Nayax

NYAX

Information Technology Services · Technology

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Nayax is a technology company that helps businesses accept cashless payments on vending machines, self-service kiosks, laundromats, electric vehicle chargers, and other unattended retail equipment. Its main products include payment terminals, software to manage those machines remotely, and loyalty tools for customers. The company serves operators of unattended retail businesses across many industries worldwide.

Nayax makes money by charging fees on payment transactions, selling hardware terminals, and offering software subscriptions for its management platform. It operates in over 80 countries, with a strong presence in Europe, North America, and Israel, where it was founded. The company's edge comes from combining hardware, payments, and software in one integrated system built specifically for unattended commerce — a niche that larger payment companies have largely ignored. The key growth driver is the global shift away from cash in vending and self-service machines, though the company faces risk from rising competition and the challenge of scaling profitably across many different markets.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.2% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-184.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

58.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

$304M cash & investments at current burn rate

Strong grower

Nayax is growing revenue at 28% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

46.9%

Healthy — 46.9% gross margin

Profit after running costs

Operating Margin

-5.4%

Losing money on operations — -5.4%

Return on the money invested

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+30.8%

Fast-growing sales (+30.8% YoY)

Profit growth

EPS YoY

-61.8%

Earnings shrinking (-61.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

450%

Turns 450% of profit into real cash

Spare cash per sale

FCF Margin

6.4%

Modest free cash flow (6.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.42

Elevated debt (1.42)

Covers its interest

Interest Cover

1.27x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

212.4x

no trend

Expensive — P/E 212.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+179.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (212.4 → 33.3)

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Dividends

Not applicable for this business.

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