PAYO

MKT CAP:$2B

Payoneer Global Inc.

Market Cap

$2B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$4.92-$0.52 (-9.56%)

Apr 23, 2026

Company Details

Payoneer Global Inc. operates a payment and commerce-enabling platform that facilitates marketplaces, platforms and online merchants worldwide. It delivers a suite of services that includes cross-border payments, B2B accounts payable/accoun...

CEO

John R. Caplan

IPO Date

Oct 16, 2020

Website

www.payoneer.com

Key Metrics TTM

Revenue

$1.1B

+7.7% YoY

Net Income

$73M

EPS (Diluted)

$0.19

Free Cash Flow

$207M

Revenue / Share

$2.90

Gross Margin

82.4%

Operating Margin

11.8%

Net Margin

7.0%

FCF Margin

19.6%

P/S

1.7x

P/E

25.0x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$1.1B+7.7%EPS $0.19

Q4 2025

Feb 26, 2026

$275M+4.9%EPS $0.05

Q3 2025

Nov 5, 2025

$271M+9.1%EPS $0.04

Q2 2025

Aug 6, 2025

$261M+8.8%EPS $0.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$137M	$111M	-$6M
Q2 22	$148M	$122M	-$2M
Q3 22	$159M	$131M	-$5M
Q4 22	$184M	$153M	-$9M
Q1 23	$192M	$165M	$15M
Q2 23	$207M	$178M	$33M
Q3 23	$208M	$178M	$29M
Q4 23	$224M	$188M	$26M
Q1 24	$228M	$194M	$38M
Q2 24	$240M	$203M	$46M
Q3 24	$248M	$210M	$35M
Q4 24	$262M	$219M	$29M
Q1 25	$247M	$207M	$29M
Q2 25	$261M	$220M	$30M
Q3 25	$271M	$228M	$36M
Q4 25	$275M	$212M	$29M

Valuation

Quarter	P/S	P/E
Q1 22	3.3x	—
Q2 22	2.6x	216.2x
Q3 22	3.8x	—
Q4 22	3.1x	—
Q1 23	3.2x	—
Q2 23	2.3x	103.1x
Q3 23	2.8x	39.2x
Q4 23	2.2x	19.5x
Q1 24	2.0x	15.2x
Q2 24	2.2x	19.2x
Q3 24	2.9x	20.8x
Q4 24	3.7x	29.6x
Q1 25	2.7x	23.9x
Q2 25	2.5x	25.3x
Q3 25	2.2x	32.0x
Q4 25	2.0x	28.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2M	-$4M
Q2 22	$27M	$20M
Q3 22	$15M	$11M
Q4 22	$40M	$36M
Q1 23	$4M	-$5M
Q2 23	$56M	$50M
Q3 23	$41M	$27M
Q4 23	$58M	$40M
Q1 24	$40M	$24M
Q2 24	$41M	$27M
Q3 24	$50M	$36M
Q4 24	$46M	$30M
Q1 25	$54M	$33M
Q2 25	$71M	$68M
Q3 25	$54M	$35M
Q4 25	$55M	$70M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$6M
Q3 22	$4M
Q4 22	$3M
Q1 23	$9M
Q2 23	$6M
Q3 23	$14M
Q4 23	$18M
Q1 24	$16M
Q2 24	$14M
Q3 24	$14M
Q4 24	$16M
Q1 25	$21M
Q2 25	$3M
Q3 25	$19M
Q4 25	$15M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+36.1%	+40.8%
Q2 22	+33.6%	+16.3%
Q3 22	+29.6%	+27.0%
Q4 22	+31.8%	+34.0%
Q1 23	+40.2%	+23.5%
Q2 23	+39.5%	+15.3%
Q3 23	+30.9%	+8.9%
Q4 23	+22.2%	+3.4%
Q1 24	+18.8%	+7.2%
Q2 24	+15.9%	+11.5%
Q3 24	+19.3%	+19.4%
Q4 24	+16.7%	+17.1%
Q1 25	+8.1%	+14.5%
Q2 25	+8.8%	+19.3%
Q3 25	+9.1%	+10.0%
Q4 25	+4.9%	+5.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$13M	9.6%
Q2 22	$12M	8.2%
Q3 22	$14M	8.7%
Q4 22	$13M	7.1%
Q1 23	$17M	8.8%
Q2 23	$16M	7.8%
Q3 23	$15M	7.4%
Q4 23	$17M	7.7%
Q1 24	$15M	6.6%
Q2 24	$14M	5.7%
Q3 24	$17M	7.0%
Q4 24	$19M	7.1%
Q1 25	$19M	7.6%
Q2 25	$20M	7.7%
Q3 25	$18M	6.6%
Q4 25	$16M	6.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$26M	$18M	$34M
Q2 22	$27M	$20M	$37M
Q3 22	$30M	$22M	$41M
Q4 22	$33M	$25M	$52M
Q1 23	$29M	$27M	$48M
Q2 23	$28M	$22M	$48M
Q3 23	$27M	$25M	$49M
Q4 23	$35M	$23M	$74M
Q1 24	$32M	$24M	$50M
Q2 24	$28M	$26M	$51M
Q3 24	$35M	$30M	$52M
Q4 24	$40M	$28M	$95M
Q1 25	$37M	$30M	$55M
Q2 25	$37M	$37M	$57M
Q3 25	$40M	$36M	$59M
Q4 25	$41M	$39M	$64M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	36.1%	17.8%	54.0
Q2 22	33.6%	5.6%	39.2
Q3 22	29.6%	-11.4%	18.2
Q4 22	31.8%	0.1%	31.9
Q1 23	40.2%	10.0%	50.2
Q2 23	39.5%	25.7%	65.2
Q3 23	30.9%	11.9%	42.8
Q4 23	22.2%	20.1%	42.3
Q1 24	18.8%	19.7%	38.6
Q2 24	15.9%	27.7%	43.5
Q3 24	19.3%	13.8%	33.1
Q4 24	16.7%	10.9%	27.5
Q1 25	8.1%	12.1%	20.2
Q2 25	8.8%	22.2%	31.0
Q3 25	9.1%	19.4%	28.5
Q4 25	4.9%	17.1%	22.1

Rule of 40

Revenue by Geography

Quarter	All other countries	Greater China	United States	Asia Pacific	Europe	Latin America	North America	China
Q1 22	$74M	$43M	$20M	—	—	—	—	—
Q2 22	$83M	$47M	$19M	—	—	—	—	—
Q3 22	$88M	$50M	$21M	—	—	—	—	—
Q4 22	$99M	$56M	$28M	—	—	—	—	—
Q1 23	—	$64M	$25M	$25M	$39M	$19M	$26M	—
Q2 23	—	$71M	$25M	$27M	$42M	$19M	$26M	—
Q3 23	—	$73M	$21M	$29M	$42M	$19M	$22M	—
Q4 23	—	$80M	$22M	$32M	$44M	$21M	$23M	—
Q1 24	—	$81M	$22M	$33M	$43M	$23M	$23M	—
Q2 24	—	$84M	$22M	$36M	$46M	$25M	$23M	—
Q3 24	—	—	$24M	$38M	$49M	$25M	$25M	$85M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$466M	$0	$466M
Q2 22	$492M	$0	$492M
Q3 22	$508M	$0	$508M
Q4 22	$543M	$0	$543M
Q1 23	$545M	$0	$545M
Q2 23	$581M	$0	$581M
Q3 23	$591M	$0	$591M
Q4 23	$617M	$0	$617M
Q1 24	$587M	$0	$587M
Q2 24	$576M	$0	$576M
Q3 24	$534M	$0	$534M
Q4 24	$497M	$0	$497M
Q1 25	$524M	$0	$524M
Q2 25	$497M	$0	$497M
Q3 25	$479M	$0	$479M
Q4 25	$416M	$0	$416M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	366M	+7.5%	+8.2%
Q2 22	366M	+0.0%	+2.7%
Q3 22	350M	-4.4%	-6.6%
Q4 22	353M	+0.9%	+3.6%
Q1 23	388M	+10.1%	+6.1%
Q2 23	388M	-0.2%	+5.9%
Q3 23	382M	-1.5%	+9.2%
Q4 23	380M	-0.5%	+7.7%
Q1 24	379M	-0.3%	-2.5%
Q2 24	373M	-1.4%	-3.7%
Q3 24	374M	+0.3%	-2.0%
Q4 24	386M	+3.2%	+1.7%
Q1 25	382M	-1.0%	+0.9%
Q2 25	381M	-0.4%	+1.9%
Q3 25	378M	-0.8%	+0.9%
Q4 25	363M	-4.0%	-6.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$137.0K	1K
Q2 22	$148.2K	1K
Q3 22	$158.9K	1K
Q4 22	$78.6K	2K
Q1 23	$82.2K	2K
Q2 23	$88.5K	2K
Q3 23	$89.1K	2K
Q4 23	$103.5K	2K
Q1 24	$105.3K	2K
Q2 24	$110.5K	2K
Q3 24	$114.6K	2K
Q4 24	$108.7K	2K
Q1 25	$102.5K	2K
Q2 25	$108.3K	2K
Q3 25	$112.5K	2K
Q4 25	$108.1K	3K

Revenue / Employee