PaySign, Inc.
- Open
- 12.90
- Day high
- 12.90
- Day low
- 12.28
- Prev close
- 12.46
- Volume
- 37K
- Mkt cap
- $699M
- P/E (TTM)
- 43.4
- EPS (TTM)
- $0.29
- P/B
- 11.6
- P/S
- 6.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.2M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions reducing (13F)
PaySign, Inc. (PAYS) is a Technology company listed on NASDAQ. The stock is up 139% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
PaySign, Inc. (PAYS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PAYS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.06 | $0.11 | +83.3% | $28M | +7.2% |
| May 12, 2026 | $0.07 | $0.09 | +28.6% | $28M | +3.8% |
| Mar 24, 2026 | $0.02 | $0.02 | +0.0% | $23M | +5.6% |
| Nov 12, 2025 | $0.03 | $0.04 | +33.3% | $22M | +0.2% |
| May 8, 2025 | $0.02 | $0.05 | +150.0% | $19M | +6.3% |
| Mar 25, 2025 | $0.02 | $0.02 | +0.0% | $16M | +2.4% |
| Jul 31, 2024 | $0.01 | $0.01 | +0.0% | $14M | -3.3% |
| Mar 21, 2023 | $0.01 | $0.01 | +0.0% | $11M | -1.6% |
| Mar 22, 2022 | $0.00 | $0.00 | +101.0% | $9M | -2.7% |
| Mar 25, 2021 | — | $-0.09 | — | $7M | — |
| Nov 17, 2020 | $-0.01 | $-0.11 | -900.0% | $152541 | +112.3% |
| Aug 13, 2020 | $0.04 | $0.01 | -71.4% | $6M | -75.0% |
PAYS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 14, 2026 | Baker Jeffery Bradfordofficer: Chief Financial Officer | Sell | 35,000 | $12.62 |
| Aug 7, 2026 | Newcomer Markdirector, 10 percent owner, officer: CEO | Sell | 150,000 | $11.88 |
| Aug 6, 2026 | HENRY DANIEL Rdirector | Option | 20,000 | — |
| Aug 6, 2026 | Mina Bruce Adirector | Option | 20,000 | — |
| Aug 6, 2026 | NEWMAN JEFFREY Bdirector | Option | 20,000 | — |
| Aug 6, 2026 | Triplett Dennis Ldirector | Option | 20,000 | — |
| Aug 4, 2026 | Strobo Robertofficer: Chief Legal Officer | Tax | 25,184 | $8.96 |
| Aug 4, 2026 | Strobo Robertofficer: Chief Legal Officer | Option | 64,000 | — |
| Aug 4, 2026 | Newcomer Markdirector, 10 percent owner, officer: CEO | Tax | 59,025 | $8.96 |
| Aug 4, 2026 | Newcomer Markdirector, 10 percent owner, officer: CEO | Option | 150,000 | — |
| Aug 4, 2026 | Baker Jeffery Bradfordofficer: Chief Financial Officer | Tax | 28,506 | $8.96 |
| Aug 4, 2026 | Lanford Matthew Louisdirector, officer: Chief Payments Officer | Option | 64,000 | — |
| Aug 4, 2026 | Lanford Matthew Louisdirector, officer: Chief Payments Officer | Tax | 25,185 | $8.96 |
| Aug 4, 2026 | Baker Jeffery Bradfordofficer: Chief Financial Officer | Option | 64,000 | — |
| Aug 4, 2026 | Herman Joan Mdirector, officer: EVP, EFT Operations | Tax | 13,780 | $8.96 |
Source: PAYS SEC Form 4 filings, latest Aug 14, 2026. For informational purposes only — not investment advice.
See the full PAYS insider & 13F page →PaySign, Inc. company profile
Overview
PaySign, Inc. (NASDAQ:PAYS) is a financial technology company that provides prepaid card products and payment processing services. Founded in 1995 and originally known as 3PEA International, the company rebranded to PaySign in April 2019 and went public in 2007. Based in Henderson, Nevada, PaySign has evolved from a traditional prepaid card processor into a specialized fintech company serving two primary markets: plasma donor compensation and pharmaceutical patient affordability programs. The company operates through its proprietary PaySign platform, which handles transaction processing, cardholder management, and reporting services for corporate, consumer, and government applications.
Business
PaySign operates in the financial technology sector, specifically focusing on prepaid card processing and payment solutions for specialized industries. The company's core business revolves around two main segments that generate distinct revenue streams. Plasma Donor Compensation represents the company's largest business segment, accounting for approximately 75-80% of total revenue. This business involves providing prepaid debit cards to individuals who donate plasma at collection centers. Plasma is a critical component of blood that is used to manufacture life-saving medications and treatments. When donors provide plasma, they receive compensation loaded onto PaySign's prepaid cards, which can be used like regular debit cards. PaySign serves 480 plasma collection centers across the United States, processing payments for donors who typically receive $20-50 per donation session. Patient Affordability Programs is the company's fastest-growing segment, representing approximately 20-25% of revenue but experiencing triple-digit growth rates. This business helps pharmaceutical companies provide financial assistance to patients who cannot afford expensive prescription medications. When a doctor prescribes a costly drug, patients can receive coupons or prepaid cards that offset their copayments or deductibles. PaySign's technology platform manages these programs by processing claims, verifying patient eligibility, and distributing funds. The company currently manages 90 active programs for over 40 pharmaceutical companies, including six of the top 20 global pharmaceutical manufacturers. The company also generates a small portion of revenue from other prepaid card services, including corporate incentive programs, gift cards, and general-purpose reloadable cards, though these represent less than 5% of total revenue.
Revenue model
PaySign generates revenue through transaction-based fees and processing services rather than traditional product sales. The company's business model centers on earning fees for each transaction processed through its proprietary payment platform. In the plasma donor compensation business, PaySign earns revenue primarily through per-transaction fees charged to plasma collection centers. Each time a donor receives payment or uses their prepaid card, PaySign collects processing fees. The company also earns interchange fees when cardholders make purchases at merchants. Revenue per center averages approximately $8,000-9,000 annually, and the business benefits from the recurring nature of plasma donations, as regular donors typically visit centers twice weekly. The patient affordability business operates on a similar transaction-based model but with higher margins. PaySign charges pharmaceutical companies fees for each claim processed and card issued. The company's technology platform adds significant value by implementing "dynamic business rules" that help pharmaceutical clients optimize their spending and prevent fraud or abuse. This has reportedly saved clients over $100 million, justifying premium pricing for PaySign's services. Several factors influence the company's profitability margins. Positive margin drivers include the shift toward higher-margin patient affordability programs, economies of scale as transaction volumes increase, and the company's proprietary technology platform that reduces operational costs. The patient affordability business carries gross margins significantly higher than the plasma business due to the specialized nature and value-added services. Margin pressures come from competitive dynamics in both markets, regulatory changes affecting healthcare payments, and the cyclical nature of the plasma industry. The plasma business faces headwinds from oversupply conditions that reduce donation frequency and center expansion. Additionally, the company must continuously invest in technology and compliance to maintain its competitive position, particularly as it competes against larger players like McKesson, IQVIA, and ConnectiveRx in the pharmaceutical market.
Competitive moat
PaySign's competitive moat is moderate but strengthening, built primarily around specialized domain expertise and technological capabilities rather than traditional barriers to entry. The company's strongest defensive position lies in its deep specialization in niche markets that larger competitors often overlook or underserve. In the plasma donor compensation market, PaySign benefits from switching costs and established relationships with plasma centers. Once integrated into a center's operations, changing payment processors involves significant operational disruption and retraining costs. The company's 20+ year operating history and specialized focus gives it credibility and expertise that generalist payment processors lack. However, this moat is not particularly wide, as the underlying technology is not proprietary and larger financial services companies could enter if the market became sufficiently attractive. The patient affordability business presents a stronger moat opportunity. PaySign's technological platform includes sophisticated fraud detection, eligibility verification, and "dynamic business rules" that optimize pharmaceutical spending. The company's ability to quickly adapt to market disruptions—such as when it rapidly onboarded clients affected by the Change Healthcare cyberattack—demonstrates operational agility that larger competitors may lack. The specialized knowledge required to navigate complex pharmaceutical reimbursement systems and regulatory requirements creates barriers for new entrants. Competitive threats come from multiple directions. In plasma, larger payment processors like Mastercard or Visa could potentially integrate vertically or acquire specialized players. In pharmaceuticals, established players like McKesson, IQVIA, ConnectiveRx, and Eversana have greater resources and broader client relationships. However, PaySign's management argues that their focused approach and specialized technology provide advantages over these larger, more generalist competitors. The company's moat is strengthening through network effects as it builds relationships with more pharmaceutical companies and demonstrates cost savings. Each successful program implementation provides case studies and references that facilitate additional business development. The recent acquisition of Gamma Innovation also suggests the company is investing in technological capabilities that could widen its competitive advantages.
Risks & safety
PaySign demonstrates a moderate margin of safety with solid financial fundamentals but some working capital management challenges. Liquidity and Solvency: 1. Current cash position of $6.8 million with current ratio of 1.07, indicating tight but adequate liquidity 2. Debt-to-equity ratio of 7.2%, representing minimal financial leverage 3. Negative free cash flow of -$6.1 million in Q1 2025, primarily due to working capital timing related to customer settlements 4. Strong operating cash flow generation historically, with $23 million generated in FY 2024 Valuation Metrics: 1. Price-to-earnings ratio of 11.0x based on current earnings, reasonable for a growing fintech company 2. EV/EBITDA of 5.4x, attractive for a business with strong growth prospects 3. Price-to-book ratio of 2.9x, reflecting moderate premium to book value 4. Graham number of 0.89, suggesting potential undervaluation by traditional value metrics Other Considerations: 1. Revenue diversification reducing dependence on cyclical plasma market 2. Strong gross margins of 63% indicating pricing power 3. Guidance for 2025 suggests continued profitability and growth 4. Working capital fluctuations create quarterly cash flow volatility but appear operationally driven rather than structural
Recent development
Over the past few years, PaySign has executed a strategic transformation from a plasma-focused payment processor to a diversified healthcare fintech company. The most significant development has been the explosive growth of the patient affordability business, which grew from $3.5 million in 2023 to $12.7 million in 2024, representing 212% year-over-year growth. The company expanded from 43 active programs to 90 programs and now serves over 40 pharmaceutical companies, including six of the top 20 global pharmaceutical manufacturers. The company made a strategic acquisition of Gamma Innovation LLC to enhance its technology capabilities and enter the software-as-a-service market. This acquisition brought Michael Ngo as Chief Innovation Officer and is expected to generate $4-5 million in annual cash flow savings while expanding PaySign's integrated solutions for both plasma and pharmaceutical industries. The acquisition represents a move toward becoming a more comprehensive technology platform rather than just a payment processor. In the plasma donor compensation business, PaySign has shifted strategy from aggressive center expansion to optimizing revenue per existing center. The company grew from 366 centers in 2022 to 480 centers by 2024, but now faces headwinds from plasma oversupply conditions that have reduced donation frequency and compensation rates. Management has adapted by focusing on technology enhancements and operational efficiency rather than pure volume growth. The company has also made significant technology investments, including completing a Mastercard direct connect integration and developing proprietary "dynamic business rules" technology that has reportedly saved pharmaceutical clients over $100 million. These technological capabilities are becoming increasingly important competitive differentiators, particularly in the patient affordability market where fraud prevention and cost optimization are critical client concerns. Looking forward, PaySign is positioning itself as an integrated healthcare payments platform, leveraging its specialized expertise in both plasma and pharmaceutical markets to cross-sell services and expand its total addressable market beyond $500 million.
PAYS company profile · for informational purposes only — not investment advice.
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