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Nayax Ltd.

NYAX Nasdaq Services-Prepackaged Software Financials FY2020–FY2025

Nayax Ltd. had $400M of revenue in fiscal 2025, up 27.5% on the year before. Over five years, revenue changed +38.4% a year on average.

Last close Β· Oct 23, 2026

$48.47

1.4%

What Nayax Ltd. does

NYAX Β· Services-Prepackaged Software

From its latest annual report

No business description yet.

Filing details

Legal name
Nayax Ltd.
Fiscal year ends
December 31, 2025
Latest annual report
20-F Β· Mar 9, 2026
Accession Β· CIK
0001178913-26-000779 Β· 0001901279

Earnings calendar Β· Nayax Ltd.

Every quarter, companies publish how much they sold and earned. These are the days Nayax Ltd. did it, and the next one. Share prices often move a lot on those days.

Next results

November 18, 2026

Wednesday Β· in 23 days

Time
Time not announced
Covers
Period ended Sep 30, 2026
Expected EPS
$0.15
Source
Earnings calendar
See who else reports that week β†’
Date Results for Time Source
Mar 9, 2026 Period ended Dec 31, 2025 Before the market opens 20-F β†—
Mar 4, 2025 Period ended Dec 31, 2024 Before the market opens 20-F β†—
Feb 28, 2024 Period ended Dec 31, 2023 Before the market opens 20-F β†—
Mar 1, 2023 Period ended Dec 31, 2022 Before the market opens 20-F β†—

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Nayax Ltd.’s latest annual report (fiscal 2025). Here is what stands out:

6 strengths

1.Sales and profit

See section β†’
  • Nayax Ltd. had $400M of revenue in fiscal 2025, up 27.5% on the year before. Over five years, revenue changed +38.4% a year on average.
  • Its operating margin was 9.4%, up 8.4Β pts: of every 100 in sales, about 9 is left after running the business.
  • Nayax Ltd. made $35.5M of net profit in fiscal 2025.

3.Financial health

See section β†’
  • Nayax Ltd. has $5.5M more cash than debt.
  • Its return on capital was 16.7%: every 100 invested in the business earned about 17 in a year.
  • Nayax Ltd. passes 6 of 9 financial health tests (Piotroski F-score).

Nayax Ltd. in 30 seconds

Good So-so Weak

Good

Are sales growing?

+27.5%

Yes. Sales grew 27.5% last year.

So-so

Does it make a profit?

8.9%

A little. It keeps 8.9% of every sale as profit.

So-so

Does profit turn into cash?

8.7%

Partly. 8.7% of sales ends up as free cash.

Good

Is debt under control?

Net cash

Yes. It has more cash than debt.

So-so

How healthy are the accounts?

6 / 9

Mixed. It passes 6 of 9 health tests.

For information

How is the share priced?

51.4x

One share costs 51.4 times its yearly profit per share.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap Last close times the latest diluted share count, so it is approximate.
$1.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
51.4x
On $0.94 EPS (TTM)

Revenue

Total sales reported in the income statement.

KIRA Β· Nayax Ltd. had $400M of revenue in fiscal 2025, up 27.5% on the year before. Over five years, revenue changed +38.4% a year on average.

See the full section β†’

Operating margin

Operating income as a share of revenue.

KIRA Β· Its operating margin was 9.4%, up 8.4Β pts: of every 100 in sales, about 9 is left after running the business.

See the full section β†’

Net income

Profit after all expenses, interest and tax.

KIRA Β· Nayax Ltd. made $35.5M of net profit in fiscal 2025.

See the full section β†’

Free cash flow

Cash from operations minus capital spending.

KIRA Β· Free cash flow was $35.0M in fiscal 2025, 8.7% of revenue.

See the full section β†’

Return on capital

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

KIRA Β· Its return on capital was 16.7%: every 100 invested in the business earned about 17 in a year.

See the full section β†’

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA Β· Nayax Ltd. had $400M of revenue in fiscal 2025, up 27.5% on the year before. Over five years, revenue changed +38.4% a year on average. Its operating margin was 9.4%, up 8.4Β pts: of every 100 in sales, about 9 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

Revenue

Margins, % of revenue

Gross Operating Net FCF

Margins, % of revenue

Gross Operating Net FCF

Net income and earnings per share

KIRA Β· Nayax Ltd. made $35.5M of net profit in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

Net income

Diluted EPS

Diluted EPS

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA Β· Free cash flow was $35.0M in fiscal 2025, 8.7% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

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

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

Dividends Buybacks

Diluted shares outstanding (annual)

Insider trades

KIRA Β· In the last 12 months, insiders bought $9.0M and sold $3.9M of shares on the open market.

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

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$9.0M

2 insiders

Sold, 12 months

$3.9M

11 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 30, 2026 Yair NechmadCEO, Co Founder & Chairman Bought 44,148 $47.84 $2.1M Form 4
Sep 29, 2026 Yair NechmadCEO, Co Founder & Chairman Bought 22,789 $44.79 $1.0M Form 4
Sep 28, 2026 Oren TepperCro Sold 131 $44.63 $0.0M Form 4
Sep 28, 2026 Michal SeverCMO Sold 35 $44.63 $0.0M Form 4
Sep 28, 2026 Eden ZafraniCHRO Sold 200 $44.63 $0.0M Form 4
Sep 28, 2026 Aaron Samuel GreenbergCso Sold 54 $44.63 $0.0M Form 4
Sep 28, 2026 Yair NechmadCEO, Co Founder & Chairman Bought 24,146 $45.01 $1.1M Form 4
Sep 28, 2026 Sagit ManorCFO Sold 293 $44.80 $0.0M Form 4
Sep 28, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 219 $45.01 $0.0M Form 4
Sep 24, 2026 David Ben-AviCTO and Co Founder, Director Bought 100 $42.09 $0.0M Form 4
Sep 24, 2026 Yair NechmadCEO, Co Founder & Chairman Bought 104,511 $44.09 $4.6M Form 4
Sep 23, 2026 David Ben-AviCTO and Co Founder, Director Bought 700 $43.07 $0.0M Form 4
Sep 22, 2026 David Ben-AviCTO and Co Founder, Director Bought 1,554 $43.18 $0.1M Form 4
Sep 17, 2026 David Ben-AviCTO and Co Founder, Director Bought 1,014 $42.91 $0.0M Form 4
Sep 16, 2026 Gal OmerCLO Sold 1,500 $45.17 $0.1M Form 4
Sep 8, 2026 Oren TepperCro Sold 65 $51.81 $0.0M Form 4
Sep 4, 2026 Michal SeverCMO Sold 34 $52.31 $0.0M Form 4
Sep 4, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 96 $52.31 $0.0M Form 4
Sep 4, 2026 Aaron Samuel GreenbergCso Sold 77 $52.31 $0.0M Form 4
Sep 4, 2026 Sagit ManorCFO Sold 123 $52.39 $0.0M Form 4
Aug 27, 2026 Michal SeverCMO Sold 38 $52.98 $0.0M Form 4
Aug 13, 2026 Eran HavshushDirector Sold 20 $52.61 $0.0M Form 4
Aug 3, 2026 Aaron Samuel GreenbergCso Sold 276 $69.02 $0.0M Form 4
Jul 1, 2026 Sagit ManorCFO Sold 1,252 $66.74 $0.1M Form 4
Jun 30, 2026 Eden ZafraniCHRO Sold 500 $64.89 $0.0M Form 4
Jun 29, 2026 Oren TepperCro Sold 74 $63.80 $0.0M Form 4
Jun 29, 2026 Michal SeverCMO Sold 35 $63.89 $0.0M Form 4
Jun 29, 2026 Sagit ManorCFO Sold 214 $63.86 $0.0M Form 4
Jun 29, 2026 Aaron Samuel GreenbergCso Sold 54 $63.85 $0.0M Form 4
Jun 29, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 109 $64.42 $0.0M Form 4
Jun 26, 2026 Sagit ManorCFO Sold 79 $64.02 $0.0M Form 4
Jun 26, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 110 $63.71 $0.0M Form 4
Jun 26, 2026 Oren TepperCro Sold 57 $64.02 $0.0M Form 4
Jun 4, 2026 Sagit ManorCFO Sold 489 $68.06 $0.0M Form 4
Jun 4, 2026 Aaron Samuel GreenbergCso Sold 306 $68.06 $0.0M Form 4
Jun 4, 2026 Oren TepperCro Sold 260 $68.06 $0.0M Form 4
Jun 4, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 382 $68.08 $0.0M Form 4
Jun 1, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 1,753 $73.31 $0.1M Form 4
Jun 1, 2026 Aaron Samuel GreenbergCso Sold 440 $73.31 $0.0M Form 4
Jun 1, 2026 Oren TepperCro Sold 1,052 $73.31 $0.1M Form 4
May 29, 2026 David Ben-AviCTO and Co Founder, Director Sold 16,590 $76.48 $1.3M Form 4
May 28, 2026 David Ben-AviCTO and Co Founder, Director Sold 13,596 $74.93 $1.0M Form 4
May 27, 2026 Keren SharirPresident Sold 4,500 $71.80 $0.3M Form 4
May 19, 2026 Erez AmnipourCpo Sold 231 $67.00 $0.0M Form 4
May 18, 2026 Sagit ManorCFO Sold 251 $64.58 $0.0M Form 4
May 15, 2026 Michal SeverCMO Sold 5,000 $64.32 $0.3M Form 4
May 13, 2026 Eran HavshushDirector Sold 19 $67.57 $0.0M Form 4
May 4, 2026 Aaron Samuel GreenbergCso Sold 276 $70.43 $0.0M Form 4
Apr 22, 2026 Aaron Samuel GreenbergCso Sold 1,002 $63.94 $0.1M Form 4
Apr 22, 2026 Sagit ManorCFO Sold 1,754 $63.94 $0.1M Form 4
Mar 31, 2026 Sagit ManorCFO Sold 1,252 $54.78 $0.1M Form 4
Mar 31, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 313 $54.78 $0.0M Form 4
Mar 30, 2026 Oren TepperCro Sold 74 $53.93 $0.0M Form 4
Mar 27, 2026 Michal SeverCMO Sold 35 $54.54 $0.0M Form 4
Mar 27, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 109 $54.54 $0.0M Form 4
Mar 27, 2026 Aaron Samuel GreenbergCso Sold 54 $54.54 $0.0M Form 4
Mar 27, 2026 Sagit ManorCFO Sold 215 $54.54 $0.0M Form 4
Mar 26, 2026 Carly Lisanne FurmanCEO NAYX North America Sold 110 $55.14 $0.0M Form 4
Mar 26, 2026 Sagit ManorCFO Sold 79 $55.14 $0.0M Form 4
Mar 26, 2026 Oren TepperCro Sold 57 $55.14 $0.0M Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA Β· Nayax Ltd. has $5.5M more cash than debt.

Cash, debt and the ratios that show how comfortably Nayax Ltd. can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $87.3M$33.9M$38.4M$83.1M$320M
Debt incl. finance leases $0.0M$7.7M$47.5M$25.3M$314M
Net debt / EBITDA β€”β€”β€”βˆ’5.5xβˆ’0.1x
Debt / equity 0.0x0.1x0.5x0.2x1.4x
Interest coverage βˆ’13.6xβˆ’9.8xβˆ’2.6x0.3x2.7x
Current ratio 2.2x1.4x1.0x1.3x2.3x
Quick ratio 2.1x1.1x0.9x1.2x2.2x
Total assets $216M$230M$324M$433M$853M
Total liabilities $84.3M$126M$226M$268M$622M
Shareholders' equity $132M$105M$97.6M$165M$231M
Net debt (βˆ’ = net cash) βˆ’$87.3Mβˆ’$26.2M$9.1Mβˆ’$57.9Mβˆ’$5.5M

Returns on capital

KIRA Β· Its return on capital was 16.7%: every 100 invested in the business earned about 17 in a year.

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

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA Β· Nayax Ltd. passes 6 of 9 financial health tests (Piotroski F-score).

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

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

TestFY20FY21FY22FY23FY24FY25
Net income is positive βœ• βœ• βœ• βœ• βœ• βœ“
Cash from operations is positive βœ“ βœ• βœ• βœ“ βœ“ βœ“
Return on assets rose β€” β€” βœ• βœ“ βœ“ βœ“
Cash from operations exceeds net income βœ“ βœ“ βœ“ βœ“ βœ“ βœ“
Debt fell relative to assets β€” β€” βœ• βœ• βœ“ βœ•
Current ratio rose β€” β€” βœ• βœ• βœ“ βœ“
Share count didn't rise β€” βœ“ βœ• βœ• βœ• βœ•
Gross margin rose β€” βœ• βœ• βœ“ βœ“ βœ“
Revenue rose relative to assets β€” β€” βœ“ βœ• βœ• βœ•
F-score β€” / 3β€” / 52 / 94 / 96 / 96 / 9
Accruals ratio β€”βˆ’5.5%βˆ’4.5%βˆ’8.9%βˆ’12.8%βˆ’0.7%
Altman Z'' β€”3.110.23βˆ’0.471.253.27

All figures

Every number, year by year.

6 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $78.8M $119M $174M $235M $314M $400M
Gross profit $37.2M $48.2M $60.0M $88.3M $142M $193M
Research and development $9.3M $19.0M $22.1M $21.9M $25.4M $30.0M
Operating income βˆ’$2.2M βˆ’$22.5M βˆ’$34.0M βˆ’$12.4M $3.1M $37.6M
Interest expense $3.9M $1.7M $3.5M $4.8M $10.9M $13.7M
Pretax income βˆ’$6.1M βˆ’$24.1M βˆ’$37.1M βˆ’$14.7M βˆ’$4.4M $34.6M
Income tax βˆ’$0.0M $0.6M $0.5M $1.2M $1.2M βˆ’$1.0M
Net income βˆ’$6.1M βˆ’$24.8M βˆ’$37.5M βˆ’$15.9M βˆ’$5.6M $35.5M
Diluted EPS βˆ’$0.25 βˆ’$0.82 βˆ’$1.14 βˆ’$0.48 βˆ’$0.16 $0.94
Diluted shares 0.01B 0.00B 0.00B 0.03B 0.04B 0.04B
Cash flow
Cash from operations $6.5M βˆ’$12.8M βˆ’$27.5M $8.8M $42.9M $40.3M
Capital expenditure $2.1M $2.6M $1.5M $0.6M $3.1M $5.3M
Free cash flow $4.4M βˆ’$15.4M βˆ’$29.1M $8.2M $39.8M $35.0M
Depreciation and amortization $1.6M $2.2M $3.4M $4.4M $7.5M $8.7M
Stock-based compensation $3.0M $8.9M $8.7M $6.0M $7.2M $7.3M
Acquisitions $0.7M βˆ’$0.4M βˆ’$0.4M $18.3M $14.9M $39.9M
Balance sheet
Cash and short-term investments $8.2M $87.3M $33.9M $38.4M $83.1M $320M
Total debt β€” $0.0M $7.7M $47.5M $25.3M $314M
Current assets β€” $156M $150M $203M $288M $620M
Current liabilities β€” $70.2M $110M $204M $219M $274M
Inventory β€” $7.7M $23.8M $20.6M $19.8M $28.6M
Property and equipment, net $5.0M $6.2M $6.7M $5.5M $11.1M $20.4M
Total assets β€” $216M $230M $324M $433M $853M
Total liabilities β€” $84.3M $126M $226M $268M $622M
Shareholders' equity $12.5M $132M $105M $97.6M $165M $231M
Margins
Gross margin 47.2% 40.4% 34.6% 37.5% 45.1% 48.2%
Operating margin βˆ’2.8% βˆ’18.9% βˆ’19.6% βˆ’5.3% 1.0% 9.4%
EBITDA margin βˆ’0.8% βˆ’17.0% βˆ’17.7% βˆ’3.4% 3.4% 11.5%
Net margin βˆ’7.7% βˆ’20.8% βˆ’21.6% βˆ’6.7% βˆ’1.8% 8.9%
FCF margin 5.5% βˆ’13.0% βˆ’16.8% 3.5% 12.7% 8.7%
Returns
Return on capital β€” βˆ’40.1% βˆ’34.3% βˆ’9.2% 2.3% 16.7%
Return on capital employed β€” βˆ’15.4% βˆ’28.3% βˆ’10.3% 1.5% 6.5%
Return on equity βˆ’48.7% βˆ’34.4% βˆ’31.7% βˆ’15.7% βˆ’4.3% 17.9%
Return on assets β€” βˆ’11.5% βˆ’16.8% βˆ’5.7% βˆ’1.5% 5.5%
Return on tangible equity βˆ’48.7% βˆ’18.8% βˆ’35.8% βˆ’16.3% βˆ’3.4% 15.4%
Growth
Revenue growth β€” 51.2% 45.6% 35.7% 33.3% 27.5%
FCF growth β€” βˆ’454.0% β€” β€” 386.4% βˆ’12.2%
Share count change β€” βˆ’28.9% 5.2% 767.1% 7.9% 5.3%
Financial health
Net debt / EBITDA β€” β€” β€” β€” βˆ’5.5x βˆ’0.1x
Debt / equity β€” 0.0x 0.1x 0.5x 0.2x 1.4x
Interest coverage βˆ’0.6x βˆ’13.6x βˆ’9.8x βˆ’2.6x 0.3x 2.7x
Current ratio β€” 2.2x 1.4x 1.0x 1.3x 2.3x
Quick ratio β€” 2.1x 1.1x 0.9x 1.2x 2.2x
Capital allocation
Capex / revenue 2.7% 2.2% 0.9% 0.3% 1.0% 1.3%
Stock comp / revenue 3.8% 7.4% 5.0% 2.6% 2.3% 1.8%
Quality scores
Piotroski F-score β€” β€” 2.0 4.0 6.0 6.0
Altman Z'' β€” 3.1 0.2 βˆ’0.5 1.3 3.3
Accruals ratio β€” βˆ’5.5% βˆ’4.5% βˆ’8.9% βˆ’12.8% βˆ’0.7%

Source: SEC EDGAR XBRL filings (CIK 0001901279). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β€” not investment advice. Check the original filings before relying on any figure.

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