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Payoneer
(NASDAQ:PAYO)
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Rating:74Outperform
Price Target:
$8.00
▲(12.36% Upside)
Action:Reiterated
Date:08/07/26
PAYO scores well primarily on financial strength (low leverage, strong cash generation, and sustained profitability) and a positive earnings-call backdrop with raised guidance and strong B2B/ARPU momentum. Technicals are supportive but not exceptional, while valuation is the key restraint given the elevated P/E and no dividend yield. The Nuvei cash acquisition adds incremental support but carries closing/approval risk.
Positive Factors
Conservative balance sheet
Very low leverage and effectively zero TTM debt give Payoneer durable financial flexibility. This limits refinancing risk, supports continued investment or capital returns, and makes the company more resilient to macro shocks over the next 2–6 months.
Negative Factors
Margin and ROE compression
Material margin and ROE contraction signals structural pressure on profitability—from mix, costs or lower take rates—which can persist as volumes shift into lower‑take corridors and as investments raise operating expenses, limiting long‑term earnings leverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and effectively zero TTM debt give Payoneer durable financial flexibility. This limits refinancing risk, supports continued investment or capital returns, and makes the company more resilient to macro shocks over the next 2–6 months.
Read all positive factors
Payoneer (PAYO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.40B
Dividend YieldN/A
Average Volume (3M)7.24M
Price to Earnings (P/E)50.2
Beta (1Y)1.57
Revenue Growth6.31%
EPS Growth-48.91%
CountryUS
Employees2,540
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.14
Shares Outstanding338,850,830
10 Day Avg. Volume2,440,714
30 Day Avg. Volume7,238,901
Financial Highlights & Ratios
PEG Ratio-0.68
Price to Book (P/B)2.88
Price to Sales (P/S)1.93
P/FCF Ratio9.82
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$7.40Price Target Upside3.93% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.26
Revenue Forecast (FY)$1.12B
Payoneer Business Overview & Revenue Model
Company Description
Payoneer Global Inc. provides a foundational digital platform that empowers global commerce and payment processing for marketplaces, various online platforms, and e-commerce merchants worldwide. The company offers a comprehensive array of solution...
How the Company Makes Money
Payoneer primarily makes money by charging fees and earning financial income on the payment flows and account balances it processes for customers.
Key revenue streams include:
1) Transaction and service fees: Payoneer charges fees tied to usage o...
Payoneer Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08B | 1.05B | 977.72M | 831.10M | 627.62M | 473.40M |
| Gross Profit | 843.47M | 821.91M | 825.61M | 708.81M | 517.46M | 371.93M |
| EBITDA | 185.28M | 181.21M | 148.17M | 140.62M | 20.03M | -18.00M |
| Net Income | 50.27M | 73.19M | 121.16M | 93.33M | -11.97M | -33.99M |
Balance Sheet | ||||||
| Total Assets | 8.76B | 8.96B | 7.93B | 7.28B | 6.59B | 5.08B |
| Cash, Cash Equivalents and Short-Term Investments | 7.82B | 415.54M | 497.47M | 617.02M | 543.30M | 465.93M |
| Total Debt | 86.16M | 72.33M | 21.38M | 43.42M | 31.01M | 27.02M |
| Total Liabilities | 8.11B | 8.25B | 7.21B | 6.62B | 6.05B | 4.59B |
| Stockholders Equity | 653.53M | 704.43M | 724.79M | 664.27M | 545.26M | 487.07M |
Cash Flow | ||||||
| Free Cash Flow | 162.74M | 206.62M | 116.53M | 111.70M | 55.13M | -884.00K |
| Operating Cash Flow | 222.10M | 233.49M | 176.93M | 159.49M | 83.96M | 20.02M |
| Investing Cash Flow | -34.46M | -218.34M | -1.96B | -44.25M | 5.73M | 10.16M |
| Financing Cash Flow | 480.17M | 738.04M | 427.77M | 511.95M | 1.46B | 1.40B |
Payoneer Technical Analysis
Positive
7.12
Price Trends
6.83
Positive
5.88
Positive
5.71
Positive
Market Momentum
0.07
Positive
59.55
Neutral
7.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PAYO, the sentiment is Positive. The current price of 7.12 is below the 20-day moving average (MA) of 7.12, above the 50-day MA of 6.83, and above the 200-day MA of 5.71, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 59.55 is Neutral, neither overbought nor oversold. The STOCH value of 7.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $4.90B | 16.25 | 32.97% | ― | 23.79% | 1992.92% | |
77 Outperform | $26.20B | 24.08 | 30.40% | ― | 20.36% | 11.15% | |
77 Outperform | $4.24B | 21.38 | 37.04% | 1.36% | 46.60% | 66.04% | |
74 Outperform | $2.40B | 50.21 | 7.27% | ― | 6.31% | -48.91% | |
71 Outperform | $1.62B | 158.88 | 0.27% | ― | 22.41% | ― | |
66 Neutral | $2.65B | 9.72 | 23.02% | ― | 5.76% | -3.78% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
PAYO
Payoneer
7.09
0.31
4.57%
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MQ
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DLO
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RELY
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4.21
21.70%
Payoneer Corporate Events
Business Operations and StrategyM&A Transactions
Payoneer to Be Acquired by Nuvei in Cash Deal
Positive
Jun 15, 2026
On June 12, 2026, Payoneer Global Inc. agreed to be acquired by Canadian payments firm Nuvei under a merger in which a Nuvei subsidiary will merge into Payoneer, leaving Payoneer as a wholly owned Nuvei unit and giving Payoneer shareholders $7.40 ...
Executive/Board ChangesShareholder Meetings
Payoneer Shareholders Reaffirm Board, Auditor and Executive Pay
Positive
Jun 9, 2026
At its June 9, 2026 annual meeting, Payoneer Global Inc. shareholders re-elected Class II directors John Caplan, Amir Goldman and Susanna Morgan, reinforcing continuity in the company’s board and governance structure. The voting results show...
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.