Forensic Analysis · General / Diversified · as of Jun 28, 2026
Paysign, Inc. (PAYS)
A forensic read on Paysign, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.1
Altman Z-score
Clean
Earnings quality
4
Forensic signals
43.9
P / E (ttm)
21.7%
ROE
$457M
Market cap
Paysign, Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.1, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+59.9%Accruals ratio.Net operating assets grew +59.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -103% of net operating assets.
321d DSOReceivables vs revenue.Days sales outstanding moved from 204 to 321 days FY2024→FY2025 (receivables +121% vs revenue +40%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
+4.2%/yrShare-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.2%/yr). The count is GROWING — existing holders are being diluted. That's ~4.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~13%.
9%Return on invested capital.Return on invested capital is 9% and rising from 2% — around its ~9% cost of capital, so growth is roughly value-neutral — watch the trend.
Key fundamentals
Net Margin9.2%
Debt / Equity0.17x
Free Cash Flow$51.2M
Latest Revenue$82.0M
Return on Equity15.6%
Revenue Growth YoY+40.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Paysign, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PAYS's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown