# Paysign, Inc. (PAYS)

> Source: Nexqual · https://nexqual.com/PAYS · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Paysign, Inc. (PAYS), nexqual.com/PAYS" · informational, not investment advice.

**Price:** USD 14.34 (+2.65% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 13.97 · day 13.9–14.66 · 52w 3.08–16.15 · market cap $810M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $101M, net income $15.8M (15.7% margin), free cash flow $73.5M (SEC filings).
- Valuation: P/E 51.3x (avg 36.1x at the last 3 fiscal year-ends), EV/EBITDA 24.1x, net cash $171M.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $8.2M; 5 not under a Rule 10b5-1 plan ($2.7M); 0 by opportunistic insiders, 10 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.60 on a 1–5 scale) (5 analysts), mean target USD 14.1 (range 11.5–15).
- Total return with dividends: 1Y +168.7% vs S&P 500 +14.8%; 5Y +469.1% vs S&P 500 +79.1%.
- Next earnings: 2026-11-09, EPS estimate USD 0.13, revenue estimate $29.0M. All companies reporting that day: https://nexqual.com/earnings/2026-11-09
- Dividend: PAYS paid no cash dividend in the last five years.
- Short interest: 5.63% of float (as of 2026-10-15), 3.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.5M | $38.0M | $47.3M | $58.4M | $82.0M | $101M |
| Gross profit | $14.7M | $21.0M | $24.1M | $32.2M | $48.7M | — |
| Operating income | -$2.7M | $344K | -$167K | $1.0M | $7.4M | $17.1M |
| Net income | -$2.7M | $1.0M | $6.5M | $3.8M | $7.6M | $15.8M |
| EPS (diluted) | -$0.05 | $0.02 | $0.12 | $0.07 | $0.13 | — |
| Free cash flow | $14.9M | $25.2M | $27.4M | $22.5M | $51.2M | $73.5M |
| Gross margin | 49.9% | 55.1% | 51.1% | 55.1% | 59.4% | — |
| Operating margin | -9.3% | 0.9% | -0.4% | 1.7% | 9.0% | 17.0% |
| Net margin | -9.2% | 2.7% | 13.7% | 6.5% | 9.2% | 15.7% |
| Revenue growth | +22.2% | +29.1% | +24.3% | +23.5% | +40.5% | — |
| Cash + short-term investments | $7.4M | $89.9M | $109M | $122M | $165M | — |
| Total debt | — | — | — | $0K | $8.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 51.3x · P/S 8.1x · EV/EBITDA 24.1x · EV/Sales 6.3x · P/FCF 11.0x · P/B 13.5x · FCF yield 9.08% · Earnings yield 1.95% · Buyback yield (TTM) 0.00% · Net cash $171M · EV $638M
P/E at fiscal year-ends: Dec 2025 40.7x, Dec 2024 44.0x, Dec 2023 23.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-09 | Newcomer Mark | CEO | 50,000 | $767K | 0.5% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-09-15…2026-09-16 | Herman Joan M | EVP, Operations | 59,904 | $717K | 8.9% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-09-08…2026-09-09 | Ngo Michael C | Chief Innovation Officer | 150,000 | $1.9M | 5.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-12 | Baker Jeffery Bradford | Chief Financial Officer | 35,000 | $442K | 6.1% | No | Routine (sold in Mar & Aug each year 2023–2025) |
| 2026-08-06 | Newcomer Mark | CEO | 150,000 | $1.8M | 1.6% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025) |
| 2026-07-29 | Newcomer Mark | CEO | 50,000 | $469K | 0.5% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-07-15…2026-07-16 | Herman Joan M | EVP, Operations | 59,904 | $518K | 8.5% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-26 | Herman Joan M | EVP, Operations | 100,000 | $801K | 12.4% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-01…2026-06-11 | Mina Bruce A | Director | 20,000 | $142K | 7.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-29…2026-06-01 | Cunningham Bradley Kramer | Chief Technology Officer | 13,000 | $96K | 4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Herman Joan M | EVP, Operations | 29,202 | $234K | 3.5% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Herman Joan M | EVP, Operations | 22,534 | $158K | 2.7% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-04 | Herman Joan M | EVP, Operations | 6,667 | $47K | 0.8% | Yes (adopted September 12, 2025) | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-02-03 | Turner Matthew Baker | PRES., PATIENT AFFORDABILITY | 15,057 | $63K | 3.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.60 on a 1–5 scale), 5 analysts; mean target USD 14.1 (low 11.5, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | DA Davidson | Target raised | Buy | $12 → $15 |
| 2026-09-15 | Lake Street | Target raised | Buy | $13 → $15 |
| 2026-08-06 | DA Davidson | Target raised | Buy | $9 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +168.7% | +469.1% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +170.3% | +41.5% |
| Volatility (annualized) | 65.5% | 68.3% |
| Max drawdown | -42.4% (Dec 2025→Mar 2026) | -63.4% (Jul 2024→Mar 2025) |

## Dividends
PAYS paid no cash dividend in the last five years.

## Short interest
2,507,937 shares sold short, 5.63% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,055,867 shares (+22.0%). Days to cover: 3.0 (short shares ÷ average daily volume).

## Peers (Software - Infrastructure)
DLO (DLocal Limited) USD 13.65 -0.87% · BLSH (Bullish) USD 28.47 -0.90% · CORZ (Core Scientific, Inc.) USD 14.43 -3.80% · RELY (Remitly Global, Inc.) USD 24.64 +1.52% · TENB (Tenable Holdings, Inc.) USD 51.78 +6.28% · BB (BlackBerry Limited) USD 9.19 -2.23%

## More
Full page: https://nexqual.com/PAYS · 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

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pharma Industry | $14.6M | 51.9% | +88.9% |
| Plasma Industry | $13.0M | 46.2% | +21.4% |
| Other Revenue | $562,398 | 2.0% | -3.1% |
| Breakage Revenue | $75,632 | 0.3% | +37.7% |
| Total revenue | $28.3M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Raising full-year 2026 outlook – revenue $114.0 million to $117.0 million;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $0.07 | +77.3% | $29.0M | 2 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.06 | +58.8% | $29.3M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.49 | $0.33 | +48.5% | $114.7M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.61 | $0.44 | +40.8% | $133.7M | 2 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.10 | $0.08 | Beat +25.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.02 | $0.03 | Miss −$0.01 | — |
| — | Quarter ended Sep 30, 2025 | $0.04 | $0.04 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1496443/000168316826006021/0001683168-26-006021-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1496443/000168316826005988/0001683168-26-005988-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 5.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1496443/000201238326002852/0002012383-26-002852-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.