Payoneer Global vs Western Union
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The short version
- Western Union is the larger business, with $4.1B of revenue in fiscal 2025 against $1.1B for Payoneer Global, about 3.8 times as much.
- Payoneer Global grew revenue faster (7.7%, against −3.8%).
- Western Union kept more of each dollar of sales as operating profit (18.7% operating margin, against 11.8%).
- Payoneer Global turned more of its sales into free cash flow (19.6% FCF margin, against 12.5%).
- Investors pay more for each dollar of Payoneer Global’s earnings: a P/E of 51.1x against 5.2x for Western Union.
| Latest fiscal year | PAYO · FY25 | WU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $2.0B |
| Revenue | $1.1B | $4.1B |
| Free cash flow | $207M | $505M |
| Net income | $73.2M | $500M |
| Growth | ||
| Revenue growth | 7.7% | −3.8% |
| 5-year growth | 25.0% | −3.5% |
| Share count change | −2.5% | −4.0% |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 11.8% | 18.7% |
| Net margin | 7.0% | 12.3% |
| FCF margin | 19.6% | 12.5% |
| Return on capital | — | 24.0% |
| Return on equity | 10.2% | 51.9% |
| Balance sheet | ||
| Net debt | — | $1.6B |
| Net debt / EBITDA | — | 1.8x |
| Dividends and buybacks | $174M | $544M |
| Valuation & quality | ||
| P/E | 51.1x | 5.2x |
| Piotroski F-score | — | — |
Revenue
FY16
PAYO —
WU $5.4B
FY17
PAYO —
WU $5.5B
FY18
PAYO —
WU $5.6B
FY19
PAYO $318M
WU $5.3B
FY20
PAYO $346M
WU $4.8B
FY21
PAYO $473M
WU $5.1B
FY22
PAYO $628M
WU $4.5B
FY23
PAYO $831M
WU $4.4B
FY24
PAYO $978M
WU $4.2B
FY25
PAYO $1.1B
WU $4.1B
PAYO
WU
Operating margin
FY16
PAYO —
WU 9.0%
FY17
PAYO —
WU 8.6%
FY18
PAYO —
WU 20.1%
FY19
PAYO 1.2%
WU 17.7%
FY20
PAYO −5.0%
WU 20.0%
FY21
PAYO −6.4%
WU 22.2%
FY22
PAYO −3.5%
WU 19.8%
FY23
PAYO 12.5%
WU 18.8%
FY24
PAYO 15.2%
WU 17.2%
FY25
PAYO 11.8%
WU 18.7%
PAYO
WU
Free cash flow
FY16
PAYO —
WU $973M
FY17
PAYO —
WU $673M
FY18
PAYO —
WU $685M
FY19
PAYO −$23.5M
WU $867M
FY20
PAYO $4.5M
WU $841M
FY21
PAYO $13.1M
WU $1.0B
FY22
PAYO $73.5M
WU $550M
FY23
PAYO $151M
WU $760M
FY24
PAYO $169M
WU $369M
FY25
PAYO $207M
WU $505M
PAYO
WU
Return on capital
FY16
PAYO —
WU 11.8%
FY17
PAYO —
WU 10.5%
FY18
PAYO —
WU 50.0%
FY19
PAYO —
WU 38.5%
FY20
PAYO —
WU 47.2%
FY21
PAYO —
WU 48.6%
FY22
PAYO —
WU 40.3%
FY23
PAYO —
WU 39.0%
FY24
PAYO —
WU 35.0%
FY25
PAYO —
WU 24.0%
PAYO
WU
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.