Nayax Ltd. key statistics and ratios

In fiscal 2025, Nayax Ltd. had return on equity of 17.9%, an operating margin of 9.4%, debt equal to 135.9% of equity and a current ratio of 2.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nayax Ltd.: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	47.2%	40.4%	34.6%	37.5%	45.1%	48.2%
Operating margin	−2.8%	−18.9%	−19.6%	−5.3%	1.0%	9.4%
Net margin	−7.7%	−20.8%	−21.6%	−6.7%	−1.8%	8.9%
Free-cash-flow margin	5.5%	−13.0%	−16.8%	3.5%	12.7%	8.7%
Return on equity	−48.7%	−34.4%	−31.7%	−15.7%	−4.3%	17.9%
Return on assets	—	−11.5%	−16.8%	−5.7%	−1.5%	5.5%
Asset turnover	—	0.55	0.78	0.85	0.83	0.62
Current ratio	—	2.22	1.37	1.00	1.31	2.26
Debt to equity	0.0%	0.0%	7.3%	48.6%	15.3%	135.9%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	—	—
Effective tax rate	—	—	—	—	—	−2.7%
R&D as % of revenue	11.8%	16.0%	12.8%	9.3%	8.1%	7.5%
Capital spending as % of revenue	2.7%	2.2%	0.9%	0.3%	1.0%	1.3%
Free cash flow ÷ net income	—	—	—	—	—	98.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $853m

Short-term assets $620mLonger-term assets $232m

What it owes, and who funded it · $853m

Short-term liabilities $274mLonger-term liabilities $347mShareholders' equity $231m

Short-term assets cover short-term liabilities $620m of assets due within a year against $274m of liabilities due within a year.
Short-term assets cover long-term liabilities $620m short-term assets against $347m of longer-dated liabilities.
More cash than debt $320m of cash against $314m of debt.
Debt below 40% of shareholders' equity Debt is 136% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $40m of operating cash flow against $314m of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From Nayax Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Nayax Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nayax Ltd.