The company maintains a conservative capital structure with a debt-to-equity ratio of 0.11 as of 2026Q1, though a narrow current ratio of 1.12 warrants ongoing liquidity monitoring.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 277.35M | 240.06M | 158.84M | 129.18M | 97.72M | 74.33M | 57.96M | 47.88M | 33.18M | 17.9M | 12.02M | 8.72M | 11.98M | 8.54M | 7.02M | 6.83M | 6.1B |
| Cash & Short-Term Investments | 20.55M | 21.07M | 10.77M | 16.99M | 9.71M | 7.39M | 7.83M | 9.66M | 5.62M | 2.75M | 1.63M | 1.39M | 3.89M | 1.03M | 1.87M | 67.38K | 45.77K |
| Cash Only | 20.55M | 21.07M | 10.77M | 16.99M | 9.71M | 7.39M | 7.83M | 9.66M | 5.62M | 2.75M | 1.63M | 1.39M | 3.89M | 1.03M | 1.87M | 67.38K | 45.77K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 94.59M | 73.12M | 34.25M | 16.22M | 4.68M | 3.39M | 512.1K | 891.94K | 337.3K | 165.52K | 110.27K | 16.74K | 86.66K | 391.61K | 81.33K | 1.25M | 1.64M |
| Days Sales Outstanding | 258.07 | 325.35 | 214.09 | 125.25 | 44.92 | 42.04 | 7.75 | 9.39 | 5.26 | 3.97 | 3.86 | 0.75 | 3.07 | 22.66 | 4.43 | 141.01 | 140.23 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.05M | 14.42M | 10M | 7.06M | 7.79M | 6.91M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 790.63 | 616.57 | 702.45 | 641.46 | 611.03 | 614.22 | - | - | - |
| Other Current Assets | 162.22M | 145.87M | 113.82M | 93.94M | 81.63M | 62.3M | 48.24M | 35.91M | 26.05M | 14.42M | 10M | 7.06M | 7.79M | 6.91M | 5.05M | 0 | 6.09B |
| Total Non-Current Assets | 35.37M | 36.2M | 20.19M | 17.42M | 10.53M | 9.72M | 9.87M | 5.67M | 3M | 2.5M | 1.86M | 1.54M | 977.1K | 621.23K | 439.11K | 266.82K | -6.09B |
| Property, Plant & Equipment | 7.53M | 7.63M | 3.95M | 4.3M | 4.87M | 5.64M | 6.17M | 937.18K | 883.49K | 854.4K | 300.76K | 271.97K | 206.93K | 121.08K | 108.94K | 88.72K | 90.2K |
| Fixed Asset Turnover | 13.95x | 10.75x | 14.78x | 10.98x | 7.81x | 5.23x | 3.91x | 36.99x | 26.51x | 17.83x | 34.63x | 29.81x | 49.74x | 52.10x | 61.51x | 36.48x | 47.47x |
| Goodwill | 4.49M | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 21.68M | 22.35M | 12.24M | 8.81M | 5.66M | 4.09M | 3.7M | 3.82M | 2.12M | 1.64M | 1.55M | 1.26M | 765.72K | 495.25K | 326.63K | 171.78K | 14.5K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 4.3M | 0 | 1 | 0 | 917.48K | 0 | 5.55K | 5.55K | 3.55K | 4.45K | 4.9K | 3.55K | 6.33K | -6.09B |
| Total Assets | 312.73M | 276.25M | 179.03M | 146.6M | 108.24M | 84.05M | 67.83M | 53.55M | 36.18M | 20.4M | 13.87M | 10.26M | 12.96M | 9.16M | 7.46M | 7.1M | 6.2M |
| Asset Turnover | 0.37x | 0.30x | 0.33x | 0.32x | 0.35x | 0.35x | 0.36x | 0.65x | 0.65x | 0.75x | 0.75x | 0.79x | 0.79x | 0.69x | 0.90x | 0.46x | 0.69x |
| Asset Growth % | 138.6% | 54.31% | 22.12% | 35.43% | 28.78% | 23.91% | 26.68% | 48.01% | 77.32% | 47.08% | 35.15% | -20.79% | 41.38% | 22.85% | 5.12% | 14.38% | - |
| Total Current Liabilities | 248.11M | 216.35M | 146.11M | 119.18M | 88.64M | 67.39M | 50.58M | 34.25M | 27.29M | 15.56M | 11.22M | 8.74M | 10.18M | 9.06M | 7.97M | 10.01M | 9.33B |
| Accounts Payable | 0 | 70.54M | 0 | 26.52M | 8.09M | 5.77M | 2.16M | 1.52M | 1.33M | 1.15M | 765.6K | 465.32K | 680.16K | 1.43M | 2.21M | 0 | 0 |
| Days Payables Outstanding | 332.1 | 618.5 | - | 418.31 | 172.86 | 142.64 | 53.26 | 36.05 | 40.29 | 48.97 | 53.77 | 42.25 | 53.33 | 127.31 | 152.2 | - | - |
| Short-Term Debt | 871.5K | 2.61M | 448.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124.17K | 174.1K | 1.03M | 720.78K | 707.4K | 2.49M | 2.5M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.96M | 14.42M | 10M | 7.06M | 7.79M | 6.91M | 5.05M | 0 | 0 |
| Other Current Liabilities | 247.24M | 143.19M | 145.66M | 92.28M | 80.19M | 61.28M | 48.1M | 32.72M | 25.96M | 14.42M | 254.9K | 8.11M | 8.47M | 0 | 2.84M | 7.52M | 6.83M |
| Current Ratio | 1.12x | 1.11x | 1.09x | 1.08x | 1.10x | 1.10x | 1.15x | 1.40x | 1.22x | 1.15x | 1.07x | 1.00x | 1.18x | 0.94x | 0.88x | 0.68x | 0.65x |
| Quick Ratio | 1.12x | 1.11x | 1.09x | 1.08x | 1.10x | 1.10x | 1.15x | 1.40x | 0.26x | 0.22x | 0.18x | 0.19x | 0.41x | 0.18x | 0.88x | 0.68x | 0.65x |
| Cash Conversion Cycle | -74.03 | - | - | - | - | - | - | - | 755.6 | 571.57 | 652.55 | 599.96 | 560.77 | 509.57 | - | - | - |
| Total Non-Current Liabilities | 9.6M | 11.41M | 2.48M | 2.93M | 3.31M | 3.67M | 4.01M | 1 | 0 | 0 | 27.89K | 339.18K | 100K | 0 | 169.4K | 50K | 0 |
| Long-Term Debt | 5.05M | 6.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.89K | 0 | 0 | 0 | 169.4K | 0 | 0 |
| Capital Lease Obligations | 13M | 5.27M | 2.48M | 2.93M | 3.31M | 3.67M | 4.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.55M | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 339.18K | 0 | 0 | -169.4K | 0 | 0 |
| Total Liabilities | 257.71M | 227.76M | 148.59M | 122.11M | 91.95M | 71.06M | 54.6M | 34.25M | 27.29M | 15.56M | 11.25M | 9.08M | 10.18M | 9.06M | 7.97M | 10.01M | 9.33B |
| Total Debt | 5.92M | 14.03M | 2.93M | 3.31M | 3.67M | 4.01M | 4.33M | 0 | 0 | 0 | 152.06K | 174.1K | 1.03M | 720.78K | 707.4K | 2.49M | 2.5M |
| Net Debt | -14.63M | -7.04M | -7.84M | -13.68M | -6.04M | -3.37M | -3.5M | -9.66M | -5.62M | -2.75M | -1.48M | -1.22M | -2.86M | -306.46K | -1.17M | 2.42M | 2.45M |
| Debt / Equity | 0.11x | 0.29x | 0.10x | 0.14x | 0.23x | 0.31x | 0.33x | - | - | - | 0.06x | 0.15x | 0.37x | 6.74x | - | - | - |
| Debt / EBITDA | 0.29x | 0.90x | 0.42x | 0.86x | 1.13x | - | - | - | - | - | 0.08x | 0.49x | 0.35x | 0.99x | 1.12x | 0.00x | 0.67x |
| Net Debt / EBITDA | -0.71x | -0.45x | -1.12x | -3.55x | -1.85x | - | - | -1.27x | -1.58x | -1.04x | -0.77x | -3.43x | -0.98x | -0.42x | -1.84x | 0.00x | 0.66x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | 55.90x | 17.83x | -54.81x | 19.44x | 11.34x | 30.10x | 4.38x | 0.77x |
| Total Equity | 55.01M | 48.49M | 30.44M | 24.49M | 16.29M | 12.99M | 13.24M | 19.3M | 8.89M | 4.84M | 2.63M | 1.18M | 2.78M | 106.93K | -510.3K | -2.91M | -3.13M |
| Equity Growth % | 217.07% | 59.29% | 24.32% | 50.29% | 25.45% | -1.88% | -31.42% | 117.13% | 83.62% | 84.42% | 122.45% | -57.54% | 2499.09% | 120.95% | 82.47% | 6.91% | - |
| Book Value per Share | 0.90 | 0.81 | 0.55 | 0.45 | 0.31 | 0.25 | 0.27 | 0.35 | 0.17 | 0.10 | 0.06 | 0.03 | 0.07 | 0.00 | -0.01 | -0.08 | -0.09 |
| Total Shareholders' Equity | 55.01M | 48.49M | 30.44M | 24.49M | 16.29M | 12.99M | 13.24M | 19.56M | 9.1M | 5.04M | 2.82M | 1.27M | 2.73M | 58.78K | -559.4K | -2.97M | -3.18M |
| Common Stock | 56.73K | 56.02K | 54.36K | 53.45K | 52.65K | 52.09K | 50.25K | 48.58K | 46.44K | 43.67K | 43.19K | 42.51K | 36.67K | 38.94K | 38.91K | 35.25K | 35.24K |
| Retained Earnings | 20.52M | 15.08M | 7.53M | 3.71M | -2.75M | -3.77M | -1.05M | 8.09M | 579.58K | -2.01M | -3.8M | -5.2M | -2.79M | -5.4M | -6.01M | -7.83T | -8.04M |
| Treasury Stock | 0 | 0 | 0 | -1.28M | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K | -150K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.09M | -859.74K | -706.16K | -625.09K | -2.79M | -5.4M | -6.01M | -7.83M | -8.04M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -263.09K | -206.93K | -200.12K | -194.69K | -91.54K | 47.7K | 48.15K | 49.1K | 57.38K | 57.49K |
Working capital volatility
As reported in recent financial statements, PaySign's total assets grew from $146.6 million in 2023Q4 to $312.7 million by 2026Q1, indicating a rapid expansion of the balance sheet that appears to be driven by increased transaction volumes and associated working capital requirements within the plasma and pharma segments.
The significant increase in total assets relative to equity suggests that the company is scaling its operations through increased leverage of its processing infrastructure. Investors should monitor whether this asset growth translates into sustainable long-term profitability or if it merely reflects the accumulation of pass-through liabilities.
Based on the latest quarterly data, PaySign maintains a debt-to-equity ratio of 0.11 as of 2026Q1, which represents a conservative capital structure that provides the company with significant financial flexibility to pursue organic growth initiatives without the immediate pressure of heavy interest obligations or restrictive debt covenants.
The low debt levels appear to be a strategic choice, allowing the company to navigate the regulatory uncertainties inherent in the prepaid card industry. This minimal reliance on external financing suggests that management is prioritizing balance sheet stability while scaling its specialized healthcare payment programs.
According to the provided balance sheet data, PaySign's current ratio has remained consistently narrow, hovering near 1.12 as of 2026Q1, which suggests that the company operates with a relatively thin liquidity buffer relative to its short-term obligations and the inherent volatility of its payment processing business model.
While the current ratio appears sufficient for day-to-day operations, the proximity to unity warrants further investigation into the timing of cash inflows versus outflows. The company's liquidity position may be sensitive to sudden shifts in donor payment volumes or changes in bank sponsor settlement requirements.
As indicated by historical filings, PaySign's equity base has expanded from $24.5 million in 2023Q4 to $55.0 million in 2026Q1, primarily fueled by the consistent growth in retained earnings, which suggests that the company is successfully transitioning toward a self-sustaining capital model through its core operational activities.
The steady accumulation of retained earnings appears to be a positive indicator of the company's ability to generate internal capital. However, analysts should continue to assess how much of this equity growth is offset by potential dilution from ongoing stock-based compensation programs.
Quick answers to the most common questions about buying PAYS stock.
As of 2025, PaySign, Inc. (PAYS) had total assets of $276.3M including $240.1M in current assets.
PaySign, Inc. (PAYS) carries total debt of $14.0M, offset by $21.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PaySign, Inc. (PAYS) has total shareholders' equity (book value) of $48.5M ($0.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PaySign, Inc. (PAYS) reported a current ratio of 1.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.