Paysign, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Paysign, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.4	15.2	23.4	34.7	24.1	29.5	38	47.3	58.4	82
Cost of revenue	5.88	8.53	12	15.4	14.8	14.8	17.1	23.1	26.2	33.3
Gross profit	4.54	6.7	11.4	19.2	9.3	14.7	21	24.1	32.2	48.7
Selling, general and administrative	2.61	4.06	7.84	11.7	15.1	15	17.7	20.3	25.2	33
Operating expenses			8.92	13.1	17.6	17.5	20.6	24.3	31.2	41.4
Operating income	1.36	1.77	2.47	6.1	-8.34	-2.74	0.34	-0.17	1.02	7.36
Interest expense	0.08	0.03
Other non-operating income	-0.06	0.02	0.11	0.44
Pre-tax income	1.3	1.79	2.58	6.54	-8.25	-2.71	1.14	2.36	4.14	10
Income tax	0	0.01	0	-0.91	0.89	0.01	0.11	-4.09	0.32	2.48
Net income to minority interests				-0	0
Net income	1.4	1.79	2.59	7.45	-9.14	-2.72	1.03	6.46	3.82	7.55
EBITDA	1.93	2.64	3.56	7.58	-6.21	-0.24	3.25	3.86	7.02	15.7
EPS, basic	0.04	0.04	0.06	0.16	-0.19	-0.05	0.02	0.12	0.07	0.14
EPS, diluted	0.03	0.04	0.05	0.14	-0.19	-0.05	0.02	0.12	0.07	0.13
Shares, basic (weighted)	42.9	43.4	45.4	47.4	49.3	51	52	52.5	53.2	54.4
Shares, diluted (weighted)	43.9	48	52	54.6	49.3	51	52.9	54.2	55.6	59.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.6	17.2	31.7	45.6	7.83	7.39	89.9	109	122	165
Receivables	0.11	0.17	0.34	0.89	0.51	3.39	4.68	16.2	32.6	72.2
Other current assets	0.27	0.58	1.17	1.41	1.38	1.24	1.7	2.02	2.25	1.95
Total current assets	12	17.9	33.2	47.9	58	74.3	97.7	129	159	240
Property, plant and equipment	0.3	0.85	0.88	0.94	1.85	1.64	1.26	1.09	1.16	1.9
Lease right-of-use assets				0	4.32	3.99	3.61	3.22	2.79	5.73
Goodwill									0	4.49
Intangible assets	1.55	1.64	2.12	3.82	3.7	4.09	5.66	8.81	12.2	22.3
Total assets	13.9	20.4	36.2	53.5	67.8	84.1	108	147	179	276
Accounts payable	0.77	1.15	1.33	1.52	2.16	5.77	8.09	26.5	34.3	70.5
Deferred revenue				32.7	48.1	61.3	80.2	92.3	111	143
Short-term debt									0	1.86
Total current liabilities	11.1	15.6	27.3	34.2	50.6	67.4	88.6	119	146	216
Long-term debt	0.03	0							0	6.14
Lease liabilities				0	4.01	3.67	3.31	2.93	2.48	5.27
Total liabilities	11.2	15.6	27.3	34.2	54.6	71.1	92	122	149	228
Total debt	0.03	0							0	8
Paid-in capital	6.8	7.16	8.62	11.6	14.4	16.9	19.1	22	24.6	35.5
Retained earnings	-3.8	-2.01	0.58	8.09	-1.05	-3.77	-2.75	3.71	7.53	15.1
Treasury stock	-0.15	-0.15	-0.15	-0.15	-0.15	-0.15	-0.15	-1.28	-1.77	-2.15
Shareholders' equity	2.89	5.04	9.1	19.3	13.2	13	16.3	24.5	30.4	48.5
Minority interests	-0.19	-0.2	-0.21	-0.26	0
Total equity	2.7	4.84	8.89	19.3	13.2	13	16.3	24.5	30.4	48.5
Total liabilities and equity	13.9	20.4	36.2	53.5	67.8	84.1	108	147	179	276
Shares outstanding	43.2	43.7	46.4	48.6		51.8	52.3	52.8	53.5	55.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.3	1.79	2.58	7.45	-8.25	-2.71	1.03	6.46	3.82	7.55
Depreciation and amortization	0.57	0.88	1.09	1.48	2.12	2.5	2.91	4.03	5.99	8.32
Stock-based compensation	0.09	0.31	1.37	2.53	2.97	2.28	2.28	2.85	2.6	4.26
Deferred income tax		0	0	-0.91	0.92	0	0	-4.3	0.3	2.27
Change in receivables	-0.09	-0.06	-0.17	-0.55	0.24	-2.88	-1.29	-11.5	-16.4	-39.6
Change in payables	0.42	0.38	0.18	0.2	0.82	3.6	2.32	18.5	7.81	36.6
Cash from operations	4.21	7.15	16	16.7	13.8	15.2	25.3	27.6	22.9	52.5
Capital expenditures	-0.11	-0.71	-0.26	-0.46	-1.38	-0.33	-0.11	-0.26	-0.43	-1.21
Cash from investing	-0.89	-1.52	-1.59	-3.24	-3.34	-2.68	-4.09	-7.05	-9.49	-10.1
Stock issued				0.43	0.17	0.19	0	0.01	0.03	0.66
Share buybacks							0	-1.13	-0.5	-0.38
Cash from financing	-0.14	-0.1	0.1	0.43	-0.07	0.19	0	-1.12	-0.47	0.28
Net change in cash	3.18	5.53	14.5	13.9	10.4	12.7	21.2	19.5	13	42.6
Free cash flow	4.1	6.44	15.7	16.2	12.4	14.9	25.2	27.4	22.5	51.2
Interest paid	0.08	0.05	0	0	0	0	0	0	0
Income taxes paid	0	0.02	0.01	0	0	0	0.04	0.21	0.14	0.41

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 $12.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.0%	Gross profit / revenue.
Operating margin	17.0%	Operating income / revenue.
EBITDA margin	26.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.0%	Pre-tax income / revenue.
Net margin	15.7%	Net income / revenue.
FCF margin	73.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	74.4%	Cash from operations / revenue.
Effective tax rate	21.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
SG&A / revenue	34.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	9.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	40.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	51.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.5%	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	39.3%	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	620.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	177.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	123.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	68.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	97.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	94.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	85.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	86.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	128.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.5%	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	30.7%	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	127.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.7%	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	32.8%	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	59.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	43.8%	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	29.7%	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	54.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	36.7%	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	32.4%	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	7.3%	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	4.1%	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	3.9%	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	1.14x	Current assets / current liabilities.
Quick ratio	1.13x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.71x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.7%	Total debt / total assets.
Liabilities / assets	81.0%	Total liabilities / total assets.
Net debt	-$171.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-6.46x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$34.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$34.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.32x	Revenue / average total assets.
Fixed asset turnover	51.7x	Revenue / average property, plant and equipment.
Receivables turnover	0.98x	Revenue / average receivables.
Days sales outstanding	374 days	365 x average receivables / revenue.
Days payables	908 days	365 x average accounts payable / cost of revenue.
FCF conversion	466.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.25	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	$1.62	Revenue / diluted weighted shares.
FCF per share	$1.19	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$1.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.62	Tangible book value / shares outstanding.
Cash per share	$3.13	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$715.4M	Share price x shares outstanding.
Enterprise value	$544.1M	Market cap + total debt - cash - short-term investments.
P/E	45.4x	Market cap / net income. Only when net income is positive.
P/S	7.11x	Market cap / revenue.
P/B	11.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	20.5x	Market cap / tangible book value, when positive.
P/FCF	9.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.55x	Market cap / cash from operations, when positive.
EV/Sales	5.41x	Enterprise value / revenue.
EV/EBIT	31.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.40x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	0.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Paysign, Inc.'s revenue in fiscal 2025?

Paysign, Inc. reported revenue of $82.0M for fiscal 2025, 40.5% higher than the year before.

Was Paysign, Inc. profitable in fiscal 2025?

Yes. Net income was $7.6M, a net margin of 9.2%.

How much free cash flow did Paysign, Inc. generate in fiscal 2025?

Cash from operations of $52.5M minus capital expenditures of $1.2M left free cash flow of $51.2M.

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 Paysign, Inc.