Download PDF

1. Company Snapshot

1.a. Company Description

PaySign, Inc.provides prepaid card products and processing services under the PaySign brand for corporate, consumer, and government applications.It offers various services, such as transaction processing, cardholder enrollment, value loading, cardholder account management, reporting, and customer service through PaySign, a proprietary card-processing platform.


The company also develops prepaid card programs for corporate incentive and rewards, including consumer rebates, donor compensation, clinical trials, healthcare reimbursement payments, and pharmaceutical payment assistance; and payroll or general purpose reloadable cards, as well as gift or incentive cards.In addition, it offers and Per Diem/Corporate Expense Payments that allows businesses, and non–profits and government agencies the ability to control employee spending while reducing administration costs by eliminating the need for traditional expense reports.Further, the company provides payment claims processing and other administrative services; pharmacy-based voucher and copay, and medical claims and debit-based affordability programs; PaySign Premier, a demand deposit account debit card; and payment solution for source plasma collection centers, as well as customer service center and PaySign Communications Suite services.


Its principal target markets for processing services comprise prepaid card issuers, retail and private-label issuers, small third-party processors, and small and mid-size financial institutions in the United States and Mexico.The company was formerly known as 3PEA International, Inc.and changed its name to PaySign, Inc.


in April 2019.PaySign, Inc.was incorporated in 1995 and is based in Henderson, Nevada.

Show Full description

1.b. Last Insights on PAYS

Paysign, Inc.'s recent struggles can be attributed to concerns over its shifting revenue mix, specifically the decline in its legacy business. Despite impressive 230% revenue growth in the Pharma segment over the past four quarters, the company's strategic focus on Plasma and Patient Affordability programs may be weighing on investor sentiment. The recent 2024 Performance Analysis of Patient Affordability Solutions may have highlighted areas of concern, potentially contributing to the negative outlook.

1.c. Company Highlights

2. Paysign's Surge: 40% Revenue Growth, $1B Assistance

Full‑year 2025 revenue surged 40.5% to $82 million, while net income exploded 98% to $7.6 million and adjusted EBITDA climbed 107% to $19.9 million. Operating margin leapt from 1.7% to 9%, and EPS stood at $0.02—exactly matching consensus. With a P/E of 40.34 and an EV/EBITDA of 18.32, the stock trades at a premium that reflects expectations of near‑doubling earnings in 2026.

Publication Date: Apr -10

📋 Highlights
  • Revenue & Profit Growth:: 2025 full-year revenue rose 40.5% to $82M, with net income up 98% to $7.6M and adjusted EBITDA up 107% to $19.9M.
  • Patient Affordability Expansion:: Revenue surged 168% to $33.9M, driven by 55 new patient affordability programs launched in 12 months.
  • Financial Assistance Impact:: Delivered $1B in patient financial aid to 840,000 individuals, supporting access to high-cost therapies in 2025.
  • Dynamic Rules Savings:: Dynamic business rules technology saved clients $325M in 2025 and $150M YTD 2026.
  • 2026 Growth Outlook:: Revenue expected to grow 30–35% YoY in 2026, with net income projected to nearly double to $13–16M and adjusted EBITDA to $30–33M.

Revenue Growth

Revenue acceleration is driven by a balanced mix of plasma and pharma programs, each contributing roughly 50% of the $82 million. The company added 55 new patient‑affordability programs, lifting that segment to $33.9 million—a 168% jump year‑over‑year. This expansion has enabled Paysign to deliver almost $1 billion in financial assistance to 840,000 patients in 2025, reinforcing its role as a pivotal intermediary between payers and high‑cost therapies.

Patient Affordability Expansion

The patient‑affordability business, now active with six of the top ten U.S. pharma manufacturers, is expected to grow 30%–35% in 2026. Gross profit margins are projected at 60%–62%, reflecting higher contribution from pharma programs. “We have a client with a GLP‑1 product that’s coming to market, and we’re in a good position to win their business,” said Matthew Turner, underscoring the company’s foothold in the high‑volume diabetes and weight‑loss space.

Dynamic Business Rules Impact

Dynamic business‑rules technology saved clients over $325 million in 2025 and is projected to save an additional $150 million in 2026, demonstrating strong cost‑control leverage. This technology provides transparency into pharma customer programs, a key differentiator that keeps competitors like Cencora and McKesson at arm’s length.

Plasma Segment Outlook

Plasma revenue is expected to grow 5% in a normalized year, with a stronger first‑half driven by uncomped data from June and July. The company will exit Q1 with 137 pharma programs and 589 plasma centers, though six centers have closed, slightly tempering plasma upside.

Guidance and Projections

Guidance points to a 30%–35% YoY revenue increase in 2026, with net income projected between $13 million and $16 million and adjusted EBITDA of $30–33 million. Operating margin is anticipated to rise further, reflecting the company’s ability to maintain fixed costs while scaling.

Competitive Landscape

Paysign maintains a lead through its dynamic rules engine and deep insight into pharma programs. While AI is being leveraged to refine algorithms, the company views it as an enabler rather than a threat, reinforcing its long‑term moat.

Valuation Snapshot

At a P/E of 40.34 and EV/EBITDA of 18.32, Paysign trades above industry peers, reflecting the market’s confidence in its growth trajectory and the projected near‑doubling of earnings.

3. NewsRoom

Card image cap

Paysign to Host First Quarter 2026 Earnings Call

Apr -15

Source: businesswire.com

Card image cap

Paysign: The Market Is Finally Repricing A Pharma Margin Story

Apr -09

Source: seekingalpha.com

Card image cap

Paysign Is On A Roll

Mar -31

Source: seekingalpha.com

Card image cap

Paysign Q4 Earnings Call Highlights

Mar -26

Source: defenseworld.net

Card image cap

Why Paysign Stock Is Skyrocketing Today

Mar -25

Source: fool.com

Card image cap

Paysign, Inc. (PAYS) Q4 2025 Earnings Call Transcript

Mar -25

Source: seekingalpha.com

Card image cap

Paysign, Inc. Reports Fourth Quarter and Full-Year 2025 Financial Results; Patient Affordability Drives 40% Revenue Growth and Significant Margin Expansion

Mar -24

Source: businesswire.com

Card image cap

Paysign, Inc. (NASDAQ:PAYS) Given Average Recommendation of “Moderate Buy” by Brokerages

Mar -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.15%)

6. Segments

Plasma

Expected Growth: 12%

Plasma from PaySign, Inc. growth driven by increasing demand for plasma-derived therapies, expansion into new markets, and strategic partnerships. Additionally, advancements in plasma collection technology and growing awareness of rare diseases contribute to the 12% growth rate.

Pharma

Expected Growth: 14%

PaySign, Inc.'s 14% growth in Pharma is driven by increasing demand for specialty medications, expansion into new markets, and strategic partnerships. Additionally, the company's investment in digital healthcare solutions and patient engagement platforms has improved operational efficiency and enhanced customer experience, contributing to the segment's growth.

Other

Expected Growth: 11%

PaySign, Inc.'s 11% growth is driven by increasing adoption of its payment solutions, expansion into new markets, and strategic partnerships. The company's focus on providing innovative payment processing services to underserved markets, such as the prepaid debit card industry, has contributed to its growth. Additionally, its investments in technology and infrastructure have improved operational efficiency, further driving growth.

7. Detailed Products

Prepaid Cards

PaySign offers prepaid cards that can be used for various purposes such as payroll, incentives, and rewards. These cards can be customized to meet specific business needs.

Digital Wallets

PaySign's digital wallets enable users to store and manage their payment cards, loyalty cards, and other credentials digitally, providing a convenient and secure way to make transactions.

Payment Processing

PaySign offers payment processing services that enable businesses to accept various payment methods, including credit/debit cards, ACH, and more.

Disbursements

PaySign's disbursement services enable businesses to make payments to individuals, such as insurance claims, rebates, or refunds, in a secure and efficient manner.

Loyalty and Rewards

PaySign's loyalty and rewards programs help businesses incentivize customers, increase engagement, and drive revenue.

8. PaySign, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

PaySign, Inc. operates in the financial technology industry, which is highly competitive. However, the company's focus on providing prepaid card solutions and payment processing services reduces the threat of substitutes.

Bargaining Power Of Customers

PaySign, Inc.'s customers are primarily businesses and organizations that require prepaid card solutions. The company's strong relationships with its customers and the customized nature of its services reduce the bargaining power of customers.

Bargaining Power Of Suppliers

PaySign, Inc. has a diversified supplier base, which reduces its dependence on any single supplier. The company's strong relationships with its suppliers and the availability of alternative suppliers also reduce the bargaining power of suppliers.

Threat Of New Entrants

The financial technology industry is highly competitive, and new entrants can easily enter the market. However, PaySign, Inc.'s established brand, strong relationships with customers, and customized services create barriers to entry for new entrants.

Intensity Of Rivalry

The financial technology industry is highly competitive, and PaySign, Inc. faces intense competition from established players and new entrants. The company's focus on providing customized prepaid card solutions and payment processing services helps it to differentiate itself from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 11.91%
Debt Cost 3.95%
Equity Weight 88.09%
Equity Cost 8.86%
WACC 8.27%
Leverage 13.52%

11. Quality Control: PaySign, Inc. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Couchbase

A-Score: 5.1/10

Value: 6.2

Growth: 5.0

Quality: 5.5

Yield: 0.0

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
A10 Networks

A-Score: 4.9/10

Value: 2.3

Growth: 6.2

Quality: 6.9

Yield: 2.0

Momentum: 5.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Payoneer Global

A-Score: 4.5/10

Value: 4.9

Growth: 9.6

Quality: 7.2

Yield: 0.0

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
PaySign

A-Score: 4.5/10

Value: 2.5

Growth: 6.4

Quality: 7.0

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Sterling Check

A-Score: 4.1/10

Value: 5.0

Growth: 7.1

Quality: 3.9

Yield: 0.0

Momentum: 6.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Int'l Money Express

A-Score: 4.0/10

Value: 6.3

Growth: 7.7

Quality: 6.3

Yield: 0.0

Momentum: 2.0

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.84$

Current Price

5.84$

Potential

-0.00%

Expected Cash-Flows