Nayax

NYAX

Information Technology Services · Technology

Price

$64.36

-0.54 (-0.83%)

Market Cap

$2.36B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+24.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 30.2M (2021) → 37.7M (2025)

Nayax Ltd., a fintech company, operates system and payment platform worldwide. The company offers VPOS TOUCH that provides contactless and contact payment options; VPOS FUSION, a cashless payment card reader; ONYX, a contactless card reader and telemetry device; AMIT 3.0, a M2M vending telemetry solution; NOVA 156, a points of sale(POS)-handheld smart POS terminal; NOVA 125,a combined dual interface product with a printer and a barcode scanner; NOVA 55, an android-based that enables clearing pay

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-82.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$32M/ year

↑ Rising (+28% vs prior year)

7.5% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

58.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$404M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Nayax is growing revenue at 31% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

45.3%

Healthy — 45.3% gross margin

Operating Margin

3.9%

Thin — 3.9% operating margin

ROCE

0.7%

Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+29.6%

Fast-growing sales (29.6% YoY)

EPS YoY

+373.7%

Earnings growing fast (373.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

170%

Turns 170% of profit into real cash

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.40

Elevated debt (1.40)

Interest Cover

1.88x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

79.6x

Expensive — P/E 79.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+48.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (79.6 → 31.2)

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Dividends

Not applicable for this business.

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