Answer
While the Wahl factor is traditionally used for helical springs, a similar curvature correction is applied to wave springs to account for the non-linear stress distribution across the radial width $b$. The stress is higher at the inner radius $R_i$ than the outer radius $R_o$. The adjusted stress $\sigma_{adj} = C \cdot \sigma_{nom}$, where $C$ is a function of the ratio $D_m/b$. Ignoring this factor in compact designs where the radial width is large relative to the diameter can lead to unexpected yielding, as the peak fiber stress may exceed the yield strength $S_y$ by $15-20\%$.