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Payoneer Global

PAYO Nasdaq Transaction & Payment Processing Services Financials FY2019–FY2025

Payoneer Global's revenue rose 7.7% to $1.1 billion in fiscal 2025. Its operating margin was 11.8%, down from 15.2% a year earlier. Free cash flow was $207 million, up 22.4%. It paid out $174 million in dividends and buybacks, 84% of free cash flow. The diluted share count fell 2.5%.

Last close · Oct 23, 2026

$7.15

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
7.7% vs prior year
Operating margin Operating income as a share of revenue.
11.8%
3.4 pts
Net income Profit after all expenses, interest and tax.
$73.2M
39.6%
Free cash flow Cash from operations minus capital spending.
$207M
22.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$2.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
51.1x
On $0.14 EPS (TTM)

About these figures. Payoneer's 2025 10-K has no interest expense figure in its structured data, so interest coverage is blank for 2025.

What Payoneer Global does

No business description yet.

Legal name
Payoneer Global Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-020487
0001845815

Revenue and margins

Payoneer Global had $1.1B of revenue in fiscal 2025, up 7.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $207M in fiscal 2025, 19.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Payoneer Global returned $174M to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 2.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Payoneer Global yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 376.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 51.1x · peers 19.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Payoneer Global can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $466M$543M$617M$498M$416M
Debt incl. finance leases $13.7M$16.1M$18.4M——
Net debt / EBITDA ——−4.6x——
Debt / equity 0.0x0.0x0.0x——
Interest coverage −15.7x−15.2x58.6x106.5x—
Current ratio 1.1x1.1x1.1x1.0x1.0x
Quick ratio 1.1x1.1x1.1x1.0x1.0x
Total assets $5.1B$6.6B$7.3B$7.9B$9.0B
Total liabilities $4.6B$6.0B$6.6B$7.2B$8.3B
Shareholders' equity $487M$545M$664M$725M$704M
Net debt (− = net cash) −$452M−$527M−$599M——

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ — —
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 8— / 9— / 9
Accruals ratio −1.0%−0.7%−1.9%
Altman Z'' 0.700.250.27

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Payoneer Global PAYO $2.4B 7.7% 11.8% 19.6% — 51.1x —
Jack Henry & Associates JKHY $11.7B 7.1% 25.0% 27.3% 23.8% 23.3x 7 Compare →
WEX WEX $6.9B 1.2% 25.0% 11.8% — 19.7x 7 Compare →
Western Union WU $2.0B −3.8% 18.7% 12.5% 24.0% 5.2x — Compare →
Shift4 FOUR $50.4M 25.5% 8.4% 14.9% 6.5% — 6 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $318M $346M $473M $628M $831M $978M $1.1B
Research and development $34.8M $52.3M $80.8M $115M $119M $135M $155M
Operating income $3.6M −$17.3M −$30.2M −$22.2M $104M $149M $125M
Interest expense $0.3M $1.9M $1.9M $1.5M $1.8M $1.4M —
Pretax income $4.2M −$15.3M −$25.2M $1.6M $133M $140M $116M
Income tax $4.7M $8.3M $8.7M $13.6M $39.2M $18.3M $42.4M
Net income −$0.6M −$23.7M −$34.0M −$12.0M $93.3M $121M $73.2M
Diluted EPS −$0.33 −$0.80 −$0.33 −$0.03 $0.24 $0.31 $0.19
Diluted shares 0.04B 0.05B 0.20B 0.35B 0.39B 0.39B 0.38B
Cash flow
Cash from operations −$14.3M $9.5M $20.0M $84.0M $160M $177M $234M
Capital expenditure $9.1M $5.0M $6.9M $10.5M $8.5M $8.2M $26.9M
Free cash flow −$23.5M $4.5M $13.1M $73.5M $151M $169M $207M
Depreciation and amortization $10.3M $17.1M $18.0M $20.9M $27.8M $47.3M $65.6M
Stock-based compensation $9.5M $11.1M $37.0M $52.1M $65.8M $64.8M $73.1M
Acquisitions $0.0M $15.5M $0.0M $0.0M $0.0M $48.2M $33.1M
Share buybacks $0.0M $0.0M $0.0M $0.0M $55.4M $138M $174M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $55.4M $138M $174M
Balance sheet
Cash and short-term investments $115M $103M $466M $543M $617M $498M $416M
Total debt — $40.0M $13.7M $16.1M $18.4M — —
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $3.6B $5.0B $6.5B $7.1B $7.1B $8.1B
Current liabilities — $3.4B $4.5B $6.0B $6.5B $7.1B $8.1B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $12.7M $12.1M $14.4M $15.5M $16.1M $32.4M
Total assets — $3.7B $5.1B $6.6B $7.3B $7.9B $9.0B
Total liabilities — $3.5B $4.6B $6.0B $6.6B $7.2B $8.3B
Shareholders' equity −$5.4M $24.3M $487M $545M $664M $725M $704M
Margins
Operating margin 1.2% −5.0% −6.4% −3.5% 12.5% 15.2% 11.8%
EBITDA margin 4.4% −0.1% −2.6% −0.2% 15.8% 20.1% 18.1%
Net margin −0.2% −6.9% −7.2% −1.9% 11.2% 12.4% 7.0%
FCF margin −7.4% 1.3% 2.8% 11.7% 18.2% 17.3% 19.6%
Returns
Return on capital employed — — −7.5% −3.7% 15.3% 19.4% 14.9%
Return on equity — — −13.3% −2.3% 15.4% 17.5% 10.2%
Return on assets — — −0.8% −0.2% 1.4% 1.6% 0.9%
Growth
Revenue growth — 8.8% 37.0% 32.6% 32.4% 17.6% 7.7%
Net income growth — — — — — 29.8% −39.6%
EPS growth — — — — — 29.2% −38.7%
FCF growth — — 189.5% 459.7% 105.6% 11.7% 22.5%
Share count change — 30.2% 331.6% 71.6% 12.8% −1.6% −2.5%
Financial health
Net debt / EBITDA — — — — −4.6x — —
Debt / equity — — 0.0x 0.0x 0.0x — —
Interest coverage 11.7x −9.2x −15.7x −15.2x 58.6x 106.5x —
Current ratio — 1.0x 1.1x 1.1x 1.1x 1.0x 1.0x
Quick ratio — 1.0x 1.1x 1.1x 1.1x 1.0x 1.0x
Capital allocation
Capex / revenue 2.9% 1.4% 1.5% 1.7% 1.0% 0.8% 2.6%
Stock comp / revenue 3.0% 3.2% 7.8% 8.3% 7.9% 6.6% 6.9%
Payouts / FCF — 0.0% 0.0% 0.0% 36.7% 81.5% 84.0%
Quality scores
Piotroski F-score — — — 4.0 7.0 — —
Altman Z'' — 0.2 0.6 0.5 0.7 0.3 0.3
Accruals ratio — — −1.2% −1.6% −1.0% −0.7% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0001845815). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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