Cash flow generation remains inconsistent, evidenced by FCF margins that swung from a peak of 14.6% in 2025Q3 to 0.9% in 2026Q1.
| Cash from Operations | 51M | 76.56M | 42.9M | 8.8M | -27.55M | -12.81M | 6.49M | -1.44M |
| Operating CF Margin % | - | 17.66% | 13.66% | 3.74% | -15.88% | -10.75% | 8.24% | -2.26% |
| Operating CF Growth % | 165.69% | 78.44% | 387.63% | 131.94% | -115.11% | -297.38% | 552.13% | - |
| Net Income | 29.95M | 38.45M | -5.72M | -16.14M | -37.51M | -24.77M | -6.08M | -5.49M |
| Depreciation & Amortization | 27.12M | 27.59M | 21.37M | 12.51M | 9.03M | 7.2M | 5.91M | 4.82M |
| Stock-Based Compensation | 2.51M | 0 | 7.19M | 6.03M | 8.75M | 8.85M | 2.96M | 1.4M |
| Deferred Taxes | -6.21M | -5.84M | -1.38M | -298.62K | -181K | 895K | -119K | 77K |
| Other Non-Cash Items | -3.17M | -4.23M | 10.92M | 2.74M | 6.37M | 243K | 3.43M | 1.73M |
| Working Capital Changes | 801.64K | 20.59M | 10.52M | 3.96M | -14M | -5.22M | 389K | -3.97M |
| Change in Receivables | -36.63M | -37.37M | -12.49M | -30.84M | -8.27M | -5.14M | 1.11M | -248K |
| Change in Inventory | -4.17M | -5.38M | 2.07M | 3.29M | -12.59M | -2.63M | -511K | -466K |
| Change in Payables | 91.78M | 58.23M | 3.36M | 1.21M | 4.52M | -3.77M | 3.15M | -2.63M |
| Cash from Investing | -88.35M | -91.74M | -45.91M | -36.83M | -26.54M | -22.64M | -8.57M | -8.32M |
| Capital Expenditures | -24.53M | -30.41M | -3.08M | -620.6K | -15.22M | -2.64M | -7.86M | -6.69M |
| CapEx % of Revenue | 5.71% | 7.02% | 0.98% | 0.26% | 8.77% | 2.21% | 9.97% | 10.51% |
| Acquisitions | -19.85M | -43.18M | -15.17M | -18.33M | -4.06M | -13.37M | -1.27M | -137K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -18.84M | -10.2M | -19.42M | -18M | 76K | -6.19M | 550K | -1.5M |
| Cash from Financing | 181.11M | 295.57M | 50.84M | 31.55M | 6.21M | 114.14M | 6.05M | 4.18M |
| Debt Issued (Net) | 178.94M | 294.6M | -11.25M | 32.33M | 6.07M | -5.55M | 5.45M | -744K |
| Equity Issued (Net) | 5.18M | 5.35M | 62.69M | 2.21M | 1.1M | 132.56M | -1.12M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1.12M | 0 |
| Other Financing | -3.01M | -4.38M | -593K | -2.99M | -965.92K | -12.87M | 1.72M | 4.92M |
| Net Change in Cash | 147.81M | 268.16M | 44.74M | 4.51M | -53.45M | 79.14M | 3.78M | -5.59M |
| Free Cash Flow | 38.31M | 70.79M | 17.93M | -7.76M | -42.77M | -21.5M | -1.37M | -8.12M |
| FCF Margin % | 8.93% | 16.33% | 5.71% | -3.3% | -24.65% | -18.05% | -1.74% | -12.77% |
| FCF Growth % | 130.99% | 294.84% | 331% | 81.85% | -98.92% | -1471.78% | 83.16% | - |
| FCF per Share | 0.92 | 1.88 | 0.50 | -0.23 | -1.30 | -0.71 | -0.04 | -0.25 |
| FCF Conversion (FCF/Net Income) | 1.28x | 1.99x | -7.62x | -0.55x | 0.73x | 0.52x | -1.04x | 0.27x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hardware-Software Margin Mismatch
Based on reported quarterly filings, Nayax exhibits significant volatility in its cash conversion, with the OCF/NI ratio swinging from 23.94 in 2024Q3 to -3.05 in 2024Q2, highlighting a persistent disconnect between GAAP net income and the actual cash generated from core operations.
The extreme variance in the OCF/NI ratio suggests that GAAP net income is currently an unreliable proxy for the company's underlying cash-generating capacity. Investors should monitor whether this divergence stems from the timing of hardware revenue recognition or aggressive working capital management, as the lack of consistent alignment complicates valuation models.
As reported in financial statements, Nayax's FCF margins have fluctuated wildly, ranging from a peak of 14.6% in 2025Q3 to a low of -7.1% in 2025Q1, indicating that the company has yet to establish a predictable or sustainable free cash flow generation profile.
The erratic FCF trajectory appears tied to the lumpy nature of hardware deployments and periodic acquisition activity. This inconsistency suggests that the business model remains in a capital-intensive scaling phase where cash flow is frequently sacrificed to support top-line growth and market share expansion.
According to recent SEC filings, Nayax's capital expenditure as a percentage of revenue reached 9.0% in 2026Q1, reflecting a notable increase in investment intensity that warrants further investigation into whether these outlays are for growth initiatives or necessary maintenance of the existing hardware fleet.
The elevated CapEx levels relative to historical periods suggest that the company is actively reinvesting to maintain its competitive edge in unattended retail. Analysts should assess if this spending is effectively driving the intended SaaS attach rates or if it represents a structural requirement to keep the aging hardware base operational.
Based on the provided data, Nayax's working capital changes have been highly inconsistent, oscillating between a $7.2M inflow in 2025Q3 and a $6.1M outflow in 2025Q2, which suggests potential inefficiencies in inventory management or the timing of customer collections across its global operations.
These swings in working capital indicate that the company's cash cycle is sensitive to the timing of large-scale hardware deployments and potential supply chain bottlenecks. Investors should monitor these fluctuations closely, as they directly impact the company's ability to self-fund operations without relying on external financing.
As reported in financial statements, Nayax has consistently utilized its cash reserves for strategic acquisitions, such as the $16.9M outflow in 2025Q4, while maintaining a conservative stance on shareholder returns, as evidenced by the absence of dividends or share repurchases during the observed period.
The company's capital deployment strategy appears heavily skewed toward inorganic growth, prioritizing the acquisition of new verticals and technologies over returning capital to shareholders. This approach suggests management's confidence in the long-term TAM, though it leaves the company vulnerable to integration risks and potential overpayment for assets.
Quick answers to the most common questions about buying NYAX stock.
Nayax Ltd. (NYAX) generated $76.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nayax Ltd. (NYAX) generated $70.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Nayax Ltd. (NYAX) spent $30.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.