Detailed financial statements for Payoneer Global Inc. (PAYO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Payoneer Global Inc. provides a foundational digital platform that empowers global commerce and payment processing for marketplaces, various online platforms, and e-commerce merchants worldwide. The company offers a comprehensive array of solutions, including international payment transfers, business-to-business (B2B) accounts payable and receivable management, multi-currency accounts, both physical and virtual Mastercard options, access to working capital, and specialized se...
Analysis Summary
Payoneer Global Inc. reported revenue of $1.05B in the most recent fiscal year, growing at a 5-year CAGR of 25.0%.
Trailing-twelve-month margins: gross margin 78.0%, operating margin 10.6%, net margin 4.6%.
Balance sheet quality for PAYO: current ratio of 1.0, net cash position of $343.2M. 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 $206.6M represents 282% 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $260.1M | $317.8M | $345.6M | $473.4M | $627.6M | $831.1M | $977.7M | $1.05B |
| Cost of Revenue | $81.4M | $94.7M | $97.0M | $101.5M | $110.2M | $122.3M | $152.1M | $230.9M |
| Gross Profit | $178.8M | $223.1M | $248.6M | $371.9M | $517.5M | $708.8M | $825.6M | $821.9M |
| Research & Development | $29.4M | $34.8M | $52.3M | $80.8M | $115.0M | $119.2M | $134.6M | $155.4M |
| Selling, General & Admin | $74.6M | $92.0M | $114.5M | $178.7M | $280.9M | $315.7M | $351.4M | $376.6M |
| Operating Expenses | $180.7M | $219.4M | $265.8M | $402.1M | $539.7M | $605.2M | $676.6M | $697.2M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | $220000 | $10.1M | 0 | 0 | 0 |
| Pre-tax Income | -$4.1M | $4.1M | -$15.4M | -$25.3M | $1.6M | $132.5M | $139.5M | $115.6M |
| Income Tax | $3.1M | $4.7M | $8.3M | $8.7M | $13.6M | $39.2M | $18.3M | $42.4M |
| Net Income | -$7.2M | -$625000 | -$23.7M | -$34.0M | -$12.0M | $93.3M | $121.2M | $73.2M |
| EPS | $-0.02 | $-0.00 | $-0.07 | $-0.20 | $-0.03 | $0.26 | $0.34 | $0.20 |
| EPS (Diluted) | $-0.02 | $-0.00 | $-0.07 | $-0.19 | $-0.03 | $0.24 | $0.31 | $0.19 |
| Shares Outstanding (Diluted) | $338.4M | $338.4M | $338.4M | $357.5M | $348.0M | $392.7M | $386.2M | $376.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $270.9M | $274.7M | $261.6M | $274.3M |
| Gross Profit | $228.4M | $212.3M | $207.5M | $195.3M |
| Operating Income | $36.3M | $28.9M | $32.0M | $16.9M |
| EBITDA | $52.6M | $47.0M | $47.5M | $38.2M |
| Net Income | $14.1M | $19.0M | $19.6M | -$2.4M |
| EPS | $0.04 | $0.05 | $0.06 | $-0.01 |
| EPS (Diluted) | $0.04 | $0.05 | $0.06 | $-0.01 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $104.0M | $114.9M | $103.0M | $465.9M | $543.3M | $617.0M | $497.5M | $415.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | $73.1M | $84.0M | $77.3M | $61.2M | $66.3M | $92.8M | $97.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.58B | $1.90B | $3.57B | $4.96B | $6.47B | $7.11B | $7.10B | $8.11B |
| Property, Plant & Equipment | 0 | $14.3M | $12.7M | $25.1M | $29.7M | $40.4M | $35.5M | $94.7M |
| Goodwill | 0 | 0 | $22.5M | $21.1M | $19.9M | $19.9M | $77.8M | $77.8M |
| Intangible Assets | 0 | $16.2M | $34.4M | $37.5M | $45.4M | $76.3M | $102.4M | $208.1M |
| Total Assets | $1.58B | $1.96B | $3.67B | $5.08B | $6.59B | $7.28B | $7.93B | $8.96B |
| Accounts Payable | 0 | $13.9M | $17.2M | $17.2M | $41.6M | $33.9M | $37.3M | $44.6M |
| Short-term Debt | 0 | 0 | $13.5M | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.39B | $1.74B | $3.44B | $4.50B | $5.98B | $6.54B | $7.13B | $8.08B |
| Long-term Debt | 0 | $60.0M | $26.5M | $13.7M | $16.1M | $18.4M | 0 | 0 |
| Total Liabilities | $1.44B | $1.97B | $3.65B | $4.59B | $6.05B | $6.62B | $7.21B | $8.25B |
| Retained Earnings | -$36.0M | -$36.3M | -$60.1M | -$94.1M | -$108.5M | -$15.2M | $106.0M | $179.2M |
| Total Equity | $138.3M | -$5.4M | $24.3M | $487.1M | $545.3M | $664.3M | $724.8M | $704.4M |
| Total Debt | 0 | $60.0M | $40.0M | $27.0M | $31.0M | $43.4M | $21.4M | $72.3M |
| Net Debt | -$104.0M | -$54.9M | -$63.0M | -$438.9M | -$512.3M | -$573.6M | -$476.1M | -$343.2M |
| Working Capital | $183.4M | $160.3M | $129.5M | $464.9M | $493.6M | $566.7M | -$31.4M | $27.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $479.4M | $415.5M | $339.4M | $346.3M |
| Total Assets | $8.21B | $8.96B | $8.60B | $8.76B |
| Total Liabilities | $7.45B | $8.25B | $7.94B | $8.11B |
| Total Equity | $750.5M | $704.4M | $659.1M | $653.5M |
| Total Debt | $54.4M | $72.3M | $80.0M | $86.2M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$7.2M | -$625000 | -$23.7M | -$34.0M | -$12.0M | $93.3M | $121.2M | $73.2M |
| Depreciation & Amortization | $7.9M | $10.3M | $17.1M | $18.0M | $20.9M | $27.8M | $45.4M | $65.6M |
| Stock-based Compensation | $6.9M | $9.5M | $11.1M | $37.0M | $52.1M | $65.8M | $64.8M | $73.1M |
| Change in Working Capital | -$15.7M | -$32.4M | $6.3M | $5.8M | $53.4M | $5.4M | -$40.6M | $56.2M |
| Operating Cash Flow | -$6.0M | -$14.3M | $9.5M | $20.0M | $84.0M | $159.5M | $176.9M | $233.5M |
| Capital Expenditure | -$10.9M | -$17.3M | -$14.0M | -$20.9M | -$28.8M | -$47.8M | -$60.4M | -$26.9M |
| Acquisitions | 0 | -$6.5M | -$15.5M | 0 | 0 | 0 | -$48.2M | -$33.1M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | -$55.4M | -$137.5M | -$174.9M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$16.9M | -$31.6M | -$4.5M | -$884000 | $55.1M | $111.7M | $116.5M | $206.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $54.2M | $54.9M | $51.8M | $61.2M |
| Capital Expenditure | -$18.9M | $15.4M | -$28.8M | -$27.1M |
| Free Cash Flow | $35.3M | $70.3M | $23.1M | $34.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $17.8M | $16.5M | $18.5M | $19.5M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +22.1% | +8.8% | +37.0% | +32.6% | +32.4% | +17.6% | +7.7% |
| Net Income Growth (YoY) | | +91.3% | -3699.4% | -43.1% | +64.8% | +879.7% | +29.8% | -39.6% |
| EPS Growth (YoY) | | +92.5% | -4262.5% | -186.5% | +82.8% | +855.8% | +30.8% | -41.2% |
| Shares Change (YoY) | | +0.0% | +0.0% | +5.7% | -2.6% | +12.8% | -1.6% | -2.5% |
| FCF Growth (YoY) | | -87.5% | +85.7% | +80.4% | +6336.1% | +102.6% | +4.3% | +77.3% |
| Gross Margin | 68.7% | 70.2% | 71.9% | 78.6% | 82.4% | 85.3% | 84.4% | 78.1% |
| Operating Margin | -0.7% | 1.1% | -5.0% | -6.4% | -3.5% | 12.5% | 15.2% | 11.8% |
| EBITDA Margin | 0.1% | 3.2% | -2.5% | -3.8% | 3.2% | 16.9% | 15.2% | 17.2% |
| Net Margin | -2.8% | -0.2% | -6.9% | -7.2% | -1.9% | 11.2% | 12.4% | 7.0% |
| FCF Margin | -6.5% | -9.9% | -1.3% | -0.2% | 8.8% | 13.4% | 11.9% | 19.6% |
| Effective Tax Rate | -75.3% | 115.3% | -53.9% | -34.5% | 840.7% | 29.6% | 13.1% | 36.7% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.05 | $-0.09 | $-0.01 | $-0.00 | $0.16 | $0.28 | $0.30 | $0.55 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $338.4M | $338.4M | $338.4M | $340.0M | $348.0M | $361.7M | $358.3M | $361.2M |
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
| Gross Margin | 78.00% |
| Operating Margin | 10.56% |
| Net Margin | 4.65% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 1.00 |
Key Ratios (10y)
| Year | 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/B | 23.68 | -610.71 | 143.42 | 5.13 | 3.49 | 2.84 | 4.96 | 2.88 |
| P/S | 12.59 | 10.31 | 10.08 | 5.28 | 3.03 | 2.27 | 3.68 | 1.93 |
| Gross Margin | 68.7% | 70.2% | 71.9% | 78.6% | 82.4% | 85.3% | 84.4% | 78.1% |
| Operating Margin | -0.7% | 1.1% | -5.0% | -6.4% | -3.5% | 12.5% | 15.2% | 11.8% |
| Net Margin | -2.8% | -0.2% | -6.9% | -7.2% | -1.9% | 11.2% | 12.4% | 7.0% |