Paysafe Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Paysafe 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,418	1,426	1,487	1,504	1,613	1,723	1,719
Cost of revenue	509	535	600	614	663	716	741
Gross profit	909	892	887	889	950	1,007	978
Research and development			8.57
Selling, general and administrative	443	466	545	535	508	576	564
Operating income	51.8	19.7	-269	-1,872	159	133	71.9
Interest expense	165	165	166	127	151	141	136
Other non-operating income	-13.9	-40.8	240	83.8	13.1	21.5	-7.56
Pre-tax income	-127	-186	-195	-1,915	20.6	14	-72.1
Income tax	-16.5	-59.2	-85.1	-52.5	40.8	-8.14	110
Net income to minority interests	0.06	0	0.63	0.37	0	0
Net income	-110	-127	-111	-1,863	-20.3	22.2	-183
EBITDA	332	288	-7.9	-1,605	423	408	348
EPS, basic	-1.75	-2.10	-1.84	-30.78	-0.33	0.36	-3.14
EPS, diluted	-1.75	-2.10	-1.84	-30.78	-0.33	0.36	-3.14
Shares, basic (weighted)	62	60.3	60.3	60.5	61.4	60.9	58.1
Shares, diluted (weighted)	62	60.3	60.3	60.5	61.4	61.9	58.1

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	235	388	313	260	202	217	250
Receivables		117	148	159	162	158	138
Other current assets		63.3	64.5	60.8	74.9	81.3	114
Total current assets		2,201	2,343	2,495	1,906	1,677	1,750
Property, plant and equipment		18.7	14.9	11.9	17.2	24.3	28.4
Lease right-of-use assets		40.2	33.1	35.5	22.1	40.6	40.3
Goodwill	3,437	3,482	3,650	1,999	2,023	1,977	2,076
Intangible assets		1,525	1,202	1,291	1,164	981	874
Other non-current assets		0.51	1.86	2.05	6.84	12.8	16.9
Total assets		7,409	7,267	5,957	5,228	4,809	4,804
Accounts payable		27.2	18.6	46	49.7	57.6	60.1
Accrued liabilities		86.4	72.3	91.7	67.8	59.3	65.5
Short-term debt		15.4	10.2	10.2	10.2	10.2	10.2
Total current liabilities		1,825	1,659	2,298	1,713	1,446	1,414
Long-term debt		3,247	2,748	2,633	2,492	2,353	2,605
Lease liabilities		34.5	28	29.9	17	35.6	33.8
Other non-current liabilities		0.97	0
Total liabilities		5,476	4,559	5,097	4,344	3,930	4,149
Total debt		3,262	2,758	2,643	2,502	2,364	2,615
Paid-in capital		2,189	2,950	3,136	3,166	3,199	3,223
Retained earnings		-266	-377	-2,239	-2,260	-2,238	-2,420
Treasury stock					0	-42.6	-133
Other comprehensive income		-2.42	-3.83	-38.1	-23.7	-40.5	-15.9
Shareholders' equity		1,922	2,570	860
Minority interests		11.3	138	0
Total equity	2,064	1,933	2,708	860	883	879	655
Total liabilities and equity		7,409	7,267	5,957	5,228	4,809	4,804
Shares outstanding		125	60.3	60.8	61.7	59.9	51.7

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-110	-127	-110	-1,862	-20.3	22.2	-183
Depreciation and amortization	280	268	261	267	264	275	276
Stock-based compensation	0	0	102	62.4	28.9	38.5	32.3
Deferred income tax	-27.4	-61.1	-97	-82.9	19.7	-33.2	74.4
Change in receivables	-31	-46.5	-42.6	-34.2	-18.8	-43.2	-12.8
Cash from operations	289	409	261	237	234	254	236
Capital expenditures	-9.66	-5.39	-5.62	-4.54	-12.8	-15.9	-12.6
Acquisitions		-9.18	-264	-425	0	0
Cash from investing	-161	-51.2	-411	-576	-135	-108	-140
Debt issued	190	270	2,962	121	126	220	252
Debt repaid	-129	-362	-3,433	-149	-122	-175	-156
Cash from financing	72.7	-75.5	446	606	-771	-281	-163
Exchange rate effect	-15.8	99.1	-88.6	-112	43.3	-64.3	114
Net change in cash	185	381	208	155	-629	-200	46.7
Free cash flow	279	404	256	233	221	238	224
Interest paid	167	154	91.5	102	154	151	132
Income taxes paid	24.5	0.79	36.3	-13.2	43.8	30.8	36.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $6.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.9%	Gross profit / revenue.
Operating margin	4.2%	Operating income / revenue.
EBITDA margin	20.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-4.2%	Pre-tax income / revenue.
Net margin	-10.6%	Net income / revenue.
FCF margin	13.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.7%	Cash from operations / revenue.
Return on assets (ROA)	-3.8%	Net income / average total assets.
SG&A / revenue	32.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.7%	Capital expenditures / revenue.
D&A / revenue	16.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	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	1.9%	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	-46.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	29.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	3.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-923.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-972.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-7.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.1%	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	-10.4%	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	-6.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.3%	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	-11.1%	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	-0.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.9%	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	-8.3%	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	-6.2%	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	-1.4%	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	-0.8%	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	1.24x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.18x	(Cash + short-term investments) / current liabilities.
Debt / assets	54.4%	Total debt / total assets.
Liabilities / assets	86.4%	Total liabilities / total assets.
Net debt	$2.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.79x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.53x	Operating income / interest expense.
Working capital	$336.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	61.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	65.3x	Revenue / average property, plant and equipment.
Receivables turnover	11.6x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
Days payables	29 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	5.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.14	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	-$3.14	Net income per basic share, as reported (split-adjusted).
Revenue per share	$29.61	Revenue / diluted weighted shares.
FCF per share	$3.85	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.07	Cash from operations / diluted weighted shares.
Cash per share	$4.84	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$409.4M	Share price x shares outstanding.
Enterprise value	$2.77B	Market cap + total debt - cash - short-term investments.
P/S	0.24x	Market cap / revenue.
P/FCF	1.83x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.73x	Market cap / cash from operations, when positive.
EV/Sales	1.61x	Enterprise value / revenue.
EV/EBIT	38.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.97x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	54.6%	Free cash flow / market cap.
Earnings yield	-44.6%	Net income / market cap (the inverse of P/E).

What was Paysafe Ltd's revenue in fiscal 2025?

Paysafe Ltd reported revenue of $1.72B for fiscal 2025, 0.2% lower than the year before.

Was Paysafe Ltd profitable in fiscal 2025?

No. It reported a net loss of $182.5M.

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

Cash from operations of $236.2M minus capital expenditures of $12.6M left free cash flow of $223.6M.

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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