Payoneer Global vs WEX
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KIRA’s take AI analyst
I put Payoneer Global and WEX side by side, using each one’s latest annual report. Here is what stands out:
- 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 19.2x for WEX.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Payoneer Global
PAYO
3/7
Revenue growth5-year growthFCF margin
WEX
WEX
4/7
Operating marginNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | PAYO FY25 | WEX FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $6.7B |
| 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 | 19.2x |
| Piotroski F-score | — | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.

