Latest Ratios: P/E Ratio -4.1x · EV/EBITDA 83.6x · ROE -33.9%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $394M | $345M | $287M | $241M | $294M | $265M | $170M | $224M | $508M | $539M | $481M |
| Enterprise Value | $553M | $503M | $394M | $375M | $465M | $86M | $-27044880 | $263M | $468M | $313M | $309M |
| P/E Ratio → | -4.11 | — | — | — | — | — | — | — | 12.97 | 7.41 | 5.84 |
| P/S Ratio | 0.60 | 0.52 | 0.51 | 0.46 | 1.32 | 2.03 | 1.18 | 1.39 | 0.83 | 0.88 | 0.81 |
| P/B Ratio | 1.38 | 1.32 | 1.12 | 0.93 | 0.94 | 0.74 | 0.45 | 0.52 | 0.60 | 0.76 | 0.80 |
| P/FCF | — | — | 18.12 | — | — | — | — | — | 4.13 | 6.27 | 5.95 |
| P/OCF | — | — | 9.96 | 586.68 | — | — | — | — | 3.83 | 5.55 | 4.12 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.76 | 0.70 | 0.71 | 2.09 | 0.66 | -0.19 | 1.64 | 0.76 | 0.51 | 0.52 |
| EV / EBITDA | 83.56 | 76.05 | 14.47 | 44.99 | — | — | — | — | 4.95 | 2.26 | 1.99 |
| EV / EBIT | — | — | 64.30 | — | — | — | — | — | 4.54 | 2.66 | 2.70 |
| EV / FCF | — | — | 24.92 | — | — | — | — | — | 3.80 | 3.64 | 3.82 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.2% | 26.2% | 21.5% | 20.9% | 24.4% | 26.4% | 29.1% | 22.7% | 50.3% | 52.1% | 50.9% |
| Operating Margin | -4.1% | -4.1% | 0.6% | -2.9% | -18.1% | -41.2% | -30.7% | -84.0% | 9.6% | 15.9% | 19.4% |
| Net Profit Margin | -13.3% | -13.3% | -3.1% | -6.6% | -19.7% | -29.1% | -54.3% | -193.6% | 6.4% | 12.0% | 14.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -33.9% | -33.9% | -6.8% | -12.2% | -13.0% | -10.3% | -19.5% | -48.9% | 5.0% | 11.1% | 15.2% |
| ROA | -14.4% | -14.4% | -3.2% | -5.9% | -8.1% | -8.6% | -13.9% | -32.9% | 2.9% | 5.4% | 6.5% |
| ROIC | -5.2% | -5.2% | 0.7% | -2.6% | -9.0% | -22.5% | -10.3% | -15.9% | 6.9% | 15.9% | 20.1% |
| ROCE | -5.9% | -5.9% | 0.8% | -3.2% | -9.1% | -14.2% | -10.8% | -19.7% | 7.1% | 14.0% | 19.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.90 | 0.90 | 0.65 | 0.66 | 0.68 | 0.05 | 0.05 | 0.20 | 0.06 | 0.05 | 0.09 |
| Debt / EBITDA | 35.55 | 35.55 | 6.12 | 20.39 | — | — | — | — | 0.53 | 0.24 | 0.33 |
| Net Debt / Equity | — | 0.61 | 0.42 | 0.52 | 0.54 | -0.50 | -0.53 | 0.09 | -0.05 | -0.32 | -0.28 |
| Net Debt / EBITDA | 23.99 | 23.99 | 3.95 | 16.14 | — | — | — | — | -0.42 | -1.63 | -1.11 |
| Debt / FCF | — | — | 6.80 | — | — | — | — | — | -0.32 | -2.62 | -2.13 |
| Interest Coverage | -3.94 | -3.94 | 0.32 | -0.45 | -4.85 | -18.07 | -7.51 | -31.40 | 12.03 | 33.85 | 33.41 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.52 | 1.52 | 1.45 | 1.61 | 1.49 | 5.61 | 4.48 | 1.24 | 1.51 | 1.53 | 1.53 |
| Quick Ratio | 1.37 | 1.37 | 1.30 | 1.34 | 1.26 | 5.18 | 4.20 | 1.21 | 1.47 | 1.52 | 1.52 |
| Cash Ratio | 0.48 | 0.48 | 0.45 | 0.35 | 0.30 | 3.78 | 3.05 | 0.19 | 0.32 | 0.36 | 0.37 |
| Asset Turnover | — | 1.01 | 1.01 | 0.97 | 0.34 | 0.31 | 0.32 | 0.24 | 0.50 | 0.42 | 0.47 |
| Inventory Turnover | 20.66 | 20.66 | 24.29 | 15.27 | 4.92 | 4.30 | 5.15 | 16.47 | 23.63 | 36.46 | 29.00 |
| Days Sales Outstanding | — | 64.53 | 52.22 | 43.15 | 102.95 | 133.19 | 149.10 | 28.71 | 53.28 | 67.13 | 51.17 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 7.7% | 13.5% | 17.1% |
| FCF Yield | — | — | 5.5% | — | — | — | — | — | 24.2% | 16.0% | 16.8% |
| Buyback Yield | 3.5% | 4.0% | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.5% | 5.5% |
| Total Shareholder Yield | 3.5% | 4.0% | 0.5% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 8.5% | 5.5% |
| Shares Outstanding | — | $77M | $61M | $63M | $57M | $56M | $56M | $56M | $56M | $55M | $48M |
South African macro volatility
Based on reported figures, Lesaka trades at a P/S of 0.60, which appears to discount the company's historical legacy issues while failing to fully price in the potential for margin expansion from its recent strategic pivot toward merchant-acquiring services within the South African informal economy.
The forward P/E of 13.35 suggests that the market is beginning to anticipate a return to profitability, yet the negative TTM P/E highlights the persistent earnings volatility that continues to weigh on investor sentiment. Investors should monitor whether the current valuation multiple remains compressed due to lingering reputational risks or if it represents a genuine mispricing of the company's long-term growth potential.
According to quarterly data, Lesaka's ROIC has struggled to maintain positive territory, hovering near 0.3% in 2026Q3, which indicates that the company is currently failing to generate returns on invested capital that exceed its cost of capital, a trend that warrants further investigation by fundamental analysts.
The persistent inability to compound returns on invested capital suggests that the heavy integration costs and capital-intensive nature of the POS hardware network are currently offsetting the gains from the merchant services segment. This lack of efficiency implies that management must prioritize organic margin expansion over further acquisition-led growth to improve long-term shareholder value.
As evidenced by the reported financial statements, Lesaka's cash conversion cycle reached 221 days in 2026Q3, a significant increase from 55 days in 2024Q2, which suggests that the company is facing mounting challenges in managing its working capital and collecting payments from its informal merchant base.
The sharp rise in DSO to 231 days indicates that the company's credit terms or collection processes may be becoming increasingly strained, potentially reflecting the economic stress faced by its core merchant customers. This trend warrants close monitoring, as it may indicate a deterioration in the quality of the company's receivables and a potential future drag on liquidity.
The P/E ratio is frequently misapplied to Lesaka's business model, as it obscures the significant impact of non-recurring integration expenses and the amortization of intangible assets that currently distort the company's reported net income and mask the underlying cash-generating potential of its merchant-acquiring operations.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the scale of the merchant network and the recurring nature of the processing fees. Relying on P/E in this context may lead to an overly pessimistic view of the company's valuation, as it fails to account for the structural transition from a legacy grant-processing model to a modern fintech infrastructure provider.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying LSAK stock.
Lesaka Technologies, Inc.'s current P/E ratio is -4.1x. The historical average is 24.2x.
Lesaka Technologies, Inc.'s current EV/EBITDA is 83.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Lesaka Technologies, Inc.'s return on equity (ROE) is -33.9%. The historical average is -9.9%.
Based on historical data, Lesaka Technologies, Inc. is trading at a P/E of -4.1x. Compare with industry peers and growth rates for a complete picture.
Lesaka Technologies, Inc. has 26.2% gross margin and -4.1% operating margin.
Lesaka Technologies, Inc.'s Debt/EBITDA ratio is 35.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.