Dave vs Payoneer Global
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The short version
- Payoneer Global is the larger business, with $1.1B of revenue in fiscal 2025 against $554M for Dave, about 1.9 times as much.
- Dave grew revenue faster (59.7%, against 7.7%).
- Dave turned more of its sales into free cash flow (52.3% FCF margin, against 19.6%).
- Investors pay more for each dollar of Payoneer Global’s earnings: a P/E of 51.1x against 23.0x for Dave.
| Latest fiscal year | DAVE · FY25 | PAYO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $2.4B |
| Revenue | $554M | $1.1B |
| Free cash flow | $290M | $207M |
| Net income | $196M | $73.2M |
| Growth | ||
| Revenue growth | 59.7% | 7.7% |
| 5-year growth | — | 25.0% |
| Share count change | 4.8% | −2.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 11.8% |
| Net margin | 35.3% | 7.0% |
| FCF margin | 52.3% | 19.6% |
| Return on capital | 72.9% | — |
| Return on equity | 73.1% | 10.2% |
| Balance sheet | ||
| Net debt | −$80.5M | — |
| Net debt / EBITDA | −0.4x | — |
| Dividends and buybacks | $43.7M | $174M |
| Valuation & quality | ||
| P/E | 23.0x | 51.1x |
| Piotroski F-score | 6 | — |
Revenue
FY19
DAVE —
PAYO $318M
FY20
DAVE —
PAYO $346M
FY21
DAVE $153M
PAYO $473M
FY22
DAVE $205M
PAYO $628M
FY23
DAVE $259M
PAYO $831M
FY24
DAVE $347M
PAYO $978M
FY25
DAVE $554M
PAYO $1.1B
DAVE
PAYO
Operating margin
FY19
DAVE —
PAYO 1.2%
FY20
DAVE —
PAYO −5.0%
FY21
DAVE −4.2%
PAYO −6.4%
FY22
DAVE —
PAYO −3.5%
FY23
DAVE —
PAYO 12.5%
FY24
DAVE —
PAYO 15.2%
FY25
DAVE —
PAYO 11.8%
DAVE
PAYO
Free cash flow
FY19
DAVE —
PAYO −$23.5M
FY20
DAVE —
PAYO $4.5M
FY21
DAVE −$0.9M
PAYO $13.1M
FY22
DAVE −$45.6M
PAYO $73.5M
FY23
DAVE $33.1M
PAYO $151M
FY24
DAVE $125M
PAYO $169M
FY25
DAVE $290M
PAYO $207M
DAVE
PAYO
Return on capital
FY19
DAVE —
PAYO —
FY20
DAVE —
PAYO —
FY21
DAVE —
PAYO —
FY22
DAVE −88.0%
PAYO —
FY23
DAVE −20.8%
PAYO —
FY24
DAVE 40.0%
PAYO —
FY25
DAVE 72.9%
PAYO —
DAVE
PAYO
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.