Latest Ratios: P/E Ratio 37.4x · EV/EBITDA 10.7x · ROE 10.2%. (2018–2025 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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $2.1B | $3.9B | $2.0B | $1.9B | $2.6B | $3.5B | — | — |
| Enterprise Value | $2.0B | $1.8B | $3.4B | $1.5B | $1.4B | $2.2B | $3.4B | — | — |
| P/E Ratio → | 37.37 | 29.58 | 32.39 | 21.71 | — | — | — | — | — |
| P/S Ratio | 2.26 | 2.01 | 3.97 | 2.46 | 3.03 | 5.55 | 10.08 | — | — |
| P/B Ratio | 3.80 | 3.01 | 5.35 | 3.08 | 3.49 | 5.39 | 143.42 | — | — |
| P/FCF | 11.50 | 10.25 | 33.28 | 18.32 | 34.53 | — | — | — | — |
| P/OCF | 10.18 | 9.07 | 21.92 | 12.83 | 22.68 | 131.28 | 365.84 | — | — |
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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.69 | 3.48 | 1.77 | 2.22 | 4.61 | 9.90 | — | — |
| EV / EBITDA | 10.69 | 9.32 | 21.57 | 13.18 | — | — | — | — | — |
| EV / EBIT | 16.31 | 15.35 | 24.39 | 11.11 | 118.46 | — | — | — | — |
| EV / FCF | — | 8.59 | 29.19 | 13.18 | 25.24 | — | — | — | — |
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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.1% | 78.1% | 84.4% | 85.3% | 82.4% | 78.6% | 71.9% | 70.2% | 68.7% |
| Operating Margin | 11.8% | 11.8% | 15.2% | 12.5% | -3.5% | -6.4% | -5.0% | 1.1% | -0.7% |
| Net Profit Margin | 7.0% | 7.0% | 12.4% | 11.2% | -1.9% | -7.2% | -6.9% | -0.2% | -2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | 17.4% | 15.4% | -2.3% | -13.3% | -250.8% | -0.9% | -5.2% |
| ROA | 0.9% | 0.9% | 1.6% | 1.3% | -0.2% | -0.8% | -0.8% | -0.0% | -0.5% |
| ROIC | 30.7% | 30.7% | 65.9% | 125.7% | -43.2% | -833.3% | — | — | -4.2% |
| ROCE | 14.9% | 14.9% | 19.3% | 15.3% | -3.7% | -7.5% | -7.8% | 1.8% | -1.1% |
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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.03 | 0.07 | 0.06 | 0.05 | 1.65 | — | — |
| Debt / EBITDA | 0.38 | 0.38 | 0.14 | 0.39 | — | — | — | 6.17 | — |
| Net Debt / Equity | — | -0.49 | -0.66 | -0.86 | -0.94 | -0.91 | -2.59 | — | -0.75 |
| Net Debt / EBITDA | -1.80 | -1.80 | -3.02 | -5.14 | — | — | — | -5.64 | -43.61 |
| Debt / FCF | — | -1.66 | -4.09 | -5.14 | -9.29 | — | — | — | — |
| Interest Coverage | — | — | — | — | 1.16 | -113.89 | — | — | — |
Net cash position: cash ($416M) exceeds total debt ($72M)
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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 1.00 | 1.09 | 1.08 | 1.10 | 1.04 | 1.09 | 1.13 |
| Quick Ratio | 1.00 | 1.00 | 1.00 | 1.09 | 1.08 | 1.10 | 1.04 | 1.09 | 1.13 |
| Cash Ratio | 0.05 | 0.05 | 0.07 | 0.09 | 0.09 | 0.10 | 0.03 | 0.07 | 0.07 |
| Asset Turnover | — | 0.12 | 0.12 | 0.11 | 0.10 | 0.09 | 0.09 | 0.16 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 33.90 | 34.66 | 29.12 | 35.59 | 59.63 | 88.75 | 84.00 | — |
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 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.4% | 3.1% | 4.6% | — | — | — | — | — |
| FCF Yield | 8.7% | 9.8% | 3.0% | 5.5% | 2.9% | — | — | — | — |
| Buyback Yield | 7.4% | 8.3% | 3.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 7.4% | 8.3% | 3.5% | 2.7% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $377M | $386M | $393M | $348M | $357M | $338M | $338M | $338M |
Interest rate sensitivity
Based on current market data, Payoneer's forward P/E of 26.80 suggests investors are pricing the firm as a maturing utility rather than a high-growth fintech, a valuation that appears to discount the structural stickiness of its global marketplace integrations compared to higher-multiple peers like Flywire.
The current P/S ratio of 2.27 indicates a significant valuation gap relative to high-growth SaaS platforms, reflecting market skepticism regarding the sustainability of interest-driven revenue. Investors should monitor whether the forward EV/EBITDA of 4.78 signals an undervalued cash-generative engine or a permanent re-rating of the company's long-term growth prospects.
As reported in financial statements, Payoneer's ROIC has trended downward from a peak of 28.4% in 2024Q2 to 6.3% in 2026Q1, indicating that the company is struggling to maintain its previous compounding efficiency as the business model shifts toward lower-margin, interest-sensitive revenue streams.
The decline in ROIC suggests that incremental capital deployed into the platform is yielding diminishing returns, likely due to the rising overhead costs required to maintain global regulatory compliance. This trend warrants further investigation into whether management can improve capital allocation efficiency through its current share repurchase program.
According to recent quarterly filings, Payoneer's asset turnover has remained consistently low at 0.03, revealing that the company's massive balance sheet is primarily composed of customer float rather than productive operating assets, which limits the overall efficiency of the platform's capital base.
The stability of DSO around 30 days suggests a predictable collection cycle, yet the lack of improvement in asset turnover implies that the company's growth is not scaling linearly with its asset base. This structural reality suggests that Payoneer's efficiency is more tethered to macro-driven float volume than to operational improvements in its core payment processing velocity.
Based on the company's reported figures, Payoneer maintains a modest debt-to-equity ratio of 0.12 as of 2026Q1, providing a fortress-like balance sheet that allows management to prioritize aggressive capital return strategies, such as share repurchases, without compromising the firm's ability to meet its short-term obligations.
The low debt-to-EBITDA ratio of 1.57 indicates that the company is well-positioned to navigate potential volatility in global trade flows without the burden of significant interest expenses. This conservative stance appears to be a deliberate choice to mitigate the inherent risks of its interest-sensitive revenue model.
As indicated by the company's unique revenue structure, the P/E ratio is a frequently misapplied metric for Payoneer because it fails to distinguish between volatile interest income and core transactional revenue, which obscures the true underlying earning power of the platform's payment rails.
Investors should instead focus on transactional take rates and organic volume growth to assess the company's long-term viability. Relying on P/E ratios in a high-interest environment may lead to an overestimation of earnings quality, as the current profitability profile is heavily influenced by macro-factors outside of management's direct control.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying PAYO stock.
Payoneer Global Inc.'s current P/E ratio is 37.4x. The historical average is 27.9x. This places it at the 100th percentile of its historical range.
Payoneer Global Inc.'s current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.7x.
Payoneer Global Inc.'s return on equity (ROE) is 10.2%. The historical average is -28.7%.
Based on historical data, Payoneer Global Inc. is trading at a P/E of 37.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Payoneer Global Inc. has 78.1% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Payoneer Global Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.