Paysign

PAYS · NASDAQ

$15.21−$0.13 (−0.85%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $15.34

PAYS analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $14.38 (−5.4% downside)

Low: $11.61
Now: $15.21
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

PAYS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
DA Davidson	Sep 30, 2026	Maintains	Buy	$12.00 → $15.00	57%
Lake Street	Sep 15, 2026	Maintains	Buy	$13.00 → $15.00	60%
DA Davidson	Aug 6, 2026	Maintains	Buy	$9.00 → $12.00	57%
DA Davidson	May 13, 2026	Maintains	Buy	$9.00	57%
DA Davidson	Mar 26, 2026	Maintains	Buy	$9.00	57%
Lake Street	Mar 25, 2026	Maintains	Buy	$10.00 → $11.00	60%
DA Davidson	Nov 13, 2025	Maintains	Buy	$9.00	57%

The case for and against

Updated Oct 16, 2026

Bull case

PaySign is well positioned by the rapid scaling of its Pharmaceutical Patient Affordability segment, where 2Q revenue jumped 89% year over year to $14.6M and active programs reached 148, reflecting strong campaign wins and share gains. Its dynamic business rules and high reported claim-identification accuracy have supported competitive differentiation, while the mix shift toward this higher-margin business helped lift adjusted EBITDA 113% year over year and expand margins to 34.0%. The company also has a fortified balance sheet, with $27.4M of unrestricted cash, $149.1M of restricted cash, and no debt, giving it flexibility to pursue acquisitions, share repurchases, and additional growth initiatives.

Bear case

PaySign is facing a fragile fundamentals profile because revenue remains heavily tied to the Plasma Donor Compensation niche, which still generated just over 55% of revenue in 2025 and remains exposed to center closures, consolidation, and donation-volume volatility. Although Plasma Donor Compensation revenue rose 21% Y/Y to $13.0M in 2Q26, the company still lost 12 centers in the quarter and exited with 561 centers, down 8% Y/Y, highlighting uneven operating momentum. Its outlook is further constrained by intense competition, regulatory and bank-partner dependence, and the loss of legacy Pharma Prepaid contracts in late 2022, which reduced a prior source of higher-margin breakage revenue.

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