Latest Ratios: P/E Ratio 65.5x · EV/EBITDA 30.2x · ROE 19.1%. (2010–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $476M | $307M | $168M | $152M | $137M | $82M | $229M | $554M | $183M | $35M | $15M |
| Enterprise Value | $469M | $300M | $160M | $138M | $131M | $78M | $225M | $544M | $177M | $32M | $13M |
| P/E Ratio → | 65.54 | 39.62 | 44.02 | 23.33 | 132.99 | — | — | 72.50 | 70.68 | 18.13 | 11.13 |
| P/S Ratio | 5.81 | 3.74 | 2.88 | 3.21 | 3.59 | 2.77 | 9.48 | 15.97 | 7.81 | 2.29 | 1.41 |
| P/B Ratio | 10.48 | 6.34 | 5.51 | 6.19 | 8.38 | 6.28 | 17.27 | 28.69 | 20.59 | 7.19 | 5.58 |
| P/FCF | 9.30 | 5.99 | 12.47 | 7.37 | 6.43 | 6.50 | 21.92 | 58.36 | 12.71 | 6.18 | 38.59 |
| P/OCF | 9.08 | 5.86 | 7.32 | 5.49 | 5.39 | 5.36 | 16.60 | 55.64 | 11.44 | 4.87 | 11.57 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.66 | 2.74 | 2.92 | 3.43 | 2.65 | 9.33 | 15.69 | 7.57 | 2.11 | 1.26 |
| EV / EBITDA | 30.15 | 19.29 | 22.81 | 35.75 | 40.12 | — | — | 71.73 | 49.80 | 12.13 | 6.82 |
| EV / EBIT | 64.79 | 41.44 | 156.67 | — | — | — | — | 83.15 | 68.72 | 18.15 | 9.58 |
| EV / FCF | — | 5.86 | 11.89 | 6.71 | 6.15 | 6.23 | 21.58 | 57.35 | 12.32 | 5.70 | 34.69 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.2% | 49.2% | 55.1% | 51.1% | 55.1% | 49.9% | 38.6% | 55.5% | 48.7% | 44.0% | 50.1% |
| Operating Margin | 8.8% | 8.8% | 1.7% | -0.4% | 0.9% | -9.3% | -34.6% | 17.6% | 10.6% | 11.6% | 13.0% |
| Net Profit Margin | 9.2% | 9.2% | 6.5% | 13.7% | 2.7% | -9.2% | -37.9% | 21.5% | 11.0% | 11.8% | 13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.1% | 19.1% | 13.9% | 31.7% | 7.0% | -20.8% | -56.2% | 52.9% | 37.7% | 48.0% | 73.6% |
| ROA | 3.3% | 3.3% | 2.3% | 5.1% | 1.1% | -3.6% | -15.1% | 16.6% | 9.1% | 10.5% | 11.6% |
| ROIC | 17.0% | 17.0% | 4.6% | -1.2% | 2.6% | -21.2% | -64.5% | 70.9% | 69.1% | 81.9% | 183.6% |
| ROCE | 15.6% | 15.6% | 3.4% | -0.7% | 1.9% | -16.2% | -45.6% | 43.3% | 36.0% | 47.2% | 65.1% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.10 | 0.14 | 0.23 | 0.31 | 0.33 | — | — | — | 0.06 |
| Debt / EBITDA | 0.90 | 0.90 | 0.42 | 0.86 | 1.13 | — | — | — | — | — | 0.08 |
| Net Debt / Equity | — | -0.15 | -0.26 | -0.56 | -0.37 | -0.26 | -0.26 | -0.50 | -0.63 | -0.57 | -0.56 |
| Net Debt / EBITDA | -0.45 | -0.45 | -1.12 | -3.55 | -1.85 | — | — | -1.27 | -1.58 | -1.04 | -0.77 |
| Debt / FCF | — | -0.14 | -0.58 | -0.67 | -0.28 | -0.27 | -0.34 | -1.02 | -0.39 | -0.49 | -3.90 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | 55.90 | 17.83 |
Net cash position: cash ($21M) exceeds total debt ($14M)
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.09 | 1.08 | 1.10 | 1.10 | 1.15 | 1.40 | 1.22 | 1.15 | 1.07 |
| Quick Ratio | 1.11 | 1.11 | 1.09 | 1.08 | 1.10 | 1.10 | 1.15 | 1.40 | 0.26 | 0.22 | 0.18 |
| Cash Ratio | 0.10 | 0.10 | 0.07 | 0.14 | 0.11 | 0.11 | 0.15 | 0.28 | 0.21 | 0.18 | 0.15 |
| Asset Turnover | — | 0.30 | 0.33 | 0.32 | 0.35 | 0.35 | 0.36 | 0.65 | 0.65 | 0.75 | 0.75 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 0.46 | 0.59 | 0.52 |
| Days Sales Outstanding | — | 325.35 | 214.09 | 125.25 | 44.92 | 42.04 | 7.75 | 9.39 | 5.26 | 3.97 | 3.86 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.5% | 2.5% | 2.3% | 4.3% | 0.8% | — | — | 1.4% | 1.4% | 5.5% | 9.0% |
| FCF Yield | 10.8% | 16.7% | 8.0% | 13.6% | 15.5% | 15.4% | 4.6% | 1.7% | 7.9% | 16.2% | 2.6% |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.7% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.3% | 0.7% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $60M | $56M | $54M | $53M | $51M | $49M | $55M | $52M | $48M | $44M |
Regulatory fee structure sensitivity
Based on current market data, PaySign trades at a trailing P/E of 62.85, which suggests that investors are pricing in significant future earnings expansion rather than current profitability, a valuation premium that appears elevated compared to legacy payment processors like EVERTEC or Priority Technology.
The forward P/E of 34.40 indicates that the market anticipates a substantial acceleration in net income as the Pharma segment scales. This valuation multiple warrants caution, as it assumes the company can maintain its high growth trajectory without encountering margin compression from bank sponsor renegotiations or regulatory fee caps.
As reported in recent financial statements, PaySign's ROIC has fluctuated significantly, reaching 12.2% in 2026Q1 from a low of -1.2% in 2024Q1, indicating that the company's ability to compound capital is currently inconsistent and highly dependent on the timing of new program onboarding.
The erratic nature of these returns suggests that the company is still in a heavy investment phase where capital deployment does not yet yield a stable, predictable return. Investors should monitor whether the recent improvement in ROIC can be sustained as the business moves beyond its current infrastructure build-out phase.
According to historical data, PaySign's asset turnover remains low at approximately 0.10, which suggests that the company's revenue generation is not yet highly efficient relative to its expanding asset base, likely due to the capital-intensive nature of managing donor and patient payment flows.
The lack of clear trends in the cash conversion cycle, combined with high DSO figures, implies that the company may face challenges in optimizing its working capital. This inefficiency may be a structural byproduct of the specialized plasma and pharma payment workflows, which often involve longer settlement cycles than standard retail transactions.
Based on the latest quarterly filings, PaySign maintains a debt-to-equity ratio of 0.11, confirming a very conservative balance sheet that provides the company with significant financial flexibility to pursue organic growth initiatives without the immediate pressure of heavy interest obligations or restrictive debt covenants.
This low leverage profile is a key strength, as it insulates the company from interest rate volatility and provides a buffer against potential operational shocks. However, the lack of debt also suggests that management is not utilizing financial leverage to amplify returns, which may be a prudent choice given the inherent volatility of the payment processing industry.
The most commonly misapplied metric for PaySign is the standard P/E ratio, which obscures the company's true earning power by failing to account for the high non-cash stock-based compensation and the lumpy nature of onboarding fees inherent in the specialized plasma and pharma payment business model.
Analysts should instead focus on adjusted EBITDA or free cash flow, as these metrics better reflect the underlying cash generation of the platform. Relying on P/E ratios in this context may lead to an inaccurate assessment of the company's valuation, as it ignores the significant reinvestment required to maintain its competitive moat in the plasma industry.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying PAYS stock.
PaySign, Inc.'s current P/E ratio is 65.5x. The historical average is 37.9x. This places it at the 75th percentile of its historical range.
PaySign, Inc.'s current EV/EBITDA is 30.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
PaySign, Inc.'s return on equity (ROE) is 19.1%. The historical average is 22.2%.
Based on historical data, PaySign, Inc. is trading at a P/E of 65.5x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PaySign, Inc. has 49.2% gross margin and 8.8% operating margin.
PaySign, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.