PAYOPayoneer Global Inc.
Services-Business Services, NEC · $2.4B market cap · 2,025 employees
0.8×
Less likely than average to be taken private
Top 41% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Other things in the 10-K that mattered in past deals
Not part of the score. How often companies whose 10-K read the same way went on to a take-private, against the average company (the tick).
- Software or platformToward a deal2.9× as often44 of 1,216 companies whose 10-K read like this saw a take-private within a year (2.9× average)
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
3of 15 firedHow well they predict deals →
- TSR below peersYes5 of 5 years3+ of last 5 years
- Net cashYesNet cash · 1.7× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
12 other checks
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo319% of net incomeCash flow under 80% of net income
- Dilutive SBCNo9% of revenueOver 10% of revenue
- Payouts exceed cash flowNo74% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
- Low revenue per employeeNo$402K · 42nd pctBottom quartile of its SIC industry
- Quiet on AINo2.4 per 10K words · 61st pctBottom quartile of AI mentions in 10-Ks
- Recurring revenueNo5.5 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo1.3 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$175K netNet sales over $10M in 12 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Aug 11, 2026 | DEFM14A | Nuvei Parent (Neon Maple Parent Inc.) | $7.40 | 69% |
| Jul 31, 2026 | PREM14A | Neon Maple Parent Inc. (Nuvei Parent) | $7.40 | 69% |
| Jun 15, 2026 | 8-K | Nuvei | — | — |
| Sep 11, 2024 | SC 13E3/A | — | — | — |
Key numbers
- Revenue
- $813M
- 15% YoY
- Operating margin
- 15.3%
- 27% YoY
- EBITDA
- $190M
- 3.1% YoY
- Net debt / EBITDA
- -1.7×
- −$332M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| 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% |
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
−$175Knet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $175K · 1 trade
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 |