Latest Ratios: P/E Ratio 6.7x · EV/EBITDA 6.2x · ROE 14.2%. (2014–2025 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 | $2.6B | $2.9B | $2.0B | $4.0B | $2.9B | $8.7B | $18.8B | $11.2B | $6.0B | — | — |
| Enterprise Value | $10.8B | $45.4B | $41.7B | $17.5B | $13.0B | $9.1B | $18.6B | $10.9B | $3.2B | — | — |
| P/E Ratio → | 6.71 | 1.39 | 0.95 | 2.45 | 1.91 | 7.47 | 14.51 | 8.23 | 6.55 | — | — |
| P/S Ratio | 0.70 | 0.15 | 0.11 | 0.26 | 0.19 | 0.85 | 2.81 | 2.02 | 1.47 | — | — |
| P/B Ratio | 0.95 | 0.20 | 0.14 | 0.31 | 0.24 | 4.62 | 10.45 | 5.65 | 0.91 | — | — |
| P/FCF | 8.69 | 1.85 | — | 2.01 | 2.04 | — | 176.80 | — | — | — | — |
| P/OCF | 5.25 | 1.12 | — | 1.01 | 0.81 | 9.70 | 8.71 | 23.00 | — | — | — |
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 | — | 2.34 | 2.28 | 1.12 | 0.86 | 0.89 | 2.78 | 1.95 | 0.79 | — | — |
| EV / EBITDA | 6.19 | 5.02 | 5.53 | 2.60 | 2.11 | 3.16 | 8.82 | 5.58 | 2.98 | — | — |
| EV / EBIT | 7.71 | 5.95 | 6.81 | 3.31 | 2.66 | 4.01 | 10.74 | 5.97 | 3.29 | — | — |
| EV / FCF | — | 29.18 | — | 8.71 | 9.23 | — | 175.34 | — | — | — | — |
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 | 50.6% | 50.6% | 47.9% | 48.1% | 50.7% | 43.9% | 43.6% | 50.5% | 47.1% | 47.3% | 45.0% |
| Operating Margin | 37.5% | 37.5% | 32.5% | 34.3% | 33.5% | 20.6% | 25.9% | 32.7% | 24.1% | 31.5% | 19.9% |
| Net Profit Margin | 10.7% | 10.7% | 11.5% | 10.5% | 9.9% | 11.3% | 19.3% | 24.5% | 22.4% | 19.0% | 11.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.2% | 14.2% | 15.2% | 13.2% | 21.9% | 63.4% | 68.2% | 31.9% | 24.4% | 64.0% | 23.4% |
| ROA | 2.8% | 2.8% | 3.3% | 3.3% | 5.9% | 23.6% | 32.6% | 18.2% | 11.6% | 14.5% | 6.9% |
| ROIC | 9.8% | 9.8% | 11.0% | 16.6% | 31.3% | 80.4% | 79.1% | 50.2% | 31.8% | 76.3% | 28.0% |
| ROCE | 25.6% | 25.6% | 23.4% | 29.7% | 57.1% | 100.2% | 81.9% | 41.2% | 25.7% | 101.0% | 40.2% |
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 | 3.03 | 3.03 | 2.77 | 1.24 | 1.01 | 0.40 | 0.09 | — | — | — | 0.33 |
| Debt / EBITDA | 4.91 | 4.91 | 5.39 | 2.43 | 1.94 | 0.26 | 0.08 | — | — | — | 0.80 |
| Net Debt / Equity | — | 2.90 | 2.71 | 1.02 | 0.86 | 0.23 | -0.09 | -0.18 | -0.42 | -0.08 | 0.20 |
| Net Debt / EBITDA | 4.70 | 4.70 | 5.27 | 2.00 | 1.64 | 0.15 | -0.07 | -0.18 | -2.57 | -0.08 | 0.49 |
| Debt / FCF | — | 27.33 | — | 6.70 | 7.20 | — | -1.45 | — | — | -0.19 | 29.16 |
| Interest Coverage | 1.49 | 1.49 | 1.64 | 1.62 | 1.56 | 2.88 | 15.86 | — | 32.64 | 8.12 | 3.47 |
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 | 1.36 | 1.36 | 1.51 | 1.42 | 1.34 | 1.41 | 1.66 | 2.30 | 2.34 | 1.21 | 1.32 |
| Quick Ratio | 1.36 | 1.36 | 1.51 | 1.41 | 1.34 | 1.40 | 1.66 | 2.29 | 2.32 | 1.20 | 1.31 |
| Cash Ratio | 0.14 | 0.14 | 0.03 | 0.18 | 0.10 | 0.14 | 0.23 | 0.47 | 0.59 | 0.08 | 0.12 |
| Asset Turnover | — | 0.26 | 0.25 | 0.28 | 0.33 | 1.85 | 1.56 | 1.54 | 0.36 | 0.59 | 0.48 |
| Inventory Turnover | — | — | 5812.01 | 242.50 | 562.53 | 649.45 | 643.93 | 179.40 | 24.22 | 21.50 | 29.67 |
| Days Sales Outstanding | — | 1097.14 | 1162.34 | 947.21 | 886.58 | 153.29 | 174.43 | 174.50 | 187.77 | — | — |
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 | 4.3% | 21.1% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 29.1% | 29.1% | — | — | — | — | — | — | — | 11.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 14.9% | 72.2% | 105.8% | 40.9% | 52.3% | 13.4% | 6.9% | 12.1% | 15.3% | — | — |
| FCF Yield | 11.5% | 54.1% | — | 49.8% | 49.1% | — | 0.6% | — | — | — | — |
| Buyback Yield | 9.7% | 45.4% | 39.2% | 9.9% | 10.1% | 3.0% | 0.2% | 0.0% | 0.7% | — | — |
| Total Shareholder Yield | 14.0% | 66.5% | 39.2% | 9.9% | 10.1% | 3.0% | 0.2% | 0.0% | 0.7% | — | — |
| Shares Outstanding | — | $298M | $320M | $324M | $329M | $332M | $330M | $329M | $318M | $315M | $315M |
Includes 30+ ratios · 12 years · Updated daily
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Quick answers to the most common questions about buying PAGS stock.
PagSeguro Digital Ltd.'s current P/E ratio is 6.7x. The historical average is 5.4x. This places it at the 63th percentile of its historical range.
PagSeguro Digital Ltd.'s current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.5x.
PagSeguro Digital Ltd.'s return on equity (ROE) is 14.2%. The historical average is 29.5%.
Based on historical data, PagSeguro Digital Ltd. is trading at a P/E of 6.7x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PagSeguro Digital Ltd.'s current dividend yield is 4.35% with a payout ratio of 29.1%.
PagSeguro Digital Ltd. has 50.6% gross margin and 37.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
PagSeguro Digital Ltd.'s Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage tied to volatile working capital
Deep Value Discount vs. Growth Peers
PAGS trades at a profound discount to its peer group, with a forward P/E of 1.05 and EV/EBITDA of 1.19, suggesting the market is pricing in severe structural headwinds or a significant mispricing of its earnings power.
The valuation multiples are not just low; they are anomalous relative to both its own history and peers like StoneCo (EV/EBITDA 3.01) and MercadoLibre (EV/EBITDA 28.47). This extreme discount implies the market is either deeply skeptical of the sustainability of its 10.7% net margin or is applying a severe risk premium for its Brazilian macro exposure and Pix-related competitive threats. The PEG ratio of 0.54 further underscores that the market is not pricing in any meaningful growth, despite the company's ongoing expansion into digital banking.
Gross Margin Gains Mask Net Pressure
While gross margin has expanded to 51.5% in 2026Q2, net margin has compressed to 11.3% from 12.0% a year prior, indicating that cost efficiencies at the top line are being absorbed by rising provisions or non-operating expenses.
The divergence between gross and net margin trends is a critical signal. The gross margin improvement appears driven by a more favorable product mix or reduced hardware subsidies, but this is not flowing through to the bottom line. This suggests that the cost of funding for prepayments, credit loss provisions for the PagBank portfolio, or other financial expenses are rising, potentially due to the high Selic rate environment. The operating margin of 36.2% remains strong, but the net margin compression indicates the true earning power is being eroded by factors below the operating line.
Capital Efficiency in Structural Decline
ROIC has collapsed from a peak of 17.7% in 2024Q1 to just 2.2% in 2026Q2, a dramatic deterioration that signals the company's massive balance sheet expansion is not generating commensurate returns.
This is the most alarming trend in the financials. The decline in ROIC is not cyclical; it appears structural, coinciding with the shift to a more capital-intensive model focused on prepayments and credit. The asset turnover ratio has plummeted from 0.37 to 0.07 over the same period, confirming that the asset base is growing far faster than the revenue it supports. This suggests the company is in a phase of heavy investment, but the market is rightly questioning whether these investments will ever generate returns that exceed the cost of capital.
Leverage Expansion Amidst Cash Volatility
The debt-to-equity ratio has more than doubled from 1.50 in 2024Q1 to 3.10 in 2026Q2, while the cash position has swung wildly, indicating a strategic shift to a more leveraged model that is highly sensitive to working capital flows.
The leverage profile has fundamentally changed. The company is now using significant debt to fund its balance sheet growth, likely for prepayment and credit activities. While the interest coverage ratio of 1.54x is still adequate, it has declined from 1.76x, and the high D/E ratio in a high-rate Brazilian environment creates meaningful refinancing risk. The volatility in the cash position (from $1.9B to $623.7M in two quarters) suggests that liquidity is managed dynamically, but this exposes the company to potential stress if funding markets tighten or if working capital needs spike unexpectedly.
The Misapplied Efficiency Metric
The Cash Conversion Cycle (CCC) is the ratio most commonly misapplied to PAGS, as its extreme length (over 1,000 days) is a feature of its prepayment business model, not a sign of operational inefficiency.
Analysts often flag PAGS's CCC as a red flag, but this misinterprets the business. The long cycle is driven by the company advancing cash to merchants (prepayment) and then waiting to collect from card networks, a core part of its value proposition. The metric is structurally distorted and should not be compared to traditional retailers or service companies. A more appropriate measure of efficiency would be the net take rate on TPV or the cost-to-serve per merchant, which better reflect the economics of its payment processing and digital banking ecosystem.