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PARTIAL
Analysis Report
Jun 12, 2026
Partial analysis — no complete end-to-end run on record.
Technology · Software - Infrastructure
Price
$14.25
Market Cap
$9.6B
Employees
2,012
Beta
0.00
Avg Volume
1,276,477
CEO
Ichiro Nakayama
Business Description
PayPay Corporation is a leading Japanese financial technology firm that delivers a comprehensive digital finance platform. This platform offers a wide array of user-friendly payment solutions and various other financial services across Japan. The company's operations are strategically divided into two main segments: Payment and Financial Services. The Payment division is primarily responsible for facilitating transaction settlements and related functionalities, predominantly via its popular PayPay mobile application. Additionally, this segment provides credit options, including revolving credit, installment payment schemes, and instant cash advances. Conversely, the Financial Services division encompasses a diverse portfolio of offerings such as online banking, securities brokerage, investment services tied to PayPay Points, and comprehensive loan management. Its extensive suite of services covers numerous payment methods—from direct and balance-based payments to credit and linked account payments, utility bill and tax payments, and merchant acquiring services. On the financial side, it includes digital banking, deposit accounts and remittance, various lending products, securities trading (including digital securities, app-based investment, automated investing, and CFD trading), foreign exchange transactions, and sophisticated asset and loan management capabilities, often integrated with its proprietary credit engine. Beyond its core financial offerings, PayPay also provides additional value-added services for both individual users and business clients, such as insurance products and marketing solutions for merchants. All these services are offered under the widely recognized PayPay brand. Founded in 2018, PayPay Corporation is headquartered in Shinjuku, Japan.
Business History
Generated: Jun 12, 2026 3:02amPrice Overview
Last updated: Jun 27, 2026 11:02am (just now)$14.35
+0.05 (+0.35%)
Day Range
$13.99 – $14.56
52-Week Range
$12.07 – $24.89
50-Day MA
$18.09
200-Day MA
$19.03
Volume
764,767.00
Share Structure
Outstanding
676,873,535.00
Float
53,080,672.00
Free Float
7.8%
Very low free float
— 7.8% of shares trade freely, ~92.2% held by insiders/institutions
Thinly traded — expect wider bid-ask spreads and sharp price swings on modest volume. Institutional investors may avoid due to liquidity constraints.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
12.96
Stock Price: $14.25
EPS (Diluted): 191.74
EPS (Diluted): 191.74
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
5.45
Stock Price: $14.25
Total Equity: $395.89B
Shares: 644,249,000
Total Equity: $395.89B
Shares: 644,249,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
15.81
Market Cap: $9.65B
Total Debt: $567.41B
Cash: $364.66B
EBITDA: $111.79B
Total Debt: $567.41B
Cash: $364.66B
EBITDA: $111.79B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$2.4T
Market Cap: $9.65B
Total Debt: $567.41B
Cash: $364.66B
Total Debt: $567.41B
Cash: $364.66B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
50.6%
Gross Profit: $204.29B
Revenue: $403.62B
Revenue: $403.62B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
21.0%
Operating Income: $84.91B
Revenue: $403.62B
Revenue: $403.62B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
30.2%
Net Income: $121.97B
Revenue: $403.62B
Revenue: $403.62B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
47.3%
Net Income: $121.97B
Total Equity: $395.89B
Total Equity: $395.89B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
1.5%
Operating Income: $84.91B
Tax Rate: -47.4%
Equity: $395.89B
Total Debt: $567.41B
Cash: $364.66B
Tax Rate: -47.4%
Equity: $395.89B
Total Debt: $567.41B
Cash: $364.66B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
8.67
Current Assets: $3,079.62B
Current Liabilities: $355.36B
Current Liabilities: $355.36B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.43
Short-Term Debt: $355.36B
Long-Term Debt: $212.05B
Total Debt: $567.41B
Total Equity: $395.89B
Long-Term Debt: $212.05B
Total Debt: $567.41B
Total Equity: $395.89B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$626.50
Revenue: $403.62B
Shares: 644,249,000
Shares: 644,249,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$614.50
Total Equity: $395.89B
Shares: 644,249,000
Shares: 644,249,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$446.20
Operating CF: $294.22B
CapEx: -$6.75B
Shares: 644,249,000
CapEx: -$6.75B
Shares: 644,249,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $14.25
Stock Price: $14.25
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $121.97B
Net Income: $121.97B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares PAYP against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
No peers found for PAYP in Software - Infrastructure (FMP + same-sector fallback both empty)
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Mature Earner companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j
Insider Activity
— Are insiders buying or selling?
No insider transaction data for PAYP
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | $197.2B | $248.0B | $292.0B | $403.6B |
| Cost of Revenue | $30.5B | $37.8B | $41.5B | $199.3B |
| Gross Profit | $166.7B | $210.2B | $250.6B | $204.3B |
| Operating Expenses | $187.3B | $210.2B | $215.0B | $119.4B |
| Operating Income | -$20.5B | $11.0M | $35.5B | $84.9B |
| Net Income | -$25.9B | -$3.4B | $36.2B | $122.0B |
| EBITDA | -$4.4B | $20.5B | $60.6B | $111.8B |
| EPS | $0.00 | $0.00 | $0.00 | $191.74 |
| EPS (Diluted) | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Cash & Equivalents | $859.3B | $742.7B | $369.1B | $364.7B |
| Total Current Assets | $3.1T | $2.1T | $1.9T | $3.1T |
| Total Assets | $3.3T | $3.8T | $4.0T | $5.2T |
| Current Liabilities | $675.8B | $3.4T | $3.6T | $355.4B |
| Long-Term Debt | $494.5B | $228.0B | $197.6B | $212.0B |
| Total Liabilities | $3.1T | $3.6T | $3.8T | $4.8T |
| Total Equity | $72.1B | $65.2B | $99.9B | $395.9B |
| Retained Earnings | -$62.3B | -$43.5B | -$4.9B | $110.3B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Operating Cash Flow | -$194.7B | $50.0B | $155.8B | $294.2B |
| Capital Expenditure | -$29.4B | -$22.5B | -$22.1B | -$6.8B |
| Free Cash Flow | -$224.1B | $27.5B | $133.8B | $287.5B |
| Acquisitions (net) | $4.6B | $0 | -$7.1B | $0 |
| Debt Repayment | — | — | — | — |
| Dividends Paid | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 |
| Net Change in Cash | $27.7B | -$115.0B | -$374.5B | -$30.5B |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 1:25pm (21h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$2.5B $2.5B – $2.5B
|
$3.0B $2.9B – $3.1B
|
$3.5B $3.4B – $3.7B
|
$3.9B $3.8B – $4.1B
|
| EBITDA |
$343.4M $334.7M – $346.4M
|
$413.6M $400.2M – $424.4M
|
$480.4M $459.1M – $506.3M
|
$537.3M $516.4M – $559.4M
|
| Net Income |
$659.0M $563.1M – $754.9M
|
$562.9M $442.6M – $683.1M
|
$691.9M $503.2M – $880.7M
|
$840.7M $662.8M – $1.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:42pm (5d ago)| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue Growth | +25.8% | +17.8% | +38.2% |
| Gross Profit Growth | +26.1% | +19.2% | -18.5% |
| Operating Income Growth | +100.1% | +322,718.2% | +139.1% |
| Net Income Growth | +87.0% | +1,179.7% | +237.2% |
| EBITDA Growth | +569.0% | +195.2% | +84.4% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for PAYP — it's generated by the pipeline (
market-narrative step).
No community reviews yet for PAYP.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30