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Side-by-side financial comparison of Brand Engagement Network Inc. (BNAI) and Waystar Holding Corp. (WAY). Click either name above to swap in a different company.
Waystar Holding Corp. is the larger business by last-quarter revenue ($303.5M vs $60.1K, roughly 5048.9× Brand Engagement Network Inc.). Waystar Holding Corp. runs the higher net margin — 6.6% vs -4128.4%, a 4135.0% gap on every dollar of revenue. On growth, Waystar Holding Corp. posted the faster year-over-year revenue change (24.3% vs 20.2%).
Blackhawk Network Holdings Inc. is an American privately held company that operates in the prepaid, gift card and payments industries. It sells branded physical and digital gifts, phones, prepaid debit, and incentives cards online and through a network of global retailers. Blackhawk's network reaches people through a number of different channels including in-store, online, mobile, and incentive. Blackhawk headquarters are in Pleasanton, California and the company was incorporated in 2006.
Waystar Holding Corp is a leading provider of integrated healthcare payment and revenue cycle management solutions. It serves healthcare providers, health systems, and payers across the United States, offering tools that streamline billing, claims processing, patient payment collection, and revenue optimization to reduce administrative burdens and improve financial performance for healthcare organizations.
BNAI vs WAY — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $60.1K | $303.5M |
| Net Profit | $-2.5M | $20.0M |
| Gross Margin | 100.0% | — |
| Operating Margin | -3853.3% | 19.4% |
| Net Margin | -4128.4% | 6.6% |
| Revenue YoY | 20.2% | 24.3% |
| Net Profit YoY | 57.4% | 4.8% |
| EPS (diluted) | $-0.06 | $0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $303.5M | ||
| Q3 25 | $60.1K | $268.7M | ||
| Q2 25 | $5.0K | $270.7M | ||
| Q1 25 | $10.0K | $256.4M | ||
| Q4 24 | $0 | $244.1M | ||
| Q3 24 | $50.0K | $240.1M | ||
| Q2 24 | $0 | $234.5M | ||
| Q1 24 | $49.8K | $224.8M |
| Q4 25 | — | $20.0M | ||
| Q3 25 | $-2.5M | $30.6M | ||
| Q2 25 | $905.1K | $32.2M | ||
| Q1 25 | $-3.6M | $29.3M | ||
| Q4 24 | — | $19.1M | ||
| Q3 24 | $-5.8M | $5.4M | ||
| Q2 24 | $-3.0M | $-27.7M | ||
| Q1 24 | $-6.9M | $-15.9M |
| Q4 25 | — | — | ||
| Q3 25 | 100.0% | — | ||
| Q2 25 | 100.0% | — | ||
| Q1 25 | 100.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 100.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 100.0% | — |
| Q4 25 | — | 19.4% | ||
| Q3 25 | -3853.3% | 22.4% | ||
| Q2 25 | -56506.2% | 24.0% | ||
| Q1 25 | -41540.9% | 25.4% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | -10559.0% | 11.3% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | -13654.9% | 15.7% |
| Q4 25 | — | 6.6% | ||
| Q3 25 | -4128.4% | 11.4% | ||
| Q2 25 | 18101.6% | 11.9% | ||
| Q1 25 | -36102.3% | 11.4% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | -11646.2% | 2.3% | ||
| Q2 24 | — | -11.8% | ||
| Q1 24 | -13826.9% | -7.1% |
| Q4 25 | — | $0.10 | ||
| Q3 25 | $-0.06 | $0.17 | ||
| Q2 25 | $0.02 | $0.18 | ||
| Q1 25 | $-0.09 | $0.16 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | $-0.16 | $0.03 | ||
| Q2 24 | $-0.09 | $-0.21 | ||
| Q1 24 | $-0.27 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $102.7K | $61.4M |
| Total DebtLower is stronger | — | $1.5B |
| Stockholders' EquityBook value | $3.5M | $3.9B |
| Total Assets | $16.4M | $5.8B |
| Debt / EquityLower = less leverage | — | 0.38× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $61.4M | ||
| Q3 25 | $102.7K | $421.1M | ||
| Q2 25 | $20.4K | $290.3M | ||
| Q1 25 | $236.2K | $224.0M | ||
| Q4 24 | $149.3K | $182.1M | ||
| Q3 24 | $72.9K | $127.1M | ||
| Q2 24 | $1.4M | $68.4M | ||
| Q1 24 | $3.3M | $57.3M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $3.5M | $3.2B | ||
| Q2 25 | $5.7M | $3.2B | ||
| Q1 25 | $3.3M | $3.1B | ||
| Q4 24 | $2.6M | $3.1B | ||
| Q3 24 | $17.8M | $3.1B | ||
| Q2 24 | $20.6M | $2.9B | ||
| Q1 24 | $20.6M | $2.0B |
| Q4 25 | — | $5.8B | ||
| Q3 25 | $16.4M | $4.7B | ||
| Q2 25 | $17.0M | $4.7B | ||
| Q1 25 | $17.9M | $4.6B | ||
| Q4 24 | $18.1M | $4.6B | ||
| Q3 24 | $31.9M | $4.5B | ||
| Q2 24 | $34.1M | $4.6B | ||
| Q1 24 | $36.9M | — |
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-107.3K | $66.6M |
| Free Cash FlowOCF − Capex | — | $57.2M |
| FCF MarginFCF / Revenue | — | 18.9% |
| Capex IntensityCapex / Revenue | — | 3.1% |
| Cash ConversionOCF / Net Profit | — | 3.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $283.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $66.6M | ||
| Q3 25 | $-107.3K | $82.0M | ||
| Q2 25 | $-2.6M | $96.8M | ||
| Q1 25 | $-2.6M | $64.2M | ||
| Q4 24 | $-14.0M | — | ||
| Q3 24 | $-3.1M | $78.8M | ||
| Q2 24 | $-4.1M | $15.4M | ||
| Q1 24 | $-4.5M | $10.7M |
| Q4 25 | — | $57.2M | ||
| Q3 25 | — | $76.2M | ||
| Q2 25 | — | $91.0M | ||
| Q1 25 | — | $58.8M | ||
| Q4 24 | $-14.1M | — | ||
| Q3 24 | $-3.1M | $70.2M | ||
| Q2 24 | $-4.1M | $8.6M | ||
| Q1 24 | $-4.6M | $5.2M |
| Q4 25 | — | 18.9% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 33.6% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | -6159.9% | 29.2% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | -9164.4% | 2.3% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 0.0% | 2.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 53.4% | 3.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 26.2% | 2.5% |
| Q4 25 | — | 3.33× | ||
| Q3 25 | — | 2.68× | ||
| Q2 25 | -2.88× | 3.01× | ||
| Q1 25 | — | 2.20× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 14.56× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNAI
Segment breakdown not available.
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
