Nayax Ltd Financials

NYAX

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Nayax Ltd (NYAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NYAX FY2025 2026-04-22

Nayax's filings show a cash-first scale-up where reported profit arrived after operations improved and the balance sheet expanded sharply.

The earnings inflection is more meaningful than the profit line alone: operating cash flow stayed positive after turning positive the year before, and net income reached $35.5M while cash from operations was still a larger $40.3M. That pattern usually means the business fixed underlying operating friction first, then saw accounting earnings catch up, which is a healthier sequence than a profit spike without cash support.

The asset base almost doubled to $852.6M, but long-term debt remained only $6.4M. So the latest balance-sheet expansion was financed mainly through other liabilities and financing flows, not by loading the company with traditional borrowings.

Cash climbed to $319.5M even though free cash flow was $35.0M, so the liquidity jump came largely from financing rather than from the year's operations. At the same time, capital spending stayed modest, which makes this look like a business shaped more by receivables, inventory, and other balance-sheet commitments than by heavy fixed-asset reinvestment.

Financial Health Signals

Financial Profile 49/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Nayax Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Nayax Ltd's revenue surged 27.5% year-over-year to $400.4M, reflecting rapid business expansion. This strong growth earns a score of 84/100.

Leverage

100

Nayax Ltd carries a low D/E ratio of 0.03, meaning only $0.03 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Nayax Ltd's current ratio of 2.26 indicates adequate short-term liquidity, earning a score of 42/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Nayax Ltd has a free cash flow margin of 8.7%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Nayax Ltd generates a 15.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 19/100. This is up from -3.4% the prior year.

Piotroski F-Score Neutral

6/9

Nayax Ltd passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.13x

For every $1 of reported earnings, Nayax Ltd generates $1.13 in operating cash flow ($40.3M OCF vs $35.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$400.4M

YoY+27.5%

5Y CAGR+38.4%

Nayax Ltd generated $400.4M in revenue in fiscal year 2025. This represents an increase of 27.5% from the prior year.

EBITDA

N/A

Net Income

$35.5M

YoY+730.7%

Nayax Ltd reported $35.5M in net income in fiscal year 2025. This represents an increase of 730.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$35.0M

YoY-12.2%

5Y CAGR+51.6%

Nayax Ltd generated $35.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.2% from the prior year.

Cash & Debt

$319.5M

YoY+284.4%

5Y CAGR+108.1%

Nayax Ltd held $319.5M in cash against $6.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

37M

YoY+1.9%

Nayax Ltd had 37M shares outstanding in fiscal year 2025. This represents an increase of 1.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.9%

YoY+10.7pp

5Y CAGR+16.6pp

Nayax Ltd's net profit margin was 8.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 10.7 percentage points from the prior year.

Return on Equity

15.4%

YoY+18.8pp

5Y CAGR+64.0pp

Nayax Ltd's ROE was 15.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 18.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$5.3M

YoY+73.0%

5Y CAGR+20.2%

Nayax Ltd invested $5.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 73.0% from the prior year.

NYAX Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$400.4M+27.5%	$314.0M+33.3%	$235.5M+35.7%	$173.5M+45.6%	$119.1M+51.2%	$78.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$330K+11.5%	$296K+38.3%	$214K-35.3%	$331K
Income Tax	-$950K-176.2%	$1.2M+2.6%	$1.2M+169.4%	$451K-28.6%	$632K+4313.3%	-$15K
Net Income	$35.5M+730.7%	-$5.6M+64.6%	-$15.9M+57.6%	-$37.5M-51.4%	-$24.8M-307.2%	-$6.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Revenue	N/A	N/A	$78.1M	N/A	$56.2M	N/A	$41.2M	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	-$3.6M	N/A	-$40K	N/A	-$1.5M	N/A
Income Tax	N/A	N/A	$321K	N/A	$226K	N/A	$235K	N/A
Net Income	N/A	N/A	-$3.0M	N/A	-$4.0M	N/A	-$10.3M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NYAX Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$852.6M+97.0%	$432.9M+33.7%	$323.9M+40.5%	$230.5M+6.7%	$216.0M	N/A
Current Assets	$620.2M+115.6%	$287.7M+41.4%	$203.4M+35.2%	$150.5M-3.6%	$156.0M	N/A
Cash & Equivalents	$319.5M+284.4%	$83.1M+116.6%	$38.4M+13.3%	$33.9M-61.2%	$87.3M+965.7%	$8.2M
Inventory	$28.6M+44.6%	$19.8M-3.9%	$20.6M-13.6%	$23.8M+209.5%	$7.7M	N/A
Accounts Receivable	$104.0M+86.7%	$55.7M+34.9%	$41.3M+50.7%	$27.4M+41.8%	$19.3M	N/A
Goodwill	$190.5M+61.9%	$117.7M+22.1%	$96.4M+74.9%	$55.1M+45.8%	$37.8M+38.0%	$27.4M
Total Liabilities	$621.6M+132.3%	$267.6M+18.3%	$226.3M+79.8%	$125.9M+49.2%	$84.3M	N/A
Current Liabilities	$274.4M+25.0%	$219.5M+7.7%	$203.8M+84.9%	$110.2M+57.0%	$70.2M	N/A
Long-Term Debt	$6.4M+57.0%	$4.1M-1.7%	$4.1M-30.2%	$5.9M+10.2%	$5.4M+4.6%	$5.2M
Total Equity	$231.0M+39.8%	$165.2M+69.3%	$97.6M-6.7%	$104.6M-20.5%	$131.7M+953.3%	$12.5M
Retained Earnings	-$19.6M+69.0%	-$63.3M+3.5%	-$65.6M-16.0%	-$56.5M-97.1%	-$28.7M	N/A

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Total Assets	$852.6M+97.0%	$432.9M-0.4%	$434.7M+34.2%	$323.9M+23.7%	$261.8M+13.6%	$230.5M	N/A	$216.0M
Current Assets	$620.2M+115.6%	$287.7M-1.1%	$290.8M+43.0%	$203.4M+14.4%	$177.9M+18.2%	$150.5M	N/A	$156.0M
Cash & Equivalents	$319.5M+284.4%	$83.1M+34.3%	$61.9M+61.3%	$38.4M+23.6%	$31.1M-8.4%	$33.9M-18.9%	$41.8M-52.2%	$87.3M
Inventory	$28.6M+44.6%	$19.8M-2.7%	$20.3M-1.2%	$20.6M-10.3%	$22.9M-3.7%	$23.8M	N/A	$7.7M
Accounts Receivable	$104.0M+86.7%	$55.7M+18.4%	$47.0M+13.8%	$41.3M+27.2%	$32.5M+18.4%	$27.4M	N/A	$19.3M
Goodwill	$190.5M+61.9%	$117.7M+3.3%	$113.9M+18.2%	$96.4M+62.5%	$59.3M+7.7%	$55.1M	N/A	$37.8M
Total Liabilities	$621.6M+132.3%	$267.6M-3.0%	$276.0M+22.0%	$226.3M+39.8%	$161.9M+28.6%	$125.9M	N/A	$84.3M
Current Liabilities	$274.4M+25.0%	$219.5M-5.5%	$232.2M+13.9%	$203.8M+34.8%	$151.2M+37.2%	$110.2M	N/A	$70.2M
Long-Term Debt	$6.4M+57.0%	$4.1M-7.6%	$4.4M+6.3%	$4.1M-18.0%	$5.1M-14.9%	$5.9M	N/A	$5.4M
Total Equity	$231.0M+39.8%	$165.2M+4.1%	$158.7M+62.6%	$97.6M-2.4%	$100.0M-4.5%	$104.6M-10.6%	$117.1M-11.1%	$131.7M
Retained Earnings	-$19.6M+69.0%	-$63.3M+9.9%	-$70.2M-7.1%	-$65.6M-4.8%	-$62.6M-10.7%	-$56.5M	N/A	-$28.7M

NYAX Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$40.3M-6.1%	$42.9M+387.6%	$8.8M+131.9%	-$27.5M-115.1%	-$12.8M-297.4%	$6.5M
Capital Expenditures	$5.3M+73.0%	$3.1M+404.3%	$611K-59.7%	$1.5M-42.4%	$2.6M+24.1%	$2.1M
Free Cash Flow	$35.0M-12.2%	$39.8M+386.4%	$8.2M+128.2%	-$29.1M-88.2%	-$15.4M-454.0%	$4.4M
Investing Cash Flow	-$78.7M-71.5%	-$45.9M-24.6%	-$36.8M-38.8%	-$26.5M-17.2%	-$22.6M-164.1%	-$8.6M
Financing Cash Flow	$265.8M+422.8%	$50.8M+61.1%	$31.6M+408.4%	$6.2M-94.6%	$114.1M+1787.9%	$6.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Operating Cash Flow	N/A	N/A	$9.2M	N/A	-$1.7M	N/A	-$15.2M	N/A
Capital Expenditures	N/A	N/A	$849K	N/A	$178K	N/A	$410K	N/A
Free Cash Flow	N/A	N/A	$8.3M	N/A	-$1.8M	N/A	-$15.7M	N/A
Investing Cash Flow	N/A	N/A	-$20.5M	N/A	-$6.0M	N/A	-$4.6M	N/A
Financing Cash Flow	N/A	N/A	$4.3M	N/A	$4.9M	N/A	-$898K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NYAX Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.9%+10.7pp	-1.8%+5.0pp	-6.8%+14.9pp	-21.6%-0.8pp	-20.8%-13.1pp	-7.7%
Return on Equity	15.4%+18.8pp	-3.4%+12.9pp	-16.3%+19.6pp	-35.9%-17.0pp	-18.8%+29.8pp	-48.7%
Return on Assets	4.2%+5.5pp	-1.3%+3.6pp	-4.9%+11.4pp	-16.3%-4.8pp	-11.5%	N/A
Current Ratio	2.26+0.9	1.31+0.3	1.00-0.4	1.37-0.9	2.22	N/A
Debt-to-Equity	0.030.0	0.02-0.0	0.04-0.0	0.06+0.0	0.04-0.4	0.41
FCF Margin	8.7%-3.9pp	12.7%+9.2pp	3.5%+20.2pp	-16.8%-3.8pp	-13.0%-18.5pp	5.5%

Metric	Q4'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	-3.9%	N/A	-7.1%	N/A	-25.1%	N/A
Return on Equity	N/A	N/A	-1.9%	N/A	-4.0%	N/A	-8.8%	N/A
Return on Assets	N/A	N/A	-0.7%	N/A	-1.5%	N/A	N/A	N/A
Current Ratio	2.26+0.9	1.31+0.1	1.25+0.3	1.00-0.2	1.18-0.2	1.37	N/A	2.22
Debt-to-Equity	0.030.0	0.020.0	0.03-0.0	0.040.0	0.050.0	0.06	N/A	0.04
FCF Margin	N/A	N/A	10.7%	N/A	-3.3%	N/A	-38.0%	N/A

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Frequently Asked Questions

What is Nayax Ltd's annual revenue?

Nayax Ltd (NYAX) reported $400.4M in total revenue for fiscal year 2025. This represents a 27.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nayax Ltd's revenue growing?

Nayax Ltd (NYAX) revenue grew by 27.5% year-over-year, from $314.0M to $400.4M in fiscal year 2025.

Is Nayax Ltd profitable?

Yes, Nayax Ltd (NYAX) reported a net income of $35.5M in fiscal year 2025, with a net profit margin of 8.9%.

How much debt does Nayax Ltd have?

As of fiscal year 2025, Nayax Ltd (NYAX) had $319.5M in cash and equivalents against $6.4M in long-term debt.

What is Nayax Ltd's net profit margin?

Nayax Ltd (NYAX) had a net profit margin of 8.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nayax Ltd's return on equity (ROE)?

Nayax Ltd (NYAX) has a return on equity of 15.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nayax Ltd's free cash flow?

Nayax Ltd (NYAX) generated $35.0M in free cash flow during fiscal year 2025. This represents a -12.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nayax Ltd's operating cash flow?

Nayax Ltd (NYAX) generated $40.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nayax Ltd's total assets?

Nayax Ltd (NYAX) had $852.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nayax Ltd's capital expenditures?

Nayax Ltd (NYAX) invested $5.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Nayax Ltd have outstanding?

Nayax Ltd (NYAX) had 37M shares outstanding as of fiscal year 2025.

What is Nayax Ltd's current ratio?

Nayax Ltd (NYAX) had a current ratio of 2.26 as of fiscal year 2025, which is generally considered healthy.

What is Nayax Ltd's debt-to-equity ratio?

Nayax Ltd (NYAX) had a debt-to-equity ratio of 0.03 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nayax Ltd's return on assets (ROA)?

Nayax Ltd (NYAX) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nayax Ltd's Piotroski F-Score?

Nayax Ltd (NYAX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nayax Ltd's earnings high quality?

Nayax Ltd (NYAX) has an earnings quality ratio of 1.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Nayax Ltd?

Nayax Ltd (NYAX) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.