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Paymentus Holdings, Inc. (PAY) stock

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NYSE: PAY NYSE Transaction & Payment Processing Services Next results ~February 4, 2027

D Fundamentals grade

Paymentus Holdings, Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$49

Cash-flow model

Base case. Range ~$38–$63 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 40% above it.

Price used: $35.05, November 2, 2026

Paymentus Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 13 sales by directors and officers, last 12 monthsInsider trades
  • Funds112 adding, 95 cuttingOf 48 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Paymentus Holdings files

Where Paymentus stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.36bn, up 30.2% on a year earlier, slower than the 33.0% growth a quarter earlier. That growth ranks 3 of 15 among the transaction & payment processing services companies we cover. Free-cash-flow margin held at 11.7%. Operating margin widened to 7.6% from 5.5%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $47.92 a share, against a share price of $32.28. At that price, our model says the market is pricing in about 12.3% a year of cash-flow growth for five years, slower than the 28.0% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Paymentus Holdings, Inc.'s trailing-twelve-month revenue grew 26.5% year on year, with a free-cash-flow margin of 11.8%. Where it stands out: revenue growth of 26.5% ranks 6 of 30 transaction & payment processing services companies we cover. Where it lags: gross margin of 25.2% ranks 11 of 11 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$49 per share in the base case (~$38–$63 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 16.0% while net income grew 59.2%: a 43pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $35.05 is 40% below our value per share of $49.
  • Fast growth. Revenue grew 26.5% over the last 12 months, against a median of 9.7% for transaction & payment processing services companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.4bn.

Things to watch

  • High earnings multiple. The shares trade at 48 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 0.7 against the S&P 500.
  • Growth easing. The growth rate is 3.7 points lower than a quarter earlier.
  • Below peers: gross margin. Gross margin of 25.2% ranks 11 of 11 transaction & payment processing services companies we cover (median 51.7%).
  • Below peers: change in growth rate. Change in growth rate of -3.7pp ranks 28 of 30 transaction & payment processing services companies we cover (median -0.3pp).

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
$0.25 against an average estimate of $0.21: beat by 19.5%
Revenue
$372m, up 19.8% on a year earlier
Next report
November 2, 2026; average EPS estimate $0.23

Paymentus Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+6.8%
  • 1 week+7.8%
  • 1 month+13.7%
  • This year+11.0%
  • 1 year+22.6%
  • 5 years+31.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.4B
Operating margin
8.2%
Net margin
6.7%
EPS (TTM, diluted)
$0.73

Growth

Revenue growth
+26.5%
Change in growth rate
−3.7 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
$168M
FCF margin
11.8%
Stock pay % of revenue
1.7%

Earnings

Last results
November 2, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Insider trade
  4. Insider trade
  5. Deal
  6. Insider trade
  7. Insider trade
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Paymentus Holdings, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 10.3% a year of cash-flow growth for five years.That is slower than the 29.2% a year revenue growth Paymentus Holdings has delivered.

  • Priced in10.3%
  • Last 12 months26.5%
  • 3 years a year34.7%
  • 5 years a year29.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($31.02, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$49
Price used
$31.02close November 3, 2026
Implied change
▲ +58%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Paymentus Holdings, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($136M, FY2026 Q3 TTM), growing 17.3% and 19.3% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$38–~$63 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Paymentus Holdings, Inc.'s free cash flow after stock-based pay ( $136M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Paymentus Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$49 ~$38–$63 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$22 ~$15–$27 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.3 ~$6.9–$19 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.9 ~$2.6–$5.9 Left out: out of range vs price (0.11x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$3.7 ~$3.3–$4.3 Left out: out of range vs price (0.11x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$32 ~$9.3–$49 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Paymentus Holdings, Inc. with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▼ −8%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $18$24$31$40$52$68
8.5% $15$19$24$30$39$51
10% $13$16$20$25$31$40

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$34.98$8.01$17.87$32.67$31.59$35.05
Market value$4.2bn$978m$2.2bn$4.2bn$4.1bn$4.5bn
+ Net debt (− = net cash)−$168m−$147m−$179m−$206m−$321m−$408m
Enterprise value$4.0bn$831m$2.1bn$4.0bn$3.8bn$4.1bn
Multiples
Price / sales 10.5x2.0x3.6x4.8x3.4x3.2x
Price / earnings n/m—100.1x94.5x60.9x48.0x
Price / free cash flow n/m52.6x32.8x66.0x25.2x27.1x
EV / EBITDA 168.5x39.4x42.2x48.8x32.2x30.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Paymentus Holdings's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 15 / 20

    Cash operating profit has been a median 11.5% of total assets over 5 years.

  • Pricing power 10 / 20

    Gross margin has been a median 29.2%, moving by 2.4 percentage points (standard deviation) across 6 years.

  • Durability 0 / 20

    Operating margin has been a median 4.6%; its worst year was -0.9%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 6 of 6 years, at a median 8.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (49 before it).

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

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.91 +38% $1.5bn +21%
Next $1.09 +20% $1.7bn +18%

Next year's EPS estimate has moved +1.7% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.7% on 90 days ago. In the last 30 days, 0 analysts raised Paymentus Holdings, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Paymentus Holdings, Inc., last 90 days
$0.90 $0.95 $1.00 $1.05 $1.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.93 Current fiscal year, 60 days ago: $0.93 Current fiscal year, 30 days ago: $0.91 Current fiscal year, 7 days ago: $0.91 Current fiscal year, Now: $0.91 $0.91 Next fiscal year, 90 days ago: $1.07 Next fiscal year, 60 days ago: $1.07 Next fiscal year, 30 days ago: $1.09 Next fiscal year, 7 days ago: $1.08 Next fiscal year, Now: $1.09 $1.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.93$1.07
60 days ago $0.93$1.07
30 days ago $0.91$1.09
7 days ago $0.91$1.08
Now $0.91$1.09

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.21 $0.25 +19.5%
Mar 2026 $0.18 $0.21 +19.8%
Sept 2025 $0.15 $0.17 +14.6%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Paymentus Holdings, Inc.'s revenue by +17.3% next year and +19.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+15.9%, weight 65%) and the company's own record (+20.0%, weight 35%) . How the weights are set.

Analyst recommendations

7 analysts, Nov 2026
Buy343%
Hold457%
Sell00%

Monthly trend

  1. Nov 2026347
  2. Oct 2026448
  3. Sep 2026448
  4. Aug 2026347

Counts of recommendations published by analysts covering Paymentus Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
2.45
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.9%
of shares
Employees
1,340
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +22.6%

$28.60 on October 31, 2025 to $35.05

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.4bn +30.2%
Net margin 5.4% 6.2% +16.2%
P/E multiple 65.6x 53.4x −18.6%
Share count 129m 129m −0.5%

Biggest factor: revenue.

Last 3 years +126.3%

$15.49 on November 3, 2023 to $35.05

ThenNowEffect
Revenue (last 12 months) $558m $1.4bn +144.0%
Net margin 1.2% 6.2% +414.3%
P/E multiple n/m 53.4x −80.9%
Share count 122m 129m −5.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
PAY−77%+123%+83%−3%+11%
Industry peers (median)−26%+6%+9%−26%+5%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
PAY17%75%50%33%64%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
PAY−80%−24%−29%−31%−36%
S&P 500−25%−10%−8%−19%−9%

Worst fall since May 26, 2021: 81% from July 6, 2021 to December 28, 2022. Getting back needed a 420% gain, reached on November 20, 2024, 693 days after the low.

Price behaviour

52-week range
$20.21 – $44.60
From 52-week high
−21.4%
vs 50-day average
+4.2%
vs 200-day average
+21.6%
Volatility (1 year)
63%
Beta vs S&P 500
0.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 3 down
typical move ±13.8%
After a week
8 up, 3 down
typical move ±16.6%
After a month
7 up, 4 down
typical move ±18.0%
Results releasedNext dayS&P 500 next day5 days21 days
May 4, 2026 −5.0% +0.4% −3.9% −24.0%
February 23, 2026 −4.8% −0.3% −4.6% −3.2%
November 3, 2025 +26.2% −1.0% +32.1% +21.8%
August 4, 2025 +16.1% +1.0% +20.8% +34.4%
May 5, 2025 +1.5% −1.4% +10.5% +10.5%
March 10, 2025 +16.7% −3.5% +7.6% −7.5%
November 12, 2024 +26.2% −0.3% +33.6% +30.5%
August 8, 2024 +17.9% +2.8% +22.9% +9.0%
May 6, 2024 −8.6% +1.1% −11.8% −8.3%
March 4, 2024 +24.2% −1.1% +31.6% +34.5%
November 6, 2023 +4.2% +0.5% +3.5% +14.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Paymentus Holdings, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade D (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Paymentus Holdings, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Paymentus Holdings, Inc.
$500M $1B $1.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $614.5M Revenue (TTM), FY24 Q1: $651M Revenue (TTM), FY24 Q2: $699.5M Revenue (TTM), FY24 Q3: $778.7M Revenue (TTM), FY24 Q4: $871.7M Revenue (TTM), FY25 Q1: $962.1M Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.4B Revenue (TTM), FY26 Q3: $1.4B $1.4B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $614.5M
FY24 Q1 $651M
FY24 Q2 $699.5M
FY24 Q3 $778.7M
FY24 Q4 $871.7M
FY25 Q1 $962.1M
FY25 Q2 $1B
FY25 Q3 $1.1B
FY25 Q4 $1.2B
FY26 Q1 $1.3B
FY26 Q2 $1.4B
FY26 Q3 $1.4B
Revenue growth, TTM YoY Paymentus Holdings, Inc.
20% 30% 40% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 23.6% Revenue growth, TTM YoY, FY24 Q1: 23.2% Revenue growth, TTM YoY, FY24 Q2: 25.5% Revenue growth, TTM YoY, FY24 Q3: 33.8% Revenue growth, TTM YoY, FY24 Q4: 41.9% Revenue growth, TTM YoY, FY25 Q1: 47.8% Revenue growth, TTM YoY, FY25 Q2: 49.4% Revenue growth, TTM YoY, FY25 Q3: 44.3% Revenue growth, TTM YoY, FY25 Q4: 37.3% Revenue growth, TTM YoY, FY26 Q1: 33.0% Revenue growth, TTM YoY, FY26 Q2: 30.2% Revenue growth, TTM YoY, FY26 Q3: 26.5% 26.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 23.6%
FY24 Q1 23.2%
FY24 Q2 25.5%
FY24 Q3 33.8%
FY24 Q4 41.9%
FY25 Q1 47.8%
FY25 Q2 49.4%
FY25 Q3 44.3%
FY25 Q4 37.3%
FY26 Q1 33.0%
FY26 Q2 30.2%
FY26 Q3 26.5%
Operating margin (TTM) Paymentus Holdings, Inc.
2% 4% 6% 8% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 2.9% Operating margin (TTM), FY24 Q1: 4.2% Operating margin (TTM), FY24 Q2: 4.7% Operating margin (TTM), FY24 Q3: 5.1% Operating margin (TTM), FY24 Q4: 5.1% Operating margin (TTM), FY25 Q1: 5.4% Operating margin (TTM), FY25 Q2: 5.5% Operating margin (TTM), FY25 Q3: 5.8% Operating margin (TTM), FY25 Q4: 6.3% Operating margin (TTM), FY26 Q1: 6.8% Operating margin (TTM), FY26 Q2: 7.6% Operating margin (TTM), FY26 Q3: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 2.9%
FY24 Q1 4.2%
FY24 Q2 4.7%
FY24 Q3 5.1%
FY24 Q4 5.1%
FY25 Q1 5.4%
FY25 Q2 5.5%
FY25 Q3 5.8%
FY25 Q4 6.3%
FY26 Q1 6.8%
FY26 Q2 7.6%
FY26 Q3 8.2%
FCF margin (TTM) Paymentus Holdings, Inc.
6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.1% FCF margin (TTM), FY24 Q1: 11.4% FCF margin (TTM), FY24 Q2: 9.4% FCF margin (TTM), FY24 Q3: 7.7% FCF margin (TTM), FY24 Q4: 7.2% FCF margin (TTM), FY25 Q1: 10.7% FCF margin (TTM), FY25 Q2: 11.1% FCF margin (TTM), FY25 Q3: 12.9% FCF margin (TTM), FY25 Q4: 13.5% FCF margin (TTM), FY26 Q1: 11.1% FCF margin (TTM), FY26 Q2: 11.7% FCF margin (TTM), FY26 Q3: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.1%
FY24 Q1 11.4%
FY24 Q2 9.4%
FY24 Q3 7.7%
FY24 Q4 7.2%
FY25 Q1 10.7%
FY25 Q2 11.1%
FY25 Q3 12.9%
FY25 Q4 13.5%
FY26 Q1 11.1%
FY26 Q2 11.7%
FY26 Q3 11.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Paymentus Holdings took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Other income $9.7M · 0.8%
  3. Cost of revenue $900M · 75.2%
  4. Gross profit $296M · 24.8%
  5. Research and development $61.5M · 5.1%
  6. Selling, general and admin $159M · 13.3%
  7. Operating income $75.5M · 6.3%
  8. Income tax $18.3M · 1.5%
  9. Net income $66.9M · 5.6%

Shares of revenue. Source: Paymentus Holdings's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

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

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 236 302 396 497 614 872 1,197 1,422
Gross profit 74 93 121 150 182 238 296 358
EBITDA 24 26 24 21 49 81 117 137
Operating income 18 18 10 −3 18 45 76 117
Net income 14 14 9 −1 22 44 67 95
Diluted EPS $0.08 $0.08 $0.06 $0.00 $0.18 $0.35 $0.52 $0.73
Growth (year on year)
Revenue — +28.0% +31.1% +25.7% +23.6% +41.9% +37.3% +26.5%
EBITDA — +8.7% −10.7% −10.9% +130.9% +67.0% +43.3% +58.2%
Operating income — +0.3% −43.7% −128.7% — +147.9% +68.4% +77.8%
Net income — +0.1% −32.2% −105.5% — +97.9% +51.5% +59.2%
Diluted EPS — 0.0% −25.0% −100.0% — +94.4% +48.6% +58.6%
Margins
Gross margin 31.6% 30.7% 30.7% 30.1% 29.7% 27.3% 24.8% 25.2%
EBITDA margin 10.3% 8.8% 6.0% 4.2% 7.9% 9.3% 9.7% 9.6%
Operating margin 7.8% 6.1% 2.6% −0.6% 2.9% 5.1% 6.3% 8.2%
Net margin 5.8% 4.5% 2.4% −0.1% 3.6% 5.1% 5.6% 6.7%
Free-cash-flow margin 7.0% 11.7% 4.7% 3.7% 11.1% 7.2% 13.5% 11.8%
Cash flow
Cash from operations 18 36 19 20 69 64 162 168
Capital spending 1 0 1 1 1 0 0 0
Free cash flow 16 35 19 19 68 63 162 168
Stock-based pay 2 2 3 7 9 11 19 25
Free cash flow after stock pay 15 33 15 12 59 52 143 143
Balance sheet
Cash 27 47 168 147 179 206 321 408
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −27 −47 −168 −147 −179 −206 −321 −408
Diluted shares 106m 106m 119m 122m 125m 128m 129m 130m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $764m
Short-term assets $534mLonger-term assets $230m
What it owes, and who funded it · $764m
Short-term liabilities $111mLonger-term liabilities $10mShareholders' equity $643m
  • Short-term assets cover short-term liabilities $534m of assets due within a year against $111m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $534m short-term assets against $10m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • 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 Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Paymentus Holdings, Inc.'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.

Dividends, buybacks and capital spending

Diluted share count
+0.4%
year over year
R&D spending
4.4%
of revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated PAY PSFE RELY PAYO WSE PRTH Median
Revenue, last 12 months $1.4bn $1.7bn $1.8bn $1.1bn $1.9bn $1.0bn $1.6bn
Revenue growth, last 12 months 26.5% −0.2% 23.8% 6.3% 22.5% 8.9% 9.3%
Revenue growth, 3-year average 34.7% — 31.4% 13.4% — 12.0% 7.9%
Revenue growth, latest quarter 19.8% — 20.2% 5.2% — 9.4% 14.0%
Gross margin 25.2% 56.4% — — — 30.4% 45.0%
Operating margin 8.2% 4.2% 9.5% 10.4% 31.2% 13.8% 9.8%
Operating margin, 3-year average 6.4% — 0.5% 12.7% — 14.1% 11.1%
Net margin 6.7% −10.7% 16.9% 4.6% 26.3% 5.6% 6.1%
Cash from operations / revenue 11.8% 13.9% 22.4% 20.5% 398.9% 12.8% 18.4%
Free-cash-flow margin 11.8% 13.1% 21.4% 16.8% 397.9% 10.4% 16.1%
Free-cash-flow margin, 3-year average 10.8% — 15.8% 18.8% — 7.4% 16.3%
Stock pay / revenue 1.7% 1.9% 7.9% 6.7% 5.0% 1.0% 2.2%
Change in share count 0.4% −6.2% 4.6% −8.0% −1.5% 5.6% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 26.5% 9.7% 6 of 30
Change in growth rate Growth -3.7pp -0.3pp 28 of 30
Gross margin Profitability 25.2% 51.7% 11 of 11
Operating margin Profitability 8.2% 9.8% 18 of 29
Net margin Profitability 6.7% 6.6% 14 of 30
Free-cash-flow margin Cash generation 11.8% 18.4% 20 of 25
Stock pay as % of revenue Cash generation 1.7% 2.3% 9 of 30
Change in share count Balance sheet 0.4% -1.7% 19 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Payment Transaction Processing Revenue $1.2B 99.2% ▲ 37.8%
Other $9.4M 0.8% ▼ 6.1%
Geography
Region Revenue Share YoY
United States $1.2B 98.4% ▲ 37.5%
Outside the US $18.9M 1.6% ▲ 23.2%

From Paymentus Holdings, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.4B
Institutions reporting
182
Shares held vs prior quarter
▲ 3.8%
Positions opened / closed
36 / 40

Top buyers and sellers, Q2 2026: 112 institutions bought and 95 sold ; the biggest buyer was Blackrock, Inc (+3.6M shares) and the biggest seller Wasatch Advisors LP (−1.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital International Investors $171M 7.1M 12.5% ▲ 2.8%
Wasatch Advisors LP $150M 6.2M 10.9% ▼ 21.6%
Blackrock, Inc. $112M 4.6M 8.2% ▲ 352.7%
Capital World Investors $103M 4.3M 7.6% ▲ 1.5%
Brown Brothers Harriman & Co $68.2M 2.8M 5.0% ▲ 31.1%
Vanguard Portfolio Management LLC $61.9M 2.6M 4.5% ▲ 21.0%
Vanguard Capital Management LLC $61M 2.5M 4.5% ▲ 3.7%
Fuller & Thaler Asset Management, Inc. $47M 1.9M 3.4% ▼ 0.3%
Geode Capital Management, LLC $35.6M 1.5M 2.6% ▲ 109.7%
Franklin Resources Inc $31.3M 1.3M 2.3% ▼ 45.3%
Invesco Ltd. $30.2M 1.3M 2.2% ▲ 24.6%
State Street Corp $25.6M 1.1M 1.9% ▲ 178.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Paymentus Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7.1M 13 trades by 2 insiders · 100% under pre-set plans
Net ▼ $7.1M net selling
Insider Date Trade Shares Price Value
Kalra Sanjay SVP and CFO August 5, 2026 Sell pre-set plan 2,809 $40.16 $112,809
Kalra Sanjay SVP and CFO August 5, 2026 Sell pre-set plan 100 $43.02 $4,302
Trainor Gary Director August 4, 2026 Sell pre-set plan 17,515 $43.06 $754,196
Trainor Gary Director August 4, 2026 Sell pre-set plan 9,785 $41.99 $410,872
Trainor Gary Director August 4, 2026 Sell pre-set plan 4,500 $40.88 $183,960
Trainor Gary Director August 4, 2026 Sell pre-set plan 40,332 $39.91 $1.6M
Trainor Gary Director August 4, 2026 Sell pre-set plan 7,868 $38.74 $304,806
Kalra Sanjay SVP and CFO August 4, 2026 Sell pre-set plan 6,200 $42.36 $262,632
Kalra Sanjay SVP and CFO August 4, 2026 Sell pre-set plan 8,800 $41.53 $365,464
Kalra Sanjay SVP and CFO August 4, 2026 Sell pre-set plan 10,000 $40.22 $402,200
Trainor Gary Director July 29, 2026 Sell pre-set plan 40,000 $35.12 $1.4M
Trainor Gary Director July 28, 2026 Sell pre-set plan 39,000 $33.11 $1.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • May 4, 2026
  • February 23, 2026
  • November 3, 2025
  • August 4, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on Paymentus Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Paymentus Holdings, Inc. in brief

What does Paymentus Holdings, Inc. do?
Paymentus Holdings, Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is Paymentus Holdings, Inc.'s stock ticker?
Paymentus Holdings, Inc. trades under the ticker PAY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Paymentus Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Paymentus Holdings, Inc. reported revenue of $1.4B, 26.5% higher than a year earlier, according to its SEC filings.
What is Paymentus Holdings, Inc.'s free cash flow?
Paymentus Holdings, Inc.'s free-cash-flow margin is 11.8% of revenue over the trailing twelve months, ranking 20 of the 25 transaction & payment processing services companies we cover.
What is Paymentus Holdings, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Paymentus Holdings, Inc.'s free cash flow after stock-based pay gives ~$49 per share in the base case, and ~$38–$63 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Paymentus Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital International Investors, Wasatch Advisors LP and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Paymentus Holdings, Inc.'s market cap?
On November 2, 2026, Paymentus Holdings, Inc.'s market capitalisation was about $4.5B, with a price-to-earnings ratio of 48.0 and net debt of -$408M. Market figures come from third-party market data and may be delayed.
Who are Paymentus Holdings, Inc.'s competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Paymentus Holdings, Inc. are Paysafe Ltd, Remitly Global, Inc., Payoneer Global Inc., Wise Group plc and Priority Technology Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Paymentus Holdings, Inc.'s.
Are insiders buying or selling Paymentus Holdings, Inc. stock?
Over the last 12 months, Paymentus Holdings, Inc.'s directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Paymentus Holdings, Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Paymentus Holdings, Inc. announces its own schedule.