PagSeguro Digital Ltd. (PAGS) 10-Year Financial Performance & Capital Metrics

PAGS • • Industrial / General

TechnologyInfrastructure SoftwarePayment Processing & Digital CommerceEnterprise Payment Processors

AboutPagSeguro Digital Ltd., together with its subsidiaries, provides financial technology solutions and services for consumers, individual entrepreneurs, micro-merchants, and small and medium-sized companies in Brazil and internationally. The company's products and services include PagSeguro Ecosystem, a digital ecosystem that operates as a closed loop where its clients are able to address their primary day to day financial needs, including receiving and spending funds, and managing and growing their businesses; PagBank digital account, which offers banking services through the PagBank mobile app, as well as centralizes various cash-in options, functionalities, services, and cash-out options in a single ecosystem; and PlugPag, a tool for medium-sized and larger merchants that enables them to connect their point of sale (POS) device directly to their enterprise resource planning software or sales automation system through Bluetooth. It also offers cash-in solutions; online and in-person payment tools; and online gaming and cross-border digital services, as well as issues prepaid, credit, and cash cards. In addition, the company provides functionalities, and value-added services and features, such as purchase protection mechanisms, antifraud platform, account and business management tools, and POS app; and operates an online platform that facilitates peer-to-peer lending. Further, it is involved in processing of back-office solutions, including sales reconciliation, and gateway solutions and services, as well as the capture of credit cards with acquirers and sub acquirers. The company was founded in 2006 and is headquartered in São Paulo, Brazil.Show more

Revenue $18.33B +16.9%
EBITDA $7.54B +11.9%
Net Income $2.12B +28.0%
EPS (Diluted) 6.62 +29.8%
Gross Margin 47.95% -0.4%
EBITDA Margin 41.13% -4.3%
Operating Margin 32.5% -5.4%
Net Margin 11.54% +9.5%
ROE 15.17% +15.0%
ROIC 11.02% -33.5%
Debt/Equity 2.77 +124.0%
Interest Coverage 1.59 -3.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 26.9%
✓Good 3Y average ROE of 16.8%
✓Healthy 5Y average net margin of 12.5%
✓Trading at only 0.2x book value

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Negative free cash flow
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y49.71%

5Y26.86%

3Y21.19%

TTM10.88%

Profit (Net Income) CAGR

10Y55.28%

5Y9.16%

3Y21.98%

TTM10.47%

EPS CAGR

10Y52.24%

5Y9.79%

3Y23.55%

TTM16.61%

ROCE

10Y Avg51.33%

5Y Avg58.47%

3Y Avg36.76%

Latest23.44%

Peer Comparison

Enterprise Payment Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TOSTToast, Inc.	17.39B	33.76	1048.45	28.33%	4.66%	13.56%	1.76%	0.02
DLODLocal Limited	2.42B	14.59	37.41	14.7%	17.8%	33.87%		0.11
IIIVi3 Verticals, Inc.	615.36M	25.67	36.67	-7.29%	55.87%	25.96%	0.93%	0.01
ACIWACI Worldwide, Inc.	4.48B	43.49	22.77	9.76%	15.07%	17.64%	7.66%	0.67
FOURShift4 Payments, Inc.	4.45B	65.91	21.75	29.86%	5.02%	8.73%	6.97%	2.83
WEXWEX Inc.	5.51B	160.57	21.41	3.15%	10.81%	25.38%	6.07%	2.99
EVTCEVERTEC, Inc.	1.93B	30.12	17.41	21.7%	16.17%	20.63%	8.91%	1.86
XYZBlock, Inc.	35.55B	64.92	14.27	10.06%	13.08%	13.95%	4.37%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	664.18M	1.13B	2.51B	4.06B	5.58B	6.69B	10.3B	15.16B	15.68B	18.33B
Revenue Growth %	1.05%	0.71%	1.22%	0.61%	0.38%	0.2%	0.54%	0.47%	0.03%	0.17%
Cost of Goods Sold+	382.48M	623.67M	1.32B	2.14B	2.76B	3.77B	5.78B	7.47B	8.13B	9.54B
COGS % of Revenue	0.58%	0.55%	0.53%	0.53%	0.49%	0.56%	0.56%	0.49%	0.52%	0.52%
Gross Profit+	281.69M	509.38M	1.19B	1.91B	2.82B	2.91B	4.52B	7.69B	7.55B	8.79B
Gross Margin %	0.42%	0.45%	0.47%	0.47%	0.51%	0.44%	0.44%	0.51%	0.48%	0.48%
Gross Profit Growth %	0.55%	0.81%	1.34%	0.61%	0.47%	0.03%	0.55%	0.7%	-0.02%	0.16%
Operating Expenses+	223.77M	284.4M	398.94M	933.11M	992.54M	1.18B	2.4B	2.61B	2.16B	2.83B
OpEx % of Revenue	0.34%	0.25%	0.16%	0.23%	0.18%	0.18%	0.23%	0.17%	0.14%	0.15%
Selling, General & Admin	223.77M	284.4M	398.94M	933.11M	992.54M	1.18B	2.4B	2.61B	2.16B	2.83B
SG&A % of Revenue	0.34%	0.25%	0.16%	0.23%	0.18%	0.18%	0.23%	0.17%	0.14%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	57.92M	224.98M	791.49M	978.44M	1.83B	1.73B	2.12B	5.07B	5.39B	5.96B
Operating Margin %	0.09%	0.2%	0.31%	0.24%	0.33%	0.26%	0.21%	0.33%	0.34%	0.33%
Operating Income Growth %	0.19%	2.88%	2.52%	0.24%	0.87%	-0.05%	0.22%	1.39%	0.06%	0.11%
EBITDA+	76.86M	256.23M	843.06M	1.07B	1.95B	2.11B	2.89B	6.19B	6.74B	7.54B
EBITDA Margin %	0.12%	0.23%	0.34%	0.26%	0.35%	0.32%	0.28%	0.41%	0.43%	0.41%
EBITDA Growth %	0.27%	2.33%	2.29%	0.27%	0.82%	0.08%	0.37%	1.14%	0.09%	0.12%
D&A (Non-Cash Add-back)	18.93M	31.25M	51.57M	95.36M	128.35M	376.33M	768.59M	1.11B	1.36B	1.58B
EBIT	59.27M	218.32M	779.52M	970.39M	1.83B	1.73B	2.12B	5.07B	5.29B	5.96B
Net Interest Income+	-29.7M	-68.3M	-104.54M	-29.73M	108.84M	19.36M	-641.14M	-2.98B	-3B	-3.27B
Interest Income	7.5M	20.99M	31.57M	0	108.84M	128.59M	149.49M	175.77M	268.11M	475.92M
Interest Expense	18.95M	62.96M	95.97M	29.73M	0	109.23M	790.63M	3.15B	3.27B	3.75B
Other Income/Expense	-17.61M	-69.62M	-107.99M	239.18M	86.36M	42.27M	-633.84M	-3.31B	-3.37B	-3.58B
Pretax Income+	40.32M	155.36M	683.5M	1.22B	1.91B	1.77B	1.49B	1.76B	2.02B	2.38B
Pretax Margin %	0.06%	0.14%	0.27%	0.3%	0.34%	0.27%	0.14%	0.12%	0.13%	0.13%
Income Tax+	4.83M	27.58M	204.71M	307.21M	545.51M	482.39M	321.74M	254.55M	363.42M	263.56M
Effective Tax Rate %	0.87%	0.82%	0.7%	0.75%	0.71%	0.73%	0.78%	0.86%	0.82%	0.89%
Net Income+	35.08M	127.19M	478.78M	909.27M	1.37B	1.29B	1.17B	1.5B	1.65B	2.12B
Net Margin %	0.05%	0.11%	0.19%	0.22%	0.24%	0.19%	0.11%	0.1%	0.11%	0.12%
Net Income Growth %	0.35%	2.63%	2.76%	0.9%	0.5%	-0.05%	-0.1%	0.29%	0.1%	0.28%
Net Income (Continuing)	35.49M	127.78M	478.79M	910.41M	1.37B	1.29B	1.17B	1.5B	1.65B	2.12B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.19M	0	3.5M	23.81M	5.56M	2.33M	0	0	0	0
EPS (Diluted)+	0.13	0.48	1.83	2.86	4.15	3.92	3.51	4.57	5.10	6.62
EPS Growth %	0.31%	2.69%	2.81%	0.56%	0.45%	-0.06%	-0.1%	0.3%	0.12%	0.3%
EPS (Basic)	0.13	0.48	1.83	2.86	4.16	3.92	3.53	4.60	5.10	6.70
Diluted Shares Outstanding	315.14M	315.14M	315.14M	318.13M	329.26M	329.81M	332.17M	329.23M	323.96M	319.51M
Basic Shares Outstanding	315.14M	315.14M	315.14M	317.65M	328.17M	329.29M	330.31M	327.11M	323.95M	319.51M
Dividend Payout Ratio	-	-	0.11%	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.24B	2.27B	4.03B	11.04B	3.37B	3.71B	4.8B	39.77B	48.73B	64.62B
Cash & Short-Term Investments	6.89M	211.21M	276.87M	2.76B	684.52M	504.39M	462.66M	2.93B	6.21B	1.42B
Cash Only	6.89M	79.97M	66.77M	2.76B	349.01M	315.75M	322.15M	1.83B	2.9B	927.67M
Short-Term Investments	0	131.24M	210.1M	0	335.51M	188.64M	140.51M	1.1B	3.31B	487.92M
Accounts Receivable	1.19B	0	0	2.09B	2.67B	3.2B	4.33B	36.82B	40.69B	58.38B
Days Sales Outstanding	655.43	-	-	187.77	174.5	174.43	153.29	886.58	947.21	1.16K
Inventory	41.2M	21.02M	61.61M	88.55M	15.4M	5.86M	8.89M	13.28M	33.54M	1.64M
Days Inventory Outstanding	39.32	12.3	16.98	15.07	2.03	0.57	0.56	0.65	1.51	0.06
Other Current Assets	0	0	0	0	0	0	0	0	3.25B	4.82B
Total Non-Current Assets+	59.93M	99.65M	207.8M	375.2M	257M	592.44M	782.13M	5.56B	6.38B	8.28B
Property, Plant & Equipment	3.84M	4.56M	10.89M	67.1M	99.43M	347.04M	410.96M	2.49B	2.45B	2.57B
Fixed Asset Turnover	173.05x	248.58x	230.95x	60.45x	56.13x	19.27x	25.06x	6.08x	6.39x	7.13x
Goodwill	0	0	23.69M	40.57M	13.64M	32.66M	37.69M	209.91M	227.07M	227.07M
Intangible Assets	12.27M	26.46M	40.82M	68.46M	132.92M	183.66M	258.58M	1.95B	2.34B	2.7B
Long-Term Investments	376K	534K	872K	1.51M	9.22M	11.05M	51.13M	1.65M	-1.94M	0
Other Non-Current Assets	36.72M	59.79M	111.06M	227.64M	1.79M	1.98M	2.1M	808.91M	1.26B	2.69B
Total Assets+	1.3B	2.37B	4.24B	11.42B	3.62B	4.3B	5.58B	45.33B	55.11B	72.9B
Asset Turnover	0.51x	0.48x	0.59x	0.36x	1.54x	1.56x	1.85x	0.33x	0.28x	0.25x
Asset Growth %	0.59%	0.82%	0.79%	1.7%	-0.68%	0.19%	0.3%	7.12%	0.22%	0.32%
Total Current Liabilities+	832.53M	1.72B	3.32B	4.72B	1.46B	2.23B	3.41B	29.74B	34.43B	42.74B
Accounts Payable	35.34M	61.72M	92.44M	165.25M	1.39B	2.02B	2.57B	449.1M	513.92M	663.23M
Days Payables Outstanding	33.73	36.12	25.48	28.12	184.12	195.51	162.68	21.94	23.07	25.37
Short-Term Debt	0	205.2M	0	0	0	112.59M	732.12M	10.1B	11.55B	29.23B
Deferred Revenue (Current)	0	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	6.82M	7.29M	19.89M	27.66M	48.43M	31.25M	41.76M	100.01M	21.52B	365.79M
Current Ratio	1.49x	1.32x	1.21x	2.34x	2.30x	1.66x	1.41x	1.34x	1.42x	1.51x
Quick Ratio	1.44x	1.31x	1.20x	2.32x	2.29x	1.66x	1.40x	1.34x	1.41x	1.51x
Cash Conversion Cycle	661.03	-	-	174.72	-7.58	-20.51	-8.82	865.29	925.65	1.14K
Total Non-Current Liabilities+	6.28M	24.38M	46.4M	123.62M	167.61M	273.84M	281.99M	3.75B	7.44B	15.49B
Long-Term Debt	0	0	0	0	0	37.37M	13.92M	1.89B	4.82B	11.41B
Capital Lease Obligations	0	0	0	0	0	11.4M	9.25M	0	81.09M	0
Deferred Tax Liabilities	6.26M	24.38M	42.81M	123.62M	156.85M	218.05M	249.87M	1.56B	0	1.79B
Other Non-Current Liabilities	24K	0	3.59M	2K	10.76M	1.76M	5.84M	270.44M	2.51B	2.27B
Total Liabilities	838.82M	1.74B	3.37B	4.84B	1.63B	2.5B	3.69B	33.49B	41.87B	58.23B
Total Debt+	0	205.2M	0	0	0	161.36M	755.3M	12B	16.38B	40.64B
Net Debt	-6.89M	125.23M	-66.77M	-2.76B	-349.01M	-154.39M	433.15M	10.17B	13.48B	39.71B
Debt / Equity	-	0.33x	-	-	-	0.09x	0.40x	1.01x	1.24x	2.77x
Debt / EBITDA	-	0.80x	-	-	-	0.08x	0.26x	1.94x	2.43x	5.39x
Net Debt / EBITDA	-0.09x	0.49x	-0.08x	-2.57x	-0.18x	-0.07x	0.15x	1.64x	2.00x	5.27x
Interest Coverage	3.06x	3.57x	8.25x	32.91x	-	15.86x	2.68x	1.61x	1.65x	1.59x
Total Equity+	461.88M	626.86M	870.39M	6.57B	1.99B	1.8B	1.89B	11.84B	13.24B	14.67B
Equity Growth %	0.08%	0.36%	0.39%	6.55%	-0.7%	-0.1%	0.05%	5.28%	0.12%	0.11%
Book Value per Share	1.47	1.99	2.76	20.67	6.05	5.44	5.68	35.97	40.87	45.91
Total Shareholders' Equity	459.69M	626.86M	866.89M	6.55B	1.99B	1.79B	1.89B	11.84B	13.24B	14.67B
Common Stock	441.62M	524.58M	524.58M	26K	6.46K	5.01K	4.67K	26K	26K	26K
Retained Earnings	2.11M	31.43M	103.34M	909.27M	565.51M	686.64M	849.66M	6.24B	7.89B	10.01B
Treasury Stock	0	0	0	-39.53M	-10.26M	-2.62M	-51.17M	-475.35M	-760.32M	-1.37B
Accumulated OCI	18.07M	102.28M	342.32M	5.68B	1.43B	1.11B	1.09B	6.1B	6.13B	6.05B
Minority Interest	2.19M	0	3.5M	23.81M	5.56M	2.33M	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	56.37M	71.88M	471.3M	-1.87B	489.08M	2.15B	898.01M	3.55B	4B	-3.42B
Operating CF Margin %	0.08%	0.06%	0.19%	-0.46%	0.09%	0.32%	0.09%	0.23%	0.26%	-0.19%
Operating CF Growth %	2.21%	0.28%	5.56%	-4.97%	1.26%	3.4%	-0.58%	2.95%	0.13%	-1.85%
Net Income	41.55M	118.75M	497.45M	963.85M	1.39B	1.77B	1.49B	1.76B	2.02B	2.38B
Depreciation & Amortization	22.42M	29.17M	53.58M	101.09M	130.88M	376.33M	768.59M	1.13B	1.36B	1.6B
Stock-Based Compensation	0	0	0	68.24M	23.23M	122.87M	370.63M	127.39M	144.62M	178.69M
Deferred Taxes	0	0	0	0	0	-84.29M	-4.64M	0	0	0
Other Non-Cash Items	729.77M	519.08M	800.28M	5.14B	3.61B	533.55M	2.05B	4.53B	3.97B	3.49B
Working Capital Changes	12.35M	-263.51M	-380.86M	-3.84B	-2.24B	-570.49M	-3.78B	-4B	-3.49B	-11.06B
Change in Receivables	-712.87M	-707.9M	-2.16B	-5.38B	-3.28B	-5.83B	-9.4B	-17.67B	-10.5B	-21.69B
Change in Inventory	-29.72M	18.84M	-42.17M	-49.83M	14.5M	31.6M	-132.4M	36.26M	-19.71M	5.22M
Change in Payables	37.71M	415.79M	1.81B	1.4B	1.11B	72.33M	243.59M	-133.85M	3.4B	148.6M
Cash from Investing+	-49.64M	-189.82M	-215.31M	-30.75M	-1.87B	-1.86B	-1.47B	-2.18B	-2.7B	-1.83B
Capital Expenditures	-49.86M	-67.59M	-111.74M	-268.83M	-707.09M	-1.52B	-972.27M	-1.1B	-951.56M	-1.13B
CapEx % of Revenue	0.08%	0.06%	0.04%	0.07%	0.13%	0.23%	0.09%	0.07%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.77M	-61.86M	-53.48M	4.93M	-367.97M	-523.78M	-455.31M	-1.09B	-1.72B	-698.21M
Cash from Financing+	0	186.17M	-269.71M	4.76B	-1.77M	-55.06M	727.24M	-1.33B	-225.99M	3.27B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	-56.39M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	-5.83M	-174.56M	-16.21M	-10.29M	-11.71M	-56.93M	-9.61M	-81.99M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.51M	4.29M	359.56M	-2.14B	-218.01M	106.11M	-853.82M	1.41B	2.01B	-5.74B
FCF Margin %	0.01%	0%	0.14%	-0.53%	-0.04%	0.02%	-0.08%	0.09%	0.13%	-0.31%
FCF Growth %	1.8%	-0.34%	82.73%	-6.95%	0.9%	1.49%	-9.05%	2.65%	0.42%	-3.85%
FCF per Share	0.02	0.01	1.14	-6.72	-0.66	0.32	-2.57	4.29	6.21	-17.96
FCF Conversion (FCF/Net Income)	1.61x	0.57x	0.98x	-2.06x	0.36x	1.67x	0.77x	2.36x	2.42x	-1.61x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.9%	23.36%	63.95%	24.43%	31.88%	68.19%	63.35%	21.92%	13.19%	15.17%
Return on Invested Capital (ROIC)	9.87%	27.96%	76.31%	31.8%	50.22%	79.11%	80.37%	31.28%	16.58%	11.02%
Gross Margin	42.41%	44.96%	47.34%	47.13%	50.51%	43.58%	43.92%	50.72%	48.13%	47.95%
Net Margin	5.28%	11.23%	19.04%	22.42%	24.47%	19.32%	11.32%	9.93%	10.55%	11.54%
Debt / Equity	-	0.33x	-	-	-	0.09x	0.40x	1.01x	1.24x	2.77x
Interest Coverage	3.06x	3.57x	8.25x	32.91x	-	15.86x	2.68x	1.61x	1.65x	1.59x
FCF Conversion	1.61x	0.57x	0.98x	-2.06x	0.36x	1.67x	0.77x	2.36x	2.42x	-1.61x
Revenue Growth	104.94%	70.59%	121.95%	61.29%	37.59%	19.8%	54.04%	47.19%	3.44%	16.92%

Frequently Asked Questions

Valuation & Price

PagSeguro Digital Ltd. (PAGS) has a price-to-earnings (P/E) ratio of 1.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

PagSeguro Digital Ltd. (PAGS) reported $19.52B in revenue for fiscal year 2024. This represents a 5923% increase from $324.1M in 2014.

PagSeguro Digital Ltd. (PAGS) grew revenue by 16.9% over the past year. This is strong growth.

Yes, PagSeguro Digital Ltd. (PAGS) is profitable, generating $2.22B in net income for fiscal year 2024 (11.5% net margin).

Dividend & Returns

PagSeguro Digital Ltd. (PAGS) has a return on equity (ROE) of 15.2%. This is reasonable for most industries.

PagSeguro Digital Ltd. (PAGS) generated $3.13B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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