owner. Full notice. MAGIC FORMULA is a trademark of MagicFormulaInvesting.com LLC.