Logo

PAGS

PagSeguro Digital Ltd.

PAGS

PagSeguro Digital Ltd. • NYSE
$10.49 ▲ 4.90% (+0.49)
Market Cap $3.16 B
52w High $11.16
52w Low $6.11
Dividend Yield 0.14%
P/E 7.77
Volume 4.09M
Outstanding Shares 300.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.916B ▲ $633.757M ▼ $554.486M ▲ 11.28% ▲ $1.9 ▲ $2.489B ▲
Q2-2025 $4.891B ▲ $679.029M ▲ $536.759M ▲ 10.975% ▼ $1.8 ▲ $2.093B ▼
Q1-2025 $4.711B ▼ $666.053M ▼ $525.092M ▼ 11.146% ▼ $1.73 ▼ $2.197B ▲
Q4-2024 $5.003B ▲ $724.768M ▼ $599.024M ▲ 11.974% ▲ $1.93 ▲ $2.113B ▲
Q3-2024 $4.705B $755.475M $531.152M 11.29% $1.67 $1.902B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.886B ▲ $72.285B ▲ $57.397B ▲ $14.888B ▲
Q2-2025 $1.576B ▼ $71.193B ▲ $56.61B ▲ $14.584B ▼
Q1-2025 $1.612B ▲ $69.138B ▼ $54.195B ▼ $14.943B ▲
Q4-2024 $1.416B ▼ $72.901B ▲ $58.232B ▲ $14.668B ▲
Q3-2024 $5.558B $67.219B $52.777B $14.443B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $636.432M ▲ $2.183B ▼ $-497.66M ▼ $-1.386B ▲ $299.096M ▲ $1.67B ▼
Q2-2025 $616.247M ▲ $2.236B ▲ $-300.198M ▲ $-1.761B ▼ $174.084M ▲ $1.707B ▲
Q1-2025 $579.907M ▼ $1.216B ▲ $-801.598M ▼ $-388.185M ▼ $26.455M ▼ $567.646M ▲
Q4-2024 $599.024M ▲ $-600.916M ▲ $-282.22M ▼ $1.091B ▲ $207.562M ▲ $-816.701M ▲
Q3-2024 $593.54M $-688.77M $26.514M $8.144M $-654.112M $-1.274B

Five-Year Company Overview

Income Statement

Income Statement PagSeguro’s income statement shows a business that has scaled very well over the last few years. Revenue has grown strongly, and profitability has expanded along with it, suggesting good operating leverage rather than growth at any cost. Core profits (operating income and EBITDA) have risen faster than sales, pointing to better efficiency and cost control. Net income and earnings per share dipped a few years ago but have since recovered to clearly higher levels, indicating that earlier margin pressure has been addressed. Overall, the profit profile looks solid for a growth-focused fintech, though the company is now in a phase where sustaining margins while growing credit and new services will be important to watch.

Balance Sheet

Balance Sheet The balance sheet reflects rapid expansion, with total assets rising meaningfully over the period, consistent with a scaling financial platform and growing credit and payments activities. Shareholders’ equity has steadily increased, which is a healthy sign of accumulated earnings and a thicker capital base. Debt ballooned as the company grew, then was pulled back more recently, reducing leverage but still leaving the business more reliant on borrowings than in its early years. Cash, however, has fallen and now looks lean relative to both the size of the balance sheet and the remaining debt, which reduces flexibility if conditions tighten. The structure is typical of a fast-growing fintech but leaves less room for error in funding and risk management.

Cash Flow

Cash Flow Cash flow is the most mixed part of the story. For several years the company generated positive operating cash flow, even while investing heavily in technology and infrastructure. Most recently, operating cash flow turned negative and, after investment spending, free cash flow also moved into negative territory. In a financial services model, some of this can reflect working capital swings and growth in the credit book, but it still means the business is currently consuming cash rather than generating it. This raises questions about how growth will be funded going forward and makes the quality and sustainability of earnings an important area to track.

Competitive Edge

Competitive Edge PagSeguro holds a strong competitive position in Brazilian fintech, built around an integrated ecosystem that serves both merchants and consumers through PagSeguro (payments) and PagBank (digital banking). Its early move into low-cost mobile card readers allowed it to capture a huge base of small merchants that traditional banks largely ignored. Network effects, brand recognition via its UOL heritage, and the convenience of a one-stop financial platform create meaningful switching costs for customers. At the same time, it operates in a very crowded and innovative market, with serious competition from players like StoneCo in merchant solutions and Nubank in consumer banking. The moat looks real but not unassailable, so execution quality and customer satisfaction will be critical to maintaining its edge.

Innovation and R&D

Innovation and R&D Innovation is at the center of PagSeguro’s strategy rather than a side activity. The company has moved from simple payment processing to a full financial ecosystem, adding digital banking, credit, investments, and insurance in a tightly integrated way. It uses data and artificial intelligence from its payments network to price and manage credit, and it has embraced newer technologies such as Tap on Phone and advanced Pix features to keep the merchant experience simple and modern. The push into cross-border payments in Latin America extends its technology and relationships beyond Brazil, opening new growth avenues. The flip side is that innovation in credit and new products adds complexity and risk, so how well the company manages underwriting, regulation, and technology execution will be key.

Summary

Putting it all together, PagSeguro looks like a mature high-growth fintech: strong revenue expansion, improving profitability, and a broad, sticky ecosystem for both merchants and consumers. The balance sheet shows a larger, more leveraged business than in its early days, with growing equity but a thinner cash cushion that makes disciplined capital and risk management more important. Recent negative cash flow is a notable shift that warrants attention, especially given the capital intensity of credit and technology investments. Competitively, the company benefits from network effects, brand, and integration, but it operates in a dynamic market with capable rivals and evolving regulation. Future performance will likely hinge on maintaining margins while expanding credit and services, converting innovation into durable cash flows, and carefully managing balance sheet and funding risks.

NEWS

November 13, 2025 · 7:00 AM UTC

PagBank registers a recurrent profit of BRL 571 million, 14% growth in net revenue, and 30% growth in the loanportfolio

Read more