PAYOPayoneer Global Inc.

Services-Business Services, NEC

Revenue: $813M; 15% YoY
Operating margin: 15.3%; 27% YoY
EBITDA: $190M; 3.1% YoY
Market cap: $2.4B
Employees: 2,025; $402K revenue each
Net debt / EBITDA: -1.7×; −$332M net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
319% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
74% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$402K · 42nd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.7× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$175K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$461M	$564M	$591M	$710M	$813M	15%
Operating income	−$30M	−$22M	$104M	$149M	$125M	16%
Net income	−$34M	−$12M	$93M	$121M	$73M	40%
Operating cash flow	$20M	$84M	$159M	$177M	$233M	32%
Capex	$7M	$11M	$8M	$8M	$27M	228%
Stock-based comp	$37M	$52M	$66M	$65M	$73M	13%
Buybacks	—	—	$55M	$138M	$174M	26%

Deal filings

Filed	Form	Acquirer	Price	Premium
Aug 11, 2026	DEFM14A	Neon Maple Parent Inc.	$7.40	69%
Jul 31, 2026	PREM14A	Neon Maple Parent Inc.	$7.40	69%
Sep 11, 2024	SC 13E3/A	—	—	—
Aug 29, 2024	SC 13E3/A	—	—	—
Aug 12, 2024	SC 13E3	—	—	—

13D filers

Filed	Filer	Form	Stake	Intent
Jun 16, 2026	Technology Crossover Management VIII, Ltd.	SCHEDULE 13D/A	22.2%	Passive
Dec 29, 2025	Dantchik Arthur	SCHEDULE 13D/A	10.5%	Passive
Nov 13, 2024	Technology Crossover Management VIII, Ltd.	SC 13D/A	9.6%	Passive
Nov 21, 2022	Goldman Amir	SC 13D/A	8.2%	Passive
Sep 15, 2022	Dovrat Shlomo	SC 13D/A	4.4%	Passive
Jul 6, 2021	Goldman Amir	SC 13D	6.7%	Passive
Jul 6, 2021	Technology Crossover Management VIII, Ltd.	SC 13D	12.3%	Passive
Jul 6, 2021	Dovrat Shlomo	SC 13D	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $175K · 1
Net: −$175K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	53	119
FY2024	—	—	95	100
FY2023	—	—	49	101
FY2022	—	—	52	83
FY2021	—	—	69	107