Nayax Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Nayax Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	78.8	119	174	235	314	400
Cost of revenue	41.6	71	113	147	172	207
Gross profit	37.2	48.2	60	88.3	142	193
Research and development	9.3	19	22.1	21.9	25.4	30
Selling, general and administrative	26.5	45.4	64.1	70.3	98.2	121
Operating income	-2.22	-22.5	-34	-12.4	3.11	37.6
Interest expense	3.87	1.66	3.46	4.78	10.9	13.7
Interest income			0.44	2.49	3.41	10.7
Pre-tax income	-6.1	-24.1	-37.1	-14.7	-4.38	34.6
Income tax	-0.02	0.63	0.45	1.22	1.25	-0.95
Net income to minority interests	0.17	-0.01	0	0
Net income	-6.08	-24.8	-37.5	-15.9	-5.63	35.5
EBITDA	-0.66	-20.3	-30.7	-7.94	10.6	46.2
EPS, basic	-0.25	-0.82	-1.14	-0.48	-0.16	0.96
EPS, diluted	-0.25	-0.82	-1.14	-0.48	-0.16	0.94

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.2	87.3	33.9	38.4	83.1	320
Receivables		19.3	27.4	41.3	55.7	104
Inventory		7.69	23.8	20.6	19.8	28.6
Total current assets		156	150	203	288	620
Property, plant and equipment	5.05	6.23	6.67	5.49	11.1	20.4
Lease right-of-use assets	4.76	5.28	7.38	5.34	6.29	8.91
Total assets		216	230	324	433	853
Short-term debt		0	7.68	47.5	25.3	0
Total current liabilities		70.2	110	204	219	274
Lease liabilities	5.15	5.39	5.94	4.15	4.08	6.4
Total liabilities		84.3	126	226	268	622
Retained earnings		-28.7	-56.6	-65.6	-63.3	-19.6
Shareholders' equity		132	105
Total equity	12.5	132	105	97.6	165	231
Total liabilities and equity		216	230	324	433	853

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-6.08	-24.8	-37.5	-15.9	-5.63	35.5
Depreciation and amortization	1.56	2.2	3.37	4.44	7.48	8.66
Cash from operations	6.49	-12.8	-27.5	8.8	42.9	40.3
Capital expenditures	-2.13	-2.64	-1.52	-0.61	-3.08	-5.33
Cash from investing	-8.57	-22.6	-26.5	-36.8	-45.9	-78.7
Debt issued	4.73	-1.97	0	0	22.8	0
Debt repaid	-0.92	-2.18	-2.58	-3.63	-3.84	0
Stock issued	0	133	0	0
Cash from financing	6.05	114	6.21	31.6	50.8	266
Exchange rate effect	-0.22	0.63	-6.19	0.91	-2.69	11.2
Net change in cash	3.96	78.7	-47.9	3.52	47.8	227
Free cash flow	4.36	-15.4	-29.1	8.19	39.8	35

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $45.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.2%	Gross profit / revenue.
Operating margin	9.4%	Operating income / revenue.
EBITDA margin	11.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.6%	Pre-tax income / revenue.
Net margin	8.9%	Net income / revenue.
FCF margin	8.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.1%	Cash from operations / revenue.
Effective tax rate	-2.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	5.5%	Net income / average total assets.
R&D / revenue	7.5%	Research and development expense / revenue.
SG&A / revenue	30.3%	Selling, general and administrative expense / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	38.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	36.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1,110.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	336.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-6.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	44.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-12.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	51.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	97.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	54.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.26x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.16x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	72.9%	Total liabilities / total assets.
Interest coverage	2.75x	Operating income / interest expense.
Working capital	$345.7M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	25.4x	Revenue / average property, plant and equipment.
Inventory turnover	8.58x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	5.02x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
FCF conversion	98.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.96	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$1.68B	Share price x shares outstanding.
Enterprise value	$1.36B	Market cap + total debt - cash - short-term investments.
P/E	47.4x	Market cap / net income. Only when net income is positive.
P/S	4.20x	Market cap / revenue.
P/FCF	48.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	41.8x	Market cap / cash from operations, when positive.
EV/Sales	3.40x	Enterprise value / revenue.
EV/EBIT	36.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	39.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).

What was Nayax Ltd.'s revenue in fiscal 2025?

Nayax Ltd. reported revenue of $400.4M for fiscal 2025, 27.5% higher than the year before.

Was Nayax Ltd. profitable in fiscal 2025?

Yes. Net income was $35.5M, a net margin of 8.9%.

How much free cash flow did Nayax Ltd. generate in fiscal 2025?

Cash from operations of $40.3M minus capital expenditures of $5.3M left free cash flow of $35.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Nayax Ltd.