Payoneer Global Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Payoneer Global Inc. 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	318	346	473	628	831	978	1,053
Research and development	34.8	52.3	80.8	115	119	135	155
Selling and marketing	61	76.8	114	165	197	212	235
General and administrative	31	37.6	64.4	90	101	113	141
Operating expenses	314	363	504	650	727	829	928
Operating income	3.64	-17.3	-30.2	-22.2	104	149	125
Pre-tax income	4.17	-15.3	-25.2	1.62	133	139	116
Income tax	4.71	8.32	8.71	13.6	39.2	18.3	42.4
Net income	-0.63	-23.7	-34	-12	93.3	121	73.2
EBITDA	14	-0.2	-12.2	-1.36	131	196	190
EPS, basic	-0.33	-0.80	-0.33	-0.03	0.26	0.34	0.20
EPS, diluted	-0.33	-0.80	-0.33	-0.03	0.24	0.31	0.19
Shares, basic (weighted)	36.1	47	203	348	362	358	361
Shares, diluted (weighted)	36.1	47	203	348	393	386	377

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	115	103	466	543	617	497	416
Receivables		17.8	13.8	12.9	7.98	11.9	10.4
Other current assets		10.4	25	36.3	40.7	88.2	90.7
Total current assets		3,570	4,963	6,471	7,109	7,100	8,111
Property, plant and equipment		12.7	12.1	14.4	15.5	16.1	32.4
Lease right-of-use assets			12.9	15.3	24.9	19.4	62.3
Goodwill		22.5	21.1	19.9	19.9	77.8	77.8
Intangible assets		34.4	37.5	45.4	76.3	102	208
Other non-current assets		12.2	13.5	12	16	30.2	33.8
Total assets		3,670	5,079	6,595	7,283	7,930	8,957
Accounts payable		17.2	17.2	41.6	33.9	37.3	44.6
Accrued liabilities		19.5	10.7	10	12.4	14.7	17.4
Deferred revenue							5.35
Short-term debt		13.5
Total current liabilities		3,441	4,498	5,978	6,542	7,131	8,084
Long-term debt		26.5	13.7	16.1	18.4
Lease liabilities			4.06	6.51
Other non-current liabilities		12.4	20.3	29.8	49.9	73	143
Total liabilities		3,480	4,592	6,049	6,619	7,206	8,252
Total debt		40	13.7	16.1	18.4
Paid-in capital		79.7	575	650	733	821	896
Retained earnings		-60.1	-94.1	-109	-15.2	106	179
Treasury stock					-56.9	-194	-369
Other comprehensive income		4.17	2.25	-0.18	-0.18	-12.6	-6.28
Shareholders' equity	-5.36	24.3	487	545	664	725	704
Total equity	-5.36	24.3	487	545	664	725	704
Total liabilities and equity		3,670	5,079	6,595	7,283	7,930	8,957
Shares outstanding		48.6	340	353	358	360	349

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.63	-23.7	-34	-12	93.3	121	73.2
Depreciation and amortization	10.3	17.1	18	20.9	27.8	47.3	65.6
Stock-based compensation	9.54	11.1	37	52.1	65.8	64.8	73.1
Deferred income tax	-0.69	-0.71	-1.22	0.73	-11.1	-22.6	-17.4
Change in receivables	1.2	-3.87	3.93	0.96	4.9	0.34	1.53
Cash from operations	-14.3	9.53	20	84	159	177	233
Capital expenditures	-9.15	-4.99	-6.89	-10.5	-8.46	-8.19	-26.9
Acquisitions		-15.5				-48.2	-33.1
Purchases of investments						-1,444	-446
Sales and maturities of investments						277	329
Cash from investing	-20.6	-66.9	10.2	5.73	-44.3	-1,961	-218
Debt issued	60		17.4
Debt repaid		-20	-43.8
Stock issued	1.04	0.85	19	21.3	13.2	21.1
Share buybacks					-55.4	-138	-174
Cash from financing	354	1,673	1,396	1,461	512	428	738
Exchange rate effect	0.52	0.64	-1.22	-2.72
Net change in cash	319	1,617	1,425	1,548	632	-1,360	758
Free cash flow	-23.5	4.53	13.1	73.5	151	169	207
Interest paid	0.31	1.89	1.92	1.47	1.77	1.4
Income taxes paid	1.94	5.71	3.69	9.43	40.9	52.3	13

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.4%	Operating income / revenue.
EBITDA margin	17.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	8.6%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	16.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.5%	Cash from operations / revenue.
Effective tax rate	46.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Return on invested capital (ROIC)	19.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.8%	Research and development expense / revenue.
Stock-based pay / revenue	6.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	7.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-16.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-3.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-39.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-38.7%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	32.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	40.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	89.6%	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	22.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	114.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	96.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	51.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	92.5%	Total liabilities / total assets.
Working capital	$23.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$352.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Fixed asset turnover	23.2x	Revenue / average property, plant and equipment.
Receivables turnover	81.6x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
FCF conversion	360.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.15	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.
Revenue per share	$3.20	Revenue / diluted weighted shares.
FCF per share	$0.54	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.66	Cash from operations / diluted weighted shares.
Book value per share	$1.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.04	Tangible book value / shares outstanding.
Cash per share	$1.02	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	119.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.43B	Share price x shares outstanding.
Enterprise value	$2.08B	Market cap + total debt - cash - short-term investments.
P/E	48.3x	Market cap / net income. Only when net income is positive.
P/S	2.25x	Market cap / revenue.
P/B	3.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.90x	Market cap / tangible book value, when positive.
P/FCF	13.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.9x	Market cap / cash from operations, when positive.
EV/Sales	1.93x	Enterprise value / revenue.
EV/EBIT	18.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	11.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.5%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was Payoneer Global Inc.'s revenue in fiscal 2025?

Payoneer Global Inc. reported revenue of $1.05B for fiscal 2025, 7.7% higher than the year before.

Was Payoneer Global Inc. profitable in fiscal 2025?

Yes. Net income was $73.2M, a net margin of 7%.

How much free cash flow did Payoneer Global Inc. generate in fiscal 2025?

Cash from operations of $233.5M minus capital expenditures of $26.9M left free cash flow of $206.6M.

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.

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