MeritValue

Paysafe Ltd

PSFEdata completeness 100%7 fiscal years on file
The thesis, from the filings

Paysafe Ltd earns about -4% on invested capital, and has bought back 4% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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$1.49B1$1.5B2$1.6B3$1.7B3$1.7B3
Net income−$111M4−$1.86B5−$20.3M5$22.2M5−$182.5M6
Operating cash flow$261.5M7$237.2M8$234M9$253.8M9$236.2M9
Capital expenditure$5.62M10$4.54M11$12.8M12$15.9M12$12.6M12
Free cash flow (derived)$255.8M7$232.7M8$221.2M9$237.9M9$223.6M9
Total debt$5.53B13$5.3B14$5.01B15$4.74B16$5.24B16
Cash & equivalents$313.4M17$260.2M18$202.3M19$216.7M19$250.2M19
Diluted shares60.3M60.5M61.4M61.9M58.1M

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
$112.8
your share of equity
Profit it earned you last year
−$31.43
Free cash flow it threw off
$38.5
Debt you’d be carrying
$902.46

10 shares is a claim on $112.8 of net worth that earned you −$31.43 and generated $38.5 of cash last year, against $902.46 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -0%FY22 -24%FY23 2%FY24 3%FY25 1%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$223.6M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$223.6M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0000950170-24-033944 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-032340 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-088095 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-033944 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-032340 (NetIncomeLoss)
  6. 20-F · period ending 2025-12-31 · accession 0001193125-26-088095 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-033944 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-032340 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-088095 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-033944 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-032340 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-088095 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0000950170-23-008186 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0000950170-24-033944 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0000950170-25-032340 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-12-31 · accession 0001193125-26-088095 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-12-31 · accession 0000950170-24-033944 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-12-31 · accession 0000950170-25-032340 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-12-31 · accession 0001193125-26-088095 (CashAndCashEquivalentsAtCarryingValue)