Nayax Ltd. (IL:NYAX)
TASE:NYAX
Want to see IL:NYAX full AI Analyst Report?
Top Page
Nayax
(TASE:NYAX)
Select Model
Select Model
Rating:68Neutral
Price Target:
21,844.00
▲(12.66% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by improving financial performance and upbeat forward guidance (accelerating growth, margin expansion targets, and improving profitability), tempered by elevated leverage and a high P/E valuation that increases downside risk if execution or cash conversion disappoints. Technical signals are generally neutral and do not materially amplify the fundamental upside.
Positive Factors
High recurring revenue and retention
A ~72% recurring revenue mix with ~120% net revenue retention creates durable, subscription-like cash flows and high customer stickiness. This reduces reliance on one-time hardware sales, supports margin resilience, and underpins predictable revenue growth and upsell economics over multiple years.
Negative Factors
Elevated leverage and limited net cash buffer
Material debt increase and leverage above historical norms reduce financial flexibility and increase sensitivity to funding costs or execution hiccups. Near-parity of cash and debt limits cushion for larger M&A or unexpected working-capital swings, raising medium-term refinancing and liquidity risk.
Read all positive and negative factors
Positive Factors
Negative Factors
High recurring revenue and retention
A ~72% recurring revenue mix with ~120% net revenue retention creates durable, subscription-like cash flows and high customer stickiness. This reduces reliance on one-time hardware sales, supports margin resilience, and underpins predictable revenue growth and upsell economics over multiple years.
Read all positive factors
Nayax (NYAX) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪7.42B
Dividend YieldN/A
Average Volume (3M)61.08K
Price to Earnings (P/E)48.6
Beta (1Y)0.70
Revenue Growth18.20%
EPS GrowthN/A
CountryIL
Employees1,100
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)103.74
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
₪18,625.94Price Target Upside-3.94% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.89
Revenue Forecast (FY)₪513.18M
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:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: revenue growth of 28%, record margins (gross margin 48.2%), meaningful profitability (first-ever net income of $35.5M), robust platform scale (1.46M devices, $6.4B transaction volume, 32% growth), and confident 2026 guidance. Key challenges are short-term cash flow/working capital timing impacts, take-rate volatility, and the inclusion of a $10.3M one-time gain in net income. Management provided clear plans to revert working capital timing, expand ARPU via embedded financial services and e-commerce, and pursue accretive M&A with ample cash resources, supporting a favorable forward view despite near-term cash conversion noise.Positive Updates
Historic Profitability Inflection
Net income of $35.5 million in 2025 compared to a loss the prior year, marking the company's first-ever net income and demonstrating the earning power of the business model (note: includes a $10.3 million one-time gain related to share purchases).
Negative Updates
Free Cash Flow Shortfall and Working Capital Drag
Free cash flow in 2025 was approximately $12 million (about 20% of adjusted EBITDA), below guidance due to working capital investments: advanced payments for VPOS Media inventory and increased accounts receivable from strong December hardware sales.
Read all updates
Q4-2025 Updates
Positive
Negative
Historic Profitability Inflection
Net income of $35.5 million in 2025 compared to a loss the prior year, marking the company's first-ever net income and demonstrating the earning power of the business model (note: includes a $10.3 million one-time gain related to share purchases).
Read all positive updates
Company Guidance
Management guided 2026 revenue of $510–$520 million (22–25% organic growth, including Lynkwell), adjusted EBITDA margin of ~17% (approximately $85–$90 million), and free cash flow conversion of about 40% of adjusted EBITDA; they expect to add 200,000–250,000 devices in 2026, maintain net revenue retention near 120% and recurring revenue around 70–72% of total, and continue ARPU/ATV expansion from current levels (~$239 ARPU, $2.25 ATV) while using a strong balance sheet (~$321M cash, $328M debt) to pursue M&A (guidance excludes any future deals beyond Lynkwell) as they progress toward their 2028 targets of $1B revenue, 50% gross margin and 30% adjusted EBITDA margin.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
Positive
19390.00
Price Trends
17617.40
Positive
16913.70
Positive
16094.80
Positive
Market Momentum
339.41
Negative
66.22
Neutral
81.76
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:NYAX, the sentiment is Positive. The current price of 19390 is above the 20-day moving average (MA) of 18209.50, above the 50-day MA of 17617.40, and above the 200-day MA of 16094.80, indicating a bullish trend. The MACD of 339.41 indicates Negative momentum. The RSI at 66.22 is Neutral, neither overbought nor oversold. The STOCH value of 81.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IL:NYAX.
Nayax Peers Comparison
UnderperformOutperform
Sector (61)
IL:NYAX
Nayax
20,570.00
5,670.00
38.05%
IL:FORTY
Formula
41,380.00
9,579.18
30.12%
IL:CMDR
Computer Direct
32,280.00
-4,983.36
-13.37%
IL:TOPG
Top Group
1,210.00
-79.50
-6.17%
IL:MLTM
Malam Team
8,431.00
944.00
12.61%
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.