# Paymentus Holdings, Inc. (PAY)

> Source: Nexqual · https://nexqual.com/PAY · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Paymentus Holdings, Inc. (PAY), nexqual.com/PAY" · informational, not investment advice.

**Price:** USD 32.13 (+4.97% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 30.61 · day 30.86–32.19 · 52w 20.11–45.31 · market cap $4.05B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.36B, net income $84.9M (6.2% margin), free cash flow $159M (SEC filings).
- Valuation: P/E 47.7x (avg 85.2x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (8 analysts), mean target USD 40.14 (range 36–45).
- Total return with dividends: 1Y +10.8% vs S&P 500 +18.1%; 5Y +33.6% vs S&P 500 +85.1%.
- Next earnings: 2026-11-02, EPS estimate USD 0.21, revenue estimate $358M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $396M | $497M | $614M | $872M | $1.20B | $1.36B |
| Gross profit | $121M | $150M | $182M | $238M | $296M | — |
| Operating income | $10.4M | -$3.0M | $18.1M | $44.9M | $75.5M | $103M |
| Net income | $9.3M | -$513K | $22.3M | $44.2M | $66.9M | $84.9M |
| EPS (diluted) | $0.06 | $0.00 | $0.18 | $0.35 | $0.52 | — |
| Free cash flow | $18.5M | $18.6M | $68.2M | $63.2M | $162M | $159M |
| Gross margin | 30.7% | 30.1% | 29.7% | 27.3% | 24.8% | — |
| Operating margin | 2.6% | -0.6% | 2.9% | 5.1% | 6.3% | 7.6% |
| Net margin | 2.4% | -0.1% | 3.6% | 5.1% | 5.6% | 6.2% |
| Revenue growth | +31.1% | +25.7% | +23.6% | +41.9% | +37.3% | — |
| Cash + short-term investments | $168M | $147M | $179M | $206M | $321M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 47.7x · P/S 3.0x · P/FCF 25.4x · P/B 6.6x · FCF yield 3.93% · Earnings yield 2.10%
P/E at fiscal year-ends: Dec 2025 60.9x, Dec 2024 94.5x, Dec 2023 100.1x.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 8 analysts; mean target USD 40.14 (low 36, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Seaport Global | Initiated | Buy | $42 |
| 2026-09-15 | Freedom Capital Markets | Target raised | Buy | $40 → $43 |
| 2026-08-25 | Wolfe Research | Downgrade | Outperform → Peer Perform |  |
| 2026-08-04 | Goldman Sachs | Target raised | Neutral | $32 → $40 |
| 2026-08-04 | Baird | Target raised | Neutral | $34 → $38 |
| 2026-07-30 | Baird | Downgrade | Outperform → Neutral | $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +10.8% | +33.6% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +10.9% | +6.0% |
| Volatility (annualized) | 60.6% | 59.1% |
| Max drawdown | -46.5% (Nov 2025→Jun 2026) | -79.5% (Dec 2021→Dec 2022) |

## Peers (Software - Infrastructure)
TENB (Tenable Holdings, Inc.) USD 39.32 -4.77% · DLO (DLocal Limited) USD 15.1 +0.53% · CORZ (Core Scientific, Inc.) USD 14.46 -6.32% · BLSH (Bullish) USD 31.87 +0.31% · BB (BlackBerry Limited) USD 8.7 +2.72% · RELY (Remitly Global, Inc.) USD 24.65 +3.75%

## More
Full page: https://nexqual.com/PAY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt