Usio, Inc.
- Open
- 2.23
- Day high
- 2.25
- Day low
- 2.10
- Prev close
- 2.21
- Volume
- 41K
- Mkt cap
- $71M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.9
- P/S
- 0.8
- Yield
- —
- Per share
- —
Usio, Inc. (USIO) is a Technology company listed on NASDAQ. The stock is up 57% over the past year.
Usio, Inc. (USIO) 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.
USIO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.01 | $0.00 | +144.0% | $25M | +9.8% |
| Mar 18, 2026 | $0.00 | $-0.05 | -2600.0% | $22M | -4.4% |
| Nov 12, 2025 | $0.01 | $-0.02 | -300.0% | $21M | -8.2% |
| Aug 6, 2025 | $-0.01 | $-0.01 | +0.0% | $20M | -10.6% |
| May 14, 2025 | $0.04 | $-0.01 | -125.0% | $22M | -0.2% |
| Mar 26, 2025 | $0.01 | $0.02 | +100.0% | $21M | -2.5% |
| Aug 14, 2024 | $0.00 | $0.00 | +100.7% | $20M | +0.9% |
| May 15, 2024 | $-0.00 | $-0.01 | -200.3% | $20M | -5.8% |
| Aug 14, 2023 | $0.01 | $0.01 | -23.1% | $21M | +4.3% |
| May 3, 2023 | $0.00 | $0.00 | +100.0% | $21M | +2.2% |
| Mar 8, 2023 | $-0.01 | $-0.01 | -33.3% | $19M | -0.4% |
| Aug 11, 2022 | $-0.03 | $-0.10 | -263.6% | $16M | -6.7% |
USIO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Rollins Braddirector | Option | 7,000 | $1.82 |
| Jun 23, 2026 | Beyer del la Garza Ernesto Rdirector | Option | 7,000 | $1.82 |
| Jun 23, 2026 | White Michael Josephofficer: SVP, Chief Accounting Officer | Tax | 1,779 | $1.82 |
| Jun 23, 2026 | Miller Elizabeth Michelledirector | Option | 7,000 | $1.82 |
| Jun 22, 2026 | HOCH LOUIS Adirector, 10 percent owner, officer: Chairman, President and CEO | Option | 7,000 | $1.82 |
| Jun 22, 2026 | White Michael Josephofficer: SVP, Chief Accounting Officer | Option | 6,000 | $1.82 |
| Jun 22, 2026 | HOCH LOUIS Adirector, 10 percent owner, officer: Chairman, President and CEO | Tax | 2,755 | $1.82 |
| Jun 22, 2026 | Frost Houston Korthofficer: SVP, Chief Product Officer | Option | 4,000 | $1.82 |
| Jun 22, 2026 | Uffner Jerryofficer: SVP, Head of Card Issuing | Tax | 1,368 | $1.82 |
| Jun 22, 2026 | White Michael Josephofficer: SVP, Chief Accounting Officer | Option | 1,779 | $1.82 |
| Jun 22, 2026 | Uffner Jerryofficer: SVP, Head of Card Issuing | Option | 4,000 | $1.82 |
| Jun 15, 2026 | HOCH LOUIS Adirector, 10 percent owner, officer: Chairman, President and CEO | Grant | 300,000 | $1.71 |
| Jun 15, 2026 | Uffner Jerryofficer: SVP Card Issuing SLS & Bus Dev | Grant | 5,000 | — |
| Jun 15, 2026 | Frost Houston Korthofficer: SVP, Chief Product Officer | Grant | 5,000 | — |
| Jun 15, 2026 | Frost Houston Korthofficer: SVP, Chief Product Officer | Grant | 50,000 | $1.71 |
Source: USIO SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full USIO insider & 13F page →Usio, Inc. company profile
Overview
Usio, Inc. (NASDAQ:USIO) is a San Antonio-based financial technology company that provides integrated electronic payment processing services to merchants and businesses across the United States. Originally incorporated in 1998 as Payment Data Systems, Inc., the company went public in 1999 and rebranded to Usio in June 2019. The company has evolved from a traditional payment processor into a comprehensive fintech platform offering multiple payment solutions including automated clearing house (ACH) processing, card-based payment services, prepaid card programs, and document processing services. With over 25 years of operating history, Usio has positioned itself as a diversified payment services provider serving various industry verticals including utilities, financial institutions, government entities, and corporate clients.
Business
Usio operates in the electronic payment processing industry, which serves as the critical infrastructure that enables digital transactions between consumers, businesses, and financial institutions. The company provides four main business segments that collectively facilitate the movement of money and information in the digital economy. The Card Processing segment represents the company's largest revenue generator, processing credit, debit, and prepaid card transactions through major networks including Visa, MasterCard, American Express, Discover, and JCB. This segment includes Payment Facilitator (PayFac) services, which allow software companies and platforms to enable payment processing for their sub-merchants without each needing their own merchant account. PayFac has become increasingly important, representing approximately 59% of total card revenues as of Q1 2025. The ACH (Automated Clearing House) Services segment processes electronic bank-to-bank transfers, which are typically lower-cost alternatives to card payments. Key services include Represented Check processing (converting bounced paper checks into electronic payments) and Accounts Receivable Check Conversion (converting paper checks into electronic transactions). This segment has shown strong growth with 33% revenue increases in recent quarters. The Output Solutions segment provides document processing services including electronic bill presentment, document composition and decomposition, and traditional printing and mailing services. This business primarily serves utilities and financial institutions, processing over 6.7 million mailed pieces and 20+ million electronic documents quarterly. The Prepaid Card Issuing segment operates prepaid card programs for government agencies, corporations, and consumers. This includes disaster relief programs, corporate expense management, and guaranteed income distribution programs. The segment has experienced significant growth, with card loading volumes reaching $140 million in recent quarters. Revenue distribution is approximately: Card Processing (largest segment including PayFac), ACH Services, Output Solutions, and Prepaid Card Issuing, though exact percentages fluctuate based on large government contracts and seasonal factors.
Revenue model
Usio generates revenue through multiple streams across its payment processing ecosystem. The primary revenue model is transaction-based fees, where the company earns a percentage of each payment processed plus fixed per-transaction fees. For card processing, Usio collects interchange fees (the fees paid by merchants for card acceptance) and processing fees. In ACH services, the company charges per-transaction fees for electronic check processing and return item handling. The PayFac business model is particularly lucrative, as Usio acts as a master merchant account provider, earning revenue from both processing fees and value-added services like risk management and compliance. This creates recurring revenue streams as software platforms integrate Usio's payment capabilities into their offerings. Prepaid card programs generate revenue through multiple channels: card loading fees, transaction fees, monthly maintenance fees, and importantly, "spoilage" or "breakage" revenue from unused card balances that revert to Usio after dormancy periods. Government contracts can generate significant spoilage revenue, with the company recognizing approximately $10-12 million from expired COVID relief programs. Output Solutions operates on a service fee model, charging for document processing, printing, and mailing services based on volume and complexity. Factors that increase margins include: higher-value transaction processing (as fees are often percentage-based), increased electronic document processing versus physical printing, growth in PayFac services which carry higher margins, and economies of scale as fixed infrastructure costs are spread across larger transaction volumes. The company targets gross margins in the mid-20s percentage range. Factors that decrease margins include: competitive pricing pressure in commodity payment processing, increased compliance and fraud prevention costs, customer concentration risk where large clients can negotiate lower rates, and the cyclical nature of government contracts which can create revenue volatility when programs expire.
Competitive moat
Usio's competitive moat is moderate but fragmented across its business segments. The company's strongest defensive position lies in its integrated service offering and established relationships with government entities and enterprise clients. Unlike pure-play payment processors, Usio's combination of ACH, card processing, prepaid programs, and document services creates switching costs for clients who value consolidated vendor relationships. The PayFac business provides some competitive advantages through regulatory complexity - becoming a registered Payment Facilitator requires significant compliance infrastructure and regulatory approval, creating barriers to entry. However, this moat is not insurmountable as larger competitors like Stripe and Square have substantial resources to compete in this space. Government and utility relationships represent a stronger moat component, as these clients typically prefer established vendors with proven compliance records and are less price-sensitive than commercial clients. Multi-year contracts and the specialized nature of government disbursement programs create some client stickiness. However, Usio faces significant competitive threats. The payment processing industry is highly competitive with well-capitalized players including Fiserv, Global Payments, and newer fintech companies. Larger competitors can offer more comprehensive solutions, better pricing through economies of scale, and superior technology investments. The rise of embedded finance and direct bank partnerships also threatens traditional payment processors. The company's relatively small scale (under $85 million annual revenue) limits its ability to invest in cutting-edge technology or compete on pricing with industry giants. While Usio has carved out profitable niches, particularly in government services and smaller merchant segments, these positions are defendable but not dominant. The moat is sufficient to maintain current business but may not prevent gradual market share erosion to larger, better-capitalized competitors.
Risks & safety
Usio presents a moderate margin of safety with decent liquidity but limited financial cushion for significant downturns. **Liquidity and Solvency:** - Cash position of $8.7 million provides limited runway - Current ratio of 1.12 indicates tight working capital management - Debt-to-equity ratio of 0.16 shows conservative leverage - Positive free cash flow of $1.1 million in Q1 2025, though historically volatile - No immediate solvency concerns but limited financial flexibility **Valuation Metrics:** - Trading at 2.0x book value, reasonable for a profitable fintech - EV/EBITDA of 26.6x appears elevated, though based on low absolute EBITDA numbers - Market cap of $37 million for a company generating $83 million revenue suggests reasonable valuation - Price-to-earnings ratios have been volatile due to inconsistent profitability **Other Considerations:** - Small float increases volatility and liquidity risk - Customer concentration risk from government contracts - Regulatory compliance costs as ongoing expense burden - Positive momentum in recent quarters with improving profitability trends
Recent development
Over the past few years, Usio has undergone significant strategic transformation focused on diversification and operational integration. The most significant initiative has been the "Usio ONE" program, launched in 2024, which consolidates all product lines under a unified platform with integrated sales, risk management, and customer service functions. This initiative includes deploying 12 quota-bearing salespeople across the enterprise and implementing cross-selling strategies to introduce complementary services to existing clients. The company has made substantial investments in real-time payment capabilities, implementing both Clearing House RTP and preparing for FedNow integration. These capabilities position Usio to offer faster payment options alongside traditional ACH processing, addressing evolving customer demands for instant payments. PayFac expansion has been a key growth driver, with this higher-margin business growing from minimal contribution to 59% of card processing revenues. The company has focused on partnerships with software platforms and ISVs (Independent Software Vendors) to embed payment capabilities into their offerings. The prepaid card business has evolved from primarily COVID-related government programs to diversified offerings including corporate expense management, guaranteed income programs, and disaster relief initiatives. This diversification reduces dependence on temporary government contracts while maintaining the attractive spoilage revenue model. Artificial intelligence and fraud prevention investments have been prioritized, with enhanced MasterCard partnerships for risk management and exploration of biometric payment applications. The company has also invested in marketing automation and CRM standardization to improve sales efficiency. Recent acquisitive discussions indicate a cautious approach to M&A, with management emphasizing the need for synergistic deals at attractive valuations rather than growth-at-any-cost strategies.
USIO company profile · for informational purposes only — not investment advice.
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