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Tyro Payments Ltd.
(Sydney:TYR)
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Rating:68Neutral
Price Target:
AU$0.89
▲(8.29% Upside)
Action:Reiterated
Date:02/24/26
AU:TYR scores 68 primarily because strong cash generation and a low-leverage balance sheet provide financial stability, and the earnings call reinforced improving profitability and reaffirmed FY26 guidance. This is tempered by weak technical trends (price below key moving averages with negative MACD) and a relatively high P/E with no dividend yield provided.
Positive Factors
Strong free cash flow
Tyro's marked free cash flow improvement and high FCF/net income ratio indicate durable cash conversion from operations. This strengthens liquidity, funds reinvestment or M&A without reliance on external financing, and provides a buffer to support strategic initiatives over the next several quarters.
Negative Factors
Negative revenue growth
Declining top‑line is a structural concern: sustained revenue contraction compresses operating leverage and limits reinvestment capacity. Unless offset by higher margins or new revenue streams, prolonged negative growth could undermine profitability improvements and valuation resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Tyro's marked free cash flow improvement and high FCF/net income ratio indicate durable cash conversion from operations. This strengthens liquidity, funds reinvestment or M&A without reliance on external financing, and provides a buffer to support strategic initiatives over the next several quarters.
Read all positive factors
Tyro Payments Ltd. (TYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$427.62M
Dividend YieldN/A
Average Volume (3M)2.52M
Price to Earnings (P/E)17.0
Beta (1Y)1.45
Revenue Growth-0.38%
EPS Growth-18.37%
CountryAU
Employees564
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.05
Shares Outstanding532,815,100
10 Day Avg. Volume2,218,839
30 Day Avg. Volume2,520,333
Financial Highlights & Ratios
PEG Ratio-0.84
Price to Book (P/B)2.04
Price to Sales (P/S)0.98
P/FCF Ratio3.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.48Price Target Upside80.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.04
Revenue Forecast (FY)AU$524.90M
Tyro Payments Ltd. Business Overview & Revenue Model
Company Description
Tyro Payments Limited, an Australian company founded in Sydney in 2003, delivers a comprehensive array of payment and banking services to businesses nationwide. The firm operates through distinct Payments and Banking divisions. Its offerings inclu...
How the Company Makes Money
Tyro primarily makes money by enabling merchants to accept electronic payments and charging fees tied to those transactions. Key revenue streams include: (1) Merchant acquiring / transaction revenue: Tyro earns fees when customers use cards (e.g.,...
Tyro Payments Ltd. Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 25, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive picture: volume recovery, strong banking momentum, improved profitability (EBITDA +19.8%, statutory profit +72%), and materially stronger cash generation and balance sheet provide capacity for growth. Management also articulated a clear growth strategy (health, banking, e-commerce, larger merchants) and completed a strategic acquisition (Thriday). Key risks flagged include a 10% decline in Bendigo merchant volumes, short-term GP volume pressure from government bulk-billing changes, and an expected step-up in H2 operating expenses for compliance, projects and marketing which could weigh on near-term margins. On balance, the positive operational and financial progress outweigh the identified challenges.Positive Updates
Scale and Reach
Tyro supports over 76,000 (nearly 80,000) merchants and processes more than $43 billion in annual transaction volumes, providing scale and optionality to drive further growth.
Negative Updates
Bendigo Merchant Volume Decline
Volumes for Bendigo merchants fell by 10% in the half; management is working with Bendigo to identify opportunities to improve performance.
Read all updates
Q2-2026 Updates
Positive
Negative
Scale and Reach
Tyro supports over 76,000 (nearly 80,000) merchants and processes more than $43 billion in annual transaction volumes, providing scale and optionality to drive further growth.
Read all positive updates
Company Guidance
Tyro reiterated FY26 guidance of gross profit of $230–240 million and an EBITDA margin of 28.5–30%, saying it is on track at the half-year; H1 highlights that underpin this include payments gross profit of $104.1m, total payment volumes +4% (Tyro core +5.6%; health +9.4%; Bendigo -10%), processing >$43bn in annualised transaction volumes and serving over 76,000 merchants, EBITDA +19.8% to $39.5m (margin 33.6%), statutory profit $17.7m (+72% YoY), free cash flow $13.6m (+52%), overall gross profit +5%, banking gross profit +5.4% with net return on banking up from 11.7% to 12.2%, active banking users +38%, loan originations ~+20% with higher average loan size, payment margin improvement of 0.8 basis points, OpEx down 2.9% and operating efficiency improved from 69% to 64%, and the group holds >$140m of available funds—management noted second‑half cost increases (salary rises, AML compliance, project and marketing spend) are factored into the guidance.Tyro Payments Ltd. Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 475.46M | 472.94M | 497.71M | 437.50M | 325.52M | 232.77M |
| Gross Profit | 186.66M | 217.35M | 225.87M | 162.00M | 118.81M | 98.33M |
| EBITDA | 71.06M | 67.20M | 68.20M | 37.92M | 8.14M | -13.89M |
| Net Income | 25.23M | 17.82M | 25.70M | 6.01M | -29.62M | -29.82M |
Balance Sheet | ||||||
| Total Assets | 482.55M | 547.56M | 451.46M | 431.04M | 410.09M | 395.26M |
| Cash, Cash Equivalents and Short-Term Investments | 105.96M | 191.93M | 85.48M | 58.05M | 47.36M | 89.52M |
| Total Debt | 49.66M | 28.05M | 31.54M | 33.56M | 33.99M | 2.81M |
| Total Liabilities | 235.48M | 320.74M | 243.78M | 253.35M | 250.49M | 214.59M |
| Stockholders Equity | 247.07M | 226.82M | 207.67M | 177.68M | 159.60M | 180.66M |
Cash Flow | ||||||
| Free Cash Flow | 71.61M | 127.07M | 35.52M | 10.15M | -33.38M | -40.26M |
| Operating Cash Flow | 72.70M | 138.13M | 48.79M | 25.23M | -9.02M | -10.98M |
| Investing Cash Flow | -24.16M | 7.04M | -40.62M | -27.76M | -48.35M | -32.22M |
| Financing Cash Flow | 1.07M | -6.59M | -2.97M | 8.88M | 9.37M | 23.93M |
Tyro Payments Ltd. Technical Analysis
Positive
0.82
Price Trends
0.80
Positive
0.80
Positive
0.92
Negative
Market Momentum
<0.01
Positive
51.16
Neutral
51.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TYR, the sentiment is Positive. The current price of 0.82 is above the 20-day moving average (MA) of 0.82, above the 50-day MA of 0.80, and below the 200-day MA of 0.92, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.16 is Neutral, neither overbought nor oversold. The STOCH value of 51.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TYR.
Tyro Payments Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$67.06B | 61.53 | 3.64% | ― | 0.90% | -68.02% | |
68 Neutral | AU$427.62M | 16.98 | 10.65% | ― | -0.38% | -18.37% | |
67 Neutral | AU$66.48M | 7.89 | 19.44% | ― | 17.41% | 78.27% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | AU$26.46M | 0.78 | 350.35% | ― | 4.71% | ― | |
44 Neutral | AU$331.07M | -6.53 | -31.70% | ― | 23.05% | -28.57% | |
39 Underperform | AU$14.27M | -3.90 | -456.10% | ― | 10.65% | -19.56% |
* Technology Sector Average
AU:TYR
Tyro Payments Ltd.
0.82
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Tyro Payments Ltd. Corporate Events
Tyro Payments Issues New Shares on Conversion of Unquoted Securities
Jul 14, 2026
Tyro Payments Limited has notified the market of the issue of additional ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The newly issued shares, totaling 440,585 across several transaction dates ...
Tyro Issues New Unquoted Performance Rights Under Employee Scheme
Jul 14, 2026
Tyro Payments has notified the market of the issue of 58,824 unquoted performance rights under its employee incentive scheme. The rights, which are not intended to be quoted on the ASX, were issued on 29 June 2026, underscoring the company’s...
Tyro Payments Expands Quoted Share Capital Through Option Conversions
Jul 14, 2026
Tyro Payments Ltd. has lodged an application with the ASX for quotation of several tranches of new ordinary fully paid shares. The securities, issued on multiple dates between April and July 2026 and now totaling more than one million shares, aris...
Tyro Director Aliza Knox Increases Shareholding in Payments Fintech
Jul 3, 2026
Tyro Payments Limited disclosed a change in Director Aliza Knox’s interests in the company’s securities, filing an Appendix 3Y with the ASX in line with listing requirements. The notice records Knox’s purchase of 12,000 fully pai...
Tyro Updates Market on Director Steven Holmes’s Shareholding
Jun 17, 2026
Tyro Payments Limited has disclosed a change in director Steven Holmes’s interests, filing an Appendix 3Y that records an indirect acquisition of 130,935 fully paid ordinary shares. The shares, valued at $110,000 and held on his behalf by Sh...
Tyro seeks ASX quotation for new tranche of ordinary shares
Apr 21, 2026
Tyro Payments has applied for quotation on the ASX of a series of new ordinary fully paid shares issued between late January and late March 2026. The application covers multiple small tranches of stock that have been created through the exercise o...
Tyro Issues New Unquoted Performance Rights Under Employee Incentive Plan
Apr 21, 2026
Tyro Payments has disclosed the issue of unquoted performance rights under its employee incentive scheme, covering a total of 793,367 securities allocated on two dates in January and February 2026. The move signals the company’s continued us...
Tyro trims potential dilution as unexercised options and rights lapse
Apr 21, 2026
Tyro Payments Limited has reported the cessation of several classes of equity-linked securities, including options expiring between December 2024 and September 2026. These securities, covering a total of more than 168,000 instruments, have either ...
Tyro Converts Unquoted Securities Into Ordinary Shares, Modestly Lifting Share Count
Apr 21, 2026
Tyro Payments Limited has notified the market of the conversion of unquoted securities into ordinary fully paid shares, resulting in several small share issues across early 2026. The newly issued shares, totaling just over 125,000 across January t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.