Nayax Ltd. (IL:NYAX)
TASE:NYAX
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Nayax
(TASE:NYAX)
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Rating:67Neutral
Price Target:
19,508.00
▲(12.57% Upside)
Action:ReiteratedDate:03/12/26
The score is driven primarily by improved 2025 fundamentals (profitability and strong free cash flow) and supportive technical trend signals. These positives are tempered by elevated balance-sheet leverage and a very high P/E valuation, which increases sensitivity to any slowdown or execution risk.
Positive Factors
2025 profitability and FCF inflection
Nayax’s 2025 inflection to positive net income and materially stronger free cash flow signals the business can scale its payment and SaaS economics. Durable cash generation improves reinvestment capacity, funds growth initiatives, and reduces reliance on external financing over the medium term.
Negative Factors
Elevated leverage
Debt surpassing equity reduces financial flexibility and raises refinancing and interest-rate exposure. Elevated leverage makes execution risk and any slowdown more threatening to operations and capital allocation, constraining optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 profitability and FCF inflection
Nayax’s 2025 inflection to positive net income and materially stronger free cash flow signals the business can scale its payment and SaaS economics. Durable cash generation improves reinvestment capacity, funds growth initiatives, and reduces reliance on external financing over the medium term.
Read all positive factors
Nayax (NYAX) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪6.34B
Dividend YieldN/A
Average Volume (3M)61.08K
Price to Earnings (P/E)48.6
Beta (1Y)0.75
Revenue Growth20.86%
EPS GrowthN/A
CountryIL
Employees1,100
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)109.03
Shares Outstanding36,607,407
10 Day Avg. Volume55,479
30 Day Avg. Volume61,082
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)8.09
Price to Sales (P/S)4.31
P/FCF Ratio26.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₪19,573.52Price Target Upside12.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.9
Revenue Forecast (FY)₪511.09M
Nayax Business Overview & Revenue Model
Company Description
Nayax Ltd., a fintech company, operates system and payment platform worldwide. The company offers VPOS TOUCH that provides contactless and contact payment options; VPOS FUSION, a cashless payment card reader; ONYX, a contactless card reader and te...
How the Company Makes Money
Nayax primarily makes money by monetizing payment acceptance and operating tools sold to merchants (operators of unattended/self-service machines). Key revenue streams typically include: (1) Transaction-based revenue from payment processing when c...
Nayax Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
Nayax's Q2 2025 earnings call highlights robust revenue growth, strategic partnerships, and improved profitability. However, the company remains heavily reliant on organic growth, and there is acknowledgment of the competitive environment in the EV charging market.Positive Updates
Strong Revenue Growth
Nayax reported a 22% increase in revenue for Q2 2025 compared to Q2 2024, reaching $96 million. Recurring revenue grew 32%, now representing 74% of total revenue, up from 68% in Q2 2024.
Negative Updates
Dependency on Organic Growth
While strategic M&A is pursued, the primary focus remains on organic growth, which could pose challenges if market conditions change.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Revenue Growth
Nayax reported a 22% increase in revenue for Q2 2025 compared to Q2 2024, reaching $96 million. Recurring revenue grew 32%, now representing 74% of total revenue, up from 68% in Q2 2024.
Read all positive updates
Company Guidance
During the second quarter of 2025, Nayax reported a 22% increase in revenue compared to Q2 2024, reaching $96 million, with recurring revenue growing by 32% to constitute 74% of total revenue. The company's installed base of managed and connected devices expanded by 16% to nearly 1.38 million devices, while the customer base grew by 24% to approximately 105,000 customers. Nayax achieved a low customer churn rate of under 3% annually and an adjusted EBITDA of nearly $13 million, representing 13% of total revenue. Total transaction value increased by more than 34% to nearly $1.6 billion, driving processing revenue growth of 35% for the quarter. Nayax reaffirmed its full-year 2025 guidance, expecting revenue growth of 30% to 35%, and adjusted EBITDA between $65 million and $70 million. The company highlighted significant strategic partnerships, particularly in the EV charging sector, including a deal with Autel Energy to supply 100,000 UNO Mini devices, emphasizing its expanding presence in new verticals and ongoing market share gains.Nayax Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 433.46M | 314.01M | 235.49M | 173.51M | 119.13M |
| Gross Profit | 193.54M | 141.53M | 88.29M | 60.04M | 48.16M |
| EBITDA | 57.39M | 23.70M | 458.00K | -26.71M | -15.54M |
| Net Income | 38.45M | -5.63M | -15.89M | -37.51M | -24.76M |
Balance Sheet | |||||
| Total Assets | 852.82M | 432.89M | 323.86M | 230.49M | 216.01M |
| Cash, Cash Equivalents and Short-Term Investments | 412.76M | 92.46M | 39.66M | 33.96M | 87.38M |
| Total Debt | 337.70M | 54.90M | 75.10M | 29.52M | 19.96M |
| Total Liabilities | 621.75M | 267.65M | 226.27M | 125.85M | 84.33M |
| Stockholders Equity | 231.06M | 165.25M | 97.59M | 104.64M | 131.68M |
Cash Flow | |||||
| Free Cash Flow | 70.79M | 17.93M | -7.76M | -42.77M | -21.50M |
| Operating Cash Flow | 76.56M | 42.90M | 8.80M | -27.55M | -12.81M |
| Investing Cash Flow | -91.74M | -45.91M | -36.83M | -26.54M | -22.64M |
| Financing Cash Flow | 295.57M | 50.84M | 31.55M | 6.21M | 114.14M |
Nayax Technical Analysis
Neutral
17330.00
Price Trends
17602.00
Negative
16398.20
Positive
15967.25
Positive
Market Momentum
74.43
Positive
45.08
Neutral
19.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:NYAX, the sentiment is Neutral. The current price of 17330 is below the 20-day moving average (MA) of 17858.00, below the 50-day MA of 17602.00, and above the 200-day MA of 15967.25, indicating a neutral trend. The MACD of 74.43 indicates Positive momentum. The RSI at 45.08 is Neutral, neither overbought nor oversold. The STOCH value of 19.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IL:NYAX.
Nayax Peers Comparison
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IL:TOPG
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1,240.00
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IL:MLTM
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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.