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Waystar Holding vs Netscout Systems: WAY and NTCT compared
Waystar Holding is the larger company: $326M of revenue in its latest quarter (Q3 2026) against $222M for Netscout Systems (Q2 FY27). Waystar Holding is growing faster (+21% against +1% a year earlier). Waystar Holding is more profitable, with an operating margin of 18.8% against 16.9%.
Where the money goes: WAY and NTCT
Waystar Holding (WAY) · Q3 2026
Waystar Holding, Q3 2026: revenue $326M (+21% year over year), operating margin 18.8%, net earnings $31.0M, operating cash flow $104M. The chart follows the revenue to costs, profit and cash.
Netscout Systems (NTCT) · Q2 FY27
Netscout Systems, Q2 FY27: revenue $222M (+1% year over year), operating margin 16.9%, net earnings $34.4M, operating cash flow −$15.1M. The chart follows the revenue to costs, profit and cash.
| Waystar Holding (WAY) | Netscout Systems (NTCT) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $326M | $222M |
| Revenue growth, Y/Y | +21% | +1% |
| Gross margin | — | 79.5% |
| Operating margin | 18.8% | 16.9% |
| Net earnings | $31.0M | $34.4M |
| Net margin | 9.5% | 15.5% |
| Operating cash flow | $104M | −$15.1M |
| Free cash flow | $93.9M | — |
| Market value | $5.7B | $3.0B |
| P/E | 41.9× | 25.1× |
| Analysts’ mean target | $34.64 | $46.50 |
Where the revenue comes from
Waystar Holding
- Subscription revenue: $181M (56%)
- Volume-based revenue: $143M (44%)
- Implementation services and other revenue: $2.0M (1%)
Netscout Systems
- Service: $132M (60%)
- Product: $89.9M (40%)
Questions
Which is bigger, Waystar Holding or Netscout Systems?
Waystar Holding is the larger company: $326M of revenue in its latest quarter (Q3 2026) against $222M for Netscout Systems (Q2 FY27).
Is Waystar Holding or Netscout Systems growing faster?
Waystar Holding is growing faster (+21% against +1% a year earlier).
Which is more profitable, Waystar Holding or Netscout Systems?
Waystar Holding is more profitable, with an operating margin of 18.8% against 16.9%.
More: Waystar Holding earnings · how Waystar Holding makes money · Netscout Systems earnings · how Netscout Systems makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.