One-glance verdict
Undervalued
$20.21 our estimate vs market $7.15
Wall Street consensus: $7.40 (-63.4% lower than our fair-value estimate)
65% below our estimate, below the bear case
Fundamentals snapshot
Payoneer Global Inc.
PAYO · NGM · Technology · Software - Infrastructure
Current price
$7.15
52-week range
$4.08 - $7.18
Market cap
$2.42B
Balance sheet
Healthy
-11.78x Concerning
Net cash $260.16M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 2.7% last year.
- Reward Returns 7.1% on equity, ahead of 33% of its peers.
- Risk Stock trades 83.1% above its 5-year average P/E.
- Risk Insider ownership is only 3.2% (peer median: 5.3%).
What this company does
Payoneer Global Inc.
Payoneer provides a service for small and medium-sized businesses to send and receive money internationally, offering special accounts that can handle many different currencies. The company earns its money by charging a small fee on each transaction it processes for these businesses. As more small companies sell to customers in other countries, Payoneer's service becomes more valuable by simplifying the otherwise complex process of moving money across borders.
How the company got here
Payoneer was started in 2005 by founder Yuval Tal to solve a common headache for businesses and freelancers: getting paid easily from clients in other countries. Initially, it focused on helping sellers on big online marketplaces, like Amazon or Airbnb, receive their earnings. Over time, it added more tools to become a broader financial platform for international business. A major turning point was in 2021, when Payoneer became a publicly traded company on the stock market.
What it actually does
Think of Payoneer as a digital bank account designed for international business. It lets small and medium-sized businesses (often called SMBs), online sellers, and freelancers get paid by companies and clients anywhere in the world as if they had a local bank account in that country. Users get a multi-currency account to hold different currencies, can pay their own suppliers or contractors, and can spend their money using a Payoneer debit card. This service is especially popular in regions where traditional banking can make cross-border business slow and expensive.
SMBs on Marketplaces
This is Payoneer's largest and original business, serving sellers who make money on global platforms like Amazon, Upwork, Fiverr, and Airbnb. These marketplaces use Payoneer to send payments to their vast network of sellers and freelancers all over the world. For the seller in one country, Payoneer makes it simple to receive money from a big marketplace in another country. This part of the business generates the majority of the company's transaction volume.
B2B (Business-to-Business)
This fast-growing segment helps small and medium-sized businesses pay each other directly for goods and services across borders. For example, a software company in India can use Payoneer to bill and receive payment from a client in the United States. This service also allows businesses to pay their international suppliers, vendors, and remote workers. It's a key area of growth as Payoneer expands beyond just being a tool for marketplace sellers.
Checkout (Direct-to-Consumer)
This is a newer and smaller part of the business that helps online merchants accept payments directly from customers on their own websites. Instead of only selling through a large marketplace like Amazon, a business can use Payoneer's 'Checkout' service to process credit card payments on its own online store. This allows Payoneer to help its customers as they grow and start selling directly to shoppers around the world.
What management is betting on now
Management's strategy is to grow beyond simple payment processing and become a complete financial partner for businesses that operate globally. They are focusing on attracting larger, more established small and medium-sized businesses with more complex needs. This involves offering more services like working capital (short-term loans to help run the business), tools to manage a global workforce, and expanding their B2B payment services. The company is also investing in new technology like artificial intelligence (AI) to improve its platform and make its operations more efficient.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$48.48M
FY2024 Q4
$42.15M
FY2025 Q1
$48.99M
FY2025 Q2
$68.11M
FY2025 Q3
$49.20M
FY2025 Q4
$40.32M
FY2026 Q1
$41.68M
FY2026 Q2
$50.21M
Revenue
$274.26M
Net income
$-2.44M
Diluted EPS
-0.01
Operating cash flow
$61.18M
Free cash flow
$50.21M
Fetching…
Sources
Revenue
$261.60M
Net income
$19.57M
Diluted EPS
0.06
Operating cash flow
$51.83M
Free cash flow
$41.68M
Fetching…
Sources
Revenue
$274.69M
Net income
$19.01M
Diluted EPS
0.05
Operating cash flow
$54.91M
Free cash flow
$40.32M
Fetching…
Sources
Revenue
$270.85M
Net income
$14.12M
Diluted EPS
0.04
Operating cash flow
$54.18M
Free cash flow
$49.20M
Fetching…
Sources
Revenue
$260.61M
Net income
$19.48M
Diluted EPS
0.05
Operating cash flow
$70.69M
Free cash flow
$68.11M
Fetching…
Sources
Revenue
$246.62M
Net income
$20.58M
Diluted EPS
0.05
Operating cash flow
$53.72M
Free cash flow
$48.99M
Fetching…
Sources
Revenue
$261.74M
Net income
$18.19M
Diluted EPS
0.03
Operating cash flow
$45.89M
Free cash flow
$42.15M
Fetching…
Sources
Revenue
$248.27M
Net income
$41.57M
Diluted EPS
0.11
Operating cash flow
$50.12M
Free cash flow
$48.48M
Fetching…
Sources
Is it cheap or expensive?
Fair value $20.21 vs current price $7.15
Wall Street consensus is the average analyst price target: $7.40 (-63.4% lower than our fair-value estimate).
Our most-likely fair value is $20.21 a share — about 182.7% above today's price of $7.15, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $260.2M - more cash than debt. Interest coverage -11.8x.
Net debt
$-260.16M
Interest coverage
-11.78x
Payoneer Global Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
PAYO
BASELINE
Payoneer Global Inc.
Total debt $86.16M Interest coverage -11.78x This is the baseline the peer rows are being compared against.
Total debt $38.26M Interest coverage 10.18x This peer still has a real interest-payment cushion, while PAYO does not.
Total debt $67.37M Interest coverage 874.43x This peer still has a real interest-payment cushion, while PAYO does not.
Total debt $2.81B Interest coverage 6.27x This peer still has a real interest-payment cushion, while PAYO does not.
Total debt $1.47M Interest coverage 5.67x This peer still has a real interest-payment cushion, while PAYO does not.
What you should know
The case for and against PAYO
3 Rewards
2 Risks
Rewards
-
Revenue grew 2.7% last year.
-
Returns 7.1% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Stock trades 83.1% above its 5-year average P/E.
-
Insider ownership is only 3.2% (peer median: 5.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
51.07x
Forward P/E
15.53x
P/B
3.71x
P/S
2.24x
EV/EBITDA
10.99x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
85.4%
Operating margin
6.2%
Net margin
4.6%
ROE
7.1%
ROA
0.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.13x
Current ratio
1.00x
Quick ratio
0.99x
Total debt
$86.16M
Total cash
$346.32M
Growth
How the business has been compounding
Revenue TTM
$1.08B
Revenue 5Y CAGR
22.1%
EPS TTM
0.14
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$222.10M
Free CF TTM
$206.62M
FCF margin
19.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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