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Tyro Payments Ltd.
(Sydney:TYR)
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Rating:56Neutral
Price Target:
AU$0.73
▼(-3.20% Downside)
Action:Reiterated
Date:08/26/26
The score is held back primarily by financial performance quality concerns—especially the sharp 2026 reversal to negative operating and free cash flow despite positive earnings—alongside mixed-to-weak technical signals (below key moving averages and a sub-50 RSI). These are partially offset by a generally moderate valuation (P/E ~16.7) and a supportive earnings-call outlook with positive FY’27 gross profit and EBITDA margin guidance, albeit with acknowledged regulatory and macro risks.
Positive Factors
Banking Growth
Tyro’s banking activity is expanding across accounts, deposits and lending, creating additional revenue streams beyond core payments. This broader relationship with merchants can deepen engagement, improve cross-selling potential and support more diversified growth over the next several quarters.
Negative Factors
Weak Cash Flow Quality
The sharp reversal from strong prior cash generation to negative operating and free cash flow raises questions about earnings conversion and working-capital demands. If this pattern persists, it could reduce internally funded investment capacity and increase execution or funding pressure despite reported profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Banking Growth
Tyro’s banking activity is expanding across accounts, deposits and lending, creating additional revenue streams beyond core payments. This broader relationship with merchants can deepen engagement, improve cross-selling potential and support more diversified growth over the next several quarters.
Read all positive factors
Tyro Payments Ltd. (TYR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$375.87M
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)17.5
Beta (1Y)1.44
Revenue Growth0.78%
EPS Growth19.76%
CountryAU
Employees577
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.04
Shares Outstanding533,141,900
10 Day Avg. Volume1,030,796
30 Day Avg. Volume1,310,289
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)1.65
Price to Sales (P/S)0.84
P/FCF Ratio-6.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.97Price Target Upside28.80% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.05
Revenue Forecast (FY)AU$503.86M
Tyro Payments Ltd. Business Overview & Revenue Model
Company Description
Tyro Payments Limited, an Australian company founded in Sydney in 2003, delivers a comprehensive array of payment and banking services to businesses nationwide. The firm operates through distinct Payments and Banking divisions. Its offerings inclu...
How the Company Makes Money
Tyro primarily makes money by enabling merchants to accept card payments and charging fees associated with processing those transactions. Its key revenue streams typically include: (1) merchant service fees (a percentage and/or fixed fee per trans...
Tyro Payments Ltd. Earnings Call Summary
Earnings Call Date:Aug 24, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 01, 2027
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook: Tyro reported stronger earnings, materially higher free cash flow, improved operating efficiency, and clear momentum in banking and health verticals. Management acknowledged regulatory changes (card surcharging removal), macroeconomic pressures on SMEs, and near-term moderation in Health due to bulk-billing changes, but has incorporated these factors into guidance and emphasized a strong capital position and a pathway to commercialize investments in FY '27.Positive Updates
Revenue and Profitability Improvement
Gross profit grew 5.3% to $231.8M; EBITDA increased 8.6% to $66.9M with an expanded EBITDA margin of 28.9%; normalized profit before tax rose 40% to $24.7M.
Negative Updates
Macroeconomic Headwinds and SME Closures
Management highlighted a challenging macroeconomic backdrop for consumers and SMEs with elevated business closures among small businesses, constraining merchant dynamics.
Read all updates
Q4-2026 Updates
Positive
Negative
Revenue and Profitability Improvement
Gross profit grew 5.3% to $231.8M; EBITDA increased 8.6% to $66.9M with an expanded EBITDA margin of 28.9%; normalized profit before tax rose 40% to $24.7M.
Read all positive updates
Company Guidance
Tyro guided FY ’27 normalized gross profit of $240–$255m and a normalized EBITDA margin of 28.5%–30.5%, reflecting expectations for continued payments growth (core TTV +4.4% in FY ’26, total TTV $44.3bn) and banking adoption, after FY ’26 results of gross profit $231.8m (+5.3%), EBITDA $66.9m (+8.6%) and free cash flow $29.4m (up 49.5%) with 44% FCF conversion and a 28.9% EBITDA margin; management flagged active bank accounts up 34.6% to >14,500, customer deposits +27.3% to $118.9m, loan originations +19.4% to $187.8m (loan balances +33%), and said FY ’27 guidance prudently incorporates the impact of the October removal of card surcharging/interchange changes, a cautious macro outlook, planned increased investment behind Health/Banking/Enterprise/E‑commerce, and the expectation Health growth will re‑accelerate as the bulk‑billing effects are lapped from November.Tyro Payments Ltd. Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
76
Positive
Cash Flow
38
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 489.38M | 472.94M | 497.71M | 437.50M | 325.52M |
| Gross Profit | 149.85M | 217.35M | 225.87M | 162.00M | 118.81M |
| EBITDA | 66.33M | 67.20M | 68.20M | 37.92M | 8.14M |
| Net Income | 21.32M | 17.82M | 25.70M | 6.01M | -29.62M |
Balance Sheet | |||||
| Total Assets | 482.75M | 547.56M | 451.46M | 431.04M | 410.09M |
| Cash, Cash Equivalents and Short-Term Investments | 139.47M | 191.93M | 85.48M | 58.05M | 47.36M |
| Total Debt | 24.86M | 28.05M | 31.54M | 33.56M | 33.99M |
| Total Liabilities | 234.16M | 320.74M | 243.78M | 253.35M | 250.49M |
| Stockholders Equity | 248.59M | 226.82M | 207.67M | 177.68M | 159.60M |
Cash Flow | |||||
| Free Cash Flow | -67.29M | 127.07M | 35.52M | 10.15M | -33.38M |
| Operating Cash Flow | -66.03M | 138.13M | 48.79M | 25.23M | -9.02M |
| Investing Cash Flow | -72.99M | 7.04M | -40.62M | -27.76M | -48.35M |
| Financing Cash Flow | 17.36M | -6.59M | -2.97M | 8.88M | 9.37M |
Tyro Payments Ltd. Technical Analysis
Neutral
0.75
Price Trends
0.71
Negative
0.77
Negative
0.80
Negative
Market Momentum
>-0.01
Negative
52.41
Neutral
86.54
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TYR, the sentiment is Neutral. The current price of 0.75 is above the 20-day moving average (MA) of 0.69, above the 50-day MA of 0.71, and below the 200-day MA of 0.80, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.41 is Neutral, neither overbought nor oversold. The STOCH value of 86.54 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:TYR.
Tyro Payments Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$64.00B | 131.95 | 1.61% | ― | 0.28% | -87.63% | |
64 Neutral | AU$30.42M | 0.81 | 265.43% | 107.59% | -24.21% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | AU$66.75M | 7.86 | 17.63% | ― | 26.00% | 18.73% | |
56 Neutral | AU$375.87M | 17.55 | 8.60% | ― | 0.78% | 19.76% | |
45 Neutral | AU$13.84M | -1.94 | -1243.96% | ― | 3.35% | 7.62% |
* Technology Sector Average
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Tyro Payments Ltd. Corporate Events
Tyro Payments Seeks ASX Quotation for Additional Ordinary Shares
Oct 20, 2026
Tyro Payments has applied for quotation of an additional 25,929 ordinary fully paid shares on the ASX under ticker TYR, with an issue date of October 22, 2026. These securities arise from the exercise or conversion of existing options or other con...
Tyro Payments Issues New Shares on Option Conversion
Oct 20, 2026
Tyro Payments has notified the market of the issue of 132,497 fully paid ordinary shares, following the exercise or conversion of previously unquoted options or other convertible securities. The new shares, to be issued on 22 October 2026, modestl...
Tyro Payments Issues New Shares Following Conversion of Unquoted Securities
Oct 8, 2026
Tyro Payments Ltd has notified the market of the issue of 9,409 fully paid ordinary shares following the conversion of unquoted securities. The new shares, issued on 7 October 2026 under ASX code TYR, reflect the exercise or conversion of previous...
Tyro Payments Lists Additional Ordinary Shares on ASX
Oct 8, 2026
Tyro Payments Ltd, an ASX-listed fintech and payments provider, has reported the issuance of additional ordinary fully paid shares under its TYR ticker. The company continues to expand its equity base by progressively quoting new securities on the...
Tyro updates market on director Fiona Pak-Poy’s equity holdings
Oct 7, 2026
Tyro Payments Ltd. has disclosed a change in director Fiona Pak-Poy’s interests in the company’s securities, via a regulatory filing to the ASX. The notice details adjustments around her holdings of fully paid ordinary shares and optio...
Tyro Issues New Unquoted Performance Rights Under Employee Incentive Plan
Oct 6, 2026
Tyro Payments has notified the market of the issue of new unquoted performance rights under its employee incentive scheme, signalling continued use of equity-based rewards to align staff interests with long-term company performance. The company wi...
Tyro Updates Market on Director Fiona Pak-Poy’s Shareholding Changes
Sep 29, 2026
Tyro Payments Ltd. has disclosed a change in director Fiona Pak-Poy’s relevant interests in the company’s securities, filing an Appendix 3Y with the ASX dated 23 September 2026. The notification details adjustments to Pak-Poy’s h...
Tyro Payments CFO Emma Burke to Depart for New Role at Built Living
Sep 28, 2026
Tyro Payments has announced that Chief Financial Officer Emma Burke will step down after accepting the CFO role at Built Living, a joint venture between Built and Wesfarmers focused on modular and precast apartment components. Burke, who joined Ty...
Tyro Director Aliza Knox Increases Shareholding in Governance Update
Sep 28, 2026
Tyro Payments has disclosed a change in director Aliza Knox’s interests, with Knox acquiring 10,000 fully paid ordinary shares in the company on 23 September 2026. The update, released as an Appendix 3Y and authorised by CEO Nigel Lee, refle...
Tyro Payments Issues New Shares on Conversion of Unquoted Securities
Sep 18, 2026
Tyro Payments Ltd. has notified the market of the issue of 15,247 ordinary fully paid shares following the exercise or conversion of previously unquoted equity securities. The new shares, issued on 7 September 2026, reflect the payment up or conve...
Tyro Issues New Unquoted Performance Rights Under Employee Incentive Scheme
Sep 18, 2026
Tyro Payments has notified the market of the issue of 292,075 unquoted performance rights under its employee incentive scheme, with an issue date of 11 September 2026. These securities are not intended to be quoted on the ASX, signalling the compa...
Tyro Payments Issues 302,967 New Ordinary Shares from Unquoted Securities Conversion
Sep 18, 2026
Tyro Payments Ltd. has issued 302,967 new fully paid ordinary shares following the exercise or conversion of previously unquoted securities. The issuance, completed on 11 September 2026 and notified to the market on 18 September 2026, marginally i...
Tyro Updates Market on Director Paul Rickard’s Expanded Shareholding
Sep 18, 2026
Tyro Payments has reported a change in director Paul Rickard’s interests, disclosing an updated holding of ordinary shares and director fee sacrifice rights in accordance with ASX listing rule requirements. The notification, authorised by CE...
Tyro discloses updated director shareholdings for Shefali Roy
Sep 18, 2026
Tyro Payments has reported a change in the securities held by director Shefali Roy, detailing an update to her direct interests in the company’s ordinary shares and director fee sacrifice rights. The adjustment reflects the conversion of pre...
Tyro updates market on director Aliza Knox’s revised shareholding
Sep 18, 2026
Tyro Payments has disclosed a change in the securities held by director Aliza Knox, following the release of an Appendix 3Y notice to the ASX. The update reflects a reallocation of her interests, including the conversion of previously held directo...
Tyro Updates Director Steven Holmes’ Equity Holdings
Sep 18, 2026
Tyro Payments has reported a change in the director’s interest for board member Steven Holmes, following the conversion of his FY26 director fee sacrifice rights into 36,565 fully paid ordinary shares. Holmes also received 29,152 FY27 direct...
Tyro Payments Discloses Increase in Director Claire Hatton’s Shareholding
Sep 4, 2026
Tyro Payments Limited has disclosed a change in director Claire Hatton’s indirect interest in the company, filing the required notice with the ASX. The update reflects an acquisition of 34,013 fully paid ordinary shares through Hatton’...
Tyro Adds Nigel Lee to Board, Details Initial Equity Interest
Sep 3, 2026
Tyro Payments has appointed Nigel Lee to its Board of Directors, effective 31 August 2026, and lodged an Initial Director’s Interest Notice detailing his holding of FY26 long-term incentive performance rights. The move further formalises Lee...
Tyro Elevates CEO Nigel Lee to Managing Director as It Targets Next Growth Phase
Aug 25, 2026
Tyro Payments has appointed Chief Executive Officer Nigel Lee as Managing Director and a member of its board, effective 31 August 2026, with no change to his existing remuneration or contract terms. Chair Fiona Pak-Poy said the move recognises Lee...
Tyro Payments Sets Out 2026 Corporate Governance Framework
Aug 24, 2026
Tyro Payments Limited has released its 2026 Corporate Governance Statement outlining its approach to board structure, management oversight and ethical conduct across the organisation. The document emphasises responsible remuneration, risk manageme...
Tyro Payments outlines FY26 results with detailed investor disclaimers
Aug 24, 2026
Tyro Payments Ltd released its FY26 full year results investor presentation on 25 August 2026, offering a high-level overview of its financial and operational performance. The document is intended as a summary and is designed to be read alongside ...
Tyro boosts earnings and cash flow as it sets confident FY27 guidance
Aug 24, 2026
Tyro reported FY26 gross profit of $231.8 million, up 5.3%, and EBITDA of $66.9 million, an 8.6% rise, with normalised profit before tax jumping 40% and free cash flow up nearly 50%. Growth was supported by stronger merchant retention, expansion i...
Tyro Payments Seeks ASX Quotation for Additional Ordinary Shares
Aug 20, 2026
Tyro Payments Ltd., an ASX-listed Australian fintech focused on electronic payment services for merchants, continues to expand its presence in the domestic financial services market.The company has applied for quotation of 6,969 new ordinary fully...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.