Latest Ratios: P/E Ratio 64.7x · EV/EBITDA 40.8x · ROE 19.4%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $1.9B | $1.0B | $631M | — | — | — | — |
| Enterprise Value | $2.3B | $1.8B | $1.0B | $668M | — | — | — | — |
| P/E Ratio → | 64.73 | 49.61 | — | — | — | — | — | — |
| P/S Ratio | 5.58 | 4.40 | 3.32 | 2.68 | — | — | — | — |
| P/B Ratio | 10.76 | 8.25 | 6.31 | 6.47 | — | — | — | — |
| P/FCF | 34.14 | 26.92 | 58.17 | — | — | — | — | — |
| P/OCF | 31.57 | 24.89 | 24.31 | 71.78 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.23 | 3.23 | 2.84 | — | — | — | — |
| EV / EBITDA | 40.83 | 31.91 | 41.45 | 2104.40 | — | — | — | — |
| EV / EBIT | 78.62 | 61.46 | 436.01 | — | — | — | — | — |
| EV / FCF | — | 25.87 | 56.59 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.7% | 44.7% | 45.1% | 37.5% | 34.6% | 40.4% | 47.2% | 41.7% |
| Operating Margin | 6.9% | 6.9% | 1.0% | -5.3% | -19.6% | -18.9% | -2.8% | -4.9% |
| Net Profit Margin | 8.9% | 8.9% | -1.8% | -6.7% | -21.6% | -20.8% | -7.9% | -8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | -4.3% | -15.7% | -31.7% | -34.4% | -44.4% | -33.5% |
| ROA | 6.0% | 6.0% | -1.5% | -5.7% | -16.8% | -16.0% | -7.7% | -7.6% |
| ROIC | 15.2% | 15.2% | 1.7% | -7.9% | -31.0% | -32.5% | -4.7% | -7.5% |
| ROCE | 7.5% | 7.5% | 1.9% | -10.3% | -25.6% | -25.5% | -8.1% | -12.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.46 | 1.46 | 0.33 | 0.77 | 0.28 | 0.15 | 2.81 | 1.25 |
| Debt / EBITDA | 5.88 | 5.88 | 2.24 | 236.51 | — | — | 9.54 | 11.29 |
| Net Debt / Equity | — | -0.32 | -0.17 | 0.38 | -0.04 | -0.51 | 2.16 | 0.96 |
| Net Debt / EBITDA | -1.29 | -1.29 | -1.15 | 115.62 | — | — | 7.32 | 8.74 |
| Debt / FCF | — | -1.04 | -1.57 | — | — | — | — | — |
| Interest Coverage | 2.01 | 2.01 | 0.28 | -3.66 | -22.67 | -12.62 | -2.44 | -3.51 |
Net cash position: cash ($412M) exceeds total debt ($338M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.26 | 2.26 | 1.31 | 1.00 | 1.37 | 2.22 | 0.88 | 0.89 |
| Quick Ratio | 2.16 | 2.16 | 1.22 | 0.90 | 1.15 | 2.11 | 0.79 | 0.79 |
| Cash Ratio | 1.50 | 1.50 | 0.42 | 0.19 | 0.31 | 1.24 | 0.13 | 0.10 |
| Asset Turnover | — | 0.51 | 0.73 | 0.73 | 0.75 | 0.55 | 0.85 | 0.92 |
| Inventory Turnover | 8.39 | 8.39 | 8.73 | 7.16 | 4.77 | 9.23 | 8.25 | 8.20 |
| Days Sales Outstanding | — | 127.89 | 117.13 | 129.98 | 57.66 | 59.25 | 64.12 | 141.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.0% | — | — | — | — | — | — |
| FCF Yield | 2.9% | 3.7% | 1.7% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $38M | $36M | $33M | $33M | $30M | $33M | $33M |
Acquisition-driven margin dilution
Based on current market data, Nayax trades at a P/S of 5.38 and an EV/EBITDA of 39.32, suggesting that investors are pricing in aggressive long-term revenue expansion rather than near-term earnings, a valuation stance that appears significantly more optimistic than the broader fintech peer group average.
The elevated forward P/E of 80.02 implies that the market expects a substantial inflection in profitability as the company scales its recurring software revenue. Investors should monitor whether this valuation premium is sustainable if the company fails to demonstrate a clear transition from hardware-led growth to high-margin software dominance.
According to recent financial statements, Nayax's ROIC has remained in the low single digits, peaking at 7.4% in 2025Q4, which indicates that the company is currently struggling to generate returns on invested capital that meaningfully exceed its cost of capital during this aggressive expansion phase.
The persistent gap between revenue growth and return on capital suggests that recent acquisitions and heavy hardware investments are diluting overall efficiency. This trend warrants further investigation into whether the company's capital allocation strategy is creating long-term value or merely inflating the asset base without commensurate earnings power.
As reported in quarterly filings, Nayax's cash conversion cycle has fluctuated significantly, swinging from -167 days in 2026Q1 to 134 days in 2025Q2, highlighting a lack of predictability in managing inventory and customer collections across its diverse global unattended retail operations.
The extreme variance in the CCC suggests that the company's working capital management is highly sensitive to the timing of large-scale hardware deployments. Investors should monitor whether these swings are structural artifacts of the business model or indicative of operational friction in scaling the global supply chain.
Based on reported figures, Nayax's debt-to-equity ratio has climbed to 1.42 as of 2026Q1, reflecting a strategic shift toward utilizing financial leverage to fund rapid corporate development and infrastructure expansion in the competitive unattended payments market, which increases the company's sensitivity to interest rate fluctuations.
While the current interest coverage ratio of 0.65 suggests that debt service may become increasingly burdensome, the company's substantial cash position provides a necessary buffer. This leverage profile appears to be a deliberate choice to accelerate market share acquisition, though it introduces heightened risk should growth trajectories falter.
The market frequently misapplies Gross Transaction Value (GTV) as a primary performance metric for Nayax, which obscures the company's actual take rate and profitability by including pass-through interchange fees that do not contribute to the firm's bottom line or long-term margin expansion.
Analysts should instead focus on the Net Take Rate and the SaaS attach rate, as these metrics more accurately reflect the company's ability to monetize its payment gateway and telemetry software. Relying on GTV likely leads to an overestimation of the company's pricing power and underlying operational leverage.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NYAX stock.
Nayax Ltd.'s current P/E ratio is 64.7x. The historical average is 49.6x. This places it at the 100th percentile of its historical range.
Nayax Ltd.'s current EV/EBITDA is 40.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.7x.
Nayax Ltd.'s return on equity (ROE) is 19.4%. The historical average is -20.7%.
Based on historical data, Nayax Ltd. is trading at a P/E of 64.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nayax Ltd. has 44.7% gross margin and 6.9% operating margin.
Nayax Ltd.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.