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what it is
Paysign runs prepaid card programs and payment processing for healthcare, government, and rewards payments.
how it gets paid
Last year Paysign made $58M in revenue. prepaid card programs and processing was the main engine at $26M, or 45% of sales.
what just happened
Latest quarter on the order of ~$15M revenue and about $0.10 EPS fits the ~$58M annual shape—check the 10-Q for the exact print.
At a glance
B balance sheet — gets the job done, barely
35/100 earnings predictability — expect surprises
52.2x trailing p/e — you're paying up for this one
12.5% return on capital — nothing to write home about
$0.07 fy2024 eps est
xvary composite: 47/100 — below average
What they do
Paysign runs prepaid card programs and payment processing for healthcare, government, and rewards payments.
PaySign puts enrollment, loading, reporting, and support on one platform. That is jargon for one system doing the whole payment job, so switching means redoing the workflow and the service desk together. Scale shows up as ~$58M TTM revenue and gross margin near 60% in the prints on this page.
How they make money
$58M
annual revenue
prepaid card programs and processing
$26M
+11.5%
patient affordability and buy-and-bill
$22M
+155.0%
other cards and services
$10M
+0.0%
The products that matter
co-pay and financial aid programs
Patient Affordability Solutions
155%+ growth in 2025
This segment grew more than 155% in 2025. That's the fastest-moving part of the story, and the reason investors still give the stock a premium multiple.
growth engine
plasma donor payment cards
Plasma Donor Payments
132 new centers awarded
Paysign won 132 new plasma centers, with full revenue contribution expected by Q1 2026. If that rollout lands on time, it gives the core payments business more room than the market is currently assuming.
execution test
general prepaid card programs
Corporate Disbursements
~$58M TTM revenue base
This is the mature base underneath the story—aligned to the ~$58M TTM line in the KPI strip, not a mismatched $74.9M scrape.
core base
Key numbers
$58M
TTM revenue
You are paying a $189M market cap for $58M of sales. That is about 3.3x revenue.
52.2x
trailing P/E
The stock costs 52.2 times trailing earnings, or $52.20 for every $1 it made. That is rich for a 1.7% margin business.
1.7%
operating margin
Only 1.7% of revenue is left after operating costs. On $58M, that is about $1.0M.
12.5%
return on capital
The business earns 12.5% on the capital it uses. That is better than cash, but not a wide moat.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $6M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PAYS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Paysign posted about ~$15M of quarterly revenue (order of magnitude) and $0.10 EPS—replacing the old $59M quarter that broke math vs ~$58M TTM.
vs. prior year growth can look huge off small bases; gross margin near 60.1% is the cleaner quality read than cherry-picked percent headlines.
~$15M
qtr revenue (approx.)
$0.10
eps
60.1%
gross margin
the number that mattered
Internal consistency matters: a quarter cannot print $59M when the whole trailing year is ~$58M—use filing dollars.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is execution slippage in the 132-center plasma rollout while patient affordability does the heavy lifting.
med
growth concentration
The bull case is leaning hard on one business line. Patient Affordability Solutions grew more than 155% in 2025, while the own-frame already admits the rest of the business needs help.
If that segment cools before the broader platform catches up, a 52.2x trailing p/e has less to stand on.
med
plasma center ramp timing
Paysign was awarded 132 new plasma centers, with full revenue contribution expected by Q1 2026. That is specific enough to be measurable.
If the rollout slips, the revenue bridge investors are counting on arrives late — and small caps rarely get grace periods.
med
Barbara J. Comly audit finding
The existing page flagged a June 20, 2024 audit-related issue tied to the risk of not detecting a material misstatement from fraud.
The quantified exposure in the source page was $9M–$14M of revenue at risk. For a company this size, that is not background noise.
The combined picture is simple: one disclosed issue puts $9M–$14M of revenue in question, one 132-center rollout needs to arrive by Q1 2026, and the stock already trades at 52.2x earnings with 10 / 100 price stability.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q4 and full-year 2025 results
Management pointed to record revenue in Q3 2025. The next report needs to show whether that strength is repeating or just peaking.
segment trend
Patient affordability after 155% growth
When one segment grows more than 155%, the next question is durability. Fast growth is the hook. Repeatability is the thesis.
metric
Gross margin near 60.1%
A 60.1% gross margin gives the company room to scale. If that margin slips while the stock still trades rich, the valuation argument gets thinner fast.
risk
Audit and control follow-through
The prior audit-related issue was tied to $9M–$14M of revenue risk. You do not need more drama here. You need closure.
Analyst rankings
earnings predictability
35 / 100
Low predictability means quarterly results can surprise you. In human-speak, analysts do not view this as a steady earner yet.
risk rank
3
Risk rank 3 means it sits around the middle of the pack. Safer than half the market, but nowhere close to a sleep-well stock.
price stability
10 / 100
Price stability is about the tape, not the balance sheet. A 10 / 100 score tells you the stock can move harder than the fundamentals do.
source: institutional data
Institutional activity
institutional ownership data for PAYS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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