Paymentus Holdings, Inc.
PAY Technology Software Infrastructure
Paymentus Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 37.3% from fiscal 2024. In the quarter to June 2026, revenue grew 28.8%, EPS grew 66.7% and free cash flow grew 73.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Paymentus Holdings, Inc. (PAY) Altman Z-score
Paymentus Holdings, Inc.'s Altman Z-score for fiscal 2025 is 25.21, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 25.21 | (4.24) |
| FY2024 | 29.45 | 9.87 |
| FY2023 | 19.57 | 8.85 |
| FY2022 | 10.72 | (18.00) |
| FY2021 | 28.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.51 | — | 0.62 | |
| Retained earnings / total assets | 0.24 | — | 0.34 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 36.81 | — | 22.08 | |
| Sales / total assets | 1.79 | — | 1.79 | |
| Altman Z-score | Safe zone | 25.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 10.39 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BLSH Bullish compare | 65.9× |
| PAY Paymentus Holdings, Inc. | 25.2× |
| AVPT AvePoint, Inc. compare | 5.9× |
| DLO DLocal Limited compare | 4.6× |
| RELY Remitly Global, Inc. compare | 4.5× |
| WIX Wix.com Ltd. compare | 1.6× |
| TENB Tenable Holdings, Inc. compare | 1.0× |
| BB BlackBerry Limited compare | 0.8× |
| CORZ Core Scientific, Inc. compare | −1.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets