Payoneer Global vs Western Union
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KIRA’s take AI analyst
I put Payoneer Global and Western Union side by side, using each one’s latest annual report. Here is what stands out:
- 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 5.1x for Western Union.
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
Western Union
WU
4/7
Operating marginNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | PAYO FY25 | WU FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.4B | $1.9B |
| 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 | 5.1x |
| Piotroski F-score | — | — |
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.