PagSeguro Digital Ltd.
PAGS Technology Software Infrastructure
PagSeguro Digital Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $3.7 billion, up 4.82% from fiscal 2024. In the quarter to June 2026, revenue grew 12.6%, EPS grew 21.9%, free cash flow fell 67.1% and total debt fell 51.3%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
Follow PAGS
PagSeguro Digital Ltd. (PAGS) Beneish M-score
PagSeguro Digital Ltd.'s Beneish M-score for fiscal 2025 is −2.82; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.82 | (0.96) |
| FY2024 | −1.86 | 0.57 |
| FY2023 | −2.43 | (0.19) |
| FY2022 | −2.24 | (0.08) |
| FY2021 | −2.16 | 0.14 |
| FY2020 | −2.30 | (87.23) |
| FY2019 | 84.93 | 86.57 |
| FY2018 | −1.64 | 0.16 |
| FY2017 | −1.81 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.92 | — | 0.85 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 1.19 | — | 0.48 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 0.92 | — | 0.11 | |
| SG&A index | 0.82 | — | −0.14 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 1.10 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.82 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WIX Wix.com Ltd. compare | −3.2× |
| NTCT NetScout Systems, Inc. compare | −2.9× |
| TDC Teradata Corporation compare | −2.8× |
| PAGS PagSeguro Digital Ltd. | −2.8× |
| APPN Appian Corporation compare | −2.7× |
| AVPT AvePoint, Inc. compare | −2.4× |
| CLBT Cellebrite DI Ltd. compare | −2.1× |
| FOUR Shift4 Payments, Inc. compare | −1.9× |
| TCGL TechCreate Group Ltd. compare | 4.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI