Paysafe Ltd (PSFE)
🔔 Watch stock
Paysafe processes payments for online casinos, merchants and digital wallets, and it looks dirt cheap in our valuation scanner. We read the Form 20-F for 2025: $71.9 million of operating income faces $136.4 million of interest expense, and net debt stands at $2.4 billion. The free cash flow that makes the stock look cheap halves the moment you count capitalized software as what it is — investment.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIPaysafe setzt maschinelles Lernen im eigenen Betrieb ein — für Underwriting, Betrugserkennung und Prozessautomatisierung —, verkauft aber kein KI-Produkt und weist keinen KI-Umsatz aus.
View the full file — quotes, sources, reviewed filings
„Underwriting & Risk Management—We have created sophisticated underwriting and real-time risk mitigation processes through a range of machine learning models and behavioral detection systems to identify potentially suspicious activity and reduce fraud."
Underwriting und Risikosteuerung — Wir haben anspruchsvolle Prüf- und Echtzeit-Risikoprozesse aufgebaut, die über eine Reihe von Modellen des maschinellen Lernens und Verhaltenserkennungssysteme potenziell verdächtige Aktivitäten identifizieren und Betrug verringern.
„Artificial Intelligence & Automation - we are leveraging the implementation of A.I. and process automation technologies to optimize the speed and operating efficiencies of our technology and risk management platforms as well as our internal processes and back office systems to generate better marginal cost efficiencies."
Künstliche Intelligenz und Automatisierung — Wir nutzen den Einsatz von KI und Prozessautomatisierung, um Geschwindigkeit und Effizienz unserer Technologie- und Risikoplattformen sowie unserer internen Abläufe und Backoffice-Systeme zu verbessern und damit bessere Grenzkosten zu erzielen.
„The outcomes of our reviews are driven back into our machine learning models for continuous improvement in accuracy."
Die Ergebnisse unserer Prüfungen fließen in unsere Modelle des maschinellen Lernens zurück, damit deren Treffsicherheit fortlaufend besser wird.
Filings Reviewed: 20-F 2026-03-03 · 6-K 2026-05-13 · 6-K 2026-03-03 · 20-F 2025-03-04 · 6-K 2025-11-13 · 6-K 2025-08-12
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.54 | – | 420 | 1.30 | 8.00 | 59 | 26 |
| 2025: Q1 | -0.33 | -760.20 | 401 | -4.00 | -4.90 | 53 | 25 |
| 2025: Q2 | -0.85 | – | 428 | -2.70 | -11.70 | 40 | 4 |
| 2025: Q3 | -1.52 | – | 434 | 1.60 | -20.20 | 69 | 35 |
| 2025: Q4 | -0.45 | -183.90 | 438 | 4.40 | -5.80 | 75 | 72 |
| 2026: Q1 | -0.71 | – | 443 | 10.40 | -8.20 | 64 | 63 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Fiscal 2025 put $71.9 million of operating income against $136.4 million of interest expense — coverage of 0.53. On a cash basis, operating cash flow of $236.2 million carries the interest; in accounting terms the company does not earn it.
$2,615.2 million of debt as of December 31, 2025, $2.4 billion net — 5.5 times adjusted operating earnings of $428.8 million. The largest maturity block falls on June 28, 2028. In the first quarter of 2026 Paysafe repaid a net $104.3 million and reported a leverage ratio of 5.2.
Digital Wallets grew 6 percent to $814.7 million of revenue in 2025 and contributes $351.7 million of the adjusted operating earnings. Merchant Solutions lost 6 percent of revenue and 24 percent of its earnings contribution. Both grew again in the first quarter of 2026 (wallets 15 percent, merchant 6 percent).
Goodwill of $2,076.3 million and intangibles of $874.1 million face equity of $655.0 million (December 31, 2025). On a tangible basis equity is roughly minus $2.3 billion. Impairments in the reported years stayed small at $1.4 / $0.8 / $1.3 million.
Roughly $413 million of market value for $1,701.4 million of revenue and $428.8 million of adjusted operating earnings: price-to-sales about 0.24, price-to-book about 0.63. Even on enterprise value (about $2.78 billion, roughly 6.5 times adjusted earnings) this is not an expensive stock.
The principal shareholders hold roughly 54.4 percent and Paysafe counts as a controlled company. An acquisition of more than 50 percent by a third party would make the entire debt immediately due and payable (20-F 2025, Item 3.D) — which caps the takeover speculation this valuation would otherwise invite.
Paysafe is a profitable payments processor working under the debt load of its pre-listing life. On every revenue and cash flow measure the stock is cheap — and that is precisely the question: whether cheap here means opportunity, or simply describes the price of the fact that lenders get paid first out of every dollar earned. June 28, 2028 is the date on which that gets settled. Not investment advice.
- The hook was our in-house stock scanner: P/FCF ranking, U.S. selection, rank 41 of 545 hits with a displayed ratio of 2.03 (as of July 27, 2026). The page shows only the 25 strongest rows; Paysafe sits below them. The lists are recalculated daily.
- Our data set carries a market value of roughly $354 million for Paysafe. We instead use the 51,676,354 shares outstanding from the Form 20-F as of December 31, 2025 and arrive at roughly $413 million; the fundamental data itself reports $411 million. Every valuation metric in this article rests on that own calculation.
- The Form 25 of November 17, 2025 covers only the warrants from the blank-check transaction (exercise price $138.00), not the common shares. Those continue to trade on the New York Stock Exchange.
- Do not confuse Paysafe Limited (PSFE) with the former Paysafe Group plc taken private in 2017, nor with Payoneer (PAYO) or Paysign (PAYS).
About the Company
Paysafe Limited bietet digitale Zahlungslösungen in den USA, Deutschland, dem Vereinigten Königreich und international an. Das Unternehmen ist in zwei Segmenten tätig: Merchant Solutions und Digital Wallets.
| Employees | 2,900 |
|---|---|
| Headquarters | London, United Kingdom |
| Website | paysafe.com |
| IPO Date | 9. Oct 2020 |
| Next Earnings | 11. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Bruce F. Lowthers CPA | CEO & Executive Director | 1965 |
| John Crawford | Chief Financial Officer | 1971 |
| Roy Aston | Chief Operating Officer | 1979 |
| Nicole Nahlous | Chief Accounting Officer | – |
| Kirsten Nielsen | Senior Vice President of Investor Relations | – |
| Richard Swales | Chief Risk & Compliance Officer | 1972 |
| Elliott Mark Wiseman | Chief Legal & People Officer | 1974 |
| Kate Aldridge | Senior Vice President of Corporate Communications & Content | – |
| Alisa Barber | Chief Marketing Officer | – |
| Chi-Eun Lee | Chief Transformation Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.