Payoneer Global (PAYO) valuation at a glance
Payoneer Global (PAYO) trades below the fair value estimate shown here. At $5.43 versus a $8.00 estimate, that is a 47% upside.
- Price
- $5.43
- Fair value estimate
- $8.00
- Upside
- +47%
- Forward P/E
- 13.0×
- Market cap
- $2.70B
- P/S (TTM)
- 2.0×
CompaniesPAYO
Overview
PAYO
Payoneer Global
Financial ServicesFintechCross-BorderSMB Payments
$5.43+0.6%
Market Cap
$2.70B
company IR (FY2025)
P/E (TTM)
18.0×
via financials
Rev Growth YoY
16.0%
+16%SEC filing
Gross Margin
84.9%
SEC filing
FCF Yield
6.0%
calculated
Upside to FV
+47.3%
vs fair value
Conviction
4/5Cross-border SMB payments network with a fresh trust-bank charter — interest income on the float plus a lending ramp, at a single-digit forward multiple.
Research Depth
ScreeningDeep ResearchFull Model
Data as of 2026-06-02
Quality Snowflake
Overall 80/100
Value5/5
Future3/3
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Payoneer runs a cross-border payments network for SMBs and marketplaces, monetizing both transaction take rate and interest income on customer float. B2B volume grew ~44% YoY into a $56T global B2B payments TAM. A new OCC national trust-bank charter (filed Feb 2026) opens a measured lending and stablecoin ramp — slower than a full bank, but additive. At a low-teens forward multiple with a $497M net-cash position, the risk/reward favors patience.
Bull Case
Float IncomeInterest income is ~57% of revenue, a high-margin stream hedged via interest-rate swaps through 2028 (~$130M+/yr locked).
CharterOCC national trust-bank charter (filed Feb 2026) enables a lending ramp and a potential PAYO-USD stablecoin on $80B annual volume.
B2B GrowthB2B volume +44% YoY ($23.2B Q1 2026) into a $56T TAM at ~0.15% penetration — long runway.
Net Cash$497M cash, zero structural debt; downside is cushioned. Net cash is a large share of market cap.
ValuationTrades near 5× EV/EBITDA vs cross-border peers at 15–25×; even the peer floor (dLocal ~15×) implies a 3× re-rate.
Bear Case
Charter ScopeIt is a national trust-bank charter, not a full deposit-taking bank — the lending ramp may be slower than the market expects.
Rate Sensitivity~57% of revenue rides on float income; post-2028 a 200bps cut could be ~-$100M revenue once hedges roll off.
ConcentrationAmazon is ~23% of volume; a multi-year, deep relationship but a single-customer concentration risk.
CompetitionWorldFirst (Ant Group) can subsidize fees indefinitely; Wise and Airwallex pressure take rate.
Key Metrics
Market Cap
$2.70B
company IR (FY2025)
Enterprise Value
$2.20B
calculated
Revenue (TTM)
$932M
SEC filing
P/E (TTM)
18.0×
via financials
Forward P/E
13.0×
consensus
P/S (TTM)
2.0×
via financials
P/B
2.2×
via financials
EV/EBITDA
9.5×
calculated
PEG
0.9×
calculated
Revenue Growth
16.0%
SEC filing
Gross Margin
84.9%
SEC filing
Operating Margin
12.0%
SEC filing
Net Margin
11.0%
SEC filing
Free Cash Flow
$120M
SEC filing
FCF Yield
6.0%
calculated
Debt / Equity
0.2×
SEC filing
Current Ratio
2.1×
SEC filing
Short Interest
7.0%
exchange
Institutional Own.
85.0%
13F
Insider Own.
12.0%
proxy
Shares Out.
368.0M
SEC filing
Float
268.8M
exchange
Valuation
Price vs Fair Value
Bear$3.54
Base$6.88
Bull$12.37
Now $5.43
Bear Case
$3.54
8% rev CAGR, 6× terminal EV/EBITDA; rate cuts compress float income
Base Case
$6.88
14% rev CAGR, re-rate to 10× EV/EBITDA + net cash
Bull Case
$12.37
20–24% rev CAGR, 14–16× EV/EBITDA on OCC charter + stablecoin
DCF Summary
Discount Rate
11%
Terminal Growth
3%
Projection
5y
Rev CAGR
14%
Intrinsic / Share
$6.88
Margin of Safety
32%
Bull + stablecoin case reaches $12.37 (+141%) on charter approval.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | – | 3.4× | 43.5× |
| FY23 | 20.0× | 3.1× | – |
| FY24 | 29.8× | 5.0× | – |
| FY25 | 26.8× | 2.4× | 8.5× |
| TTM · | 35.1× | 2.2× | 10.3× |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| PAYO | $2.35B | 35.1× | 2.2× | 10.3× | +6.0% | 85.0% | 7.0% |
| WU | $2.34B | 5.5× | 0.6× | 4.6× | 0.0% | 36.0% | 11.0% |
| STNE | $2.67B | 4.0× | 0.2× | 1.2× | +4.0% | 74.0% | 26.0% |
| DLO | $3.73B | 19.8× | 3.1× | 12.5× | +55.0% | 36.0% | 16.0% |
| FOUR | $3.96B | 45.9× | 0.9× | 9.9× | +32.0% | 35.0% | 3.0% |
| PAGS | $2.48B | 6.2× | 0.1× | 0.3× | +2.0% | 51.0% | 11.0% |
Financials
| Metric | FY2024 | FY2025 | FY2026E | Trend |
|---|---|---|---|---|
| Revenue | $817M | $932M | $1.10–1.14B | +14% |
| Transaction Revenue | $472M | $548M | $650M+ | +16% |
| Float Income Hedged via swaps through 2028 | $264M | $317M | $340M+ | +20% |
| Adj. EBITDA | $230M | $290M | $350M+ | +26% |
| Volume | $73.5B | $80.1B | $95B+ | +9% |
| Item | Latest | Notes |
|---|---|---|
| Cash | $497M | Net-cash position |
| Structural Debt | ~$0 | Conflicting reports of up to $0.6B |
| Shares Outstanding | 368M | Exchange data |
| Customer Float | ~$5.6B | Interest-earning balances |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 84.0 | 159.5 | 176.9 | 233.5 |
| Capital Expenditure | (28.8) | (47.8) | (60.4) | (87.7) |
| Free Cash Flow | 55.1 | 111.7 | 116.5 | 145.8 |
| Investing Cash Flow | 5.7 | (44.3) | (1,961) | (218.3) |
| Financing Cash Flow | 1,461 | 512.0 | 427.8 | 738.0 |
Figures normalized from Payoneer Global Inc.'s SEC 10-K filed 2026-02-26. USD millions; EPS and share count per their units. Annual periods. Source: SEC 10-K filed 2026-02-26 ↗
Catalysts
Aug '26
Earnings
Q2 2026 earnings
Watch take-rate trend and float-income guidance.
H2 2026 – H1 2027
Regulatoryhigh relevance
OCC national trust-bank charter decision
Filed Feb 2026. Enables lending and a PAYO-USD stablecoin; ~30–40% of the upside case.
2026
Regulatory
India RBI AD-II authorization
$300B remittance TAM; complements Upwork/Fiverr integration.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Trust-bank charter ≠ full bank | Regulatory | Medium | Medium | National trust charter cannot take deposits like a full bank; lending ramp slower than a full charter would allow. |
| Float-income rate-sensitivity | Market/Macro | High | High | ~57% of revenue is float income; hedged to 2028, then a 200bps cut could cut ~$100M of revenue. |
| Amazon concentration (~23%) | Competition | High | Low | Single-customer concentration; deep 15-year relationship limits near-term churn but the exposure is large. |
| WorldFirst (Ant Group) competition | Competition | High | Medium | Well-capitalized rival can subsidize fees; Payoneer must compete on service quality and marketplace lock-in. |
| AML / multi-jurisdiction compliance | Regulatory | High | Medium | Operating in 190+ countries; any major AML failure would be existential. |
Technical Snapshot
52-Week Range
$4.80$5.43$7.20
RSI (14)
47
neutral
50-Day MA
$5.55
-2.2%below
200-Day MA
$5.90
-8.0%below
Avg Vol (30d)
4.5M
-3%vs average
Support Levels
$5.12$4.80
Resistance Levels
$5.90$6.50
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| Blackrock Inc. | 40.0M | 11.94% | +2% | 2026-03-31 |
| Technology Crossover Management VIII, Ltd. | 34.2M | 10.21% | flat | 2026-03-31 |
| Susquehanna Capital Management, LLC | 20.5M | 6.14% | flat | 2026-03-31 |
| Vanguard Portfolio Management LLC | 14.7M | 4.40% | +100% | 2026-03-31 |
| BNP Paribas Asset Management Holding S.A. | 13.7M | 4.10% | -0.2% | 2026-03-31 |
| Vanguard Capital Management LLC | 12.5M | 3.75% | +100% | 2026-03-31 |
| State Street Corporation | 10.9M | 3.27% | +1.5% | 2026-03-31 |
Insider Activity
Institutional ownership is high (~85%); founder and management retain a meaningful economic stake.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Galit Scott H | Director | Sell | 1.1M | $6.74 | 2025-06-04 | $7.3M |
| Morgan Susanna | Director | Sell | 16K | $6.77 | 2025-06-02 | $110K |
| Peri Itai | Officer | Sell | 47K | $8.11 | 2025-03-04 | $381K |
| Ordonez Beatrice | Chief Financial Officer | Sell | 85K | $10.40 | 2025-01-21 | $884K |
| Galit Scott H | Director | Sell | 484K | $10.30 | 2025-01-07 | $5.0M |
| Goldman Tsafi | Officer | Sell | 96K | $10.07 | 2025-01-02 | $970K |
Insider & large-holder data from SEC Form 4 · SC 13D/G filings. Institutional holdings aggregated from 13F filers.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| PAYO | $2.35B | 35.1× | 2.2× | 10.3× | +6.0% | 85.0% | 7.0% |
| WU | $2.34B | 5.5× | 0.6× | 4.6× | 0.0% | 36.0% | 11.0% |
| STNE | $2.67B | 4.0× | 0.2× | 1.2× | +4.0% | 74.0% | 26.0% |
| DLO | $3.73B | 19.8× | 3.1× | 12.5× | +55.0% | 36.0% | 16.0% |
| FOUR | $3.96B | 45.9× | 0.9× | 9.9× | +32.0% | 35.0% | 3.0% |
| PAGS | $2.48B | 6.2× | 0.1× | 0.3× | +2.0% | 51.0% | 11.0% |
Recognizable sector comparables. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-06-02Internal
Grade-C screen — highest-conviction read
Cheapest profitable cross-border fintech on EV/EBITDA (~5× vs peers 15–25×). Charter approval and float-income durability are the key swing factors; risk/reward is asymmetric on the published DCF.
2026-05-30Internal
Charter scope corrected
Filing is a national trust-bank charter (limited), not a full deposit-taking bank. Lending/stablecoin ramp is real but slower than a full charter; net-cash figure depends on debt reconciliation.
Payoneer Global valuation questions
Is Payoneer Global (PAYO) stock undervalued?
Against the fair value estimate shown on this page, Payoneer Global trades below: $5.43 today versus a $8.00 estimate, about +47%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Payoneer Global's fair value?
The fair value estimate shown for PAYO is $8.00. Its valuation scenarios span bear $3.54, base $6.88, bull $12.37. See the Valuation section for the basis of each.
What is Payoneer Global's forward P/E ratio?
Payoneer Global (PAYO) trades at a forward P/E of 13.0×, and 2.0× trailing sales.
What is Payoneer Global's market cap?
Payoneer Global (PAYO) has a market capitalization (its market value, often searched as "net worth") of $2.70B, and an enterprise value of $2.20B.
What is the bull and bear case for PAYO?
Valuation scenarios: bull $12.37, base $6.88, bear $3.54. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.