Paymentus Holdings, Inc.
PAYdata completeness 88%7 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
Paymentus Holdings, Inc. earns about 11% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 9% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $1.79 and $34 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $395.5M1 | $497M2 | $614.5M3 | $871.7M3 | $1.2B3 |
| Net income | $9.3M4 | −$513,0005 | $22.3M6 | $44.2M6 | $66.9M6 |
| Operating cash flow | $19.5M7 | $19.9M8 | $68.8M9 | $63.6M9 | $162.1M9 |
| Capital expenditure | $979,00010 | $1.26M11 | $600,00012 | $457,00012 | $361,00012 |
| Free cash flow (derived) | $18.5M7 | $18.6M8 | $68.2M9 | $63.2M9 | $161.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $168.4M13 | $147.3M14 | $179.4M15 | $205.9M16 | $320.9M16 |
| Diluted shares | 118.8M | 122.1M | 125.1M | 127.7M | 129.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $43.4 of net worth that earned you $5.18 and generated $12.53 of cash last year.
It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $1.79 and $34 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$68.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$68.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$22.3M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $10.04 |
| Base | 20.0% | $19.71 |
| Bull | 20.0% | $19.71 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-24-025084 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-036566 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064510 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-025084 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-036566 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064510 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-025084 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-036566 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064510 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-025084 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-036566 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-064510 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000950170-23-005995 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000950170-24-025084 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000950170-25-036566 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-064510 (CashAndCashEquivalentsAtCarryingValue)