Paypay Corp is a US-listed company in the systems software industry. Its financial year ends in March.
Stock price today
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Third-party market data · may be delayed
Fair value per share
Under review: valuation models disagree too widely to rate.
Price vs value
Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.
Paypay Corp 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.
- Funds28 adding, 31 cuttingOf 18 active managers that changed their stake, 5 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Paypay Corp's trailing-twelve-month revenue grew 28.8% year on year, with a free-cash-flow margin of 96.9%. Where it stands out: free-cash-flow margin of 96.9% ranks 1 of 34 systems software companies we cover. Where it lags: change in share count of 17.1% ranks 29 of 34 systems software companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 147.1% while net income grew 221.8%: a 75pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Fast growth. Revenue grew 28.8% over the last 12 months, against a median of 16.9% for systems software companies we cover.
- Growth speeding up. The growth rate is 17.4 points higher than a quarter earlier.
- Margins widening. Operating margin is up 9.2 points on a year ago.
- Strong cash generation. 96.9% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
- Net cash. Cash exceeds long-term debt by $2.3bn.
Things to watch
- Share dilution. Diluted shares rose 17.1% in a year.
Latest results
- Earnings per share
- $27.02 against an average estimate of $26.22: beat by 3.1%
- Next report
- November 4, 2026
Price chart
- 1 day+2.5%
- 1 week+2.5%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $2.5B
- Operating margin
- 21.0%
- Net margin
- 30.2%
- EPS (TTM, diluted)
- $1.19
Growth
- Revenue growth
- +28.8%
- Change in growth rate
- +17.4 pts
- Share count change
- +17.1%
Cash
- Free cash flow (TTM)
- $2.5B
- FCF margin
- 96.9%
- Stock pay % of revenue
- 0.5%
News & updates
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for PAYP from the sources we follow. See filings →
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
Valuation models
We value Paypay Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$16 ~$12–$31 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$17 ~$12–$24 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$11 ~$9.6–$13 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$41 ~$35–$49 | Included |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Paypay Corp with Systems Software 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.
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Next results: November 4, 2026, before the open.
Analysts' consensus
No analyst estimates are published for Paypay Corp: too few analysts cover it.
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $26.22 | $27.02 | +3.1% |
| Mar 2026 | $23.33 | $20.98 | −10.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 1.9% of tradable shares
- Days to cover
- 5.3 at average volume
- Short interest, 1 month
- +20% to October 15, 2026
- Held by institutions
- 5% of shares
- Held by insiders
- 90.7% of shares
- Employees
- 1,994 full time
Share-price performance
Market data may be delayedPrice behaviour
- 52-week range
- Not enough history
- From 52-week high
- —
- vs 50-day average
- —
- vs 200-day average
- —
- Volatility (1 year)
- —
- Beta vs S&P 500
- —
Paypay Corp in five measures
Fundamentals
Where the money goes
Each dollar Paypay took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $2.5B | |
|---|---|---|
| Other income | $232M | 9.2% of revenue |
| Other operating costs | $2B | 79.0% of revenue |
| Operating income | $532M | 21.0% of revenue |
| Net income | $764M | 30.2% of revenue |
Financial statements
| Fiscal year | 2024 Mar 2024 | 2025 Mar 2025 | 2026 Mar 2026 |
|---|---|---|---|
| Income | |||
| Revenue | 1,764 | 1,964 | 2,530 |
| EBITDA | 122 | 365 | 690 |
| Operating income | 0 | 233 | 532 |
| Net income | −23 | 238 | 764 |
| Diluted EPS | −$0.04 | $0.43 | $1.19 |
| Growth (year on year) | |||
| Revenue | — | +11.3% | +28.8% |
| EBITDA | — | +200.1% | +88.9% |
| Operating income | — | — | +128.2% |
| Net income | — | — | +221.8% |
| Diluted EPS | — | — | +174.7% |
| Margins | |||
| EBITDA margin | 6.9% | 18.6% | 27.3% |
| Operating margin | 0.0% | 11.9% | 21.0% |
| Net margin | −1.3% | 12.1% | 30.2% |
| Free-cash-flow margin | 17.8% | 50.5% | 96.9% |
| Cash flow | |||
| Cash from operations | 346 | 1,024 | 2,494 |
| Capital spending | 32 | 32 | 42 |
| Free cash flow | 315 | 992 | 2,452 |
| Stock-based pay | 0 | 0 | 12 |
| Free cash flow after stock pay | 315 | 992 | 2,439 |
| Balance sheet | |||
| Cash | 4,922 | 2,467 | 2,282 |
| Total debt | 0 | 2,666 | 3,551 |
| Net debt (negative = net cash) | −4,922 | 199 | 1,269 |
| Diluted shares | 550m | 550m | 644m |
Financial health
- Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
- Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
- 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 Operating income of $532m against $70m of interest.
Dividends, buybacks and capital spending
- Diluted share count
- +17.1%
- year over year
Competitors: side by side with peers
| Last 12 months unless stated | PAYP | CHKP | NTNX | OKTA | ZS | PICS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $2.5bn | $2.7bn | $2.9bn | $3.1bn | $3.4bn | $1.8bn | $1.1bn |
| Revenue growth, last 12 months | 28.8% | 6.3% | 12.4% | 11.2% | 25.4% | 77.3% | 16.9% |
| Revenue growth, 3-year average | — | 25.0% | 15.3% | 14.2% | 27.5% | — | 16.1% |
| Revenue growth, latest quarter | — | — | 15.9% | 10.6% | 24.9% | — | 19.6% |
| Gross margin | — | 86.7% | 86.8% | 78.1% | 76.8% | — | 69.6% |
| Operating margin | 21.0% | 30.5% | 9.6% | 7.5% | −4.0% | 0.4% | 3.7% |
| Operating margin, 3-year average | — | 40.7% | 5.6% | −0.1% | −4.8% | — | 4.0% |
| Net margin | 30.2% | 38.8% | 52.8% | 9.6% | −1.9% | −10.6% | 2.4% |
| Cash from operations / revenue | 98.6% | 44.0% | 32.1% | 32.1% | 33.7% | −36.4% | 16.6% |
| Free-cash-flow margin | 96.9% | 43.0% | 29.5% | 31.9% | 25.4% | −37.0% | 15.0% |
| Free-cash-flow margin, 3-year average | — | 52.0% | 28.9% | 29.3% | 28.3% | — | 18.8% |
| Stock pay / revenue | 0.5% | 7.5% | 12.5% | 16.4% | 24.5% | 2.0% | 8.2% |
| Change in share count | 17.1% | −3.1% | −0.6% | −1.4% | 3.8% | >999% | 2.7% |
Peer comparison
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 28.8% | 16.9% | 8 of 37 |
| Change in growth rate Growth | +17.4pp | -0.3pp | 6 of 37 |
| Operating margin Profitability | 21.0% | 3.8% | 5 of 34 |
| Net margin Profitability | 30.2% | 2.4% | 4 of 37 |
| Free-cash-flow margin Cash generation | 96.9% | 17.3% | 1 of 34 |
| Stock pay as % of revenue Cash generation | 0.5% | 8.5% | 3 of 36 |
| Change in share count Balance sheet | 17.1% | 3.1% | 29 of 34 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Who owns it
Funds buying and selling- Reported value
- $409M
- Institutions reporting
- 46
- Shares held vs prior quarter
- ▼ 0.1%
- Positions opened / closed
- 19 / 18
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $54.1M | 3.8M | 13.2% | ▼ 0.7% |
| Norges Bank | $47.3M | 3.3M | 11.5% | — |
| Alphabet Inc. | $44.8M | 3.1M | 10.9% | 0.0% |
| Evergreen Quality Fund Gp, Ltd. | $30.9M | 2.2M | 7.5% | ▲ 89.7% |
| Valueact Holdings, L.P. | $30.9M | 2.2M | 7.5% | New |
| Holocene Advisors, LP | $27.2M | 1.9M | 6.6% | ▲ 6.4% |
| WCM Investment Management, LLC | $22.3M | 1.5M | 5.4% | ▲ 30.3% |
| Schroder Investment Management Group | $21.8M | 1.5M | 5.3% | ▲ 199.2% |
| Marshall Wace, LLP | $19.5M | 1.4M | 4.8% | ▼ 11.2% |
| Joho Capital LLC | $13.8M | 962K | 3.4% | New |
| Amova Asset Management Americas, Inc. | $12.2M | 854K | 3.0% | ▲ 33.0% |
| Sumitomo Mitsui Trust Group, Inc. | $12M | 838K | 2.9% | ▲ 30.6% |
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 Paypay Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
Insider trading activity
Full insider history and chartFrom 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
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Paypay Corp in brief
- What does Paypay Corp do?
- Paypay Corp is a US-listed company in the systems software industry. Its financial year ends in March.
- What is Paypay Corp's stock ticker?
- Paypay Corp trades under the ticker PAYP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is Paypay Corp's revenue, and how fast is it growing?
- Over its most recent trailing twelve months, Paypay Corp reported revenue of $2.5B, 28.8% higher than a year earlier, according to its SEC filings.
- What is Paypay Corp's free cash flow?
- Paypay Corp's free-cash-flow margin is 96.9% of revenue over the trailing twelve months, ranking 1 of the 34 systems software companies we cover.
- Who are Paypay Corp's largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Norges Bank and Alphabet Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- Who are Paypay Corp's competitors?
- In our Systems Software peer group, the companies closest to Paypay Corp are Check Point Software Technologies LTD, Nutanix, Inc., Okta, Inc., Zscaler, Inc. and Pics N.V. The side-by-side comparison below sets their revenue, margins and growth against Paypay Corp's.
- When is Paypay Corp's next earnings date?
- Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Paypay Corp announces its own schedule.
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