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Side-by-side financial comparison of STAG Industrial, Inc. (STAG) 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 ($313.9M vs $224.2M, roughly 1.4× STAG Industrial, Inc.). STAG Industrial, Inc. runs the higher net margin — 27.6% vs 13.8%, a 13.8% gap on every dollar of revenue. On growth, Waystar Holding Corp. posted the faster year-over-year revenue change (22.4% vs 9.1%). Over the past eight quarters, Waystar Holding Corp.'s revenue compounded faster (15.7% CAGR vs 8.7%).
Stag Arms is a firearms manufacturer founded in May 2003 and located in Cheyenne, Wyoming. Stag Arms is a manufacturer of the AR-15 type rifle, marketed as Stag-15 rifles. Stag advertises that all their weapons and accessories are made in the United States. They are best known for their left-handed AR-15 rifles, which use a mirror imaged upper receiver and have the ejection port reversed for left-handed shooters and the safety selector control on the right side of the lower receiver.
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.
STAG vs WAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $224.2M | $313.9M |
| Net Profit | $62.0M | $43.3M |
| Gross Margin | — | — |
| Operating Margin | — | 25.6% |
| Net Margin | 27.6% | 13.8% |
| Revenue YoY | 9.1% | 22.4% |
| Net Profit YoY | — | 47.9% |
| EPS (diluted) | $0.32 | $0.42 |
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.
| Q1 26 | $224.2M | $313.9M | ||
| Q4 25 | $220.9M | $303.5M | ||
| Q3 25 | $211.1M | $268.7M | ||
| Q2 25 | $207.6M | $270.7M | ||
| Q1 25 | $205.6M | $256.4M | ||
| Q4 24 | $199.3M | $244.1M | ||
| Q3 24 | $190.7M | $240.1M | ||
| Q2 24 | $189.8M | $234.5M |
| Q1 26 | $62.0M | $43.3M | ||
| Q4 25 | $83.5M | $20.0M | ||
| Q3 25 | $48.6M | $30.6M | ||
| Q2 25 | $50.0M | $32.2M | ||
| Q1 25 | $91.4M | $29.3M | ||
| Q4 24 | $51.0M | $19.1M | ||
| Q3 24 | $41.9M | $5.4M | ||
| Q2 24 | $59.8M | $-27.7M |
| Q1 26 | — | 25.6% | ||
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 24.0% | ||
| Q1 25 | — | 25.4% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | — | 11.3% | ||
| Q2 24 | — | 3.5% |
| Q1 26 | 27.6% | 13.8% | ||
| Q4 25 | 37.8% | 6.6% | ||
| Q3 25 | 23.0% | 11.4% | ||
| Q2 25 | 24.1% | 11.9% | ||
| Q1 25 | 44.5% | 11.4% | ||
| Q4 24 | 25.6% | 7.8% | ||
| Q3 24 | 21.9% | 2.3% | ||
| Q2 24 | 31.5% | -11.8% |
| Q1 26 | $0.32 | $0.42 | ||
| Q4 25 | — | $0.10 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.9M | $34.3M |
| Total DebtLower is stronger | — | $13.5M |
| Stockholders' EquityBook value | $3.6B | $3.9B |
| Total Assets | $7.2B | $5.8B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $8.9M | $34.3M | ||
| Q4 25 | $14.9M | $61.4M | ||
| Q3 25 | $17.3M | $421.1M | ||
| Q2 25 | $15.4M | $290.3M | ||
| Q1 25 | $9.3M | $224.0M | ||
| Q4 24 | $36.3M | $182.1M | ||
| Q3 24 | $70.0M | $127.1M | ||
| Q2 24 | $33.3M | $68.4M |
| Q1 26 | — | $13.5M | ||
| Q4 25 | $3.3B | $1.5B | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.8B | — |
| Q1 26 | $3.6B | $3.9B | ||
| Q4 25 | $3.6B | $3.9B | ||
| Q3 25 | $3.4B | $3.2B | ||
| Q2 25 | $3.4B | $3.2B | ||
| Q1 25 | $3.5B | $3.1B | ||
| Q4 24 | $3.5B | $3.1B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.3B | $2.9B |
| Q1 26 | $7.2B | $5.8B | ||
| Q4 25 | $7.2B | $5.8B | ||
| Q3 25 | $6.9B | $4.7B | ||
| Q2 25 | $6.8B | $4.7B | ||
| Q1 25 | $6.8B | $4.6B | ||
| Q4 24 | $6.8B | $4.6B | ||
| Q3 24 | $6.6B | $4.5B | ||
| Q2 24 | $6.4B | $4.6B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.91× | 0.38× | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | 0.88× | 0.40× | ||
| Q3 24 | 0.89× | — | ||
| Q2 24 | 0.84× | — |
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 | — | $84.9M |
| Free Cash FlowOCF − Capex | — | $90.3M |
| FCF MarginFCF / Revenue | — | 28.8% |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | — | 1.96× |
| TTM Free Cash FlowTrailing 4 quarters | — | $314.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $84.9M | ||
| Q4 25 | $104.5M | $66.6M | ||
| Q3 25 | $143.5M | $82.0M | ||
| Q2 25 | $111.9M | $96.8M | ||
| Q1 25 | $103.5M | $64.2M | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $128.0M | $78.8M | ||
| Q2 24 | $122.2M | $15.4M |
| Q1 26 | — | $90.3M | ||
| Q4 25 | $43.8M | $57.2M | ||
| Q3 25 | $95.5M | $76.2M | ||
| Q2 25 | $62.3M | $91.0M | ||
| Q1 25 | $57.2M | $58.8M | ||
| Q4 24 | $37.6M | — | ||
| Q3 24 | $86.7M | $70.2M | ||
| Q2 24 | $105.0M | $8.6M |
| Q1 26 | — | 28.8% | ||
| Q4 25 | 19.8% | 18.9% | ||
| Q3 25 | 45.2% | 28.3% | ||
| Q2 25 | 30.0% | 33.6% | ||
| Q1 25 | 27.8% | 22.9% | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | 45.5% | 29.2% | ||
| Q2 24 | 55.3% | 3.7% |
| Q1 26 | 3.9% | — | ||
| Q4 25 | 27.4% | 3.1% | ||
| Q3 25 | 22.7% | 2.2% | ||
| Q2 25 | 23.9% | 2.1% | ||
| Q1 25 | 22.5% | 2.1% | ||
| Q4 24 | 33.8% | — | ||
| Q3 24 | 21.6% | 3.6% | ||
| Q2 24 | 9.1% | 2.9% |
| Q1 26 | — | 1.96× | ||
| Q4 25 | 1.25× | 3.33× | ||
| Q3 25 | 2.95× | 2.68× | ||
| Q2 25 | 2.24× | 3.01× | ||
| Q1 25 | 1.13× | 2.20× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | 3.06× | 14.56× | ||
| Q2 24 | 2.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
STAG
Segment breakdown not available.
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
