Paysign, Inc. (PAYS) stock analysis
Close on Nov 12, 2026Market cap $535.83MP/E 28.8Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Solid15 of 30 checks passed
Paysign passes 15 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 3/6
- Growth
- 5/6
- Past performance
- 4/6
- Financial health
- 3/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $9.48 is below our fair value estimate of $11.42.
Return on capital over 10%
Return on invested capital was 42.7%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 8.1% of shareholders' equity, under the 40% we consider low.
Revenue growing 10%+ a year
Revenue grew 29.2% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 17.0% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 36.2% over the last twelve months and averaged 10.2% over five years; we look for 15% on both.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.96; above 3 is the safe zone and below 1.8 the distress zone.
P/E above the industry
Paysign's P/E of 28.7 is above the Miscellaneous Business Services median of 25.8.
Valuation3/6
P/E below its 5-year median
Paysign's P/E of 28.7 is below its own 5-year median of 45.1.
P/E above the industry
Paysign's P/E of 28.7 is above the Miscellaneous Business Services median of 25.8.
EV/EBITDA below its 5-year median
Paysign's EV/EBITDA of 15.6 is below its 5-year median of 30.5.
P/B above the industry
Paysign's price-to-book of 8.07 is above the Miscellaneous Business Services median of 2.48.
Trading below fair value
The share price of $9.48 is below our fair value estimate of $11.42.
Margin of safety under 20%
The price is 17.0% below fair value, less than the 20% cushion we look for.
Growth5/6
Revenue growing 10%+ a year
Revenue grew 29.2% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 86.6% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 46.7% over the last twelve months; the Miscellaneous Business Services median is 9.9%.
Guidance raised
Paysign raised its Full Year 2026 Revenue outlook on Aug 5, 2026.
Gross margin improving
Gross margin was 63.0% over the last twelve months, against 59.8% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 36.2% over the last twelve months and averaged 10.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 42.7%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
Paysign's return on equity of 36.2% is above the Miscellaneous Business Services median of 6.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 18.5% over the last twelve months, against a 5-year average of 4.6%.
Net margin above the industry
Paysign's net margin of 18.5% is above the Miscellaneous Business Services median of 3.8%.
Financial health3/6
Low debt
Debt is 8.1% of shareholders' equity, under the 40% we consider low.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 2445% of total debt.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 1.15 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.96; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Paysign has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$11.42
The share price is 17% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 35.5× | 45.1× | 25.8× | $11.72 | 44% |
| EV/EBITDA | 23.2× | 30.5× | 15.7× | $13.79 | 39% |
| Earnings power | 11.7% cost of equity | – | – | $5.11 | 17% |
| Fair value | $11.42 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 45.1
- Miscellaneous Business Services median 25.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $15.11M
- Value traded per 1% price move
- $3.95M
Downside
High risk
- Typical loss in a bad month
- 29.9%
- Volatility (annualized)
- 74%
- Sharpe ratio, 1 year
- 1.06
- Beta to the S&P 500 (5Y)
- 1.36
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +40.5% | +29.2% | +27.7% | +26.0% | |
| Gross profit | +51.3% | +32.5% | +39.3% | +28.1% | |
| Operating income | +620.8% | +177.6% | – | – | |
| Net income | +97.9% | +94.4% | – | – | |
| EPS, diluted | +85.7% | +86.6% | – | – | |
| Free cash flow | +127.6% | +26.7% | +32.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 67.3% | -56.2% | 19.1% | |
| Return on assets | 11.6% | -15.1% | 3.3% | |
| Current ratio | 1.08 | 1.15 | 1.11 | |
| Debt to equity | 0.01 | – | 0.17 | |
| Net debt to EBITDA | -6.01× | – | -0.83× | |
| Interest coverage | 17.6× | – | – | |
| Capex to revenue | 1.1% | 5.7% | 1.5% | |
| Diluted shares | 44M | 49M | 60M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Paysign generated $143.56M from operations and spent $4.34M on capital expenditure, dividends and share buybacks. 54% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 9.2% | 0.36× | 5.77× | 19.1% |
| FY2024 | 6.5% | 0.36× | 5.93× | 13.9% |
| FY2023 | 13.7% | 0.37× | 6.25× | 31.7% |
| FY2022 | 2.7% | 0.40× | 6.57× | 7.0% |
| FY2021 | -9.2% | 0.39× | 5.79× | -20.8% |
| FY2020 | -37.9% | 0.40× | 3.73× | -56.2% |
| FY2019 | 21.5% | 0.77× | 3.16× | 52.5% |
| FY2018 | 11.0% | 0.83× | 4.00× | 36.6% |
| FY2017 | 11.8% | 0.89× | 4.32× | 45.2% |
| FY2016 | 13.4% | 0.86× | 5.80× | 67.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$7.55M
- Cash generatingOperating cash flow above zero$52.45M
- Return on assets improvedROA up on the prior year2.6% → 4.2%
- Earnings backed by cashOperating cash flow above net income$52.45M vs $7.55M
- Less leverageLong-term debt to assets fell0.0% → 2.2%
- Better liquidityCurrent ratio rose1.09 → 1.11
- No dilutionShare count did not rise56M → 60M
- Gross margin improvedGross margin up on the prior year55.15% → 59.39%
- More efficientAsset turnover rose0.40 → 0.46
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