PAYO
Payoneer Global Inc.
Next earnings Aug 4, 2026 · consensus $0.06 EPS, $276M rev
Last earnings +4.1% on 2026-05-07
$7.09
▲ 0.00%$7.09▲ +3.50%
over 1Y
L $4.27H $7.42
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.0%
1W+0.7%
1M+32.5%
3M+44.1%
YTD+30.3%
1Y+3.5%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 16 analysts
Buy
Cash-generative cross-border fintech with clean balance sheet, but rate-driven 40% earnings drop and a 37x P/E cap the upside.
Revenue $813M · FY2025
The read
Middling fundamentals and a rich price (~79% above fair value) leave little margin of safety — a wait-and-see.
Payoneer is a genuinely decent business priced for a tug-of-war between strong cash generation and deteriorating GAAP profit. Revenue has compounded cleanly — $461M→$564M→$591M→$710M→$813M, with FY2025 up 14.5% — and platform volume rose to $87.5B from $80.1B in 2024 and $66.0B in 2023, confirming the top line is volume-driven and durable, not a one-off. Cash conversion is the standout: operating cash flow grew 32% to $233M against just $26.9M of capex (FCF ≈ $206M), so on a market cap of $2.44B the stock trades around ~12x free cash flow and 3.0x sales — undemanding for a mid-teens grower. The balance sheet carries almost no real debt (the 11.71x liabilities/equity ratio is customer float, with current assets of $8.11B roughly matching $8.08B of current liabilities), and management is returning capital aggressively, spending $174M on buybacks (+26.2%) to shrink shares 4.2%.
Is PAYO a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~7.09
- Short call 7.5 @ ~0.64 est
debit $645max +$105max −$644BE 6.45
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $461M | $564M | $591M | $710M | $813M |
| Gross profit | — | — | — | — | — |
| Operating income | -$30.2M | -$22.2M | $104M | $149M | $125M |
| Net income | -$34.0M | -$12.0M | $93.3M | $121M | $73.2M |
| Diluted EPS | -$0.33 | -$0.03 | $0.24 | $0.31 | $0.19 |
| Net margin | -7.4% | -2.1% | 15.8% | 17.1% | 9.0% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$2.01B
EV / EBITDA10.6
EV / Sales2.5
EV / FCF9.7
P / FCF11.6
PEG (trailing)—
Earnings yield3.1%
FCF yield8.6%
Quality & risk
ROIC (est.)13.4%
Free cash flow$207M
Total debt$31.9M
Net cash$384M
Altman Z-Score0.34 distress
Piotroski F-Score6/8
Capital returns
Buyback yield7.2%
Dividend yield (est.)—
Shareholder yield7.2%
Shares Δ YoY-4.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
- 8-K Material agreement2026-06-15
Entered a material definitive agreement; paired Reg FD + other-events disclosure
- 8-K Shareholder vote2026-06-09
Annual meeting vote results: director, say-on-pay and auditor ballots
- 8-K Earnings results2026-05-07
Q1 2026: revenue growth continued amid lower rate-driven interest income
- 10-Q Quarterly report2026-05-07
Q1 2026: revenue growth continued amid lower rate-driven interest income
- DEF 14A Proxy statement2026-04-27
2026 proxy: board nominees, say-on-pay and auditor ratification
- 8-K Earnings results2026-02-26
FY25: revenue +14.5% to $813M, net income -40%; OCF +32%, $174M buybacks
- 10-K Annual report2026-02-26
FY25: revenue +14.5% to $813M, net income -40%; OCF +32%, $174M buybacks
- 8-K Officer / director change2025-12-03
Executive/director change announced (Item 5.02)
- 8-K Earnings results2025-11-05
Q3 2025 quarterly report filed
Recent filings
all on EDGAR ↗DEFA14AFiling2026-06-30open ↗DEFA14AFiling2026-06-23open ↗4Period ending 2026-06-222026-06-22open ↗SCHEDULE 13D/AFiling2026-06-16open ↗4Period ending 2026-06-152026-06-16open ↗DEFA14AFiling2026-06-15open ↗144Filing2026-06-15open ↗DEFA14AFiling2026-06-15open ↗DEFA14AFiling2026-06-15open ↗8-KPeriod ending 2026-06-122026-06-15open ↗4Period ending 2026-06-102026-06-11open ↗4Period ending 2026-06-102026-06-11open ↗
Frequently asked
- Is Payoneer Global Inc. (PAYO) a buy?
- PAYO currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Cash-generative cross-border fintech with clean balance sheet, but rate-driven 40% earnings drop and a 37x P/E cap the upside.
- What is PAYO's fair value?
- A Modified-Graham model based on PAYO's SEC fundamentals estimates a fair value of about $1.45. It is an estimate from reported earnings, not a price target.
- Is PAYO overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, PAYO currently appears overvalued relative to its SEC-grounded earnings power.
- What is Payoneer Global Inc.'s quality score?
- PAYO scores 63.81666666666666/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001845815, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/30/2026, 4:01:50 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 12:01 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.