olivLaw · US equity research
Paysign, Inc. PAYS
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Paysign, Inc. is a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government clients, with a growing focus on patient affordability in pharma and donor compensation in plasma. In the second quarter of 2026 revenue rose 48.1%, and the company raised its full-year outlook on the back of pharma growth.
At the close of 04 Nov 2026, Paysign, Inc. (PAYS) stock was 15.30 USD (+1.12% on the day), with market capitalisation 863.9 m USD, P/E 58.4 on diluted EPS of 0.26 USD over the last 12 months, beta 1.20, 52-week range 3.18–15.62 USD. Latest reported quarter (Q2 2026): revenue of 28.3 m USD (+48.1% YoY), net income of 6.8 m USD (+386.9% YoY), diluted EPS 0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 13.91 – 15.96
- in the upper half of the band · %B 0.68 · band width 13.7%
- SMA 50 / 200
- 13.82 / 8.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.3% | −1.1% | +4.4 pp | — |
| 3 months | +59.5% | −0.5% | +60.0 pp | — |
| 6 months | +134.3% | +4.4% | +129.9 pp | — |
| Year to date | +197.1% | +12.3% | +184.8 pp | — |
| 1 year | +200.0% | +13.5% | +186.5 pp | −4.0% |
| 3 years | +672.7% | +76.4% | +596.3 pp | −6.4% |
| 5 years | +500.0% | +63.7% | +436.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.3 m | 15.6 m | 18.6 m | 19.1 m | 21.6 m | 22.8 m | 28.0 m | 28.3 m |
| Cost of revenue | 6.8 m | 6.4 m | 6.9 m | 7.3 m | 9.4 m | 9.6 m | 9.8 m | 10.4 m |
| Gross profit | 8.5 m | 9.2 m | 11.7 m | 11.8 m | 12.2 m | 13.1 m | 18.2 m | 17.9 m |
| SG&A | 6.2 m | 7.0 m | 7.4 m | 8.2 m | 8.4 m | 9.1 m | 8.9 m | 8.5 m |
| Operating income | 689.8 k | 464.3 k | 2.5 m | 1.4 m | 1.6 m | 1.9 m | 6.7 m | 7.0 m |
| Depreciation & amortisation | 1.6 m | 1.7 m | 1.8 m | 2.1 m | 2.2 m | 2.2 m | 2.6 m | 2.3 m |
| Pre-tax income | 1.5 m | 1.2 m | 3.3 m | 2.0 m | 2.2 m | 2.5 m | 7.5 m | 7.9 m |
| Income tax | 53.7 k | -137.3 k | 665.2 k | 655.0 k | 30.5 k | 1.1 m | 2.0 m | 1.1 m |
| Net income | 1.4 m | 1.4 m | 2.6 m | 1.4 m | 2.2 m | 1.4 m | 5.4 m | 6.8 m |
| Diluted EPS | 0.03 | 0.02 ≈ | 0.05 | 0.02 | 0.04 | 0.02 ≈ | 0.09 | 0.11 |
| Operating cash flow | -20.2 m ≈ | 14.3 m | -6.0 m | 3.6 m ≈ | 6.8 m ≈ | 48.1 m | 18.8 m | 1.3 m ≈ |
| Capex | 122.0 k ≈ | 116.7 k | 78.7 k | 86.3 k ≈ | 453.6 k ≈ | 590.6 k | 266.5 k | 103.2 k ≈ |
| Share repurchases | 360.5 k ≈ | 134.6 k | 375.8 k | 0 ≈ | 0 ≈ | 0 | 199.7 k | -199.7 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 58 percentile of its own 31-quarter history (min 10.5, median 40.4, max 196.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.4 m | 34.7 m | 24.1 m | 29.5 m | 38.0 m | 47.3 m | 58.4 m | 82.0 m |
| Revenue YoY | +53.8% | +48.0% | −30.4% | +22.2% | +29.1% | +24.3% | +23.5% | +40.5% |
| Net income | 2.6 m | 7.5 m | -9.1 m | -2.7 m | 1.0 m | 6.5 m | 3.8 m | 7.6 m |
| Net income YoY | +44.5% | +188.0% | −222.6% | unavailable | unavailable | +528.4% | −40.9% | +97.9% |
| Diluted EPS | 0.05 | 0.14 | -0.19 | -0.05 | 0.02 | 0.12 | 0.07 | 0.13 |
| Diluted EPS YoY | +25.0% | +180.0% | −235.7% | unavailable | unavailable | +500.0% | −41.7% | +85.7% |
| net % | 11.0% | 21.5% | -37.9% | -9.2% | 2.7% | 13.7% | 6.5% | 9.2% |
| Free cash flow | 15.7 m | 16.2 m | 12.4 m | 14.9 m | 25.2 m | 27.4 m | 22.5 m | 51.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 165.0 m USD
- Financial debt
- 8.0 m USD
- Net debt
- -157.0 m USD
- Equity
- 48.5 m USD
- Total assets
- 276.3 m USD
- Debt / equity
- 0.17x
- Current ratio
- 1.11x
- ROE
- 19.1%
- ROA
- 3.3%
- FCF margin
- 62.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 24.1 m | 29.5 m | 38.0 m | 47.3 m | 58.4 m | 82.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Cost of revenue | 14.8 m | 14.8 m | 17.1 m | 23.1 m | 26.2 m | 33.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Gross profit | 9.3 m | 14.7 m | 21.0 m | 24.1 m | 32.2 m | 48.7 m | SEC (XBRL)· 25 Mar 2026verified |
| SG&A | 15.1 m | 15.0 m | 17.7 m | 20.3 m | 25.2 m | 33.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Operating income | -8.3 m | -2.7 m | 344.3 k | -167.3 k | 1.0 m | 7.4 m | SEC (XBRL)· 25 Mar 2026verified |
| Depreciation & amortisation | 2.1 m | 2.5 m | 2.9 m | 4.0 m | 6.0 m | 8.3 m | SEC (XBRL)· 25 Mar 2026verified |
| EBITDA | -6.2 m ≈ | -241.5 k ≈ | 3.3 m ≈ | 3.9 m ≈ | 7.0 m ≈ | 15.7 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Pre-tax income | -8.2 m | -2.7 m | 1.1 m | 2.4 m | 4.1 m | 10.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Income tax | 894.2 k | 10.2 k | 107.5 k | -4.1 m | 322.3 k | 2.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Net income | -9.1 m | -2.7 m | 1.0 m | 6.5 m | 3.8 m | 7.6 m | SEC (XBRL)· 25 Mar 2026verified |
| Diluted EPS | -0.19 | -0.05 | 0.02 | 0.12 | 0.07 | 0.13 | SEC (XBRL)· 25 Mar 2026verified |
| Weighted average diluted shares | 49.3 m | 51.0 m | 52.9 m | 54.2 m | 55.6 m | 59.6 m | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.8 m | 7.4 m | 89.9 m | 109.4 m | 122.3 m | 165.0 m | SEC (XBRL)· 25 Mar 2026verified |
| Receivables | 512.1 k | 3.4 m | 4.7 m | 16.2 m | 32.6 m | 72.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Current assets | 58.0 m | 74.3 m | 97.7 m | 129.2 m | 158.8 m | 240.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Property, plant & equipment, net | 1.8 m | 1.6 m | 1.3 m | 1.1 m | 1.2 m | 1.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Goodwill | — | — | — | — | 0 | 4.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.7 m | 4.1 m | 5.7 m | 8.8 m | 12.2 m | 22.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Total assets | 67.8 m | 84.1 m | 108.2 m | 146.6 m | 179.0 m | 276.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Accounts payable | 2.2 m | 5.8 m | 8.1 m | 26.5 m | 34.3 m | 70.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Short-term debt | — | — | — | — | 0 | 1.9 m | SEC (XBRL)· 25 Mar 2026verified |
| Long-term debt | — | — | — | — | 0 | 6.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Current liabilities | 50.6 m | 67.4 m | 88.6 m | 119.2 m | 146.1 m | 216.3 m | SEC (XBRL)· 25 Mar 2026verified |
| Total liabilities | 54.6 m | 71.1 m | 92.0 m | 122.1 m | 148.6 m | 227.8 m | SEC (XBRL)· 25 Mar 2026verified |
| Equity | 13.2 m | 13.0 m † | 16.3 m † | 24.5 m † | 30.4 m † | 48.5 m † | SEC (XBRL)· 25 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 13.8 m | 15.2 m | 25.3 m | 27.6 m | 22.9 m | 52.5 m | SEC (XBRL)· 25 Mar 2026verified |
| Capex | 1.4 m | 328.6 k | 105.2 k | 262.6 k | 434.9 k | 1.2 m | SEC (XBRL)· 25 Mar 2026verified |
| Free cash flow | 12.4 m ≈ | 14.9 m ≈ | 25.2 m ≈ | 27.4 m ≈ | 22.5 m ≈ | 51.2 m ≈ | SEC (XBRL)· 25 Mar 2026derived |
| Investing cash flow | -3.3 m | -2.7 m | -4.1 m | -7.0 m | -9.5 m | -10.1 m | SEC (XBRL)· 25 Mar 2026verified |
| Financing cash flow | -72.9 k | 192.1 k | 0 | -1.1 m | -466.2 k | 284.9 k | SEC (XBRL)· 25 Mar 2026verified |
| Share repurchases | — | — | 0 | 1.1 m | 495.0 k | 375.8 k | SEC (XBRL)· 25 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 61 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 863.9 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet76
- Valuation34
- Quality85
- Growth100
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.25 – 11.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA6.53 – 11.67 (Mid 10.18)16 companies used · median multiple 15.2x · quartiles 7.4x – 18.4xBAER, BR, CPAY, CSGP, EBAY, FICO, FIS, GPN, IMXI, MELI, MSCI, NUTX, PRTH, PYPL, RBA, UBER
- Peers: P/E3.25 – 9.44 (Mid 6.67)23 companies used · median multiple 25.4x · quartiles 12.4x – 36.0xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FLYW, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 61/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.7% | 69 (vs peers) | 8% |
| FCF conversion · Quality | 466.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 29.2% | 100 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 86.6% | 100 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | -6.5x | 95 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.1x | 28 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 58.4x | 4 (vs peers) | 13% |
| EV/EBITDA · Valuation | 26.1x | 12 (vs peers) | 13% |
| FCF yield · Valuation | 8.5% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet76/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality85/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation34/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PAYSIGN, INC. (PAYS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 82.0 m USD in 2025; YoY growth 40.5%; net margin 15.7%; ROE 30.8%; net debt/EBITDA -6.5x.
The estimated value range is 4.89–10.56 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 8.42 USD, the price of 15.30 USD leaves a potential of -45.0% (value / price − 1) and a margin of safety of -81.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 61/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 466.0%
- Revenue CAGR 3Y: 29.2%
- EPS CAGR 3Y: 86.6%
- Net debt / EBITDA: -6.5x
- FCF yield: 8.5%
What contradicts it
- Current ratio: 1.1x
- P/E (TTM): 58.4x
- EV/EBITDA: 26.1x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Interest coverage, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +200% / +673% |
| CASSCass Information Systems, Inc. | 704.1 m | 18.9 | 16.3% | 18.9% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for PAYS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.66 Total return -30% · Per year -30% | 18.75 Total return 23% · Per year 23% | 28.13 Total return 84% · Per year 84% |
| 3 years | 12.64 Total return -17% · Per year -6% | 24.80 Total return 62% · Per year 17% | 40.51 Total return 165% · Per year 38% |
| 5 years | 14.99 Total return -2% · Per year -0% | 32.80 Total return 114% · Per year 16% | 58.34 Total return 281% · Per year 31% |
- Exit P/E± 6.20
- Net margin± 4.34
- Annual revenue growth± 3.24
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Paysign, Inc. is a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government clients, with a growing focus on patient affordability in pharma and donor compensation in plasma. In the second quarter of 2026 revenue rose 48.1% 3, and the company raised its full-year outlook on the back of pharma growth 3.
SWOT
Strengths
- The company has an integrated processing platform with end-to-end capabilities for transactions, cardholder enrollment and data analytics 1.
- Rapid growth in the pharma segment and margin improvement point to operating leverage 3.
- The balance sheet holds unrestricted cash and no bank debt, giving financial flexibility 3.
Weaknesses
- The company cannot issue its own open-loop cards and depends on partner banks, creating contractual dependence 1.
- The plasma segment lost client centers over the past year, showing vulnerability to customer concentration 3.
- Revenue is concentrated in a few segments, and compliance and security costs are high 1.
Opportunities
Risks
- Dependence on issuing bankshigh
The company has no banking license of its own, and losing or worsening terms with partner banks could significantly affect revenue and costs 1.
- Regulation and compliancehigh
Anti-money laundering and consumer protection rules are becoming stricter, and non-compliance could bring fines and restrictions on the business 1.
- Data securitymedium
Sensitive cardholder data could be targeted by attackers, and a breach could lead to costly litigation and reputational damage 1.
- Interchange and network rulesmedium
Interchange revenue depends on rates set by card networks, and further declines could compress margins 1.
- Concentration in two segmentsmedium
If the number of plasma centers keeps falling or pharma program growth slows, results could be affected 3.
Investment thesis
What would need to be true (bull case)
- If the pharma segment keeps expanding through new program launches, revenue and margin growth could persist in the coming quarters 23.
- If plasma's return to normalized growth is confirmed, card load volume could support revenue in this segment 2.
- A balance sheet without bank debt gives room to invest in technology and new vertical markets 23.
What would break the thesis
- If the number of plasma centers keeps falling, the segment may not offset pressure elsewhere in the business 3.
- Dependence on issuing banks and regulation could limit commercial flexibility and raise costs 1.
- If larger competitors cut prices, the company could have to give up margin to keep clients 1.
What to watch
- Pharma revenue trend and number of active affordability programsQ3 2026
- Number of client plasma centers and card load volumeQ3 2026
- Delivery against the 2026 revenue and Adjusted EBITDA outlook2026
- Next annual report on Form 10-K and updated risk factorsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Paysign is a vertically integrated provider of prepaid card products and processing services for corporate, consumer and government entities, marketing its solutions under the Paysign® brand 1. It manages the full card lifecycle, from design and approval with partners and networks through production, distribution, personalization and customer service, while cards are issued by partner banks because Paysign has no banking license of its own 1. As of December 31, 2025 it had approximately 8.4 million cardholders in about 670 programs 1. It also offers Apherion™, a software platform for blood and plasma collection organizations, monetized through licensing, hosting and professional services 2.
Its products cover corporate rewards, prepaid gift cards, reloadable debit cards, donor compensation, patient reimbursement and demand deposit accounts accessible by debit card, all on one processing platform 1. Revenue comes from cardholder fees, interchange, program management fees, claims processing fees, breakage and settlement income 1. The company runs its own 24/7 customer service center with bilingual representatives 1.
The revenue mix shifted in 2026: pharma grew quickly, and a richer pharma mix supported gross margin expansion 3. The company says its 2026 plan includes additional investment in technology, sales and marketing, cybersecurity, fraud prevention, customer service and compliance, which could affect operating expenses 2.
Segments
Pharma and patient affordability
The pharma segment offers affordability programs that cover all or part of a patient's financial responsibility for brand-name and biosimilar drugs, through voucher cards, medical claims settlement or debit cards 1. Pharma revenue reached 14.65 million USD in the second quarter of 2026 3, and active programs rose to 148 at quarter end 3.
Plasma and donors
The company serves a significant share of plasma collection centers in the United States and Puerto Rico with donor compensation cards under the Paysign brand 1. Plasma revenue was 13.04 million USD in the second quarter of 2026 3, but net center count fell to 561 at quarter end after closures and a sale of centers to another provider 3.
Market context
Javelin forecasts an 8% compound annual growth rate for open-loop prepaid loads from 2025 through 2029 1, a market still led by the cash access segment 1. Use of reloadable GPR cards rose from 20% in 2024 to 27% in 2025, per the same source 1. Growth in pharma and plasma could depend on the pace of new program launches and on plasma inventory normalizing 2.
According to the latest filing, the plasma market appears to have returned to normalized growth after elevated inventory levels in 2025 2. If this holds, it could support card load volumes in the segment 3.
Trends
- Growth of reloadable cardstailwind
Use of GPR cards for daily payments, bills and cash access has grown among banked and unbanked consumers, supporting demand for Paysign products 1.
- Patient affordability as an industry standardtailwind
Affordability programs have become standard in the pharmaceutical industry, and new program launches supported pharma revenue growth in 2026 13.
- Pressure on plasma centersheadwind
The number of client plasma centers fell over the past year because of closures and sales to other providers, which could limit growth in this segment 3.
- Regulation and interchange ratesmixed
Regulatory changes and lower interchange rates can affect revenue, while anti-money laundering requirements raise operating costs 1.
Competitive position
The company states that its main competitors have longer operating histories, are substantially larger and may have greater financial resources, a wider range of programs and more effective marketing 1. This competitive pressure could force price cuts or higher incentives for marketing partners 1.
Competition also comes from prepaid card and plasma software providers; the company noted that some client centers were sold to a provider using another solution, which reduced its center count 3.
- Large prepaid program managers for corporates and governments
Larger providers with longer histories, described generically in the company's risk disclosures 1.
- Plasma collection software providers
A competing provider took over some of the company's client centers, per the earnings release 3.
- Pharmacy claims processors
Claims processors competing for patient affordability programs, described generically 1.
- Issuing banks of prepaid cards
Relationships with issuing banks are essential but can also create pressure on contract terms 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report13 May 2026
- Current report13 May 2026Shareholder vote
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report25 Mar 2026
- Current report24 Mar 2026Results of operations · Financial statements and exhibits
- Quarterly report13 Nov 2025
- Current report12 Nov 2025Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Paysign, Inc. · 25 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Paysign, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Paysign, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.