Detailed financial statements for PayPay Corporation (PAYP): 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.
PayPay Corporation is a leading Japanese financial technology firm that delivers a comprehensive digital finance platform. This platform offers a wide array of user-friendly payment solutions and various other financial services across Japan. The company's operations are strategically divided into two main segments: Payment and Financial Services.
Analysis Summary
Trailing-twelve-month margins: gross margin 79.0%, operating margin 23.9%, net margin 31.1%.
At the current price of $15.26, PAYP trades at a P/E of 12.96 and an ROE of 36.22%. Market capitalisation stands at $10.3B, placing it among large-cap names.
Balance sheet quality for PAYP: current ratio of 8.7, net debt of 212.34B JPY. 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 287.47B JPY represents 236% 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 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 197.21B JPY | 248.01B JPY | 292.04B JPY | 403.62B JPY |
| Cost of Revenue | 30.48B JPY | 37.76B JPY | 41.48B JPY | 199.33B JPY |
| Gross Profit | 166.74B JPY | 210.25B JPY | 250.55B JPY | 204.29B JPY |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 44.86B JPY | 46.26B JPY | 39.50B JPY | 0 |
| Operating Expenses | 187.28B JPY | 210.24B JPY | 215.04B JPY | 119.38B JPY |
| Operating Income | -20.55B JPY | 11.0M JPY | 35.51B JPY | 84.91B JPY |
| EBITDA | -4.38B JPY | 20.53B JPY | 60.61B JPY | 111.79B JPY |
| Interest Expense | 1.51B JPY | 1.93B JPY | 4.25B JPY | 0 |
| Pre-tax Income | -20.55B JPY | 11.0M JPY | 34.96B JPY | 84.77B JPY |
| Income Tax | 4.40B JPY | 841.0M JPY | -4.20B JPY | -40.15B JPY |
| Net Income | -25.86B JPY | -3.35B JPY | 36.17B JPY | 121.97B JPY |
| EPS | $0.00 | $0.00 | $0.00 | $191.74 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $188.54 |
| Shares Outstanding (Diluted) | 629.3M JPY | 629.3M JPY | 629.3M JPY | 644.2M JPY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 89.97B JPY | 96.66B JPY | 104.06B JPY | 105.11B JPY |
| Gross Profit | 79.02B JPY | 85.58B JPY | 54.91B JPY | 93.34B JPY |
| Operating Income | 20.49B JPY | 25.10B JPY | 19.42B JPY | 29.60B JPY |
| EBITDA | 28.55B JPY | 34.01B JPY | 25.99B JPY | 39.99B JPY |
| Net Income | 72.59B JPY | 18.42B JPY | 13.76B JPY | 18.43B JPY |
| EPS | $0.00 | $29.80 | $20.77 | $27.21 |
| EPS (Diluted) | $0.00 | $29.80 | $20.77 | $27.21 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Cash & Equivalents | 859.31B JPY | 742.69B JPY | 369.08B JPY | 364.66B JPY |
| Short-term Investments | 485.86B JPY | 199.96B JPY | 245.24B JPY | 0 |
| Receivables | 1.50T JPY | 871.19B JPY | 998.59B JPY | 2.71T JPY |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | 3.13T JPY | 2.14T JPY | 1.86T JPY | 3.08T JPY |
| Property, Plant & Equipment | 24.03B JPY | 23.39B JPY | 29.29B JPY | 27.17B JPY |
| Goodwill | 9.92B JPY | 9.92B JPY | 15.16B JPY | 0 |
| Intangible Assets | 56.55B JPY | 61.69B JPY | 65.67B JPY | 81.98B JPY |
| Total Assets | 3.29T JPY | 3.81T JPY | 4.04T JPY | 5.20T JPY |
| Accounts Payable | 673.06B JPY | 808.45B JPY | 949.40B JPY | 0 |
| Short-term Debt | 0 | 375.27B JPY | 201.98B JPY | 355.36B JPY |
| Total Current Liabilities | 675.80B JPY | 3.36T JPY | 3.59T JPY | 355.36B JPY |
| Long-term Debt | 494.54B JPY | 227.95B JPY | 197.60B JPY | 212.05B JPY |
| Total Liabilities | 3.10T JPY | 3.62T JPY | 3.82T JPY | 4.77T JPY |
| Retained Earnings | -62.26B JPY | -43.52B JPY | -4.89B JPY | 110.35B JPY |
| Total Equity | 72.06B JPY | 65.16B JPY | 99.89B JPY | 395.89B JPY |
| Total Debt | 503.24B JPY | 610.95B JPY | 411.68B JPY | 577.00B JPY |
| Net Debt | -841.93B JPY | -331.70B JPY | -202.64B JPY | 212.34B JPY |
| Working Capital | 2.46T JPY | -1.22T JPY | -1.73T JPY | 2.72T JPY |
Cash Flow (10y)
| Year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Net Income | -20.55B JPY | 11.0M JPY | 34.96B JPY | 121.97B JPY |
| Depreciation & Amortization | 14.65B JPY | 18.59B JPY | 21.39B JPY | 27.02B JPY |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | -184.94B JPY | 35.30B JPY | 104.47B JPY | 193.07B JPY |
| Operating Cash Flow | -194.70B JPY | 49.98B JPY | 155.85B JPY | 294.22B JPY |
| Capital Expenditure | -29.38B JPY | -22.50B JPY | -22.09B JPY | -6.75B JPY |
| Acquisitions | 4.60B JPY | 0 | -7.12B JPY | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | -4.93B JPY | -179.0M JPY | -283.0M JPY | -329.8M JPY |
| Free Cash Flow | -224.08B JPY | 27.48B JPY | 133.76B JPY | 287.47B JPY |
Growth & Margins (10y)
| Year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth (YoY) | +25.8% | +17.8% | +38.2% | |
| Net Income Growth (YoY) | +87.0% | +1,179.7% | +237.2% | |
| Shares Change (YoY) | +0.0% | +0.0% | +2.4% | |
| FCF Growth (YoY) | +112.3% | +386.8% | +114.9% | |
| Gross Margin | 84.5% | 84.8% | 85.8% | 50.6% |
| Operating Margin | -10.4% | 0.0% | 12.2% | 21.0% |
| EBITDA Margin | -2.2% | 8.3% | 20.8% | 27.7% |
| Net Margin | -13.1% | -1.4% | 12.4% | 30.2% |
| FCF Margin | -113.6% | 11.1% | 45.8% | 71.2% |
| Effective Tax Rate | -21.4% | 7,645.5% | -12.0% | -47.4% |
Per-Share Data (10y)
| Year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| FCF Per Share | $-356.07 | $43.67 | $212.55 | $446.20 |
| Dividends Per Share | $7.83 | $0.28 | $0.45 | $0.51 |
| Shares Outstanding (Basic) | 629.3M JPY | 629.3M JPY | 629.3M JPY | 637.6M JPY |
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 | 36.22% |
| Return on Invested Capital | 2.15% |
| Return on Assets | 2.24% |
| Gross Margin | 79.04% |
| Operating Margin | 23.90% |
| Net Margin | 31.13% |
Financial Health
| Debt / Equity | 1.85 |
| Current Ratio | 2.89 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.06 |
Key Ratios (10y)
| Year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| P/E | -58.67 | -517.33 | 47.38 | 17.66 |
| P/B | 21.05 | 26.60 | 17.16 | 5.45 |
| P/S | 7.69 | 6.99 | 5.87 | 5.35 |
| Gross Margin | 84.5% | 84.8% | 85.8% | 50.6% |
| Operating Margin | -10.4% | 0.0% | 12.2% | 21.0% |
| Net Margin | -13.1% | -1.4% | 12.4% | 30.2% |
Explore sector: Technology · Software - Infrastructure
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