Latest Ratios: P/E Ratio 48.0x · EV/EBITDA 30.0x · ROE 19.4%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.9B | $1.0B | $631M | — | — | — | — |
| Enterprise Value | $1.7B | $1.8B | $1.0B | $668M | — | — | — | — |
| P/E Ratio → | 48.04 | 49.61 | — | — | — | — | — | — |
| P/S Ratio | 4.14 | 4.40 | 3.32 | 2.68 | — | — | — | — |
| P/B Ratio | 7.99 | 8.25 | 6.31 | 6.47 | — | — | — | — |
| P/FCF | 25.34 | 26.92 | 58.17 | — | — | — | — | — |
| P/OCF | 23.43 | 24.89 | 24.31 | 71.78 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.23 | 3.23 | 2.84 | — | — | — | — |
| EV / EBITDA | 29.97 | 31.91 | 41.45 | 2104.40 | — | — | — | — |
| EV / EBIT | 57.72 | 35.08 | 436.01 | — | — | — | — | — |
| EV / FCF | — | 25.87 | 56.59 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.7% | 44.7% | 45.1% | 37.5% | 34.6% | 40.4% | 47.2% | 41.7% |
| Operating Margin | 6.9% | 6.9% | 1.0% | -5.3% | -19.6% | -18.9% | -2.8% | -4.9% |
| Net Profit Margin | 8.9% | 8.9% | -1.8% | -6.7% | -21.6% | -20.8% | -7.9% | -8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | -4.3% | -15.7% | -31.7% | -34.4% | -44.4% | -33.5% |
| ROA | 6.0% | 6.0% | -1.5% | -5.7% | -16.8% | -16.0% | -7.7% | -7.6% |
| ROIC | 15.2% | 15.2% | 1.7% | -7.9% | -31.0% | -32.5% | -4.7% | -7.5% |
| ROCE | 7.5% | 7.5% | 1.9% | -10.3% | -25.6% | -25.5% | -8.1% | -12.7% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.46 | 1.46 | 0.33 | 0.77 | 0.28 | 0.15 | 2.81 | 1.25 |
| Debt / EBITDA | 5.88 | 5.88 | 2.24 | 236.51 | — | — | 9.54 | 11.29 |
| Net Debt / Equity | — | -0.32 | -0.17 | 0.38 | -0.04 | -0.51 | 2.16 | 0.96 |
| Net Debt / EBITDA | -1.29 | -1.29 | -1.15 | 115.62 | — | — | 7.32 | 8.74 |
| Debt / FCF | — | -1.04 | -1.57 | — | — | — | — | — |
| Interest Coverage | 3.53 | 3.53 | 0.28 | -3.66 | -22.67 | -12.62 | -2.44 | -3.51 |
Net cash position: cash ($412M) exceeds total debt ($338M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.26 | 2.26 | 1.31 | 1.00 | 1.37 | 2.22 | 0.88 | 0.89 |
| Quick Ratio | 2.16 | 2.16 | 1.22 | 0.90 | 1.15 | 2.11 | 0.79 | 0.79 |
| Cash Ratio | 1.50 | 1.50 | 0.42 | 0.19 | 0.31 | 1.24 | 0.13 | 0.10 |
| Asset Turnover | — | 0.51 | 0.73 | 0.73 | 0.75 | 0.55 | 0.85 | 0.92 |
| Inventory Turnover | 8.39 | 8.39 | 8.73 | 7.16 | 4.77 | 9.23 | 8.25 | 8.20 |
| Days Sales Outstanding | — | 127.89 | 117.13 | 129.98 | 57.66 | 59.25 | 64.12 | 141.32 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.0% | — | — | — | — | — | — |
| FCF Yield | 3.9% | 3.7% | 1.7% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $38M | $36M | $33M | $33M | $30M | $33M | $33M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NYAX stock.
Nayax Ltd.'s current P/E ratio is 48.0x. The historical average is 49.6x.
Nayax Ltd.'s current EV/EBITDA is 30.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.7x.
Nayax Ltd.'s return on equity (ROE) is 19.4%. The historical average is -20.7%.
Based on historical data, Nayax Ltd. is trading at a P/E of 48.0x. Compare with industry peers and growth rates for a complete picture.
Nayax Ltd. has 44.7% gross margin and 6.9% operating margin.
Nayax Ltd.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Geopolitical and hardware margin risks
Margin Inflection Points to Operating Leverage
Gross margin expanded from 37.2% in 2023Q4 to 45.3% in 2026Q1, while operating margin swung from -4.4% to 10.9% in 2025Q4, indicating a favorable mix shift and scale benefits.
The gross margin improvement suggests a rising contribution from higher-margin recurring services, though the 2026Q1 dip to 45.3% from 49.2% in 2025Q1 hints at hardware mix pressure. Operating margin volatility, with 2026Q1 at 3.9% versus 10.9% in 2025Q4, underscores the lumpiness of hardware sales and investment cycles. Net margin turned positive in 2025Q2, but the 2026Q1 net margin of 1.2% reflects a sharp sequential decline, likely due to increased R&D and sales expenditures.
ROIC Recovery Signals Compounding Potential
ROIC improved from -1.4% in 2024Q1 to 7.4% in 2025Q4, though it slipped to 1.9% in 2026Q1, suggesting the company is transitioning from value destruction to value creation.
The positive ROIC in 2025Q4, driven by strong operating income, indicates that the asset base is beginning to generate returns above its cost of capital. However, the 2026Q1 drop to 1.9% highlights the impact of heavy capex and acquisition-related intangibles. ROE followed a similar path, peaking at 6.1% in 2025Q4, but the thin equity base and rising debt suggest leverage is amplifying returns, which may not be sustainable.
Negative CCC Masks Working Capital Leverage
Cash conversion cycle turned sharply negative to -167 days in 2026Q1, driven by DPO of 350 days, indicating Nayax is using supplier financing to fund growth, though DSO remains elevated at 139 days.
The negative CCC is a double-edged sword: it provides free financing from suppliers, but the extreme DPO may strain supplier relationships. DSO has risen from 75 days in 2023Q4 to 139 days in 2026Q1, suggesting slower collections, possibly due to larger enterprise customers or hardware financing terms. Asset turnover remains low at 0.12, reflecting the heavy investment in hardware and intangibles, which may improve as the installed base generates recurring revenue.
Debt-Fueled Expansion Tests Coverage
Debt-to-equity rose from 0.77 in 2023Q4 to 1.42 in 2026Q1, while interest coverage fell to 1.11x in 2026Q1 from 10.02x in 2024Q4, indicating increased financial risk from acquisition debt.
The surge in debt, primarily for acquisitions, has elevated leverage, but the substantial cash balance of $411M provides a buffer. Interest coverage of 1.11x in 2026Q1 is thin, meaning operating income barely covers interest expense, a concern if earnings falter. The D/EBITDA ratio of 29.92 in 2026Q1 is elevated, though this may be distorted by low EBITDA in that quarter; the 2025Q4 figure of 16.62 is more representative but still high.
Liquidity Buffer Cushions Short-Term Stress
Current ratio improved to 2.15 in 2026Q1 from 1.00 in 2023Q4, with quick ratio at 2.05, indicating ample short-term liquidity to cover obligations and fund growth initiatives.
The strong liquidity position is supported by $411M in cash, which provides a cushion against working capital swings and potential geopolitical disruptions. However, the reliance on hardware sales and the lumpy nature of revenue could cause temporary cash flow shortfalls, as seen in 2026Q1's FCF margin of 0.9%. The quick ratio of 2.05 suggests inventory is not a major liquidity concern, but the high DSO of 139 days could pressure cash collections.
Misapplied P/E Overlooks Recurring Mix
The trailing P/E of 60.78 is misleading for Nayax because it fails to capture the transition to recurring revenue; EV/EBITDA of 38.26 and P/S of 5.24 better reflect the growth potential.
Investors often apply a simple P/E to Nayax, but the company's earnings are volatile due to hardware lumpiness and acquisition costs, making the P/E unreliable. The forward P/E of 78.04 suggests the market expects significant earnings growth, but this may be optimistic given the 2026Q1 slowdown. Instead, EV/EBITDA and EV/Sales are more appropriate, as they normalize for capital structure and non-cash charges, but even these multiples are elevated relative to peers like i3 Verticals (EV/EBITDA 10.73), indicating a premium for growth.