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Nayax
(TASE:NYAX)
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Rating:56Neutral
Price Target:
14,935.00
▼(-8.09% Downside)
Action:Reiterated
Date:08/26/26
The score is anchored by improving fundamentals and cash generation, plus reaffirmed revenue and adjusted EBITDA guidance. Offsetting this are meaningful leverage and reduced near-term free cash flow expectations, while the stock’s technical picture is weak and valuation is demanding with an extremely high P/E and no dividend support.
Positive Factors
Recurring revenue and retention
A large and growing recurring revenue base, combined with approximately 120% net retention and low churn, supports revenue durability beyond new hardware placements. These characteristics can improve visibility, deepen customer relationships, and strengthen the platform’s long-term economics.
Negative Factors
Meaningful leverage
Debt exceeding equity and cash reduces financial flexibility if growth slows or funding costs rise. Leverage makes execution and cash generation more important, while interest obligations can constrain investment capacity and increase sensitivity to operating underperformance.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue and retention
A large and growing recurring revenue base, combined with approximately 120% net retention and low churn, supports revenue durability beyond new hardware placements. These characteristics can improve visibility, deepen customer relationships, and strengthen the platform’s long-term economics.
Read all positive factors
Nayax (NYAX) vs. iShares MSCI Israel ETF (EIS)
Market Cap
₪5.85B
Dividend YieldN/A
Average Volume (3M)129.91K
Price to Earnings (P/E)229.6
Beta (1Y)0.91
Revenue Growth12.76%
EPS Growth-62.42%
CountryIL
Employees1,200
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.22
Shares Outstanding37,359,196
10 Day Avg. Volume95,574
30 Day Avg. Volume129,905
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)8.09
Price to Sales (P/S)4.31
P/FCF Ratio26.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₪21,689.25Price Target Upside33.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.43
Revenue Forecast (FY)₪519.18M
Nayax Business Overview & Revenue Model
Company Description
Nayax Ltd., an Israeli fintech enterprise founded in Herzliya in 2005, operates a comprehensive global system and payment platform. The company provides a wide array of payment and telemetry solutions tailored for various commercial settings. Its ...
How the Company Makes Money
Nayax generates revenue primarily by monetizing payment acceptance and the ongoing operation of connected unattended-commerce devices, complemented by software and device-related income. Key revenue streams generally include: (1) Payment processin...
Nayax Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum — double-digit top-line growth, rising ARPU/ATV, expanding TTV, growing installed base and recurring revenue strength — alongside strategic investments (EV, embedded financial services, M&A) intended to accelerate long-term growth. Near-term financial impacts include negative free cash flow, a GAAP loss driven by elevated stock-based compensation and FX/working-capital pressures. Management reaffirmed 2026 revenue and adjusted EBITDA guidance but lowered free cash flow expectations, framing the headwinds as deliberate, growth-oriented investments.Positive Updates
Top-Line Growth
Revenue up 28% year-over-year to ~$123M in Q2; first-half revenue up 30% to ~$230M. Management reaffirmed full-year 2026 revenue guidance of $510M–$520M (organic growth 22%–25%).
Negative Updates
Negative Free Cash Flow and Revised FCF Outlook
Q2 free cash flow was negative $13.1M; cash from operations for H1 was $2.3M. Company revised expected free cash flow conversion from adjusted EBITDA to ~5%–10% for 2026 due to accelerated investments (financial services, EV, component sourcing and Lynkwell cash timing).
Read all updates
Q2-2026 Updates
Positive
Negative
Top-Line Growth
Revenue up 28% year-over-year to ~$123M in Q2; first-half revenue up 30% to ~$230M. Management reaffirmed full-year 2026 revenue guidance of $510M–$520M (organic growth 22%–25%).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance of $510–$520M revenue (organic growth 22–25%; H1 organic 24%) and adjusted EBITDA of $85–$90M (~17% margin) but revised free cash flow conversion down to ~5–10% of adjusted EBITDA due to accelerated investments; they expect adjusted OpEx of roughly $42M/quarter in Q3–Q4 and full‑year stock‑based compensation of ~ $27M (~5% of revenue). Key trailing metrics cited: Q2 revenue $123M (+28% YoY), adjusted EBITDA $14M, adjusted net income $6M, total dollar transaction value $2.1B, ATV $2.52, ARPU $251, take rate 2.62%, recurring revenue 72% (recurring growth 24%), installed base >1.55M devices, 125,000 customers, hardware revenue $35M (hardware margin 28.1%), recurring gross margin 54%, processing margin ~41%, SaaS margin ~76%; balance sheet/cash metrics include cash & short‑term deposits $304M, total debt $349M, H1 cash from operations $2.3M and Q2 free cash flow −$13.1M. They also reiterated strategic actions: Connecticut bank‑charter review (~6 months) with $10M initial funding (~$1.5M restricted) aiming to be operational in 2027 with revenue acceleration into 2028, and an M&A cadence of ~2–3 deals/year.Nayax Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
54
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 455.24M | 433.46M | 314.01M | 235.49M | 173.51M | 119.13M |
| Gross Profit | 201.99M | 193.54M | 141.53M | 88.29M | 60.04M | 48.16M |
| EBITDA | 49.60M | 55.29M | 23.70M | 458.00K | -26.71M | -15.54M |
| Net Income | 8.33M | 38.45M | -5.63M | -15.89M | -37.51M | -24.76M |
Balance Sheet | ||||||
| Total Assets | 922.86M | 852.82M | 432.89M | 323.86M | 230.49M | 216.01M |
| Cash, Cash Equivalents and Short-Term Investments | 431.07M | 412.76M | 92.46M | 39.66M | 33.96M | 87.38M |
| Total Debt | 356.02M | 337.70M | 54.90M | 75.10M | 29.52M | 19.96M |
| Total Liabilities | 679.12M | 621.75M | 267.65M | 226.27M | 125.85M | 84.33M |
| Stockholders Equity | 243.74M | 231.06M | 165.25M | 97.59M | 104.64M | 131.68M |
Cash Flow | ||||||
| Free Cash Flow | 63.55M | 70.79M | 17.93M | -7.76M | -42.77M | -21.50M |
| Operating Cash Flow | 71.35M | 76.56M | 42.90M | 8.80M | -27.55M | -12.81M |
| Investing Cash Flow | -79.65M | -91.74M | -45.91M | -36.83M | -26.54M | -22.64M |
| Financing Cash Flow | 182.35M | 295.57M | 50.84M | 31.55M | 6.21M | 114.14M |
Nayax Technical Analysis
Neutral
16250.00
Price Trends
14687.40
Positive
17266.10
Negative
17813.40
Negative
Market Momentum
209.04
Negative
61.48
Neutral
84.98
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:NYAX, the sentiment is Neutral. The current price of 16250 is above the 20-day moving average (MA) of 14687.50, above the 50-day MA of 14687.40, and below the 200-day MA of 17813.40, indicating a neutral trend. The MACD of 209.04 indicates Negative momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 84.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IL:NYAX.
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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.