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Waystar Holding vs Ribbon Communications: WAY and RBBN compared
Waystar Holding is the larger company: $326M of revenue in its latest quarter (Q3 2026) against $219M for Ribbon Communications (Q3 2026). Waystar Holding is growing faster (+21% against +2% a year earlier). Waystar Holding is more profitable, with an operating margin of 18.8% against 2.6%.
Where the money goes: WAY and RBBN
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.
Ribbon Communications (RBBN) · Q3 2026
Ribbon Communications, Q3 2026: revenue $219M (+2% year over year), operating margin 2.6%, net loss $9.1M, operating cash flow −$14.4M. The chart follows the revenue to costs, profit and cash.
| Waystar Holding (WAY) | Ribbon Communications (RBBN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $326M | $219M |
| Revenue growth, Y/Y | +21% | +2% |
| Operating margin | 18.8% | 2.6% |
| Net earnings | $31.0M | −$9.1M |
| Net margin | 9.5% | -4.2% |
| Operating cash flow | $104M | −$14.4M |
| Free cash flow | $93.9M | — |
| Market value | $5.7B | — |
| P/E | 41.9× | — |
| Analysts’ mean target | $34.64 | — |
Where the revenue comes from
Waystar Holding
- Subscription revenue: $181M (56%)
- Volume-based revenue: $143M (44%)
- Implementation services and other revenue: $2.0M (1%)
Ribbon Communications
- Product: $121M (55%)
- Service: $97.4M (45%)
Questions
Which is bigger, Waystar Holding or Ribbon Communications?
Waystar Holding is the larger company: $326M of revenue in its latest quarter (Q3 2026) against $219M for Ribbon Communications (Q3 2026).
Is Waystar Holding or Ribbon Communications growing faster?
Waystar Holding is growing faster (+21% against +2% a year earlier).
Which is more profitable, Waystar Holding or Ribbon Communications?
Waystar Holding is more profitable, with an operating margin of 18.8% against 2.6%.
More: Waystar Holding earnings · how Waystar Holding makes money · Ribbon Communications earnings · how Ribbon Communications makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 2, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.