Paysign, Inc. (PAYS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Professional & Commercial Services · as of Aug 10, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.2
Distress distance
Clean
Earnings quality
4
Forensic signals
66.9
P / E (ttm)
15.6%
ROE
$709M
Market cap
40.5%
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). 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.
Paysign, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+59.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +59.9% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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 build is led by receivables up +121% against revenue +40%. This is the fourth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 103% of net operating assets, diverging from the balance-sheet accrual read.
+4.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +13% over the last 3 years to FY2025 (+4.1%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~4.1% 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 ~11%.
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue and 8% of free cash flow in FY2025 — about $0.07 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 4.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
9.0%
FY2025
Return on invested capital.Return on invested capital is 9.0% in the latest fiscal year and rising from 2% — around its ~10% cost of capital, so growth is roughly value-neutral.
Key fundamentals
Latest Revenue$82.0M
Revenue Growth YoY+40.5%
Revenue CAGR (3yr)+29.2%
Net Margin9.2%
Free Cash Flow$51.2M
Return on Equity15.6%
Debt / Equity0.17x
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 Paysign, Inc.'s actual 10-K/10-Q/8-K filings?