Payoneer Global Inc. (PAYO) 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

+43.4%

$10.27

vs $7.16 price

Levered DCF

$14.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.38

Distress zone

Rating

B+

Overall 3 / 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	FY2018
P/E	28.1×	29.53×	20.04×	-159.01×	-36.75×	-147.56×	-6,050×	-456.6×
P/B	2.88×	4.96×	2.84×	3.49×	5.13×	143.42×	-610.71×	23.68×
P/S	1.93×	3.68×	2.27×	3.03×	5.28×	10.08×	10.31×	12.59×
EV / EBITDA	9.31×	16.88×	8.19×	43.5×	-291.89×	2,050.37×	223.25×	840.28×
Gross margin	78.1%	84.4%	85.3%	82.4%	78.6%	71.9%	70.2%	68.7%
Operating margin	11.8%	15.2%	12.5%	-3.5%	-6.4%	-5.0%	1.1%	-0.7%
Net margin	7.0%	12.4%	11.2%	-1.9%	-7.2%	-6.9%	-0.2%	-2.8%
Current ratio	1×	1×	1.09×	1.08×	1.1×	1.04×	1.09×	1.13×
Debt / equity	0.1×	0.03×	0.07×	0.06×	0.06×	1.65×	-11.19×	0×
Interest coverage	0×	0×	0×	-2.19×	-137.31×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	16.7%	14.1%	-2.2%	-7.0%	-97.7%	11.7%	-5.2%
Return on invested capital	9.0%	16.1%	9.8%	26.3%	-5.1%	-7.1%	-0.3%	-1.1%
Return on assets	0.8%	1.5%	1.3%	-0.2%	-0.7%	-0.6%	-0.0%	-0.5%
Free cash flow yield	10.2%	3.2%	5.9%	2.9%	-0.0%	-0.1%	-1.0%	-0.5%
Earnings yield	3.6%	3.4%	5.0%	-0.6%	-1.4%	-0.7%	-0.0%	-0.2%
Enterprise value	$1.7B	$3.1B	$1.3B	$1.4B	$2.1B	$3.4B	$3.2B	$3.2B
Net debt / EBITDA	-1.89×	-2.57×	-3.58×	-16.01×	62.18×	-37.72×	-3.81×	-27.56×
Cash conversion cycle (days)	-37	-55	-72	-102	-2	24	30	0