Detailed financial statements for Paymentus Holdings, Inc. (PAY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Paymentus Holdings, Inc. delivers cloud-native technological solutions aimed at streamlining bill payments. Through its Software-as-a-Service (SaaS) platform, the company equips organizations (referred to as "billers") with services for electronic bill presentation, digital payment processing, enhanced enterprise customer communication, and self-service revenue collection.
Analysis Summary
Paymentus Holdings, Inc. reported revenue of $1.20B in the most recent fiscal year, growing at a 5-year CAGR of 31.7%. Net income reached $66.9M, with a 37.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.9%, operating margin 7.6%, net margin 6.2%. Free cash flow grew at 50.8% CAGR over 5 years.
At $32.26 (closing price, October 29, 2026), PAY trades at a P/E of 48.88 and an ROE of 14.80%. Market capitalisation stands at $4.1B.
Balance sheet quality for PAY: current ratio of 4.5, net cash position of $313.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $161.8M represents 242% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.00B | $1.99B | $1.87B | $235.8M | $301.8M | $395.5M | $497.0M | $614.5M | $871.7M | $1.20B |
| Cost of Revenue | $1.17B | $1.20B | $1.16B | $161.3M | $209.1M | $274.1M | $347.3M | $432.1M | $633.6M | $900.2M |
| Gross Profit | $826.0M | $794.3M | $713.1M | $74.4M | $92.6M | $121.4M | $149.7M | $182.3M | $238.2M | $296.3M |
| Research & Development | $201.6M | $207.5M | $211.6M | $17.9M | $24.5M | $34.1M | $41.2M | $44.2M | $51.3M | $61.5M |
| Selling, General & Admin | $433.7M | $421.6M | $383.7M | $38.2M | $49.7M | $76.9M | $111.4M | $120.0M | $142.0M | $159.3M |
| Operating Expenses | $717.8M | $719.6M | $664.9M | $56.1M | $74.2M | $111.0M | $152.7M | $164.2M | $193.3M | $220.8M |
| Operating Income | $108.2M | $74.7M | $48.2M | $18.4M | $18.4M | $10.4M | -$3.0M | $18.1M | $44.9M | $75.5M |
| EBITDA | $272.5M | $216.0M | $32.5M | $24.4M | $26.5M | $23.7M | $22.8M | $55.7M | $90.4M | $126.3M |
| Interest Expense | $31.5M | $34.6M | $33.2M | 0 | 0 | $6,000 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $72.9M | $1.8M | -$142.9M | $18.5M | $18.4M | $10.4M | -$1.3M | $25.1M | $53.9M | $85.3M |
| Income Tax | -$7.5M | $11.5M | $32.5M | $4.8M | $4.7M | $1.1M | -$795,000 | $2.8M | $9.8M | $18.3M |
| Net Income | $79.1M | -$9.3M | -$173.9M | $13.7M | $13.7M | $9.3M | -$513,000 | $22.3M | $44.2M | $66.9M |
| EPS | $0.69 | $-0.08 | $-1.56 | $0.08 | $0.07 | $0.06 | $-0.00 | $0.18 | $0.36 | $0.53 |
| EPS (Diluted) | $0.68 | $-0.08 | $-1.56 | $0.08 | $0.07 | $0.06 | $-0.00 | $0.18 | $0.35 | $0.52 |
| Shares Outstanding (Diluted) | 115.9 M | 110.8 M | 111.8 M | 117.5 M | 115.9 M | 118.8 M | 122.1 M | 125.1 M | 127.7 M | 129.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $310.7M | $330.5M | $358.4M | $360.7M |
| Gross Profit | $74.8M | $84.0M | $86.2M | $94.3M |
| Operating Income | $19.9M | $24.1M | $26.6M | $32.6M |
| EBITDA | $32.9M | $36.1M | $39.0M | $45.1M |
| Net Income | $17.7M | $20.7M | $20.9M | $25.6M |
| EPS | $0.14 | $0.16 | $0.17 | $0.20 |
| EPS (Diluted) | $0.14 | $0.16 | $0.16 | $0.20 |
Balance Sheet (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $208.9M | $148.4M | $131.0M | $27.4M | $46.7M | $168.4M | $147.3M | $179.4M | $205.9M | $324.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $362.0M | $323.4M | $322.7M | $21.4M | $30.2M | $46.4M | $69.3M | $76.6M | $123.2M | $103.5M |
| Inventory | $129.7M | $175.2M | $126.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $782.3M | $757.4M | $718.7M | $51.5M | $79.8M | $256.4M | $229.0M | $270.3M | $345.6M | $441.3M |
| Property, Plant & Equipment | 0 | 0 | 0 | $1.5M | $10.1M | $9.7M | $11.4M | $11.6M | $9.0M | $7.3M |
| Goodwill | $1.08B | $1.11B | $1.10B | $13.2M | $13.2M | $129.4M | $131.9M | $131.9M | $131.8M | $131.8M |
| Intangible Assets | $317.5M | $306.3M | $236.4M | $13.9M | $21.3M | $73.0M | $82.0M | $85.9M | $86.5M | $12.0M |
| Total Assets | $2.47B | $2.49B | $2.32B | $80.5M | $124.9M | $472.9M | $461.5M | $504.9M | $576.2M | $667.9M |
| Accounts Payable | $189.4M | $154.6M | $144.8M | $2.2M | $16.8M | $24.7M | $29.2M | $35.2M | $49.9M | $64.0M |
| Short-term Debt | $39.1M | $66.0M | $68.8M | $515,000 | 0 | 0 | 0 | 0 | 0 | $2.3M |
| Total Current Liabilities | $541.3M | $538.8M | $542.3M | $9.9M | $31.1M | $74.4M | $51.5M | $62.8M | $81.5M | $98.8M |
| Long-term Debt | $760.2M | $859.9M | $762.0M | 0 | 0 | 0 | 0 | 0 | 0 | $4.6M |
| Total Liabilities | $1.54B | $1.64B | $1.54B | $11.9M | $40.5M | $86.8M | $64.4M | $75.2M | $90.7M | $107.5M |
| Retained Earnings | -$535.7M | -$618.3M | -$792.2M | $41.3M | $55.0M | $29.9M | $29.4M | $51.7M | $95.9M | $162.8M |
| Total Equity | $899.6M | $813.7M | $754.5M | $68.6M | $84.4M | $386.1M | $397.2M | $429.6M | $485.6M | $560.4M |
| Total Debt | $799.3M | $925.9M | $830.8M | $627,000 | $10.0M | $11.2M | $12.6M | $10.5M | $8.4M | $11.4M |
| Net Debt | $590.4M | $777.5M | $699.8M | -$26.8M | -$36.6M | -$157.2M | -$134.7M | -$168.8M | -$197.5M | -$313.1M |
| Working Capital | $241.0M | $218.6M | $176.4M | $41.6M | $48.7M | $182.0M | $177.5M | $207.6M | $264.1M | $342.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $287.9M | $324.5M | $342.1M | $379.7M |
| Total Assets | $644.4M | $667.9M | $698.6M | $725.4M |
| Total Liabilities | $107.0M | $107.5M | $115.1M | $112.0M |
| Total Equity | $537.4M | $560.4M | $583.5M | $613.4M |
| Total Debt | $7.4M | $11.4M | $6.6M | $8.8M |
Cash Flow (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $79.1M | -$9.3M | -$173.9M | $13.7M | $13.7M | $9.3M | -$513,000 | $22.3M | $44.2M | $66.9M |
| Depreciation & Amortization | $169.4M | $179.2M | $140.7M | $6.0M | $8.1M | $13.3M | $24.1M | $30.6M | $36.5M | $41.1M |
| Stock-based Compensation | $42.3M | $42.3M | $40.0M | $1.6M | $2.0M | $3.1M | $6.7M | $9.4M | $11.0M | $18.6M |
| Change in Working Capital | -$52.2M | -$22.4M | -$42.2M | -$5.1M | $7.3M | -$8.8M | -$12.1M | $429,000 | -$36.0M | $28.5M |
| Operating Cash Flow | $249.3M | $193.7M | $165.9M | $17.5M | $35.6M | $19.5M | $19.9M | $68.8M | $63.6M | $162.1M |
| Capital Expenditure | -$106.4M | -$105.3M | -$67.3M | -$12.5M | -$14.8M | -$20.4M | -$31.3M | -$34.3M | -$457,000 | -$361,000 |
| Acquisitions | 0 | 0 | 0 | -$1.4M | -$290,000 | -$57.4M | -$3.3M | 0 | 0 | 0 |
| Stock Repurchased | -$70.1M | -$79.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$34.4M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $142.9M | $88.4M | $98.6M | $5.0M | $20.8M | -$916,000 | -$11.4M | $34.5M | $63.2M | $161.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $35.1M | $45.1M | $30.5M | $48.9M |
| Capital Expenditure | -$103,000 | -$82,000 | -$9.5M | $9.3M |
| Free Cash Flow | $35.0M | $45.0M | $20.9M | $58.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.2M | $5.7M | $5.7M | $6.5M |
Growth & Margins (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -0.4% | -6.1% | -87.4% | +28.0% | +31.1% | +25.7% | +23.6% | +41.9% | +37.3% | |
| Net Income Growth (YoY) | -111.8% | -1,769.9% | +107.9% | +0.1% | -32.2% | -105.5% | +4,451.3% | +97.9% | +51.5% | |
| EPS Growth (YoY) | -112.2% | -1,759.4% | +104.9% | -3.9% | -18.5% | -107.0% | +4,385.7% | +100.0% | +47.2% | |
| Shares Change (YoY) | -4.4% | +0.9% | +5.1% | -1.4% | +2.6% | +2.8% | +2.4% | +2.1% | +1.3% | |
| FCF Growth (YoY) | -38.1% | +11.5% | -94.9% | +316.8% | -104.4% | -1,148.1% | +402.0% | +83.0% | +156.1% | |
| Gross Margin | 41.3% | 39.9% | 38.1% | 31.6% | 30.7% | 30.7% | 30.1% | 29.7% | 27.3% | 24.8% |
| Operating Margin | 5.4% | 3.7% | 2.6% | 7.8% | 6.1% | 2.6% | -0.6% | 2.9% | 5.1% | 6.3% |
| EBITDA Margin | 13.6% | 10.8% | 1.7% | 10.3% | 8.8% | 6.0% | 4.6% | 9.1% | 10.4% | 10.6% |
| Net Margin | 4.0% | -0.5% | -9.3% | 5.8% | 4.5% | 2.4% | -0.1% | 3.6% | 5.1% | 5.6% |
| FCF Margin | 7.1% | 4.4% | 5.3% | 2.1% | 6.9% | -0.2% | -2.3% | 5.6% | 7.2% | 13.5% |
| Effective Tax Rate | -10.3% | 638.9% | -22.7% | 25.9% | 25.3% | 10.3% | 60.8% | 11.2% | 18.1% | 21.5% |
Per-Share Data (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.23 | $0.80 | $0.88 | $0.04 | $0.18 | $-0.01 | $-0.09 | $0.28 | $0.49 | $1.25 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 114.0 M | 110.8 M | 111.8 M | 117.5 M | 115.9 M | 112.8 M | 122.1 M | 123.5 M | 124.4 M | 129.4 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 14.80% |
| Return on Invested Capital | 12.26% |
| Return on Assets | 11.70% |
| Gross Margin | 24.95% |
| Operating Margin | 7.58% |
| Net Margin | 6.24% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 4.89 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 25.93 |
Key Ratios (10y)
| Year | 2015 | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 41.46 | -341.00 | -18.34 | 373.50 | 388.72 | 583.00 | -1,907.14 | 99.28 | 90.75 | 59.60 |
| P/B | 3.63 | 3.90 | 4.24 | 48.99 | 39.29 | 10.22 | 2.46 | 5.14 | 8.37 | 7.29 |
| P/S | 1.63 | 1.59 | 1.71 | 14.26 | 10.98 | 9.97 | 1.97 | 3.59 | 4.66 | 3.42 |
| Gross Margin | 41.3% | 39.9% | 38.1% | 31.6% | 30.7% | 30.7% | 30.1% | 29.7% | 27.3% | 24.8% |
| Operating Margin | 5.4% | 3.7% | 2.6% | 7.8% | 6.1% | 2.6% | -0.6% | 2.9% | 5.1% | 6.3% |
| Net Margin | 4.0% | -0.5% | -9.3% | 5.8% | 4.5% | 2.4% | -0.1% | 3.6% | 5.1% | 5.6% |
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Explore sector: Technology · Software - Infrastructure
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