Payoneer demonstrates strong cash conversion with an OCF/NI ratio of 2.65 in 2026Q1, supporting a pivot toward share repurchases that reached $78.6 million in 2025Q4.
| Cash from Operations | 231.6M | 233.49M | 176.93M | 159.49M | 83.96M | 20.02M | 9.53M | -14.31M | -5.99M |
| Operating CF Margin % | - | 22.18% | 18.1% | 19.19% | 13.38% | 4.23% | 2.76% | -4.5% | -2.3% |
| Operating CF Growth % | 94.96% | 31.97% | 10.93% | 89.96% | 319.49% | 110.11% | 166.56% | -139.01% | - |
| Net Income | 72.18M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M | -23.75M | -625K | -7.19M |
| Depreciation & Amortization | 70.15M | 65.63M | 45.45M | 27.81M | 20.86M | 18M | 17.09M | 10.34M | 7.87M |
| Stock-Based Compensation | 72.87M | 73.1M | 64.79M | 65.77M | 52.15M | 37.01M | 11.07M | 9.54M | 6.92M |
| Deferred Taxes | -15.13M | -17.41M | -22.62M | -11.12M | 731K | -1.22M | -721K | -694K | -414K |
| Other Non-Cash Items | -21.43M | -17.22M | 8.77M | -21.72M | -31.21M | -5.6M | -433K | -440K | 2.54M |
| Working Capital Changes | 52.96M | 56.19M | -40.63M | 5.42M | 53.4M | 5.81M | 6.26M | -32.43M | -15.72M |
| Change in Receivables | -3.21M | 1.53M | 337K | 4.9M | 964K | 3.93M | 255.92M | 129.32M | -2.2M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.36M |
| Change in Payables | 4M | 7.87M | 1.13M | -8.33M | 24.28M | 469K | 2.87M | 6.82M | 1.53M |
| Cash from Investing | -231.25M | -218.34M | -1.96B | -44.25M | 5.73M | 10.16M | -66.85M | -20.58M | -11.43M |
| Capital Expenditures | -22.15M | -26.87M | -8.19M | -12.06M | -28.83M | -6.89M | -4.99M | -9.15M | -10.86M |
| CapEx % of Revenue | 2.07% | 2.55% | 0.84% | 1.45% | 4.59% | 1.46% | 1.44% | 2.88% | 4.18% |
| Acquisitions | -33.08M | -33.08M | -48.22M | 0 | 0 | 0 | -15.48M | -6.5M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -65.69M | -40.59M | -102.89M | -32.2M | 34.57M | 17.05M | -46.38M | -4.93M | -566K |
| Cash from Financing | 754.83M | 738.04M | 427.77M | 511.95M | 1.46B | 1.4B | 1.67B | 353.74M | 553.62M |
| Debt Issued (Net) | 0 | 0 | -18.41M | 2.27M | 2.61M | -26.36M | -19.98M | 60M | 0 |
| Equity Issued (Net) | -227.21M | -174.22M | -137.51M | -42.23M | 21.35M | -20.8M | 32.65M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -230.84M | -174.93M | -137.51M | -55.44M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 982.05M | 912.26M | 583.7M | 551.91M | 1.44B | 1.44B | 1.66B | 293.74M | 553.62M |
| Net Change in Cash | 7.11B | 758.5M | -1.36B | 631.65M | 1.55B | 1.43B | 1.62B | 319.37M | 533.67M |
| Free Cash Flow | 215.38M | 206.62M | 116.53M | 111.7M | 55.13M | -884K | -4.51M | -31.6M | -16.85M |
| FCF Margin % | 20.17% | 19.63% | 11.92% | 13.44% | 8.78% | -0.19% | -1.31% | -9.95% | -6.48% |
| FCF Growth % | 71.45% | 77.3% | 4.33% | 102.62% | 6336.09% | 80.4% | 85.73% | -87.53% | - |
| FCF per Share | 0.61 | 0.55 | 0.30 | 0.28 | 0.16 | -0.00 | -0.01 | -0.09 | -0.05 |
| FCF Conversion (FCF/Net Income) | 2.98x | 3.19x | 1.46x | 1.71x | -7.01x | -0.59x | -0.40x | 22.90x | 0.83x |
| Interest Paid | 0 | 0 | 1.4M | 1.77M | 1.47M | 1.92M | 1.89M | 311K | 0 |
| Taxes Paid | 0 | 0 | 52.32M | 40.91M | 9.43M | 3.69M | 5.71M | 1.94M | 3.33M |
Interest income volatility exposure
According to reported financial statements, Payoneer consistently maintains an OCF/NI ratio well above 1.0, with a 2025Q3 peak of 3.84, suggesting that GAAP net income significantly understates the actual cash-generative capacity of the platform due to substantial non-cash charges and working capital adjustments.
The persistent gap between net income and operating cash flow appears driven by significant non-cash expenses, including stock-based compensation and depreciation. Investors should monitor whether this conversion efficiency remains sustainable as the company shifts its focus toward higher-value B2B segments that may carry different accrual profiles.
As indicated by recent quarterly filings, Payoneer's free cash flow margin has fluctuated between 10.4% and 26.1% over the last ten quarters, demonstrating that while the business is consistently cash-generative, its FCF trajectory remains sensitive to seasonal e-commerce cycles and the variability of interest-derived float income.
The volatility in FCF margins suggests that the company's cash generation is not yet fully decoupled from macro-sensitive revenue streams. While the ability to generate positive FCF is a positive indicator of operational maturity, the lack of a clear upward trend warrants further investigation into long-term scalability.
Based on the provided data, Payoneer maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios generally staying below 2% in most quarters, which indicates that the platform's core infrastructure requires minimal ongoing investment to support existing transaction volumes and global regulatory compliance requirements.
The low capital intensity suggests that the company's primary competitive moat—its regulatory and banking stack—is largely built, allowing for high operating leverage. However, the 2025Q2 spike in CapEx to 6.3% may indicate periodic investments in platform upgrades or strategic infrastructure that could recur as the business scales.
As reported in recent financial statements, Payoneer has pivoted toward significant share repurchases, with quarterly buybacks reaching as high as $78.6 million in 2025Q4, signaling a management preference for returning capital to shareholders over pursuing large-scale, potentially dilutive acquisitions in the current market environment.
This shift toward buybacks suggests that management may perceive limited high-return M&A opportunities, or perhaps that the current valuation is viewed as attractive relative to internal growth projects. Investors should monitor whether this capital allocation strategy impacts the company's ability to fund future innovation or respond to competitive threats.
Quick answers to the most common questions about buying PAYO stock.
Payoneer Global Inc. (PAYO) generated $233.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Payoneer Global Inc. (PAYO) generated $206.6M 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.
Payoneer Global Inc. (PAYO) spent $26.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Payoneer Global Inc. (PAYO) spent $174.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.