Payoneer (PAYO)
NASDAQ:PAYO
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Payoneer
(NASDAQ:PAYO)
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Rating:75Outperform
Price Target:
$6.00
▲(13.85% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (profitability, robust cash generation, and a very low-leverage balance sheet) and a constructive earnings update with raised guidance and accelerating B2B momentum. These positives are tempered by margin compression versus 2024, mixed longer-term technical trend (below 100/200 DMA), and only moderate valuation support given the P/E and no dividend yield data.
Positive Factors
Strong free cash flow generation
Sustained, growing free cash flow (~$215M TTM) and operating cash flow (~$232M TTM) provide durable internal financing for product investment, buybacks, and working-capital needs. Reliable cash conversion supports resilience through cycles and funds strategic initiatives without heavy external borrowing.
Negative Factors
Margin compression vs 2024 peak
Significant margin deceleration from 2024 levels reduces durable profitability and free cash generation per dollar of revenue. If structural pressures (mix, lower take rates, or rising costs) persist, sustaining past returns will be harder and require either renewed pricing power or continued cost efficiency gains to restore margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained, growing free cash flow (~$215M TTM) and operating cash flow (~$232M TTM) provide durable internal financing for product investment, buybacks, and working-capital needs. Reliable cash conversion supports resilience through cycles and funds strategic initiatives without heavy external borrowing.
Read all positive factors
Payoneer (PAYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.73B
Dividend YieldN/A
Average Volume (3M)3.71M
Price to Earnings (P/E)21.3
Beta (1Y)1.56
Revenue Growth7.19%
EPS Growth-36.03%
CountryUS
Employees2,407
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.20
Shares Outstanding334,778,660
10 Day Avg. Volume3,118,569
30 Day Avg. Volume3,711,950
Financial Highlights & Ratios
PEG Ratio-0.67
Price to Book (P/B)2.88
Price to Sales (P/S)1.93
P/FCF Ratio9.82
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue1.37
Enterprise Value/Gross Profit1.69
Enterprise Value/Ebitda7.05
Forecast
1Y Price Target
$7.07Price Target Upside34.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.26
Revenue Forecast (FY)$1.12B
Payoneer Business Overview & Revenue Model
Company Description
Payoneer Global Inc. operates a payment and commerce-enabling platform that facilitates marketplaces, platforms and online merchants worldwide. It delivers a suite of services that includes cross-border payments, B2B accounts payable/accounts rece...
How the Company Makes Money
Payoneer primarily generates revenue from fees tied to moving money internationally and providing account-based financial services to its customers. Key revenue streams include: (1) Transaction revenues: fees for cross-border payments and payouts ...
Payoneer Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum driven by a powerful B2B acceleration, robust ARPU growth, record adjusted EBITDA performance and an upward revision to full-year guidance. These positives outweigh the challenges: modest GAAP revenue growth, interest-income and take-rate pressure from lower rates, higher operating costs in some areas, and exposure from only partial hedging of customer funds. Strategic investments (stablecoin, AI, regulatory/licensing) and successful product migrations (Stripe checkout) support confidence in mid-teens exit growth and continued margin expansion.Positive Updates
Revenue ex Interest Accelerated
Revenue excluding interest income grew 11% year-over-year to $210M (accelerating ~200 basis points sequentially), and total revenue was $262M, up 6% YoY.
Negative Updates
Modest Overall Top-Line Growth
Total GAAP revenue growth was modest at 6% YoY ($262M), indicating that interest income headwinds and mix effects limited full revenue growth despite stronger revenue-ex-interest performance.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue ex Interest Accelerated
Revenue excluding interest income grew 11% year-over-year to $210M (accelerating ~200 basis points sequentially), and total revenue was $262M, up 6% YoY.
Read all positive updates
Company Guidance
Payoneer raised its 2026 outlook to total revenue of $1.10–$1.14 billion (a $10M midpoint increase vs. February), which includes $200M of interest income and $900–$940M of revenue excluding interest; it increased total adjusted EBITDA to $285–$295M while keeping guidance unchanged for revenue ex‑interest, transaction costs and adjusted OpEx (adjusted OpEx expected to rise mid‑single digits, roughly 6–7%), and expects to more than double core adjusted EBITDA to $90M at the midpoint, to exit 2026 at a mid‑teens revenue growth rate, to sustain B2B volume growth of >30% for the remainder of the year, to see marketplace volumes in the mid‑single digits with back‑half acceleration, checkout volumes flat to modest mid‑single digits, and Q2 revenue growth broadly stable versus Q1.Payoneer Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.07B | 1.05B | 977.72M | 831.10M | 627.62M | 473.40M |
| Gross Profit | 868.20M | 821.91M | 825.61M | 708.81M | 517.46M | 371.93M |
| EBITDA | 208.29M | 181.21M | 148.17M | 140.62M | 20.03M | -18.00M |
| Net Income | 72.18M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M |
Balance Sheet | ||||||
| Total Assets | 8.60B | 8.96B | 7.93B | 7.28B | 6.59B | 5.08B |
| Cash, Cash Equivalents and Short-Term Investments | 7.58B | 415.54M | 497.47M | 617.02M | 543.30M | 465.93M |
| Total Debt | 80.03M | 72.33M | 21.38M | 43.42M | 31.01M | 22.95M |
| Total Liabilities | 7.94B | 8.25B | 7.21B | 6.62B | 6.05B | 4.59B |
| Stockholders Equity | 659.08M | 704.43M | 724.79M | 664.27M | 545.26M | 487.07M |
Cash Flow | ||||||
| Free Cash Flow | 215.38M | 206.62M | 116.53M | 111.70M | 55.13M | -884.00K |
| Operating Cash Flow | 231.60M | 233.49M | 176.93M | 159.49M | 83.96M | 20.02M |
| Investing Cash Flow | -231.25M | -218.34M | -1.96B | -44.25M | 5.73M | 10.16M |
| Financing Cash Flow | 754.83M | 738.04M | 427.77M | 511.95M | 1.46B | 1.40B |
Payoneer Technical Analysis
Neutral
5.27
Price Trends
4.97
Positive
5.35
Negative
5.86
Negative
Market Momentum
0.05
Negative
62.59
Neutral
95.01
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAYO, the sentiment is Neutral. The current price of 5.27 is above the 20-day moving average (MA) of 4.85, above the 50-day MA of 4.97, and below the 200-day MA of 5.86, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 62.59 is Neutral, neither overbought nor oversold. The STOCH value of 95.01 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PAYO.
Payoneer Risk Analysis
Payoneer disclosed 39 risk factors in its most recent earnings report. Payoneer reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Payoneer Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $5.06B | 16.85 | 12.66% | ― | 27.27% | ― | |
75 Outperform | $1.73B | 21.31 | 10.01% | ― | 7.19% | -36.03% | |
74 Outperform | $343.25M | 52.05 | 17.19% | ― | 40.50% | 94.41% | |
73 Outperform | $4.04B | 18.77 | 38.09% | ― | 46.60% | 66.04% | |
68 Neutral | $1.77B | 55.80 | 0.27% | ― | 23.39% | -94.62% | |
64 Neutral | $2.94B | 7.44 | 14.40% | 1.40% | 4.00% | 3.63% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
PAYO
Payoneer
5.12
-2.34
-31.37%
PAGS
Pagseguro Digital
9.78
0.64
7.01%
PAYS
PaySign
6.65
3.63
120.20%
MQ
Marqeta
3.99
-0.84
-17.39%
DLO
DLocal
12.69
3.30
35.14%
RELY
Remitly Global
23.86
-0.36
-1.49%
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.