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Unless the context otherwise requires, the Company , Payoneer , we, our, us and similar terms refer to Payoneer Global Inc. Overview Payoneer is a financial technology company purpose-built to enable the world s small and medium-sized businesses ( SMB(s) ) to grow and operate their businesses around the world by reliably and securely connecting them to the global digital economy.
11.84% operating margin is respectable but not wide. ROIC at 11.51%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.1%, steady but not accelerating. Margins contracted 3.3pp, which offsets some of the top-line progress.
ROIC dropped from 18.58% to 11.51%, capital efficiency is deteriorating. Operating margin contracted 3.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.07B
▲ +7.1% YoY
Net Income (TTM)
$72M
▼ -39.6% YoY
Op. Margin
11.74%
▼ -3.3pp YoY
ROIC
11.16%
▼ -7.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$199M
▲ +22.4% YoY
Op. Cash Flow (TTM)
$232M
▲ +32.0% YoY
Net Debt
-$339M
Net Cash Position
Cash & Equiv.
$339M
5Y CAGR: +24.5%
5Y CAGR: +114.7%
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