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Specialty business services · Industrials · Fiscal year ends Dec 31
Payoneer Global reported revenue of $813M in the fiscal year ended Dec 2025, up 14.5% from the year before. Operating income was $125M, an operating margin of 15.3%, and net income was $73M. Operating cash flow of $233M less capital expenditure of $27M left free cash flow of $207M.
Ranks among the 21 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 461 | 564 | 591 | 710 | 813 |
| Research & development | 80.8 | 115 | 119 | 135 | 155 |
| Selling, general & admin | 179 | 255 | 298 | 325 | 377 |
| Operating income | −30.2 | −22.2 | 104 | 149 | 125 |
| Pre-tax income | −25.2 | 1.6 | 133 | 139 | 116 |
| Income tax | 8.7 | 13.6 | 39.2 | 18.3 | 42.4 |
| Net income | −34.0 | −12.0 | 93.3 | 121 | 73.2 |
| Diluted EPS | −0.33 | −0.03 | 0.24 | 0.31 | 0.19 |
| Diluted shares | 203 | 348 | 393 | 386 | 377 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 466 | 543 | 617 | 497 | 416 |
| Receivables | 13.8 | 12.9 | 8.0 | 11.9 | 10.4 |
| Current assets | 4,963 | 6,471 | 7,109 | 7,100 | 8,111 |
| Net PP&E | 12.1 | 14.4 | 15.5 | 16.1 | 32.4 |
| Goodwill | 21.1 | 19.9 | 19.9 | 77.8 | 77.8 |
| Total assets | 5,079 | 6,595 | 7,283 | 7,930 | 8,957 |
| Payables | 17.2 | 41.6 | 33.9 | 37.3 | 44.6 |
| Deferred revenue | – | – | – | – | 5.4 |
| Current liabilities | 4,498 | 5,978 | 6,542 | 7,131 | 8,084 |
| Long-term debt | 13.7 | 16.1 | 18.4 | – | – |
| Total liabilities | 4,592 | 6,049 | 6,619 | 7,206 | 8,252 |
| Shareholders' equity | 487 | 545 | 664 | 725 | 704 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 20.0 | 84.0 | 159 | 177 | 233 |
| Capital expenditure | 6.9 | 10.5 | 8.5 | 8.2 | 26.9 |
| Free cash flow | 13.1 | 73.5 | 151 | 169 | 207 |
| Depreciation & amortisation | 18.0 | 20.9 | 27.8 | 47.3 | 65.6 |
| Stock-based compensation | 37.0 | 52.1 | 65.8 | 64.8 | 73.1 |
| Acquisitions | – | – | – | 48.2 | 33.1 |
| Share buybacks | – | – | 55.4 | 138 | 174 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 22.4% | 4.8% | 20.2% | 14.5% |
| Operating income growth (YoY) | – | – | – | 43.8% | −16.3% |
| EPS growth (YoY) | – | – | – | 29.2% | −38.7% |
| Operating margin | −6.6% | −3.9% | 17.5% | 21.0% | 15.3% |
| Net margin | −7.4% | −2.1% | 15.8% | 17.1% | 9.0% |
| Return on equityBlank when equity is negative | −7.0% | −2.2% | 14.1% | 16.7% | 10.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.2% | −3.6% | 14.0% | 18.6% | 14.3% |
| Free cash flow margin | 2.8% | 13.0% | 25.6% | 23.8% | 25.4% |
| Cash conversion (CFO ÷ net income) | −0.59x | −7.01x | 1.71x | 1.46x | 3.19x |
| Receivable days | 11 | 8 | 5 | 6 | 5 |
| Debt ÷ equity | 0.03x | 0.03x | 0.03x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −452 | −527 | −599 | – | – |
| Current ratio | 1.10x | 1.08x | 1.09x | 1.00x | 1.00x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.