WAY
Waystar Holding Corp.
Is WAY Halal?
Healthcare revenue-cycle software — generally permissible activity whose known asset-based ratios pass, with activity classification incomplete.
What You Should Know
Waystar's March 31, 2026 Form 10-Q reports assets of $5,838.993 million, debt of $1,469.775 million, cash and restricted cash of $62.700 million, investment securities of $124.593 million, receivables of $172.532 million and quarterly revenue of $313.874 million. Debt/assets is 25.17%, liquidity/assets is 3.21%, receivables plus cash/assets is 4.03% and disclosed interest income is 0.22% of revenue. Known ratios pass, but no universal prohibited-revenue numerator is disclosed.
⚠️ Concerns
- •Known asset-based ratios pass, but no universal prohibited-revenue numerator is disclosed
- •Healthcare payment and transaction workflows
- •Provider, payer and patient-data privacy
- •Acquisition-related leverage and goodwill
- •Disclosed interest income is 0.22% of quarterly revenue; no fixed purification percentage asserted
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
1,469.775 / 5,838.993
187.293 / 5,838.993
235.232 / 5,838.993
0.7 / 313.874
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 25.17%, liquidity/assets is 3.21%, receivables-plus-cash/assets is 4.03% and interest income is 0.22%; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios pass the examined MSCI total-assets limits; activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and disclosed income ratios pass the examined Malaysia limits; this is not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored and business classification remains incomplete.
Business-activity disclosure
Waystar provides cloud software and payment workflows for healthcare providers, including claims, eligibility, payment and denial-management tools. The software activity is generally permissible, while healthcare transaction and customer end uses remain qualitative.
Limitation: The filing does not allocate revenue into a universal prohibited-activity numerator for healthcare customers, payment workflows or related transaction services.
Purification
Waystar discloses $0.700 million of interest income on investment securities, but ZakatInvest does not prescribe a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Waystar's March 31, 2026 Form 10-Q.
- Debt includes current and non-current long-term debt and related-party debt totaling $1,469.775 million; operating leases are excluded.
- Cash and restricted cash total $62.700 million; current investment securities are $124.593 million.
- Net accounts receivable is $172.532 million and first-quarter revenue is $313.874 million.
- The filing discloses $0.700 million of interest income on investment securities for the quarter; no fixed purification percentage is prescribed.
- Healthcare revenue-cycle software is generally permissible, but provider, payer and transaction end uses are not reduced to a universal prohibited-revenue numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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