Latest Ratios: P/E Ratio 52.0x · EV/EBITDA 26.4x · ROE 12.8%. (2003–2025 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 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $4.1B | $4.2B | $2.2B | $978M | $4.2B | — | — | — | — | — |
| Enterprise Value | $3.1B | $3.8B | $4.0B | $2.1B | $843M | $4.0B | — | — | — | — | — |
| P/E Ratio → | 52.04 | 60.75 | 93.34 | 99.28 | — | 583.00 | — | — | — | — | — |
| P/S Ratio | 2.83 | 3.42 | 4.79 | 3.64 | 1.97 | 10.51 | — | — | — | — | — |
| P/B Ratio | 6.25 | 7.29 | 8.59 | 5.20 | 2.46 | 10.76 | — | — | — | — | — |
| P/FCF | 20.95 | 25.26 | 66.04 | 64.73 | — | — | — | — | — | — | — |
| P/OCF | 20.90 | 25.21 | 65.57 | 32.47 | 49.23 | 213.22 | — | — | — | — | — |
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 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.15 | 4.56 | 3.36 | 1.70 | 10.11 | — | — | — | — | — |
| EV / EBITDA | 26.38 | 32.37 | 48.87 | 42.43 | 132.04 | 168.97 | — | — | — | — | — |
| EV / EBIT | 40.72 | 49.96 | 88.61 | 114.20 | — | 385.54 | — | — | — | — | — |
| EV / FCF | — | 23.33 | 62.92 | 59.84 | — | — | — | — | — | — | — |
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 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.8% | 24.8% | 27.3% | 29.7% | 30.1% | 30.7% | 30.7% | 31.6% | 38.1% | 39.9% | 41.3% |
| Operating Margin | 6.3% | 6.3% | 5.1% | 2.9% | -0.6% | 2.6% | 6.1% | 7.8% | 2.6% | 3.7% | 5.4% |
| Net Profit Margin | 5.6% | 5.6% | 5.1% | 3.6% | -0.1% | 2.4% | 4.5% | 5.8% | -9.3% | -0.5% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 9.7% | 5.4% | -0.1% | 4.0% | 17.9% | 3.3% | -22.2% | -1.1% | 8.2% |
| ROA | 10.8% | 10.8% | 8.2% | 4.6% | -0.1% | 3.1% | 13.4% | 1.1% | -7.2% | -0.4% | 3.1% |
| ROIC | 21.2% | 21.2% | 12.3% | 5.2% | -0.9% | 5.6% | 30.9% | 1.8% | 2.4% | 3.6% | 5.1% |
| ROCE | 14.2% | 14.2% | 9.6% | 4.2% | -0.7% | 4.2% | 22.4% | 2.0% | 2.6% | 3.8% | 5.2% |
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 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.12 | 0.01 | 1.10 | 1.14 | 0.89 |
| Debt / EBITDA | 0.10 | 0.10 | 0.10 | 0.22 | 1.98 | 0.47 | 0.38 | 0.03 | 4.40 | 3.65 | 2.88 |
| Net Debt / Equity | — | -0.56 | -0.41 | -0.39 | -0.34 | -0.41 | -0.43 | -0.39 | 0.93 | 0.96 | 0.66 |
| Net Debt / EBITDA | -2.69 | -2.69 | -2.43 | -3.47 | -21.09 | -6.64 | -1.38 | -1.10 | 3.70 | 3.06 | 2.13 |
| Debt / FCF | — | -1.94 | -3.13 | -4.89 | — | — | -1.76 | -5.38 | 7.10 | 8.80 | 4.13 |
| Interest Coverage | — | — | — | — | — | 1728.83 | — | — | -3.30 | 1.05 | 3.31 |
Net cash position: cash ($325M) exceeds total debt ($11M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.46 | 4.46 | 4.24 | 4.31 | 4.45 | 3.45 | 2.57 | 5.18 | 1.33 | 1.41 | 1.45 |
| Quick Ratio | 4.46 | 4.46 | 4.24 | 4.31 | 4.45 | 3.45 | 2.57 | 5.18 | 1.09 | 1.08 | 1.21 |
| Cash Ratio | 3.28 | 3.28 | 2.52 | 2.86 | 2.86 | 2.26 | 1.50 | 2.76 | 0.24 | 0.28 | 0.39 |
| Asset Turnover | — | 1.79 | 1.51 | 1.22 | 1.08 | 0.84 | 2.42 | 2.93 | 0.81 | 0.80 | 0.81 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 9.15 | 6.84 | 9.06 |
| Days Sales Outstanding | — | 31.59 | 51.57 | 45.53 | 50.88 | 42.84 | 36.58 | 33.07 | 62.95 | 59.25 | 66.05 |
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 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 0.8% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 1.6% | 1.1% | 1.0% | — | 0.2% | — | — | — | — | — |
| FCF Yield | 4.8% | 4.0% | 1.5% | 1.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | — | — | — | — | — |
| Shares Outstanding | — | $129M | $128M | $125M | $122M | $119M | $116M | $117M | $112M | $111M | $116M |
Interchange Fee Margin Compression
According to current market data, Paymentus trades at a forward P/E of 28.38, which, when viewed alongside its 37.25% revenue growth, suggests investors are pricing in a sustained expansion trajectory that significantly outpaces traditional payment processors and legacy financial technology incumbents within the broader information technology services sector.
The current P/E multiple of 45.06 TTM indicates that the market is willing to pay a premium for the company's non-discretionary utility and government payment verticals. However, the PEG ratio of 0.94 suggests that the valuation remains relatively tethered to growth, warranting caution if the deceleration in revenue growth observed in recent quarters continues to trend downward.
Based on reported financial statements, the company's ROIC has trended upward from 2.4% in 2024Q1 to 8.0% in 2026Q1, indicating that management is becoming increasingly efficient at deploying capital to generate returns as the platform achieves greater penetration within its core municipal and utility billing markets.
This improvement in ROIC appears driven by operational leverage rather than financial engineering, given the company's minimal debt usage. Investors should monitor whether this upward trend in capital returns can be sustained as the company shifts from initial platform implementation to a more mature, maintenance-heavy revenue phase.
As reported in recent quarterly filings, the asset turnover ratio has shown a gradual improvement from 0.33 in 2023Q4 to 0.52 in 2026Q1, suggesting that the company is successfully optimizing its asset base to support higher transaction volumes without requiring proportional increases in physical infrastructure or capital expenditure.
The DSO trend, which fluctuated between 28 and 43 days over the last ten quarters, highlights the inherent complexity of managing settlement cycles in a multi-tenant payment environment. While the current turnover levels are improving, the variability in collection cycles suggests that working capital management remains a critical lever for maintaining liquidity.
Based on the company's reported figures, the current ratio has remained consistently above 4.0 over the last ten quarters, providing a substantial liquidity buffer that protects the firm against potential volatility in settlement flows or unexpected disruptions in the broader payment processing ecosystem.
This liquidity position is exceptionally strong compared to peers, effectively eliminating near-term refinancing risk. The absence of significant debt obligations allows the company to maintain a defensive posture, which is particularly valuable given the inherent sensitivity of its gross margins to external interchange fee fluctuations.
Analysts frequently misapply gross margin as a primary indicator of profitability for Paymentus, failing to account for the fact that the 24.77% figure is heavily distorted by pass-through interchange fees that do not reflect the underlying economic value retained by the company's proprietary payment network.
Focusing on gross margin obscures the company's transition toward a high-margin infrastructure play via the Instant Payment Network. Investors should instead prioritize 'Contribution Profit' as the more accurate metric for assessing the company's true earning power and its ability to scale without being penalized by the variable cost structure of traditional card networks.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying PAY stock.
Paymentus Holdings, Inc.'s current P/E ratio is 52.0x. The historical average is 84.5x.
Paymentus Holdings, Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 41.2x.
Paymentus Holdings, Inc.'s return on equity (ROE) is 12.8%. The historical average is 3.6%.
Based on historical data, Paymentus Holdings, Inc. is trading at a P/E of 52.0x. Compare with industry peers and growth rates for a complete picture.
Paymentus Holdings, Inc. has 24.8% gross margin and 6.3% operating margin.
Paymentus Holdings, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.