Waystar Holding stock just absorbed a 14.6% hit in a single session, even though the earnings story centered on expanding profitability rather than a crack in the business model. Coming into the print, shares had been roughly flat over three months. This framed today’s selloff as a sharp reset, not the end of a long slide. The headline from the quarter was margin power. Adjusted EBITDA reached US$137m on US$320m of revenue, with a 43% margin that sat ahead of expectations and in line with last quarter. The market focused on the price, while the results focused on cash economics.

Is Waystar Holding now a genuine bargain after this 14.6% drop, or is it priced this way for a reason? Compare the selloff with the underlying cash and…