Latest Ratios: P/E Ratio 37.6x · EV/EBITDA 10.9x · ROE 10.2%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $2.1B | $3.9B | $2.0B | $1.9B | $2.6B | $3.5B | — | — |
| Enterprise Value | $2.1B | $1.8B | $3.4B | $1.5B | $1.4B | $2.2B | $3.4B | — | — |
| P/E Ratio → | 37.58 | 29.58 | 32.39 | 21.71 | — | — | — | — | — |
| P/S Ratio | 2.29 | 2.01 | 3.97 | 2.46 | 3.03 | 5.55 | 10.08 | — | — |
| P/B Ratio | 3.82 | 3.01 | 5.35 | 3.08 | 3.49 | 5.39 | 143.42 | — | — |
| P/FCF | 11.69 | 10.25 | 33.28 | 18.32 | 34.53 | — | — | — | — |
| P/OCF | 10.34 | 9.07 | 21.92 | 12.83 | 22.68 | 131.28 | 365.84 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.69 | 3.48 | 1.77 | 2.22 | 4.62 | 9.90 | — | — |
| EV / EBITDA | 10.89 | 9.32 | 21.57 | 13.18 | — | — | — | — | — |
| EV / EBIT | 16.62 | 15.35 | 24.39 | 11.11 | 118.46 | — | — | — | — |
| EV / FCF | — | 8.59 | 29.19 | 13.18 | 25.24 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 84.4% | 85.3% | 82.4% | 78.6% | 71.9% | 70.2% | 68.7% |
| Operating Margin | 11.8% | 11.8% | 15.2% | 12.5% | -3.5% | -6.4% | -5.0% | 1.1% | -0.7% |
| Net Profit Margin | 7.0% | 7.0% | 12.4% | 11.2% | -1.9% | -7.2% | -6.9% | -0.2% | -2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 17.4% | 15.4% | -2.3% | -13.3% | -250.8% | -0.9% | -5.2% |
| ROA | 0.9% | 0.9% | 1.6% | 1.3% | -0.2% | -0.8% | -0.8% | -0.0% | -0.5% |
| ROIC | 30.7% | 30.7% | 65.9% | 125.7% | -41.1% | -477.0% | — | — | -4.2% |
| ROCE | 14.9% | 14.9% | 19.3% | 15.3% | -3.7% | -7.5% | -7.8% | 1.8% | -1.1% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.03 | 0.07 | 0.06 | 0.06 | 1.65 | — | — |
| Debt / EBITDA | 0.38 | 0.38 | 0.14 | 0.39 | — | — | — | 6.17 | — |
| Net Debt / Equity | — | -0.49 | -0.66 | -0.86 | -0.94 | -0.90 | -2.59 | — | -0.75 |
| Net Debt / EBITDA | -1.80 | -1.80 | -3.02 | -5.14 | — | — | — | -5.64 | -43.61 |
| Debt / FCF | — | -1.66 | -4.09 | -5.14 | -9.29 | — | — | — | — |
| Interest Coverage | — | — | — | — | 1.16 | -113.89 | — | — | — |
Net cash position: cash ($416M) exceeds total debt ($72M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.00 | 1.09 | 1.08 | 1.10 | 1.04 | 1.09 | 1.13 |
| Quick Ratio | 1.00 | 1.00 | 1.00 | 1.09 | 1.08 | 1.10 | 1.04 | 1.09 | 1.13 |
| Cash Ratio | 0.05 | 0.05 | 0.07 | 0.09 | 0.09 | 0.10 | 0.03 | 0.07 | 0.07 |
| Asset Turnover | — | 0.12 | 0.12 | 0.11 | 0.10 | 0.09 | 0.09 | 0.16 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 33.90 | 34.66 | 29.12 | 35.59 | 59.63 | 88.75 | 84.00 | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.4% | 3.1% | 4.6% | — | — | — | — | — |
| FCF Yield | 8.6% | 9.8% | 3.0% | 5.5% | 2.9% | — | — | — | — |
| Buyback Yield | 7.2% | 8.3% | 3.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 7.2% | 8.3% | 3.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $377M | $386M | $393M | $348M | $357M | $338M | $338M | $338M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying PAYO stock.
Payoneer Global Inc.'s current P/E ratio is 37.6x. The historical average is 27.9x. This places it at the 100th percentile of its historical range.
Payoneer Global Inc.'s current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Payoneer Global Inc.'s return on equity (ROE) is 10.2%. The historical average is -28.7%.
Based on historical data, Payoneer Global Inc. is trading at a P/E of 37.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Payoneer Global Inc. has 78.1% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Payoneer Global Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression and revenue deceleration
Metrics are mathematically derived from official filings.
Gross Margin Erosion Pressures Profitability
Gross margin fell to 71.2% in 2026Q2 from 84.4% a year earlier, as reported in financial statements, signaling a significant cost structure shift that may pressure future profitability.
The 13.2 percentage point decline in gross margin over four quarters suggests a structural change in the cost of revenue, possibly from new product mix or increased processing costs. Operating margin compressed to 6.2% in 2026Q2 from 19.3% in 2024Q2, indicating that the company is unable to offset rising COGS with operating leverage. Net margin turned negative at -0.9%, reflecting the impact of higher costs and a one-time loss, but the underlying earning power appears strained relative to historical levels.
Return on Capital Decelerates Sharply
ROIC dropped to 3.6% in 2026Q2 from 28.4% in 2024Q1, as per reported figures, suggesting a significant decline in capital efficiency that may indicate deteriorating competitive advantages.
The collapse in ROIC from 28.4% to 3.6% over five quarters is driven by both margin compression and a rising capital base, as total assets grew to $8.8B. ROE also turned negative at -0.4% in 2026Q2, reflecting the net loss and equity erosion. This trend suggests that the company is no longer compounding returns at the pace it once did, and investors should monitor whether this is a temporary investment phase or a permanent re-rating.
Working Capital Efficiency Shows Mixed Signals
DSO improved to 16 days in 2026Q2 from 31 days in 2026Q1, while DPO data is unavailable, as per financial statements, suggesting faster collections but with limited visibility into payables.
The sharp improvement in DSO from 31 to 16 days indicates more efficient receivables collection, which contributed positively to cash flow. However, the absence of DIO and DPO data limits a full assessment of the cash conversion cycle. The current ratio remains at 1.00, suggesting that current assets barely cover current liabilities, which may indicate a tight liquidity position despite improved collections.
Debt Reduction Masks Liability Growth
Total debt fell to zero in 2026Q2 from $80M in 2026Q1, as reported in the balance sheet, yet total liabilities rose to $8.1B, suggesting non-debt liabilities are the primary leverage driver.
The elimination of debt appears positive, but the surge in total liabilities to $8.1B, largely from non-debt items, indicates that the company is financing its operations through other obligations, possibly customer float or deferred revenue. Interest coverage improved to 46.65 in 2026Q1, but the lack of debt in 2026Q2 makes coverage less relevant. Investors should monitor the composition of liabilities, as a shift to non-debt obligations may carry different risks.
Liquidity Buffer Thins as Cash Declines
Cash fell to $346.3M in 2026Q2 from $587.2M in 2024Q1, while the current ratio held at 1.00, as reported in the balance sheet, indicating a shrinking liquidity cushion.
The decline in cash reserves by over $240M over five quarters, combined with a current ratio of 1.00, suggests that the company has limited buffer to absorb unexpected shocks. The quick ratio also stands at 1.00, implying that inventory is not a significant factor, but the reliance on short-term assets to cover liabilities leaves little room for error. Under severe stress, the company may need to rely on external financing or asset sales, which could be challenging given the current market conditions.
Misapplied Metric: EV/EBITDA
EV/EBITDA of 10.87 appears low, but for a fintech with volatile EBITDA, this metric may understate true valuation, as per reported figures, suggesting investors should focus on P/FCF or EV/S.
The EV/EBITDA multiple of 10.87 is misleading for Payoneer because EBITDA is heavily influenced by non-cash items like stock-based compensation and may not reflect the company's cash-generating ability. The P/FCF of 11.67 provides a more accurate picture, but even that is distorted by working capital swings. A more appropriate metric is EV/Sales, which at 2.29 reflects the company's revenue base, but given the margin compression, investors should adjust for the sustainability of gross margins. The low EV/EBITDA may tempt value investors, but the underlying profitability trends suggest caution.