PaySign (PAYS)
Market Price (11/9/2026): $13.99 | Market Cap: $789.9 MilSector: Information Technology | Industry: Systems Software
PaySign (PAYS)
Market Price (11/9/2026): $13.99Market Cap: $789.9 MilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 67% Attractive yieldFCF Yield is 8.2% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Healthcare Payment Solutions. | Stock price has recently run up significantly6M Rtn6 month market price return is 136%, 12M Rtn12 month market price return is 190% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% Key risksPAYS key risks include [1] significant overdependence on its plasma and pharma segments amid recent declines in plasma-related revenue, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 47% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 74%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 67% |
| Attractive yieldFCF Yield is 8.2% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Healthcare Payment Solutions. |
| Stock price has recently run up significantly6M Rtn6 month market price return is 136%, 12M Rtn12 month market price return is 190% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 129% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksPAYS key risks include [1] significant overdependence on its plasma and pharma segments amid recent declines in plasma-related revenue, Show more. |
Qualitative Assessment
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Updated on 11/5/2026
PaySign (PAYS) stock has gained about 65% since 7/31/2026 because of the following key factors:
1. PaySign reported strong fiscal Q2 2026 earnings that significantly surpassed analyst expectations and subsequently raised its full-year guidance. The company announced Q2 2026 (ending June 30, 2026) adjusted earnings per share (EPS) of $0.11, considerably beating the consensus estimate of $0.06 by $0.05. Furthermore, revenue for the quarter reached $28.25 million, exceeding the $26.36 million consensus estimate and representing a substantial 48% year-over-year growth. Following these results, PaySign increased its full-year 2026 revenue guidance to a range of $114 million to $117 million, up from the prior outlook of $106.5 million to $110.5 million, and raised its EPS guidance to $0.57-$0.61 from $0.21-$0.26. This positive earnings surprise and optimistic outlook drove an 11.64% stock increase the day after the announcement.
2. The company demonstrated robust growth in its Pharmaceutical Patient Affordability segment, which is now a dominant revenue driver and contributor to margin expansion. PaySign's Pharmaceutical Patient Affordability segment experienced an 89% year-over-year revenue increase in fiscal Q2 2026, reaching $14.6 million, and now boasts 148 active programs. Management projects the addition of 50-55 new programs annually, indicating a strong growth trajectory for this segment. This expansion in the pharma sector, coupled with disciplined expense control, led to a significant gross margin expansion to 63.3% from 61.6% a year prior, and an operating margin of 24.8% in Q2 2026.
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PaySign (PAYS) stock has gained about 65% since 7/31/2026 because of the following key factors:
1. PaySign reported strong fiscal Q2 2026 earnings that significantly surpassed analyst expectations and subsequently raised its full-year guidance. The company announced Q2 2026 (ending June 30, 2026) adjusted earnings per share (EPS) of $0.11, considerably beating the consensus estimate of $0.06 by $0.05. Furthermore, revenue for the quarter reached $28.25 million, exceeding the $26.36 million consensus estimate and representing a substantial 48% year-over-year growth. Following these results, PaySign increased its full-year 2026 revenue guidance to a range of $114 million to $117 million, up from the prior outlook of $106.5 million to $110.5 million, and raised its EPS guidance to $0.57-$0.61 from $0.21-$0.26. This positive earnings surprise and optimistic outlook drove an 11.64% stock increase the day after the announcement.
2. The company demonstrated robust growth in its Pharmaceutical Patient Affordability segment, which is now a dominant revenue driver and contributor to margin expansion. PaySign's Pharmaceutical Patient Affordability segment experienced an 89% year-over-year revenue increase in fiscal Q2 2026, reaching $14.6 million, and now boasts 148 active programs. Management projects the addition of 50-55 new programs annually, indicating a strong growth trajectory for this segment. This expansion in the pharma sector, coupled with disciplined expense control, led to a significant gross margin expansion to 63.3% from 61.6% a year prior, and an operating margin of 24.8% in Q2 2026.
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Updated on 11/5/2026
PaySign (PAYS) stock has gained about 65% since 7/31/2026 because of the following key factors:
1. PaySign reported strong fiscal Q2 2026 earnings that significantly surpassed analyst expectations and subsequently raised its full-year guidance. The company announced Q2 2026 (ending June 30, 2026) adjusted earnings per share (EPS) of $0.11, considerably beating the consensus estimate of $0.06 by $0.05. Furthermore, revenue for the quarter reached $28.25 million, exceeding the $26.36 million consensus estimate and representing a substantial 48% year-over-year growth. Following these results, PaySign increased its full-year 2026 revenue guidance to a range of $114 million to $117 million, up from the prior outlook of $106.5 million to $110.5 million, and raised its EPS guidance to $0.57-$0.61 from $0.21-$0.26. This positive earnings surprise and optimistic outlook drove an 11.64% stock increase the day after the announcement.
2. The company demonstrated robust growth in its Pharmaceutical Patient Affordability segment, which is now a dominant revenue driver and contributor to margin expansion. PaySign's Pharmaceutical Patient Affordability segment experienced an 89% year-over-year revenue increase in fiscal Q2 2026, reaching $14.6 million, and now boasts 148 active programs. Management projects the addition of 50-55 new programs annually, indicating a strong growth trajectory for this segment. This expansion in the pharma sector, coupled with disciplined expense control, led to a significant gross margin expansion to 63.3% from 61.6% a year prior, and an operating margin of 24.8% in Q2 2026.
3. Multiple analyst firms reiterated "Buy" ratings and increased their price targets for PaySign, reflecting strong confidence in its performance and future prospects. Several analysts raised their price targets for PaySign in the period, including DA Davidson, which upped its target from $12.00 to $15.00 on September 30, 2026, and Lake Street, which raised its target from $13.00 to $15.00 on September 15, 2026. Barrington Research also increased its price target from $14.00 to $15.00 on November 3, 2026. The consensus analyst rating for PaySign is "Buy" or "Strong Buy," with an average price target ranging from $14.10 to $15.00, suggesting continued positive sentiment from Wall Street.
Show less
PaySign (PAYS) stock has gained about 65% since 7/31/2026 because of the following key factors:
1. PaySign reported strong fiscal Q2 2026 earnings that significantly surpassed analyst expectations and subsequently raised its full-year guidance. The company announced Q2 2026 (ending June 30, 2026) adjusted earnings per share (EPS) of $0.11, considerably beating the consensus estimate of $0.06 by $0.05. Furthermore, revenue for the quarter reached $28.25 million, exceeding the $26.36 million consensus estimate and representing a substantial 48% year-over-year growth. Following these results, PaySign increased its full-year 2026 revenue guidance to a range of $114 million to $117 million, up from the prior outlook of $106.5 million to $110.5 million, and raised its EPS guidance to $0.57-$0.61 from $0.21-$0.26. This positive earnings surprise and optimistic outlook drove an 11.64% stock increase the day after the announcement.
2. The company demonstrated robust growth in its Pharmaceutical Patient Affordability segment, which is now a dominant revenue driver and contributor to margin expansion. PaySign's Pharmaceutical Patient Affordability segment experienced an 89% year-over-year revenue increase in fiscal Q2 2026, reaching $14.6 million, and now boasts 148 active programs. Management projects the addition of 50-55 new programs annually, indicating a strong growth trajectory for this segment. This expansion in the pharma sector, coupled with disciplined expense control, led to a significant gross margin expansion to 63.3% from 61.6% a year prior, and an operating margin of 24.8% in Q2 2026.
3. Multiple analyst firms reiterated "Buy" ratings and increased their price targets for PaySign, reflecting strong confidence in its performance and future prospects. Several analysts raised their price targets for PaySign in the period, including DA Davidson, which upped its target from $12.00 to $15.00 on September 30, 2026, and Lake Street, which raised its target from $13.00 to $15.00 on September 15, 2026. Barrington Research also increased its price target from $14.00 to $15.00 on November 3, 2026. The consensus analyst rating for PaySign is "Buy" or "Strong Buy," with an average price target ranging from $14.10 to $15.00, suggesting continued positive sentiment from Wall Street.
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Stock Movement Drivers
Fundamental Drivers
The 64.0% change in PAYS stock from 7/31/2026 to 11/8/2026 was primarily driven by a 37.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.96 | 14.69 | 64.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 91 | 101 | 10.0% |
| Net Income Margin (%) | 11.4% | 15.7% | 37.8% |
| P/E Multiple | 47.5 | 52.0 | 9.5% |
| Shares Outstanding (Mil) | 55 | 56 | -1.2% |
| Cumulative Contribution | 64.0% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PAYS | 64.0% | |
| Market (SPY) | -1.6% | 24.7% |
| Sector (XLK) | -6.1% | 20.8% |
Fundamental Drivers
The 123.9% change in PAYS stock from 4/30/2026 to 11/8/2026 was primarily driven by a 70.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.56 | 14.69 | 123.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 82 | 101 | 22.7% |
| Net Income Margin (%) | 9.2% | 15.7% | 70.2% |
| P/E Multiple | 47.9 | 52.0 | 8.7% |
| Shares Outstanding (Mil) | 55 | 56 | -1.4% |
| Cumulative Contribution | 123.9% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PAYS | 123.9% | |
| Market (SPY) | 2.6% | 13.4% |
| Sector (XLK) | 3.4% | 6.7% |
Fundamental Drivers
The 184.4% change in PAYS stock from 10/31/2025 to 11/8/2026 was primarily driven by a 58.4% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.17 | 14.69 | 184.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 69 | 101 | 46.8% |
| Net Income Margin (%) | 9.9% | 15.7% | 58.4% |
| P/E Multiple | 41.3 | 52.0 | 26.0% |
| Shares Outstanding (Mil) | 54 | 56 | -2.9% |
| Cumulative Contribution | 184.4% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PAYS | 184.4% | |
| Market (SPY) | 8.7% | 17.9% |
| Sector (XLK) | 10.0% | 11.5% |
Fundamental Drivers
The 698.4% change in PAYS stock from 10/31/2023 to 11/8/2026 was primarily driven by a 410.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.84 | 14.69 | 698.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 42 | 101 | 137.4% |
| Net Income Margin (%) | 3.1% | 15.7% | 410.8% |
| P/E Multiple | 73.9 | 52.0 | -29.6% |
| Shares Outstanding (Mil) | 52 | 56 | -6.5% |
| Cumulative Contribution | 698.4% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| PAYS | 698.4% | |
| Market (SPY) | 81.9% | 28.2% |
| Sector (XLK) | 104.5% | 22.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PAYS Return | -66% | 61% | 9% | 8% | 71% | 185% | 217% |
| Peers Return | -27% | -21% | 7% | 16% | -22% | -3% | -46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| PAYS Win Rate | 17% | 42% | 50% | 33% | 50% | 82% | |
| Peers Win Rate | 37% | 47% | 58% | 58% | 47% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| PAYS Max Drawdown | -73% | -50% | -58% | -47% | -42% | -38% | |
| Peers Max Drawdown | -39% | -40% | -31% | -22% | -44% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GDOT, FISV, FIS, WEX, GPN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | PAYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.4% | -18.8% |
| % Gain to Breakeven | 59.8% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.1% | -9.5% |
| % Gain to Breakeven | 17.8% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.3% | -6.7% |
| % Gain to Breakeven | 52.2% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.8% | 32.4% |
| Time to Breakeven | 70 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.3% | -33.7% |
| % Gain to Breakeven | 158.1% | 50.9% |
| Time to Breakeven | 94 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 22 days | 105 days |
In The Past
PaySign's stock fell -37.4% during the 2025 US Tariff Shock. Such a loss loss requires a 59.8% gain to breakeven.
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Asset Allocation
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| Event | PAYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.4% | -18.8% |
| % Gain to Breakeven | 59.8% | 23.1% |
| Time to Breakeven | 36 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -34.3% | -6.7% |
| % Gain to Breakeven | 52.2% | 7.1% |
| Time to Breakeven | 259 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.8% | 32.4% |
| Time to Breakeven | 70 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.3% | -33.7% |
| % Gain to Breakeven | 158.1% | 50.9% |
| Time to Breakeven | 94 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.2% | -19.2% |
| % Gain to Breakeven | 25.3% | 23.8% |
| Time to Breakeven | 22 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -44.0% | -0.2% |
| % Gain to Breakeven | 78.6% | 0.2% |
| Time to Breakeven | 1527 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.3% | -17.9% |
| % Gain to Breakeven | 50.0% | 21.8% |
| Time to Breakeven | 48 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.0% | -15.4% |
| % Gain to Breakeven | 25.0% | 18.2% |
| Time to Breakeven | 46 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -97.8% | -53.4% |
| % Gain to Breakeven | 4400.0% | 114.4% |
| Time to Breakeven | 602 days | 1085 days |
In The Past
PaySign's stock fell -37.4% during the 2025 US Tariff Shock. Such a loss loss requires a 59.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About PaySign (PAYS)
PaySign, Inc. operates as a specialized provider of prepaid card products and comprehensive processing services under its proprietary PaySign brand. The company's core business revolves around enabling corporate, consumer, and government entities to manage payments through various card programs. Its proprietary platform, also named PaySign, handles the full suite of services required for these programs, including transaction processing, cardholder enrollment, value loading, account management, detailed reporting, and customer service.
The company offers a diverse range of prepaid card solutions tailored to specific needs. These include corporate incentive and rewards programs for consumer rebates, donor compensation, clinical trial payments, healthcare reimbursement, and pharmaceutical payment assistance. PaySign also provides payroll or general purpose reloadable cards, gift and incentive cards, and Per Diem/Corporate Expense Payments, which help businesses and government agencies control employee spending. Beyond cards, PaySign offers payment claims processing and administrative services, encompassing pharmacy-based voucher and copay programs, medical claims, and debit-based affordability solutions. It also features specific offerings like the PaySign Premier demand deposit account debit card and specialized payment solutions for source plasma collection centers.
PaySign primarily targets a broad spectrum of clients for its processing services, including prepaid card issuers, retail and private-label issuers, smaller third-party processors, and small to mid-size financial institutions. While these are its direct processing clients, its underlying solutions serve numerous indirect customers such as corporations, non-profits, government agencies, and individuals leveraging its diverse prepaid card programs. The company's operational focus for these services is concentrated within the United States and Mexico.
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Here are a few analogies to describe PaySign:
- PaySign is like **a business-to-business version of Green Dot**, providing the technology and services for companies and organizations to create and manage their own custom prepaid card programs for various purposes.
- PaySign is like **a specialized Stripe or Square for businesses that *issue* payments**, offering the backend processing and custom card programs to disburse funds for corporate incentives, healthcare reimbursements, clinical trials, and more.
- PaySign is like **a comprehensive payment solution for corporate and government disbursements**, similar to how ADP handles payroll, but PaySign offers custom prepaid card programs for everything from employee expenses to patient assistance.
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- Prepaid Card Programs: Develops and manages various prepaid cards for corporate incentives, consumer rebates, donor compensation, clinical trials, healthcare payments, payroll, and general purpose reloadable applications.
- Card Processing Services: Offers a proprietary platform providing transaction processing, cardholder enrollment, value loading, account management, reporting, and customer service for prepaid card programs.
- Per Diem/Corporate Expense Payments: A payment solution enabling businesses, non-profits, and government agencies to control employee spending and reduce administrative overhead.
- Healthcare Payment Programs: Provides specialized payment solutions including pharmacy-based vouchers, copay programs, medical claims processing, and debit-based affordability programs.
- PaySign Premier: A demand deposit account debit card offering a comprehensive payment and banking-like solution.
- Plasma Donor Payment Solution: A specialized payment system designed for source plasma collection centers to compensate donors efficiently.
- Payment Claims Processing and Administrative Services: Offers services for processing various payment claims and related administrative tasks.
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Major Suppliers for PaySign (PAYS):
- The Bancorp Bank, N.A. (part of The Bancorp, Inc., NASDAQ: TBBK)
- Sunrise Banks, N.A. (private company)
- Visa Inc. (NYSE: V)
- Mastercard Incorporated (NYSE: MA)
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Mark R. Newcomer - Chairman of the Board, President and Chief Executive Officer
Mr. Newcomer is a co-founder of Paysign (formerly 3PEA Technologies), established in 2001, and has served as its Chief Executive Officer since 2001 and as a director since March 2006. He also holds the title of Chairman of the Board. He attended Cal-Poly San Luis Obispo, where he majored in Bio-Science. Under his leadership, Paysign has shown strong operating momentum. Mr. Newcomer has also been involved in stock sales under a pre-arranged trading plan.
Jeffery Bradford Baker - Chief Financial Officer, Treasurer and Principal Accounting Officer
Mr. Baker was appointed Chief Financial Officer, Treasurer, and Principal Accounting Officer of Paysign effective February 22, 2021. Prior to joining Paysign, he served as Executive Vice President of Mergers and Acquisitions at InComm Payments, where he oversaw numerous acquisitions, divestitures, joint ventures, and investments across the Americas, Asia, and Australia. Before his tenure at InComm, Mr. Baker held the position of Chief Development and Strategy Officer at Global Payments Inc., where he was also responsible for worldwide acquisitions and divestitures.
Cosimo Cambi - Chief Operating Officer
Mr. Cambi serves as the Chief Operating Officer of PaySign.
Matthew Louis Lanford - Chief Payments Officer and Director
Mr. Lanford holds the position of Chief Payments Officer and Director at Paysign. He joined Paysign in 2019 as Chief Product Officer and was appointed President and Chief Operating Officer in February 2021 before transitioning to his current role. He brings over 30 years of experience in the payments industry to the company. Mr. Lanford earned his Bachelor of Science in Computer Science from the University of Arkansas at Little Rock.
Robert P. Strobo - General Counsel, Chief Legal Officer and Secretary
Mr. Strobo is the General Counsel, Chief Legal Officer, and Secretary for Paysign. He was appointed General Counsel and Corporate Secretary in September 2018.
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Here are the key risks to PaySign's business:
- Regulatory and Compliance Risk: PaySign operates in highly regulated sectors, including financial services and healthcare. Changes in financial or healthcare-related regulations could significantly impact its operations, increase compliance costs, and affect profitability. Regulatory scrutiny in the patient affordability landscape is expected to intensify, and changes in rules governing specific programs, like plasma donations, have a direct impact on the company's business.
- Cybersecurity and Data Breach Risk: As a provider of payment processing and prepaid card services, PaySign handles sensitive consumer information. The company recently initiated an investigation into an alleged data breach impacting over 1.2 million consumer records, which reportedly exposed full names, birthdates, phone numbers, addresses, and account balances. Such incidents can lead to significant financial losses, reputational damage, and erosion of customer trust.
- Competition and Customer Concentration Risk: PaySign faces intense competition from larger fintech firms and traditional financial institutions in the prepaid card and payment processing sectors. The overall prepaid card market has experienced a decline in recent years, which could threaten some of PaySign's core operations. Furthermore, the company has a heavy reliance on specific market segments, particularly plasma donation and healthcare programs. This concentration exposes PaySign to significant risk if key contracts are lost, industry regulations change, or these specific markets face headwinds.
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PaySign, Inc. operates within several addressable markets, primarily in the United States and Mexico, centered around prepaid card products and processing services, healthcare payment solutions, and payment processing for specific industries. The estimated market sizes for their main products and services are as follows:
- Prepaid Card Products and Processing Services (Overall): The U.S. prepaid card market was valued at approximately USD 1.76 trillion in 2024 and is projected to reach around USD 10.62 trillion by 2034. Another estimate places the U.S. market at USD 1.48 trillion in 2023, growing to USD 10.72 trillion by 2034.
- Corporate Incentive and Rewards Programs: U.S. businesses spend an estimated USD 176 billion annually on non-cash incentives, recognition, rewards, incentive travel, and corporate gifting. Gift cards are a prevalent component of these programs. The U.S. gift card and incentive card market, which includes corporate purchases, was valued at USD 207.09 billion in 2025 and is estimated to grow to USD 300.73 billion by 2031. Corporate B2B purchases constituted 64.85% of this market in 2025.
- Payroll Cards: The global payroll card market was valued at USD 218.7 billion in 2023 and is projected to reach USD 981.4 billion by 2032. In the U.S., approximately 8 million workers receive wages through payroll prepaid cards.
- General Purpose Reloadable (GPR) Cards: The general-purpose reloadable card market in the U.S. represented a total load value of USD 255 billion in 2024.
- Gift Cards: The U.S. gift card market size was valued at USD 342.95 billion in 2024 and is expected to reach USD 886.23 billion by 2032. Another source estimates the U.S. gift cards market at USD 423.11 billion in 2024, projected to reach USD 949.26 billion by 2030. The United States accounts for approximately 36.1% of the global gift card market, with a value of USD 447.7 billion.
- Per Diem/Corporate Expense Payments: While a specific market size for per diem payment processing was not identified as a standalone category, such payments are typically handled through corporate prepaid cards and fall under the broader corporate incentive and expense management markets mentioned above.
- Payment Claims Processing and Other Administrative Services: The global claims processing software market, which provides the foundational tools for such services, was estimated at USD 40.84 billion in 2024. North America is a dominant region, expected to contribute 43% to the global market growth.
- Healthcare Reimbursement Payments and Pharmaceutical Payment Assistance Programs: The U.S. healthcare reimbursement market size was approximately USD 9.78 billion in 2024 and is projected to grow to around USD 53.44 billion by 2034. The global pharmaceutical copayment assistance market was estimated at USD 12.4 billion in 2025 and is expected to reach USD 23.6 billion by 2032.
- Payment Solutions for Source Plasma Collection Centers: The U.S. blood plasma collection market was valued at USD 5.50 billion in 2024 and is expected to reach USD 8.97 billion by 2032. The source plasma segment accounted for a 74.6% revenue share of this market in 2024. The United States is the largest contributor to the global source plasma supply.
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PaySign (NASDAQ: PAYS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market expansions:
- Expansion of Patient Affordability Programs (Pharmaceutical Segment): PaySign's patient affordability business is a significant growth driver, with substantial year-over-year revenue increases and projections for continued rapid expansion. The company is actively forging new partnerships with pharmaceutical companies and adding new patient programs to help individuals access necessary medications. The pharmaceutical patient affordability segment is projected to grow significantly, with one report anticipating a 100% growth by 2025.
- Growth in Plasma Donor Compensation Business: Despite some industry fluctuations, PaySign has recently secured a substantial expansion, adding 132 established plasma donation centers through an existing relationship with a major plasma collection company. This expansion is expected to increase PaySign's U.S. market share to approximately 50% and drive immediate revenue growth, reaching full revenue contribution by the end of the first quarter of 2026. The company plans to add more plasma centers and leverage its operational model.
- Diversification into New Verticals and Services: PaySign is actively expanding into new verticals beyond its core plasma and pharma segments. These include corporate incentives, employee rewards, healthcare reimbursements, and clinical trials programs. The company also offers the PaySign Premier demand deposit account debit card and related digital banking services, which represent another avenue for growth.
- Technological Advancements and Platform Scalability: The company's proprietary card-processing platform and ongoing investment in technology, such as its Dynamic Business Rules (DBR) technology, are crucial for streamlining operations, enhancing service offerings, and attracting new clients. Furthermore, the acquisition of Gamma Innovation LLC is expected to augment PaySign's offerings by entering the high-margin SaaS market with integrated donor and patient engagement, adherence, resource management, and market intelligence solutions.
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Share Repurchases
- PaySign's Board of Directors authorized a $5 million share repurchase program on March 22, 2023.
- The company made share repurchases totaling approximately $376,000 in Q1 2025, $134,690 in Q4 2024, and $360,000 in Q3 2024.
- In 2023, PaySign's share repurchases included approximately $150,000 in Q3, $311,960 in Q2, and $666,000 in Q1.
Share Issuance
- In Q3 2025, stock-based compensation, related to the issuance of restricted stock units for new hires and employee retention, increased by 32% to $1.3 million.
- For the full year 2025, stock-based compensation expense is projected to be approximately $4.3 million.
- Company executives, including the Chief Payments Officer, CFO, and Chief Legal Officer, received common shares as part of restricted stock grants with vesting periods extending through July 2027, indicating ongoing share issuance for compensation.
Capital Expenditures
- In Q3 2025, PaySign invested $454,000 in capital expenditures, primarily for long-term assets and infrastructure.
Peer Outperformance in Systems Software
PAYS has outperformed 100% of its 69 Systems Software peers over 5Y. Systems Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that PAYS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 86 industry peers · 189.7% return
3Y
99%
of 72 industry peers · 567.7% return
5Y
100%
of 69 industry peers · 448.1% return
No Systems Software peer with a comparable growth profile has beaten PAYS by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is PAYS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 5.5% | 95.7% | 165.0% | FLEX 430% · TTMI 366% · JBL 278% |
| Technology Distributors | 9 | 43.9% | 54.8% | 55.2% | AVT 128% · SNX 108% · PLUS 55% |
| Semiconductor Materials & Equipment | 28 | 26.7% | 42.8% | 31.2% | AXTI 317% · KLAC 252% · LRCX 246% |
| Communications Equipment | 36 | 1.6% | 72.1% | 27.1% | AAOI 757% · LITE 491% · ANET 419% |
| Electronic Components | 24 | 13.8% | 63.4% | 21.0% | CLS 1764% · BELFA 944% · APH 282% |
| Electronic Equipment & Instruments | 27 | -6.4% | 29.5% | 0.8% | PI 125% · OSIS 106% · MIR 61% |
| Semiconductors | 55 | 6.4% | 41.4% | -12.3% | MU 848% · NVDA 509% · AVGO 474% |
| Technology Hardware, Storage & Peripherals | 21 | 12.4% | 54.0% | -18.1% | DELL 552% · SMCI 539% · WDC 536% |
| Internet Services & Infrastructure | 6 | -7.1% | 42.9% | -29.6% | GDDY 60% · VRSN 35% · AKAM -24% |
| IT Consulting & Other Services | 30 | -17.8% | -7.3% | -29.9% | APLD 264% · IBM 138% · GIB -7% |
| Systems Software ← | 70 | -10.7% | 15.8% | -54.2% | CRWD 207% · ZETA 202% · CVLT 136% |
| Application Software | 125 | -12.3% | -10.8% | -54.7% | PLTR 500% · FROG 167% · AGYS 138% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| PaySign Earnings Notes | 12/16/2025 | |
| How Low Can PaySign Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.81 |
| Mkt Cap | 10.4 |
| Rev LTM | 7,187 |
| Op Inc LTM | 791 |
| FCF LTM | 75 |
| FCF 3Y Avg | 908 |
| CFO LTM | 442 |
| CFO 3Y Avg | 1,361 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.7% |
| Rev Chg 3Y Avg | 11.0% |
| Rev Chg Q | 22.7% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | -8.7% |
| Op Inc Chg 3Y Avg | 6.5% |
| Op Mgn LTM | 17.1% |
| Op Mgn 3Y Avg | 16.9% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 15.5% |
| CFO/Rev 3Y Avg | 29.4% |
| FCF/Rev LTM | 9.4% |
| FCF/Rev 3Y Avg | 21.1% |
Price Behavior
Price Behavior
| Market Price | $14.69 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 02/23/2007 | |
| Distance from 52W High | -6.0% | |
| 50 Days | 200 Days | |
| DMA Price | $13.88 | $8.59 |
| DMA Trend | up | up |
| Distance from DMA | 5.9% | 71.1% |
| 3M | 1YR | |
| Volatility | 48.9% | 69.9% |
| Downside Capture | 92.38 | 35.37 |
| Upside Capture | 218.00 | 154.38 |
| Correlation (S&P 500) | 41.9% | 18.0% |
PAYS Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.72 | 1.60 | 1.18 | 0.40 | 0.85 | 1.23 |
| Up Beta | -6.54 | 0.80 | 1.15 | -0.71 | 0.23 | 0.97 |
| Down Beta | 3.46 | 3.66 | 4.69 | 2.60 | 1.31 | 1.36 |
| Up Capture | 186% | 159% | 147% | 81% | 177% | 499% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 23 | 38 | 75 | 130 | 377 |
| Down Capture | 108% | 52% | -136% | -149% | 37% | 102% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 20 | 26 | 51 | 116 | 353 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAYS | |
|---|---|---|---|---|
| PAYS | 182.3% | 69.9% | 1.74 | - |
| Sector ETF (XLK) | 12.1% | 28.4% | 0.39 | 11.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 17.7% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 7.7% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -6.9% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 4.8% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 19.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAYS | |
|---|---|---|---|---|
| PAYS | 40.5% | 67.3% | 0.78 | - |
| Sector ETF (XLK) | 16.2% | 26.4% | 0.55 | 29.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 34.1% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 5.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 5.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 26.5% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 18.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PAYS | |
|---|---|---|---|---|
| PAYS | 13.7% | 73.9% | 0.53 | - |
| Sector ETF (XLK) | 22.6% | 25.3% | 0.82 | 27.7% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 31.4% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 4.7% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 10.8% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 26.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 12.0% |
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Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 29.3% | 33.5% | 35.1% |
| 5/12/2026 | -12.3% | -10.4% | 0.6% |
| 3/24/2026 | 36.6% | 56.5% | 61.5% |
| 11/12/2025 | 0.0% | -5.9% | -2.0% |
| 8/5/2025 | -26.7% | -23.6% | -26.4% |
| 5/8/2025 | 1.5% | 41.7% | 82.8% |
| 11/5/2024 | 6.0% | 0.5% | -12.0% |
| 7/31/2024 | -8.6% | -16.9% | -11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 6.8% | 16.3% | 18.5% |
| Median Negative | -11.6% | -13.6% | -12.0% |
| Max Positive | 36.6% | 56.5% | 82.8% |
| Max Negative | -31.6% | -23.6% | -34.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 29.3% | 33.5% | 35.1% |
| 5/12/2026 | -12.3% | -10.4% | 0.6% |
| 3/24/2026 | 36.6% | 56.5% | 61.5% |
| 11/12/2025 | 0.0% | -5.9% | -2.0% |
| 8/5/2025 | -26.7% | -23.6% | -26.4% |
| 5/8/2025 | 1.5% | 41.7% | 82.8% |
| 11/5/2024 | 6.0% | 0.5% | -12.0% |
| 7/31/2024 | -8.6% | -16.9% | -11.4% |
| 5/7/2024 | -2.1% | 2.8% | -9.2% |
| 11/7/2023 | 13.5% | 19.8% | 13.5% |
| 8/8/2023 | 7.6% | 4.9% | 17.3% |
| 5/10/2023 | -2.7% | -0.3% | -21.4% |
| 3/22/2023 | 1.4% | -3.0% | -3.0% |
| 11/8/2022 | -13.7% | 11.8% | 12.2% |
| 8/9/2022 | 3.1% | 28.1% | 28.1% |
| 5/11/2022 | -16.2% | -4.7% | 10.8% |
| 3/22/2022 | -14.4% | -17.6% | -28.0% |
| 11/9/2021 | -10.9% | -20.8% | -34.3% |
| 8/10/2021 | -0.8% | 1.2% | 18.5% |
| 5/12/2021 | -4.9% | 24.3% | 18.8% |
| 3/25/2021 | 7.9% | 12.8% | -2.9% |
| 11/17/2020 | -31.6% | -17.8% | -13.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 12 | 10 | 11 |
| Median Positive | 6.8% | 16.3% | 18.5% |
| Median Negative | -11.6% | -13.6% | -12.0% |
| Max Positive | 36.6% | 56.5% | 82.8% |
| Max Negative | -31.6% | -23.6% | -34.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/25/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 03/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 05/12/2021 | 10-Q |
| 12/31/2020 | 03/26/2021 | 10-K |
| 09/30/2020 | 11/17/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 04/03/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 11/9/2026Latest: Q3 2026 Earnings Reported 11/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Active Patient Affordability Programs | Reported | 190 | 192.5 | 195 | ||||
| 2026 Plasma Centers | Reported | 445 | 447.5 | 450 | ||||
| 2026 Revenue | Reported | 114.00 Mil | 115.50 Mil | 117.00 Mil | 0.0% | Affirmed | Guidance: 115.50 Mil for 2026 | |
| 2026 Revenue growth (YoY) | Reported | 39.0% | 41.0% | 43.0% | 0.0% | Affirmed | Guidance: 41.0% for 2026 | |
| 2026 Gross profit margin | Reported | 63.5% | 64.0% | 64.5% | 1.5% | Raised | Guidance: 62.5% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 38.50 Mil | 39.25 Mil | 40.00 Mil | 7.5% | Raised | Guidance: 36.50 Mil for 2026 | |
| 2026 Net income | Reported | 23.00 Mil | 23.50 Mil | 24.00 Mil | 5.6% | Raised | Guidance: 22.25 Mil for 2026 | |
| 2026 Diluted EPS | Reported | 0.37 | 0.38 | 0.38 | 4.2% | Raised | Guidance: 0.36 for 2026 | |
| Q4 2026 Plasma Center Transition Revenue Impact | Reported | -1.50 Mil | ||||||
| Q4 2026 Plasma Center Transition Gross Profit Impact | Reported | -0.70 Mil | ||||||
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Active patient affordability programs | Reported | 165 | 167.5 | 170 | 12.8% | Higher New | Guidance: 148.5 for Q2 2026 | |
| Q3 2026 Plasma centers | Reported | 561 | 562 | 563 | 0.8% | Higher New | Guidance: 557.5 for Q2 2026 | |
| Q3 2026 Revenue | Reported | 28.50 Mil | 29.25 Mil | 30.00 Mil | 10.6% | Higher New | Guidance: 26.45 Mil for Q2 2026 | |
| Q3 2026 Revenue Growth | Reported | 32.0% | 35.45% | 38.9% | -3.3% | Lower New | Guidance: 38.75% for Q2 2026 | |
| Q3 2026 Gross Profit | Calculated | 17.39 Mil | 18.14 Mil | 18.90 Mil | Rev x Gross Margin | |||
| Q3 2026 Gross margin | Reported | 61.0% | 62.0% | 63.0% | 1.0% | Higher New | Guidance: 61.0% for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 9.50 Mil | 9.75 Mil | 10.00 Mil | 20.4% | Higher New | Guidance: 8.10 Mil for Q2 2026 | |
| Q3 2026 Adj. EBITDA per diluted share | Reported | 0.15 | 0.16 | 0.16 | ||||
| Q3 2026 Net income | Reported | 5.70 Mil | 5.85 Mil | 6.00 Mil | 56.0% | Higher New | Guidance: 3.75 Mil for Q2 2026 | |
| Q3 2026 Diluted EPS | Reported | 0.09 | 0.1 | 0.1 | 46.2% | Higher New | Guidance: 0.07 for Q2 2026 | |
| 2026 Revenue | Reported | 114.00 Mil | 115.50 Mil | 117.00 Mil | 6.5% | Raised | Guidance: 108.50 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 39.0% | 41.0% | 43.0% | 8.5% | Raised | Guidance: 32.5% for 2026 | |
| 2026 Gross Profit | Calculated | 70.68 Mil | 72.19 Mil | 73.71 Mil | Rev x Gross Margin | |||
| 2026 Gross margin | Reported | 62.0% | 62.5% | 63.0% | 1.5% | Raised | Guidance: 61.0% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 35.00 Mil | 36.50 Mil | 38.00 Mil | 15.9% | Raised | Guidance: 31.50 Mil for 2026 | |
| 2026 Adj. EBITDA per diluted share | Reported | 0.57 | 0.59 | 0.61 | ||||
| 2026 Net income | Reported | 21.50 Mil | 22.25 Mil | 23.00 Mil | 53.4% | Raised | Guidance: 14.50 Mil for 2026 | |
| 2026 Diluted EPS | Reported | 0.35 | 0.36 | 0.37 | 53.2% | Raised | Guidance: 0.24 for 2026 | |
Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Active patient affordability programs | Reported | 147 | 148.5 | 150 | ||||
| Q2 2026 Plasma centers | Reported | 555 | 557.5 | 560 | ||||
| Q2 2026 Revenue | Reported | 26.20 Mil | 26.45 Mil | 26.70 Mil | ||||
| Q2 2026 Revenue growth (YoY) | Reported | 37.5% | 38.75% | 40.0% | ||||
| Q2 2026 Gross Profit | Calculated | 15.72 Mil | 16.13 Mil | 16.55 Mil | Rev x Gross Margin | |||
| Q2 2026 Gross margin | Reported | 60.0% | 61.0% | 62.0% | ||||
| Q2 2026 Adjusted EBITDA | Reported | 7.70 Mil | 8.10 Mil | 8.50 Mil | ||||
| Q2 2026 Net income | Reported | 3.50 Mil | 3.75 Mil | 4.00 Mil | ||||
| Q2 2026 Diluted EPS | Reported | 0.06 | 0.07 | 0.07 | ||||
| 2026 Revenue | Reported | 106.50 Mil | 108.50 Mil | 110.50 Mil | 0 | Affirmed | Guidance: 108.50 Mil for 2026 | |
| 2026 Revenue growth (YoY) | Reported | 30.0% | 32.5% | 35.0% | 0 | Affirmed | Guidance: 32.5% for 2026 | |
| 2026 Gross Profit | Calculated | 63.90 Mil | 66.19 Mil | 68.51 Mil | Rev x Gross Margin | |||
| 2026 Gross margin | Reported | 60.0% | 61.0% | 62.0% | 0 | Affirmed | Guidance: 61.0% for 2026 | |
| 2026 Adjusted EBITDA | Reported | 30.00 Mil | 31.50 Mil | 33.00 Mil | 0 | Affirmed | Guidance: 31.50 Mil for 2026 | |
| 2026 Net income | Reported | 13.00 Mil | 14.50 Mil | 16.00 Mil | 0 | Affirmed | Guidance: 14.50 Mil for 2026 | |
| 2026 Diluted EPS | Reported | 0.21 | 0.24 | 0.26 | 0 | Affirmed | Guidance: 0.24 for 2026 | |
Q4 2025 Earnings Reported 3/24/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Margin | Reported | 17.0% | 18.0% | 19.0% | ||||
| Q1 2026 Revenue | Reported | 27.00 Mil | 27.25 Mil | 27.50 Mil | ||||
| Q1 2026 Operating Margin | Reported | 20.0% | 21.0% | 22.0% | ||||
| Q1 2026 Adjusted EBITDA Margin | Reported | 34.5% | 35.5% | 36.5% | ||||
| Q1 2026 EPS | Reported | 0.07 | 0.08 | 0.08 | ||||
| 2026 Revenue | Reported | 106.50 Mil | 108.50 Mil | 110.50 Mil | 34.0% | Higher New | Actual: 81.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 30.0% | 32.5% | 35.0% | ||||
| 2026 Gross Profit Margin | Reported | 60.0% | 61.0% | 62.0% | ||||
| 2026 Adjusted EBITDA | Reported | 30.00 Mil | 31.50 Mil | 33.00 Mil | 61.5% | Higher New | Actual: 19.50 Mil for 2025 | |
| 2026 Net Income | Reported | 13.00 Mil | 14.50 Mil | 16.00 Mil | 93.3% | Higher New | Actual: 7.50 Mil for 2025 | |
| 2026 EPS | Reported | 0.21 | 0.24 | 0.26 | 88.0% | Higher New | Actual: 0.13 for 2025 | |
Insider Activity
Updated 10/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Newcomer, Mark | CEO | Direct | Sell | 10142026 | 15.34 | 50,000 | 766,895 | 139,774,313 | Form |
| 2 | Herman, Joan M | EVP, Operations | Direct | Sell | 9172026 | 11.74 | 38,900 | 456,830 | 7,156,857 | Form |
| 3 | Herman, Joan M | EVP, Operations | Direct | Sell | 9172026 | 12.38 | 21,004 | 260,069 | 8,027,446 | Form |
| 4 | Ngo, Michael C | Chief Innovation Officer | Gamma Innovation LLC | Sell | 9102026 | 12.74 | 79,925 | 1,018,244 | 29,939,000 | Form |
| 5 | Ngo, Michael C | Chief Innovation Officer | Gamma Innovation LLC | Sell | 9102026 | 12.85 | 70,075 | 900,422 | 31,223,078 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Newcomer, Mark | CEO | Direct | Sell | 10142026 | 15.34 | 50,000 | 766,895 | 139,774,313 | Form |
| 2 | Herman, Joan M | EVP, Operations | Direct | Sell | 9172026 | 11.74 | 38,900 | 456,830 | 7,156,857 | Form |
| 3 | Herman, Joan M | EVP, Operations | Direct | Sell | 9172026 | 12.38 | 21,004 | 260,069 | 8,027,446 | Form |
| 4 | Ngo, Michael C | Chief Innovation Officer | Gamma Innovation LLC | Sell | 9102026 | 12.74 | 79,925 | 1,018,244 | 29,939,000 | Form |
| 5 | Ngo, Michael C | Chief Innovation Officer | Gamma Innovation LLC | Sell | 9102026 | 12.85 | 70,075 | 900,422 | 31,223,078 | Form |
| 6 | Cunningham, Bradley Kramer | Chief Technology Officer | Direct | Sell | 9042026 | 7.80 | 3,000 | 23,400 | 2,719,322 | Form |
| 7 | Cunningham, Bradley Kramer | Chief Technology Officer | Direct | Sell | 9042026 | 7.30 | 10,000 | 73,020 | 2,567,610 | Form |
| 8 | Turner, Matthew Baker | PRES., PATIENT AFFORDABILITY | Direct | Sell | 9042026 | 4.16 | 15,057 | 62,637 | 1,892,563 | Form |
| 9 | Baker, Jeffery Bradford | Chief Financial Officer | Direct | Sell | 8142026 | 12.62 | 35,000 | 441,637 | 6,841,222 | Form |
| 10 | Newcomer, Mark | CEO | Direct | Sell | 8072026 | 11.88 | 150,000 | 1,781,355 | 108,817,063 | Form |
| 11 | Newcomer, Mark | CEO | Direct | Sell | 7312026 | 9.38 | 50,000 | 468,985 | 86,499,847 | Form |
| 12 | Mina, Bruce A | Direct | Sell | 7312026 | 7.09 | 10,000 | 70,950 | 1,834,058 | Form | |
| 13 | Mina, Bruce A | Direct | Sell | 7312026 | 7.10 | 10,000 | 71,000 | 1,906,350 | Form | |
| 14 | Herman, Joan M | EVP, Operations | Direct | Sell | 7162026 | 8.69 | 28,000 | 243,410 | 5,625,413 | Form |
| 15 | Herman, Joan M | EVP, Operations | Direct | Sell | 7162026 | 8.60 | 31,904 | 274,253 | 5,803,338 | Form |
| 16 | Herman, Joan M | EVP, Operations | Direct | Sell | 6302026 | 8.01 | 100,000 | 801,140 | 5,664,132 | Form |
| 17 | Herman, Joan M | EVP, Operations | Direct | Sell | 6032026 | 8.00 | 29,202 | 233,730 | 6,459,219 | Form |
| 18 | Herman, Joan M | EVP, Operations | Direct | Sell | 5292026 | 7.01 | 22,534 | 158,038 | 5,708,749 | Form |
| 19 | Herman, Joan M | EVP, Operations | Direct | Sell | 5062026 | 7.01 | 6,667 | 46,737 | 5,829,563 | Form |
| 20 | Strobo, Robert | Chief Legal Officer | Direct | Sell | 12122025 | 5.47 | 20,000 | 109,400 | 1,790,276 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 11/8/2026