TXG vs WAY: 10X Genomics 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.
- 10X Genomics is the larger company, worth $11.7B, about 2.3 times Waystar Holding.
- Waystar Holding grew revenue faster over the last year (+18.1% vs -12.7%).
- Waystar Holding keeps more of each dollar of revenue as operating profit (22.9% vs -14.3%).
- 10X Genomics's price assumes faster free cash flow growth: about 25% 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 | TXG | WAY |
|---|---|---|
| Market cap | $11.7B | $5.1B |
| Share price | $80.65 | $26.68 |
| Revenue (last fiscal year) | $643M | $1.1B |
| Free cash flow (last fiscal year) | $130M | $283M |
| Revenue growth, last year | -12.7% | +18.1% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +16.0% |
| Operating margin | -14.3% | 22.9% |
| Net margin | -12.2% | 11.2% |
| Return on equity | -9.1% | 3.4% |
| P/E (trailing) | — | 39.5x |
| Price / free cash flow | 89.6x | 17.9x |
| EV / EBITDA | — | 15.6x |
| FCF growth the price implies | 24.9% | 3.6% |
| Dividend yield | — | — |
| Debt / equity | 0.25x | 0.47x |
| Fundamental grade | F | B |
| Superinvestors holding it | 3 | 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.
10X Genomics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $490M | -$123M | -10.7% |
| 2022 | $516M | -$165M | -32.5% |
| 2023 | $619M | -$64M | -42.9% |
| 2024 | $611M | -$6M | -31.9% |
| 2025 | $643M | $130M | -9.5% |
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
10X Genomics · by products, 2025
Products and services revenue$597M93%
License and royalty revenue$46M7%
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 TXG in InvestinglyQuestions
Which is bigger, 10X Genomics or Waystar Holding?
10X Genomics (TXG), at $11.7B against $5.1B.
Which grows faster, TXG or WAY?
Waystar Holding: revenue grew +18.1% over the last year, against -12.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.