Paymentus Holdings, Inc. (PAY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-73.1%

$9.26

vs $34.48 price

Levered DCF

$18.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

25.6

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
P/E	59.6×	90.75×	99.28×	-1,907.14×	583×	388.72×	373.5×	-18.34×
P/B	7.29×	8.37×	5.14×	2.46×	10.22×	39.29×	48.99×	4.24×
P/S	3.42×	4.66×	3.59×	1.97×	9.97×	10.98×	14.26×	1.71×
EV / EBITDA	29.87×	42.75×	36.58×	37.06×	160.02×	123.72×	136.81×	119.95×
Gross margin	24.8%	27.3%	29.7%	30.1%	30.7%	30.7%	31.6%	38.1%
Operating margin	6.3%	5.1%	2.9%	-0.6%	2.6%	6.1%	7.8%	2.6%
Net margin	5.6%	5.1%	3.6%	-0.1%	2.4%	4.5%	5.8%	-9.3%
Current ratio	4.46×	4.24×	4.31×	4.45×	3.45×	2.57×	5.18×	1.33×
Debt / equity	0.02×	0.02×	0.02×	0.03×	0.03×	0.12×	0.01×	1.1×
Interest coverage	0×	0×	0×	0×	1,728.83×	0×	0×	1.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.9%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	370.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2017
Return on equity	11.9%	9.1%	5.2%	-0.1%	2.4%	16.2%	20.0%	-23.0%
Return on invested capital	10.4%	7.4%	3.6%	-0.3%	2.3%	14.1%	19.1%	2.6%
Return on assets	10.0%	7.7%	4.4%	-0.1%	2.0%	11.0%	17.0%	-7.5%
Free cash flow yield	4.0%	1.6%	1.6%	-1.2%	-0.0%	0.6%	0.1%	3.1%
Earnings yield	1.6%	1.1%	1.0%	-0.1%	0.2%	0.4%	0.4%	-5.4%
Enterprise value	$3.8B	$3.9B	$2B	$843.3M	$3.8B	$3.3B	$3.3B	$3.9B
Net debt / EBITDA	-2.48×	-2.18×	-3.03×	-5.92×	-6.64×	-1.38×	-1.1×	21.53×
Cash conversion cycle (days)	6	23	16	20	10	7	28	57