Payoneer Global Inc. (PAYO) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Sep 25, 2026
Payoneer Global Inc. (PAYO)
A forensic read on Payoneer Global Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.5
Distress distance
Clean
Earnings quality
2
Forensic signals
33.5
P / E (ttm)
10.4%
ROE
$2.4B
Market cap
7.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Payoneer Global Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.5, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+23.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +23.9% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +102% against revenue +8%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 62% of net operating assets, against an accruals ratio of 23.9%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
119% of FCF
FY2025
Shareholder returns.Returned $174M to shareholders (buybacks + dividends) in FY2025 — 119% of free cash flow, but 74% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $73M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 169%.
Key fundamentals
Latest Revenue$1.05B
Revenue Growth YoY+7.7%
Revenue CAGR (2yr)+12.5%
Net Margin7.0%
Free Cash Flow$145.8M
Return on Equity10.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Payoneer Global Inc.'s actual 10-K/10-Q/8-K filings?