Is Waystar Holding Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Waystar Holding Corp. has changed from attractive to very expensive, indicating a shift towards overvaluation. The company appears overvalued based on its current price of 36.98, especially when considering the absence of comparable peers in the software products industry for valuation metrics like P/E or EV/EBITDA. The stock's performance has been mixed, with a 1-year return of 34.03%, significantly outperforming the S&P 500's return of 14.08% over the same period. However, the year-to-date return of 0.76% pales in comparison to the S&P 500's 13.30%, suggesting that while the stock has had a strong past year, its recent performance raises concerns about sustainability at current valuations.