TEM vs WAY: Tempus AI 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.
- Tempus AI is the larger company, worth $12.0B, about 2.4 times Waystar Holding.
- Tempus AI grew revenue faster over the last year (+21.6% vs +18.1%).
- Waystar Holding keeps more of each dollar of revenue as operating profit (22.9% vs -19.8%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | TEM | WAY |
|---|---|---|
| Market cap | $12.0B | $5.1B |
| Share price | $70.35 | $26.68 |
| Revenue (last fiscal year) | $1.3B | $1.1B |
| Free cash flow (last fiscal year) | -$239M | $283M |
| Revenue growth, last year | +21.6% | +18.1% |
| Revenue growth per year, last 5 fiscal years | +58.3% | +16.0% |
| Operating margin | -19.8% | 22.9% |
| Net margin | -17.8% | 11.2% |
| Return on equity | -57.2% | 3.4% |
| P/E (trailing) | — | 39.5x |
| Price / free cash flow | — | 17.9x |
| EV / EBITDA | — | 15.6x |
| FCF growth the price implies | — | 3.6% |
| Dividend yield | — | — |
| Debt / equity | 4.32x | 0.47x |
| Fundamental grade | F | B |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Tempus AI
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $321M | -$187M | -82.8% |
| 2023 | $532M | -$249M | -36.9% |
| 2024 | $693M | -$211M | -99.7% |
| 2025 | $1.3B | -$239M | -19.9% |
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
Tempus AI · by products, 2025
Diagnostics$955M75%
Data and applications$316M25%
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 TEM in InvestinglyQuestions
Which is bigger, Tempus AI or Waystar Holding?
Tempus AI (TEM), at $12.0B against $5.1B.
Which grows faster, TEM or WAY?
Tempus AI: revenue grew +21.6% 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.