Paypay vs Pics
Paypay is the larger business, with $2.53bn of revenue in fiscal 2026 against $1.84bn for Pics (1.4 times as much). Pics grew faster (77.3% against 28.8%). Paypay kept more of each dollar of sales as profit: a net margin of 30.2% against -10.6%. Pics carries less debt relative to equity (0.0% against 143.3%).
| Latest fiscal year | PaypayPAYP, 2026 | PicsPICS, 2025 |
|---|---|---|
| Revenue | $2.53bn | $1.84bn |
| Revenue growth | 28.8% | 77.3% |
| Net income | $764m | −$196m |
| Operating margin | 21.0% | 0.4% |
| Net margin | 30.2% | -10.6% |
| Return on equity | 48.6% | -39.3% |
| Free cash flow | $2.45bn | −$682m |
| Cash | $2.28bn | $705m |
| Total debt | $3.55bn | $0 |
| Debt to equity | 143.3% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $9.54bn | $1.34bn |
| Price vs our value range | — | — |
| Moat score | — | — |
| Insider trades, 12 months | 0 buys, 0 sales | 11 buys, 0 sales |