Estados financieros detallados de Payoneer Global Inc. (PAYO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Payoneer Global Inc. registró ingresos de $1.05B en el último ejercicio fiscal, con un CAGR de 5 años del 25.0%.
Márgenes de los últimos 12 meses: margen bruto 78.0%, margen operativo 10.6%, margen neto 4.6%.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $260.1M | $317.8M | $345.6M | $473.4M | $627.6M | $831.1M | $977.7M | $1.05B |
| Coste de Ventas | $81.4M | $94.7M | $97.0M | $101.5M | $110.2M | $122.3M | $152.1M | $230.9M |
| Beneficio Bruto | $178.8M | $223.1M | $248.6M | $371.9M | $517.5M | $708.8M | $825.6M | $821.9M |
| I+D | $29.4M | $34.8M | $52.3M | $80.8M | $115.0M | $119.2M | $134.6M | $155.4M |
| Generales y Administrativos | $74.6M | $92.0M | $114.5M | $178.7M | $280.9M | $315.7M | $351.4M | $376.6M |
| Gastos Operativos | $180.7M | $219.4M | $265.8M | $402.1M | $539.7M | $605.2M | $676.6M | $697.2M |
| Beneficio Operativo | -$1.9M | $3.6M | -$17.3M | -$30.2M | -$22.2M | $103.6M | $149.0M | $124.7M |
| EBITDA | $212001 | $10.2M | -$8.6M | -$18.0M | $20.0M | $140.6M | $148.2M | $181.2M |
| Gastos por Intereses | 0 | 0 | 0 | $220000 | $10.1M | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$4.1M | $4.1M | -$15.4M | -$25.3M | $1.6M | $132.5M | $139.5M | $115.6M |
| Impuestos | $3.1M | $4.7M | $8.3M | $8.7M | $13.6M | $39.2M | $18.3M | $42.4M |
| Beneficio Neto | -$7.2M | -$625000 | -$23.7M | -$34.0M | -$12.0M | $93.3M | $121.2M | $73.2M |
| BPA | $-0.02 | $-0.00 | $-0.07 | $-0.20 | $-0.03 | $0.26 | $0.34 | $0.20 |
| BPA Diluido | $-0.02 | $-0.00 | $-0.07 | $-0.19 | $-0.03 | $0.24 | $0.31 | $0.19 |
| Acciones en Circulación (Diluidas) | $338.4M | $338.4M | $338.4M | $357.5M | $348.0M | $392.7M | $386.2M | $376.7M |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $104.0M | $114.9M | $103.0M | $465.9M | $543.3M | $617.0M | $497.5M | $415.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $73.1M | $84.0M | $77.3M | $61.2M | $66.3M | $92.8M | $97.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.58B | $1.90B | $3.57B | $4.96B | $6.47B | $7.11B | $7.10B | $8.11B |
| Inmovilizado Material | 0 | $14.3M | $12.7M | $25.1M | $29.7M | $40.4M | $35.5M | $94.7M |
| Fondo de Comercio | 0 | 0 | $22.5M | $21.1M | $19.9M | $19.9M | $77.8M | $77.8M |
| Activos Intangibles | 0 | $16.2M | $34.4M | $37.5M | $45.4M | $76.3M | $102.4M | $208.1M |
| Activos Totales | $1.58B | $1.96B | $3.67B | $5.08B | $6.59B | $7.28B | $7.93B | $8.96B |
| Cuentas por Pagar | 0 | $13.9M | $17.2M | $17.2M | $41.6M | $33.9M | $37.3M | $44.6M |
| Deuda a Corto | 0 | 0 | $13.5M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $1.39B | $1.74B | $3.44B | $4.50B | $5.98B | $6.54B | $7.13B | $8.08B |
| Deuda a Largo | 0 | $60.0M | $26.5M | $13.7M | $16.1M | $18.4M | 0 | 0 |
| Pasivos Totales | $1.44B | $1.97B | $3.65B | $4.59B | $6.05B | $6.62B | $7.21B | $8.25B |
| Reservas | -$36.0M | -$36.3M | -$60.1M | -$94.1M | -$108.5M | -$15.2M | $106.0M | $179.2M |
| Patrimonio Neto | $138.3M | -$5.4M | $24.3M | $487.1M | $545.3M | $664.3M | $724.8M | $704.4M |
| Deuda Total | 0 | $60.0M | $40.0M | $27.0M | $31.0M | $43.4M | $21.4M | $72.3M |
| Deuda Neta | -$104.0M | -$54.9M | -$63.0M | -$438.9M | -$512.3M | -$573.6M | -$476.1M | -$343.2M |
| Capital Circulante | $183.4M | $160.3M | $129.5M | $464.9M | $493.6M | $566.7M | -$31.4M | $27.2M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.2M | -$625000 | -$23.7M | -$34.0M | -$12.0M | $93.3M | $121.2M | $73.2M |
| Amortizaciones | $7.9M | $10.3M | $17.1M | $18.0M | $20.9M | $27.8M | $45.4M | $65.6M |
| Compensación en Acciones | $6.9M | $9.5M | $11.1M | $37.0M | $52.1M | $65.8M | $64.8M | $73.1M |
| Cambio en Capital Circulante | -$15.7M | -$32.4M | $6.3M | $5.8M | $53.4M | $5.4M | -$40.6M | $56.2M |
| Flujo de Caja Operativo | -$6.0M | -$14.3M | $9.5M | $20.0M | $84.0M | $159.5M | $176.9M | $233.5M |
| Inversiones (CapEx) | -$10.9M | -$17.3M | -$14.0M | -$20.9M | -$28.8M | -$47.8M | -$60.4M | -$26.9M |
| Adquisiciones | 0 | -$6.5M | -$15.5M | 0 | 0 | 0 | -$48.2M | -$33.1M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$55.4M | -$137.5M | -$174.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$16.9M | -$31.6M | -$4.5M | -$884000 | $55.1M | $111.7M | $116.5M | $206.6M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +22.1% | +8.8% | +37.0% | +32.6% | +32.4% | +17.6% | +7.7% |
| Crecimiento Beneficio Neto (anual) | | +91.3% | -3699.4% | -43.1% | +64.8% | +879.7% | +29.8% | -39.6% |
| Crecimiento BPA (anual) | | +92.5% | -4262.5% | -186.5% | +82.8% | +855.8% | +30.8% | -41.2% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +5.7% | -2.6% | +12.8% | -1.6% | -2.5% |
| Crecimiento FCF (anual) | | -87.5% | +85.7% | +80.4% | +6336.1% | +102.6% | +4.3% | +77.3% |
| Margen Bruto | 68.7% | 70.2% | 71.9% | 78.6% | 82.4% | 85.3% | 84.4% | 78.1% |
| Margen Operativo | -0.7% | 1.1% | -5.0% | -6.4% | -3.5% | 12.5% | 15.2% | 11.8% |
| Margen EBITDA | 0.1% | 3.2% | -2.5% | -3.8% | 3.2% | 16.9% | 15.2% | 17.2% |
| Margen Neto | -2.8% | -0.2% | -6.9% | -7.2% | -1.9% | 11.2% | 12.4% | 7.0% |
| Margen FCF | -6.5% | -9.9% | -1.3% | -0.2% | 8.8% | 13.4% | 11.9% | 19.6% |
| Tasa Impositiva Efectiva | -75.3% | 115.3% | -53.9% | -34.5% | 840.7% | 29.6% | 13.1% | 36.7% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.05 | $-0.09 | $-0.01 | $-0.00 | $0.16 | $0.28 | $0.30 | $0.55 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $338.4M | $338.4M | $338.4M | $340.0M | $348.0M | $361.7M | $358.3M | $361.2M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Margen bruto | 78.00% |
| Margen operativo | 10.56% |
| Margen neto | 4.65% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 1.00 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -456.60 | -6050.00 | -147.56 | -36.75 | -159.01 | 20.04 | 29.53 | 28.10 |
| P/VC | 23.68 | -610.71 | 143.42 | 5.13 | 3.49 | 2.84 | 4.96 | 2.88 |
| P/V | 12.59 | 10.31 | 10.08 | 5.28 | 3.03 | 2.27 | 3.68 | 1.93 |
| Margen Bruto | 68.7% | 70.2% | 71.9% | 78.6% | 82.4% | 85.3% | 84.4% | 78.1% |
| Margen Operativo | -0.7% | 1.1% | -5.0% | -6.4% | -3.5% | 12.5% | 15.2% | 11.8% |
| Margen Neto | -2.8% | -0.2% | -6.9% | -7.2% | -1.9% | 11.2% | 12.4% | 7.0% |