BTSG vs WAY: BrightSpring Health Services and Waystar Holding compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- BrightSpring Health Services is the larger company, worth $12.7B, about 2.5 times Waystar Holding.
- BrightSpring Health Services grew revenue faster over the last year (+23.1% vs +18.1%).
- Waystar Holding keeps more of each dollar of revenue as operating profit (22.9% vs 3.1%).
- On earnings, Waystar Holding is the cheaper stock (39.5x vs 84.8x).
- BrightSpring Health Services's price assumes faster free cash flow growth: about 11% a year, against 4% for Waystar Holding (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BTSG | WAY |
|---|---|---|
| Market cap | $12.7B | $5.1B |
| Share price | $63.74 | $26.68 |
| Revenue (last fiscal year) | $12.9B | $1.1B |
| Free cash flow (last fiscal year) | $395M | $283M |
| Revenue growth, last year | +23.1% | +18.1% |
| Revenue growth per year, last 5 fiscal years | +18.7% | +16.0% |
| Operating margin | 3.1% | 22.9% |
| Net margin | 2.5% | 11.2% |
| Return on equity | 17.9% | 3.4% |
| P/E (trailing) | 84.8x | 39.5x |
| Price / free cash flow | 32.1x | 17.9x |
| EV / EBITDA | 22.8x | 15.6x |
| FCF growth the price implies | 11.2% | 3.6% |
| Dividend yield | — | — |
| Debt / equity | 1.92x | 0.47x |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
BrightSpring Health Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $7.7B | -$75M | 2.4% |
| 2023 | $7.7B | $137M | 0.76% |
| 2024 | $10.1B | -$57M | 1.1% |
| 2025 | $12.9B | $395M | 2.3% |
Waystar Holding
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $705M | $85M | 12.7% |
| 2023 | $791M | $30M | 18.0% |
| 2024 | $944M | $142M | 13.1% |
| 2025 | $1.1B | $283M | 22.7% |
Where the revenue comes from
BrightSpring Health Services · by segments, 2025
Pharmacy Solutions$11.4B89%
Provider Services$1.5B11%
Waystar Holding · by products, 2025
Subscription revenue$558M51%
Volume-based revenue$535M49%
Implementation services and other revenue$6M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BTSG in InvestinglyQuestions
Which is bigger, BrightSpring Health Services or Waystar Holding?
BrightSpring Health Services (BTSG), at $12.7B against $5.1B.
Is BTSG or WAY cheaper?
By trailing P/E, Waystar Holding (39.5x) is cheaper than BrightSpring Health Services (84.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, BTSG or WAY?
BrightSpring Health Services: revenue grew +23.1% over the last year, against +18.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.