MeritValue

Payoneer Global Inc.

PAYOdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Payoneer Global Inc. earns about 34% on invested capital, far above its ~9% cost of capital, but has diluted owners by 86% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $2.01 and $27.82 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$460.6M1$563.6M2$590.8M3$710.3M3$813.4M3
Net income−$34M4−$12M5$93.3M6$121.2M6$73.2M6
Operating cash flow$20M7$84M8$159.5M9$176.9M9$233.5M9
Capital expenditure$6.89M10$10.5M11$8.46M12$8.19M12$26.9M12
Free cash flow (derived)$13.1M7$73.5M8$151M9$168.7M9$206.6M9
Total debt$13.7M13$16.1M14$18.4M14——
Cash & equivalents$465.9M15$543.3M16$617M17$497.5M17$415.5M17
Diluted shares202.9M348.0M392.7M386.2M376.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18.7
your share of equity
Profit it earned you last year
$1.94
Free cash flow it threw off
$5.48
Debt you’d be carrying
—

10 shares is a claim on $18.7 of net worth that earned you $1.94 and generated $5.48 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY21 -57%FY22 4%FY23 142%FY24 53%FY25 25%

It earned about 34% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+86% shares · 5y

Share count is up 86% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 35% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $2.01 and $27.82 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$27.82
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$168.7M
DCF · Growth Exit 5Y
$15.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$168.7M
Earnings Power Value
$2.01
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$73.2M
  • growthAssumed0.0%
Graham Number
$2.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $15.71
The three cases
Bear0.0%$7.5
Base20.0%$15.71
Bull20.0%$15.71

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.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001998 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001804 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-020487 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001998 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001804 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-020487 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001998 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001804 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-020487 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001998 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001804 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-020487 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002357 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001998 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-24-001998 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-25-001804 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001104659-26-020487 (CashAndCashEquivalentsAtCarryingValue)