Paymentus Holdings, Inc. (PAY) Key Metrics
PAY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.97B
- Enterprise value
- $3.40B
- P/E (TTM)
- 47.8 10-yr median 97.3
- Forward P/E
- 28.2
- PEG ratio
- —
- Price / sales
- 2.9 10-yr median 3.6
- Price / book
- 6.1 10-yr median 7.3
- EV / EBITDA
- 23.9 10-yr median 37.1
- Dividend yield
- —
- Beta
- 1.34
PAY key metrics, 2015–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPAY valuation Price multiples at each fiscal year-end price.
PAY returns How much profit the business earns on the capital it uses.
PAY per-share figures Results divided by the shares outstanding at year-end.
PAY financial health Debt, liquidity and how easily interest is covered.
PAY efficiency & capital use Working capital cycle and where the cash goes.
PAY valuation history
PAY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PAY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PAY cash returned to shareholders
PAY price vs earnings per share
PAY key metrics
2015–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.09B | $4.17B | $2.24B | $978.0M | $4.16B | — | — | — | — | — |
| Enterprise value | $3.77B | $3.97B | $2.07B | $843.3M | $4.00B | — | — | — | — | — |
| P/E ratio | 61.1 | 94.5 | 100.1 | — | 446.9 | — | — | — | — | — |
| Price / sales | 3.4 | 4.8 | 3.6 | 2.0 | 10.5 | — | — | — | — | — |
| Price / book | 7.3 | 8.6 | 5.2 | 2.5 | 10.8 | — | — | — | — | — |
| Price / free cash flow | 25.3 | 66.0 | 64.7 | — | — | — | — | — | — | — |
| Price / operating cash flow | 25.2 | 65.6 | 32.5 | 49.2 | 213.2 | — | — | — | — | — |
| EV / sales | 3.2 | 4.6 | 3.4 | 1.7 | 10.1 | — | — | — | — | — |
| EV / EBITDA | 29.9 | 44.0 | 37.1 | 37.1 | 169.0 | — | — | — | — | — |
| EV / free cash flow | 23.3 | 62.9 | 59.8 | — | — | — | — | — | — | — |
| Earnings yield | 1.6% | 1.1% | 1.0% | −0.1% | 0.2% | — | — | — | — | — |
| Free cash flow yield | 4.0% | 1.5% | 1.5% | −1.2% | −0.0% | — | — | — | — | — |
| Dividend yield | — | — | 0.0% | 0.0% | 0.8% | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 0.0% | 0.0% | 0.0% | 0.0% | 1.4% | — | — | — | — | — |
| Share price at fiscal year-end | $31.59 | $32.67 | $17.87 | $8.01 | $34.98 | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $9.25 | $6.83 | $4.91 | $4.07 | $3.33 | $2.60 | $2.01 | $16.74 | $17.98 | $17.26 |
| Earnings per share | $0.52 | $0.35 | $0.18 | −$0.00 | $0.08 | $0.12 | $0.12 | −$1.56 | −$0.08 | $0.68 |
| Operating cash flow per share | $1.25 | $0.50 | $0.55 | $0.16 | $0.16 | $0.31 | $0.15 | $1.48 | $1.75 | $2.15 |
| Free cash flow per share | $1.25 | $0.49 | $0.28 | −$0.09 | −$0.01 | $0.18 | $0.04 | $0.88 | $0.80 | $1.23 |
| Cash per share | $2.51 | $1.61 | $1.43 | $1.21 | $1.42 | $0.40 | $0.23 | $1.17 | $1.34 | $1.80 |
| Book value per share | $4.33 | $3.80 | $3.43 | $3.25 | $3.25 | $0.73 | $0.58 | $6.75 | $7.34 | $7.76 |
| Tangible book value per share | $3.22 | $2.09 | $1.69 | $1.50 | $1.55 | $0.43 | $0.35 | −$5.24 | −$5.44 | −$4.33 |
| Dividends per share | — | — | $0.00 | $0.00 | $0.29 | — | — | — | — | — |
| Capex per share | $0.00 | $0.00 | $0.27 | $0.26 | $0.17 | $0.13 | $0.11 | $0.60 | $0.95 | $0.92 |
| Debt per share | $0.09 | $0.07 | $0.08 | $0.10 | $0.09 | $0.09 | $0.01 | $7.43 | $8.36 | $6.90 |
| Shares outstanding | 129.4M | 127.7M | 125.1M | 122.1M | 118.8M | 115.9M | 117.5M | 111.8M | 110.8M | 115.9M |
| Change in shares outstanding | +1.3% | +2.1% | +2.4% | +2.8% | +2.6% | −1.4% | +5.1% | +0.9% | −4.4% | +3.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 12.8% | 9.7% | 5.4% | −0.1% | 4.0% | 17.9% | 3.3% | −22.2% | −1.1% | 8.2% |
| Return on invested capital (ROIC) | 22.2% | 13.4% | 6.1% | −1.0% | 6.7% | 30.7% | 1.8% | 2.5% | 2.4% | 6.9% |
| Return on assets (ROA) | 10.8% | 8.2% | 4.6% | −0.1% | 3.1% | 13.4% | 1.1% | −7.2% | −0.4% | 3.1% |
| Return on tangible assets | 12.8% | 12.3% | 7.8% | −0.2% | 3.4% | 15.2% | 25.7% | −17.7% | −0.9% | 7.4% |
| Free cash flow margin | 13.5% | 7.2% | 5.6% | −2.3% | −0.2% | 6.9% | 2.1% | 5.3% | 4.4% | 7.1% |
| Income quality (OCF / net income) | 2.42 | 1.44 | 3.08 | — | 2.10 | 2.60 | 1.28 | — | — | 3.15 |
| Financial health | ||||||||||
| Total debt | $11.4M | $8.4M | $10.5M | $12.6M | $11.2M | $10.0M | $627,000 | $830.8M | $925.9M | $799.3M |
| Cash & short-term investments | $324.5M | $205.9M | $179.4M | $147.3M | $168.4M | $46.7M | $27.4M | $131.0M | $148.4M | $208.9M |
| Net debt | −$313.1M | −$197.5M | −$168.8M | −$134.7M | −$157.2M | −$36.6M | −$26.8M | $699.8M | $777.5M | $590.4M |
| Debt / equity | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.12 | 0.01 | 1.10 | 1.14 | 0.89 |
| Debt / assets | 0.02 | 0.01 | 0.02 | 0.03 | 0.02 | 0.08 | 0.01 | 0.36 | 0.37 | 0.32 |
| Net debt / EBITDA | −2.48 | −2.18 | −3.03 | −5.92 | −6.64 | −1.38 | −1.10 | 21.53 | 3.60 | 2.17 |
| Current ratio | 4.46 | 4.24 | 4.31 | 4.45 | 3.45 | 2.57 | 5.18 | 1.33 | 1.41 | 1.45 |
| Quick ratio | 4.46 | 4.24 | 4.31 | 4.45 | 3.45 | 2.57 | 5.18 | 1.09 | 1.08 | 1.21 |
| Interest coverage | — | — | — | — | — | — | — | 1.5 | 2.2 | 3.4 |
| Working capital | $342.5M | $264.1M | $207.6M | $177.5M | $182.0M | $48.7M | $41.6M | $176.4M | $218.6M | $241.0M |
| Invested capital | $247.3M | $288.1M | $260.8M | $262.5M | $228.9M | $47.7M | $41.8M | $1.45B | $1.59B | $1.49B |
| Tangible asset value | $416.6M | $267.3M | $211.8M | $183.3M | $183.7M | $49.9M | $41.4M | −$558.4M | −$563.4M | −$467.0M |
| Net current asset value | $333.8M | $255.0M | $195.1M | $164.6M | $169.6M | $39.3M | $39.6M | −$821.1M | −$884.0M | −$756.3M |
| Graham number | $7.10 | $5.44 | $3.71 | — | $2.39 | $1.39 | $1.24 | — | — | $10.92 |
| Graham net-net per share | $2.28 | $1.63 | $1.29 | $1.11 | $0.98 | $0.25 | $0.27 | −$9.87 | −$10.50 | −$8.57 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $0 | $0 | $34.4M | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $23.0M | — | — | — | $79.9M | $70.1M |
| Dividend payout ratio | — | — | 0.0% | — | 370.0% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 0.0% | 0.0% | 0.0% | — | — | — | — | — | 90.4% | 49.1% |
| Capex / revenue | 0.0% | 0.1% | 5.6% | 6.3% | 5.2% | 4.9% | 5.3% | 3.6% | 5.3% | 5.3% |
| Capex / operating cash flow | 0.2% | 0.7% | 49.8% | 157.5% | 104.7% | 41.7% | 71.5% | 40.6% | 54.4% | 42.7% |
| Capex / depreciation | 0.01 | 0.01 | 1.12 | 1.30 | 1.54 | 1.84 | 2.09 | 0.48 | 0.59 | 0.63 |
| Stock-based compensation / revenue | 1.6% | 1.3% | 1.5% | 1.4% | 0.8% | 0.7% | 0.7% | 2.1% | 2.1% | 2.1% |
| R&D / revenue | 5.1% | 5.9% | 7.2% | 8.3% | 8.6% | 8.1% | 7.6% | 11.3% | 10.4% | 10.1% |
| SG&A / revenue | 13.3% | 16.3% | 19.5% | 22.4% | 19.4% | 16.5% | 16.2% | 20.5% | 21.2% | 21.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 34.6 | 41.8 | 43.3 | 42.5 | 35.4 | 31.2 | 266.3 | 63.0 | 62.8 | 60.9 |
| Days of inventory on hand | — | — | — | — | — | — | — | 47.6 | 46.5 | 39.5 |
| Days payables outstanding | 23.1 | 24.5 | 27.2 | 28.4 | 27.7 | 16.6 | 166.2 | 47.2 | 52.4 | 54.5 |
| Cash conversion cycle (days) | 11.5 | 17.3 | 16.1 | 14.1 | 7.7 | 14.6 | 100.1 | 63.4 | 56.8 | 45.9 |
| Receivables turnover | 10.56 | 8.73 | 8.42 | 8.59 | 10.32 | 11.69 | 1.37 | 5.79 | 5.81 | 5.99 |
| Payables turnover | 15.81 | 14.90 | 13.42 | 12.87 | 13.19 | 22.02 | 2.20 | 7.73 | 6.96 | 6.70 |
| Inventory turnover | — | — | — | — | — | — | — | 7.67 | 7.86 | 9.25 |
| Asset turnover | 1.92 | 1.61 | 1.27 | 1.06 | 1.32 | 2.94 | 0.20 | 0.78 | 0.80 | 0.77 |
| Average receivables | $113.4M | $99.9M | $73.0M | $57.9M | $38.3M | $25.8M | $172.0M | $323.1M | $342.7M | $333.8M |
| Average payables | $56.9M | $42.5M | $32.2M | $27.0M | $20.8M | $9.5M | $73.5M | $149.7M | $172.0M | $175.3M |
| Average inventory | — | — | — | — | — | — | — | $150.9M | $152.4M | $127.0M |
| Intangibles / total assets | 21.5% | 37.9% | 43.1% | 46.3% | 42.8% | 27.6% | 33.8% | 57.7% | 56.8% | 56.7% |
Computed from PAY's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PAY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Paymentus traded at 61.1 times earnings, against a 10-year median of 97.3. Based on the latest twelve months, the trailing P/E is 47.8 and the forward P/E is 28.2. Paymentus earned a return on equity of 12.8% and a return on invested capital of 22.2% in fiscal 2025. It ended the year with $11.4 million of debt and $324.5 million in cash and short-term investments, a net cash position of $313.1 million. The share count rose 11.6% from 115.9M to 129.4M over 9 years.
See the PAY income statement, the PAY chart for price history, or the PAY stock overview for the latest quote and news.
PAY key metrics FAQ
What is Paymentus's P/E ratio?
Paymentus's trailing P/E ratio is 47.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 28.2. At the end of fiscal 2025 it was 61.1, compared with a 10-year median of 97.3.
What is Paymentus's EV/EBITDA?
Paymentus's enterprise value was 29.9 times EBITDA at the end of fiscal 2025 (enterprise value $3.8 billion, EBITDA $126.3 million); the current EV/EBITDA is 23.9.
What is Paymentus's return on equity?
Paymentus's return on equity (ROE) was 12.8% in fiscal 2025: net income of $66.9 million on average shareholders' equity of $523.0 million.
What is Paymentus's ROIC?
Paymentus's return on invested capital was 22.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Paymentus have?
Paymentus had total debt of $11.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.02 and more cash than debt.
What is Paymentus's free cash flow yield?
Paymentus generated $161.8 million of free cash flow in fiscal 2025, a free cash flow yield of 4.0% on its market value at year-end ($4.1 billion).
What is Paymentus's current ratio?
Paymentus's current ratio was 4.46 at the end of fiscal 2025: current assets were 4.46 times current liabilities.