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PAYO

Payoneer Global Inc.

PAYO

Payoneer Global Inc. • NASDAQ
$5.78 ▲ 0.70% (+0.04)
Market Cap $2.06 B
52w High $11.19
52w Low $4.92
Dividend Yield 0%
P/E 32.11
Volume 1.28M
Outstanding Shares 356.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $270.85M ▲ $192.02M ▲ $14.123M ▼ 5.214% ▼ $0.04 ▼ $52.487M ▼
Q2-2025 $260.614M ▲ $189.971M ▲ $19.48M ▼ 7.475% ▼ $0.053 ▼ $57.884M ▲
Q1-2025 $246.617M ▼ $177.949M ▼ $20.577M ▲ 8.344% ▲ $0.06 ▲ $29.905M ▲
Q4-2024 $261.739M ▲ $189.434M ▲ $18.19M ▼ 6.95% ▼ $0.051 ▼ $28.425M ▼
Q3-2024 $248.274M $175.054M $41.574M 16.745% $0.12 $34.211M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $479.448M ▼ $8.205B ▲ $7.455B ▲ $750.487M ▼
Q2-2025 $497.144M ▼ $8.11B ▲ $7.34B ▲ $770.905M ▲
Q1-2025 $524.15M ▲ $7.55B ▼ $6.799B ▼ $750.731M ▲
Q4-2024 $497.467M ▼ $7.93B ▲ $7.206B ▲ $724.79M ▼
Q3-2024 $534.17M $7.051B $6.323B $727.874M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $14.123M ▼ $54.176M ▼ $-35.868M ▲ $34.779M ▼ $52.219M ▲ $35.302M ▼
Q2-2025 $19.48M ▼ $70.685M ▲ $-85.525M ▼ $404.686M ▲ $-28.379M ▲ $68.107M ▲
Q1-2025 $20.577M ▲ $53.716M ▲ $-47.986M ▲ $-402.446M ▼ $-394.838M ▼ $32.923M ▲
Q4-2024 $18.19M ▼ $45.886M ▼ $-147.161M ▲ $864.705M ▲ $759.733M ▲ $29.609M ▼
Q3-2024 $41.574M $50.125M $-848.808M $6.543M $-789.72M $36.157M

Five-Year Company Overview

Income Statement

Income Statement Payoneer’s income statement shows a steady, healthy growth story. Revenue has increased every single year, and at a solid pace, indicating the business is gaining traction and scaling well. Gross profit has risen at least as fast as revenue, suggesting the core economics of each dollar of sales are attractive. Importantly, the company has moved from small losses a few years ago to consistent profitability. Both operating income and net income are now positive and growing, which points to better cost control and operating leverage as the platform scales. The main watchpoint is whether this profitability can be maintained as the company continues to invest in new products and markets, but the recent trend is clearly one of improving earnings quality.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets have expanded significantly over the past few years, reflecting both business growth and the nature of holding customer-related balances. Cash levels are solid relative to the very low amount of debt, leaving the company with a strong liquidity cushion and limited financial risk from borrowing. Shareholders’ equity has climbed steadily, driven by retained earnings and prior capital raising, giving the company a thick capital base to absorb shocks. Overall, Payoneer appears to be operating with a relatively low leverage profile, which is a strength in a regulated and fast-changing fintech environment.

Cash Flow

Cash Flow Cash generation is a key positive. Operating cash flow has been consistently positive and has grown over time, which indicates that reported profits are backed by real cash inflows rather than accounting quirks. Free cash flow is also positive and trending upward, helped by modest capital spending needs. This pattern suggests the business model is capital-light and scalable: Payoneer can support growth, invest in technology, and pursue selective acquisitions without relying heavily on new debt or equity. The main question going forward is how management chooses to deploy this growing cash flow—toward innovation, expansion, or balance sheet reinforcement.

Competitive Edge

Competitive Edge Payoneer occupies a well-defined niche in global fintech, focusing on cross-border payments for small and mid-sized businesses, freelancers, and marketplace sellers. Its strength lies in a large, global network, deep integrations with major platforms, and long-standing presence in many emerging markets where competition can be less organized. Its competitive moat is supported by network effects (more users make the platform more valuable), regulatory licenses across many jurisdictions, and high switching costs for businesses already embedded in its ecosystem. However, Payoneer still faces intense competition from large, well-funded players in payments and banking, and must continually differentiate on service, geographic reach, and product breadth to defend its position.

Innovation and R&D

Innovation and R&D Innovation is central to Payoneer’s strategy. The company has built an API-driven platform, strong risk and compliance systems, and a multi-currency infrastructure that lets businesses operate globally as if they were local. Recent moves include using blockchain for faster internal fund transfers, expanding into direct-to-consumer e-commerce payments through Payoneer Checkout, and enhancing data and analytics capabilities. Acquisitions in global payroll, workforce management, and analytics (such as Skuad and Spott) broaden the platform beyond payments into a more complete financial and operational toolkit for global businesses. Looking ahead, expansion of B2B invoicing and payables/receivables services, deeper presence in key emerging markets, and further use of advanced technologies are likely to be important growth levers, though execution risk around integration and scaling new offerings remains.

Summary

Overall, Payoneer combines strong top-line growth, improving profitability, and a conservative balance sheet with a focused competitive position in cross-border business payments. The company has transitioned from loss-making to consistently profitable while generating solid and growing free cash flow, which enhances its strategic flexibility. Its moat rests on global reach, marketplace integrations, regulatory licenses, and a product set tailored to SMBs and freelancers, particularly in emerging markets. At the same time, it operates in a crowded and rapidly evolving space where larger players and new entrants constantly push pricing and innovation. Key opportunities lie in B2B payment workflows, e-commerce checkout, and global payroll, while key risks center on regulatory changes, competitive pressure, and the need to execute smoothly on new products and acquisitions. The trajectory so far is encouraging, but continued disciplined growth and innovation will be crucial.

NEWS

November 19, 2025 · 10:00 AM UTC

Payoneer to Participate in the UBS Global Technology and AI Conference

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November 5, 2025 · 7:30 AM UTC

Payoneer Reports Third Quarter 2025 Financial Results

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October 22, 2025 · 10:00 AM UTC

Payoneer to Report Third Quarter 2025 Results on November 5, 2025

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