At a glance
Payoneer Global Inc is worth $2.41B, about 38 times its fiscal 2025 earnings. Revenue grew 7.7% to $1.05B in fiscal 2025, with 7.0% kept as profit; over 5 years it has grown 25.0% a year. It pays no dividend; it spent $366.6M buying back its shares over FY2021–FY2025. The stock returned +16.3% over the past year with dividends reinvested and −1.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months after the low.
The business in plain English
Payoneer, founded in 2005, is a financial technology company that helps small and medium-sized businesses (SMBs) get paid and pay others across borders. Its main product is the multi-currency Payoneer Account. A business can collect money from marketplaces, clients and customers abroad, hold it in several currencies, send it to a local bank, spend it with a Payoneer card and pay suppliers, contractors and workers in other countries. Payoneer also offers working capital (funding to cover day-to-day business costs).
It has nearly 2 million active customers in more than 190 countries and territories, many in emerging markets. They include goods exporters selling through online marketplaces or their own webstores, service firms, freelancers, creators, contractors and vacation rental hosts. Payoneer is regulated as a non-bank financial institution in markets including the U.S., Europe, the UK, Hong Kong, Japan, Singapore, China and Australia. It works with close to 100 banking and payment partners.
Customers moved $87.5 billion through the platform in the year ended December 31, 2025, up 9%. Revenue grew 8% to $1.05 billion. Part of that revenue is interest earned on the customer funds the company holds. China was the largest source of revenue at 33.6%. It was followed by Europe, the Middle East and Africa (25.1%), Asia Pacific (21%), Latin America (10.6%) and North America (9.6%).
Price history
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PAYO +16.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| CN | $354.1M | 33.6% |
| Europe Middle East And Africa | $264.5M | 25.1% |
| Asia Pacific | $221.2M | 21% |
| Latin America | $111.4M | 10.6% |
| North America | $101.5M | 9.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $274.3M, up 5.2% from a year earlier, and net income was $-2.4M (-112.5%).
- For fiscal 2025, revenue was $1.05B (+7.7% year over year; +25.0% a year from FY2020 to FY2025) with a 7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.0% good |
|---|---|
| Operating margin | 11.8% watch |
| Free cash flow margin | 19.6% good |
| Return on equity (FY2025) | 10.4% watch |
| Return on assets (FY2025) | 0.8% weak |
| Cash and investments | $346.3M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $345.6M | $-23.7M | $4.5M |
| FY2021 | $473.4M | $-34.0M | $13.1M |
| FY2022 | $627.6M | $-12.0M | $73.5M |
| FY2023 | $831.1M | $93.3M | $151.0M |
| FY2024 | $977.7M | $121.2M | $168.7M |
| FY2025 | $1.05B | $73.2M | $206.6M |
Valuation snapshot
| Market value | $2.41B |
|---|---|
| P/E ratio | 37.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Payoneer Global’s market value went from $2.49B at the end of 2021 to $2.41B on Oct 28, 2026, down 3%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.41B | +20.4% |
| 2025 | $2.00B | -44.1% |
| 2024 | $3.58B | +89.9% |
| 2023 | $1.89B | -1.6% |
| 2022 | $1.92B | -23.1% |
| 2021 | $2.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PAYO price data to Oct 28, 2026 | +26.7% | +16.3% | +8.2% | -1.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +26.7% |
| 2025 | -44.0% |
| 2024 | +92.7% |
| 2023 | -4.8% |
| 2022 | -25.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.7% over that stretch · deepest drop along the way 52.3%, back to its old high 5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($175K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Beatrice Ordonez Chief Financial Officer | sell (plan) | $175K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.6% | Mar 31, 2026 |
| Temasek Holdings (Private) Limited | 3.9% | Dec 31, 2024 |
ETFs with the most weight in PAYO
| ITEQ Amplify BlueStar Israel Technology ETF | 1.39% |
| FDIG Fidelity Crypto Industry and Digital Payments ETF | 1.21% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.64% |
| FINX Global X FinTech ETF | 0.6% |
| XSMO Invesco S&P SmallCap Momentum ETF | 0.58% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.52% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.39% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.37% |
What could go wrong
- Heavy reliance on customers in China. China supplied 33.6% of revenue in fiscal 2025. Anything that limits Payoneer's ability to serve customers based there could seriously hurt results and make its other risks worse.
- Falling interest rates would shrink income. Part of Payoneer's revenue is interest earned on customer funds it holds. Lower rates would reduce that income, and rate changes can affect the market value of its time deposits and U.S. Treasury securities.
- Losing a major marketplace or partner. Many customers are paid through large marketplaces and enterprise clients. If one blocks Payoneer, drops it, demands worse contract terms or builds its own payment service, results could suffer.
- Dependence on banks and card networks. Payoneer relies on close to 100 banking and payment providers and on card network licenses. If partners end or change relationships, or a card network fines or suspends it, the business could be hurt.
- Less cross-border trade and e-commerce. Payoneer's revenue has grown along with the volume customers move across borders. Weaker e-commerce, changes in global trade policy or anything else that makes cross-border trade harder could slow that volume.
- Strict, changing rules in many countries. Payoneer is regulated in many countries, and rules change and can be read differently. Breaking anti-money-laundering or sanctions laws could bring large penalties. Its Indian cross-border license awaited final approval as of February 2026.
Recent events
- Executive or board change
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed; Investor presentation or announcement; Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Payoneer pays no dividend and paid none from fiscal 2021 through 2025, so it offers no regular income. A retiree who wants cash from it would have to sell shares. The company bought back $366.6 million of stock over those five years, including $173.6 million in 2025. Its free cash flow (cash left after running and investing in the business) was $206.6 million that year. Even so, the share count was about 339 million in both September 2021 and July 2026, so buybacks have roughly offset new shares issued.
In the 2022 bear market (a long, broad market slump), the shares fell 52.3% from January 3 to May 11, 2022. They regained that level by October 10 but still ended 2022 down about 26%. They lost 44% in 2025. Their deepest fall in about 5.3 years of price history, as of October 28, 2026, was 67.9%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Payoneer make money?
Payoneer earns revenue by helping small and medium-sized businesses receive and send payments across borders through its multi-currency Payoneer Account. Customers collect money from marketplaces and clients abroad, manage funds in several currencies, use Payoneer cards, pay suppliers and contractors, and access working capital (business funding). Part of its revenue is interest on the customer funds it holds. In the fiscal year ended December 31, 2025, revenue rose 8% to $1.05 billion as payment volume grew 9% to $87.5 billion.
Does Payoneer pay a dividend?
No. Payoneer paid no dividends from fiscal 2021 through 2025, so the stock offers no regular income. The company returned cash through share buybacks (buying back its own stock) instead: $366.6 million over those five years, including $173.6 million in 2025. Those purchases did not shrink the share count, which was about 339 million in both September 2021 and July 2026. For income seekers, it is worth comparing with dividend-paying stocks or funds.
How much of Payoneer's revenue comes from China?
About a third. China produced $354.1 million, or 33.6%, of Payoneer's $1.05 billion in revenue in the fiscal year ended December 31, 2025. That was the largest share of any area. Europe, the Middle East and Africa added 25.1%, Asia Pacific 21%, Latin America 10.6% and North America 9.6%. Payoneer lists its reliance on China as a material risk: anything that limits its ability to serve customers there could hurt results.
Is Payoneer profitable?
Yes, on a full-year basis since 2023, though earnings have been uneven. After losses from 2020 through 2022, net income was $93.3 million in 2023, $121.2 million in 2024 and $73.2 million in 2025, a 39.6% drop. Free cash flow (cash left after running and investing in the business) was $206.6 million in 2025. In the quarter ended June 30, 2026, Payoneer posted a $2.4 million net loss on revenue of $274.3 million, up 5.2%.
What is Payoneer's P/E ratio?
It was about 37.5 as of October 28, 2026. The price-to-earnings (P/E) ratio compares the share price with yearly earnings per share, which were $0.19 for fiscal 2025. Earnings per share fell from $0.31 in 2024, so the ratio is higher than it would be using 2024's profit. Payoneer's stock market value was about $2.4 billion on that date. As of June 30, 2026, it held $346.3 million in cash and investments, and no borrowings were identified in its filings.