Waystar shares have dropped 32% over the past year, yet a single fund acquired $11.5 million worth in the last quarter.

Blue Door Asset Management Increases Stake in Waystar

On February 17, 2026, Blue Door Asset Management acquired 322,600 shares of Waystar (NASDAQ:WAY), with the transaction valued at approximately $11.49 million based on the average price for the quarter.

Details of the Transaction

According to a filing with the SEC dated February 17, 2026, Blue Door Asset Management expanded its holdings in Waystar by 322,600 shares. The estimated value of this purchase was $11.49 million, calculated using the average closing price for the quarter. By the end of the quarter, the total value of Blue Door’s position in Waystar had grown by $10.15 million, reflecting both the new shares and changes in the stock’s price.

Key Takeaways

• Top Five Holdings in the Fund After the Update:
  • NASDAQ: FLEX – $23.49 million (14.7% of assets under management)
  • NYSE: EPAM – $18.38 million (11.5% of AUM)
  • NASDAQ: NICE – $16.15 million (10.1% of AUM)
  • NASDAQ: WAY – $13.18 million (8.3% of AUM)
  • NASDAQ: NXT – $13.15 million (8.2% of AUM)
• As of the most recent Friday, Waystar’s stock was trading at $24.16, representing a 31.5% drop over the past year, significantly lagging behind the S&P 500’s gain of about 20% in the same period.

Waystar at a Glance

About Waystar

• Waystar provides a cloud-based platform designed to streamline healthcare payment processes, including financial clearance, patient billing, claims management, denial prevention, revenue capture, and analytics.
• The company’s core business is delivering SaaS solutions to healthcare organizations aiming to enhance their revenue cycle management.
• Waystar serves a wide range of clients, including hospitals, health systems, and healthcare providers throughout the United States.

Operating at scale within the healthcare technology industry, Waystar leverages its comprehensive SaaS platform to help healthcare providers tackle complex payment and revenue cycle issues. Its integrated solutions and advanced analytics make it a valuable partner for organizations seeking to boost financial performance and operational efficiency. With a strong emphasis on innovation and automation, Waystar aims to stay ahead in the fast-changing healthcare IT sector.

Implications for Investors

Waystar’s recent financial results may explain why Blue Door Asset Management increased its investment, despite the company’s recent stock decline. In 2025, Waystar reported $1.10 billion in revenue, a 17% increase year-over-year, and adjusted EBITDA of about $462 million, up 21% from the previous year—demonstrating robust margins for a healthcare software provider. Fourth-quarter revenue also rose 24% to approximately $304 million, reflecting ongoing momentum as more providers adopt automation for revenue cycle management.

Despite a roughly 31% drop in share price over the past year, Waystar’s growth remains notable, though the broader market’s negative sentiment toward software stocks—driven by concerns about artificial intelligence—has weighed on its performance. Within Blue Door’s portfolio, Waystar now accounts for over 8% of assets, making it one of the fund’s larger holdings, though still behind Flex and EPAM. This allocation suggests confidence in the healthcare software sector and a strategy of diversification across enterprise technology and digital infrastructure. With Waystar forecasting further growth in the coming year—including projected revenue of $1.28 billion and adjusted EBITDA of $535 million at the midpoint—Blue Door’s decision to increase its stake appears well-founded.

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