Payoneer Global vs WEX
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The short version
- WEX is the larger business, with $2.7B of revenue in fiscal 2025 against $1.1B for Payoneer Global, about 2.5 times as much.
- Payoneer Global grew revenue faster (7.7%, against 1.2%).
- WEX kept more of each dollar of sales as operating profit (25.0% operating margin, against 11.8%).
- Payoneer Global turned more of its sales into free cash flow (19.6% FCF margin, against 11.8%).
- Investors pay more for each dollar of Payoneer Global’s earnings: a P/E of 51.1x against 19.7x for WEX.
| Latest fiscal year | PAYO · FY25 | WEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $6.9B |
| Revenue | $1.1B | $2.7B |
| Free cash flow | $207M | $314M |
| Net income | $73.2M | $304M |
| Growth | ||
| Revenue growth | 7.7% | 1.2% |
| 5-year growth | 25.0% | 11.3% |
| Share count change | −2.5% | −13.1% |
| Profitability | ||
| Gross margin | — | 58.6% |
| Operating margin | 11.8% | 25.0% |
| Net margin | 7.0% | 11.4% |
| FCF margin | 19.6% | 11.8% |
| Return on capital | — | — |
| Return on equity | 10.2% | 22.3% |
| Balance sheet | ||
| Net debt | — | −$326M |
| Net debt / EBITDA | — | −0.3x |
| Dividends and buybacks | $174M | $800M |
| Valuation & quality | ||
| P/E | 51.1x | 19.7x |
| Piotroski F-score | — | 7 |
Revenue
FY16
PAYO —
WEX $1.0B
FY17
PAYO —
WEX $1.2B
FY18
PAYO —
WEX $1.5B
FY19
PAYO $318M
WEX $1.7B
FY20
PAYO $346M
WEX $1.6B
FY21
PAYO $473M
WEX $1.9B
FY22
PAYO $628M
WEX $2.4B
FY23
PAYO $831M
WEX $2.5B
FY24
PAYO $978M
WEX $2.6B
FY25
PAYO $1.1B
WEX $2.7B
PAYO
WEX
Operating margin
FY16
PAYO —
WEX 15.7%
FY17
PAYO —
WEX 18.7%
FY18
PAYO —
WEX 25.5%
FY19
PAYO 1.2%
WEX 22.4%
FY20
PAYO −5.0%
WEX −5.9%
FY21
PAYO −6.4%
WEX 18.5%
FY22
PAYO −3.5%
WEX 20.0%
FY23
PAYO 12.5%
WEX 25.4%
FY24
PAYO 15.2%
WEX 26.1%
FY25
PAYO 11.8%
WEX 25.0%
PAYO
WEX
Free cash flow
FY16
PAYO —
WEX −$203M
FY17
PAYO —
WEX $56.2M
FY18
PAYO —
WEX $313M
FY19
PAYO −$23.5M
WEX $560M
FY20
PAYO $4.5M
WEX $656M
FY21
PAYO $13.1M
WEX −$129M
FY22
PAYO $73.5M
WEX $567M
FY23
PAYO $151M
WEX $764M
FY24
PAYO $169M
WEX $334M
FY25
PAYO $207M
WEX $314M
PAYO
WEX
Return on capital
FY16
PAYO —
WEX —
FY17
PAYO —
WEX —
FY18
PAYO —
WEX 8.3%
FY19
PAYO —
WEX 7.7%
FY20
PAYO —
WEX −1.8%
FY21
PAYO —
WEX 6.3%
FY22
PAYO —
WEX 11.5%
FY23
PAYO —
WEX 24.3%
FY24
PAYO —
WEX 30.8%
FY25
PAYO —
WEX —
PAYO
WEX
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.