PagSeguro Digital Ltd.

PAGS
About the company

PagSeguro Digital Ltd., together with its subsidiaries, provides financial and payment solutions for consumers, individual entrepreneurs, micro-merchants, and small and medium-sized companies in Brazil and internationally. The company provides digital banking solutions, including bill payments, deposits, top-ups, debt management, direct deposits, pix, tax collections, tax collections, wire transfer, and ATM withdrawal; cards, such as debit, credit, cash, and prepaid cards; and credit products comprising FGTS withdrawals, payroll loans, working capital loans, and overdraft accounts.

Country: Cayman IslandsPrice: $7.98Market Cap: $2.2B

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

6 / 7

NEUTRAL / FAIL

Median fair value

$24.06

+201.5% vs price

Models with upside

4 / 17

Positive margin of safety

Strongest signal

Models split on PAGS at $7.98 — fair values range $7.51–$31.38

Key risk

10 of 13 flag PAGS's valuation — Graham, Lynch, Dreman +7 more

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILBUY · Rank #288 (Top 9.3%)PASSNEUTRALNEUTRALFAILFAILFAILPASSPASSNEUTRALNEUTRALFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A+74.6%N/A+66.8%N/AN/AN/A+66.9%+60.8%-6.3%N/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Market data at 2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Qualitative assessment

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Annual history · FY 2024 · Price history 2025-01-01–2026-11-01

Latest source filing: 2025-04-29

Score computed: 2026-11-14

Where It Passes

  • Valuation models80% pass✓ 4✗ 1▾

    Models split on PAGS at $7.98 — fair values range $7.51–$31.38

    Buffett fair value$31.38
    ✓Buffett+74.6% margin vs $7.98
    Greenblatt fair value$24.06
    ✓Greenblatt+66.8% margin vs $7.98
    Pabrai fair value$24.10
    ✓Pabrai+66.9% margin vs $7.98
    Akre fair value$20.36
    ✓Akre+60.8% margin vs $7.98
    Marks fair value$7.51
    ✗Marks-6.3% margin vs $7.98

Where It Falls Short

  • Valuation23% pass✓ 12✗ 16▾

    10 of 13 flag PAGS's valuation — Graham, Lynch, Dreman +7 more

    Price / Book Value per Share1.1x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.1x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value35.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=35.7%, ROC=26.0%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=15.9%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-33.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.1x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low108% of trailing low ($7.36)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization+15.57%; #352/6340 (top 5.6%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.0794; #1348/6449 (top 20.9%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.11x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+19.1%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+1.3842; #1426/5247 (top 27.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-33.47%; #3706/4519 (top 82.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-20.36%; #3986/6202 (top 64.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth25% pass✓ 7✗ 6▾

    6 of 8 flag PAGS's growth — Graham, Lynch, Ackman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR135.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -96.2% vs Rev: -7.4%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.03 (2015) -> $1.03 (2019)
    ✓DremanPositive over recent years
    EPS CAGR135.1% CAGR over 4 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth13.3%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR16.5%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR135.1% over 4 years
    ✗Neff7%-20% annualized
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag PAGS's efficiency — Graham, Buffett, Piotroski +3 more

    Current Ratio1.51
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)26.0%
    ✓Greenblatt> 25%
    Current Ratio Change YoY1.42 -> 1.51
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.29x -> 0.26x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities1.51
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2022: ROIC=unavailable; FY2023: ROIC=unavailable; FY2024: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Cash Flow30% pass✓ 3✗ 9▾

    7 of 10 flag PAGS's cash flow — Lynch, Piotroski, Dreman +4 more

    Free Cash Flow Proxy$418.5M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-736.2M
    ✗LynchPositive and growing
    Operating Cash Flow$-553.0M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-4.69%, ROA=2.90%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-33.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive7/10 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-28.0%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency8/10 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-736.2M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-33.47%; #3706/4519 (top 82.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability31% pass✓ 14✗ 21▾

    11 of 16 flag PAGS's profitability — Graham, Buffett, Lynch +8 more

    Positive EPS (10 years)5/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)10/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)12.9%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$418.5M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)0.74
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR135.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE14.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value35.7%
    ✓Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=35.7%, ROC=26.0%
    ✓GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets2.90%
    ✓PiotroskiROA > 0
    ROA Change YoY3.00% -> 2.90% (delta: -0.10%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-4.69%, ROA=2.90%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue12.7%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity14.4%
    ✓Dreman> 12%
    Margin of SafetyP/B=1.1x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity13.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency10/10 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity14.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+15.57%; #352/6340 (top 5.6%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+14.43%; #1219/5226 (top 23.3%)
    ✓AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0106; #871/5884 (top 14.8%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR135.1% over 4 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years5/5 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts36% pass✓ 4✗ 7▾

    Split decision: 7 FAIL · 6 NEUTRAL · 3 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)✓GreenblattRank #288✓PiotroskiPASS (F-Score 4)•DremanNEUTRAL (8/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Debt & Leverage50% pass✓ 9✗ 6▾

    6 of 12 pass — Graham, Buffett, Lynch +3 more object

    Debt Levels0.31
    ✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.31, IC: 1.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.31
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.51
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.31
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Interest Coverage & Debt/EBITDAIC=1.6x, D/EBITDA=0.6x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.31
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.3082; #2022/4210 (top 48.0%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Business Services
Size: Mid Cap($2.2B)
Revenue: $3.0B-7.4% YoY
Net Income: $342.6M+0.5% YoY

Financial Snapshot

Operating Margin--
Return on Equity14.4%
Debt / Equity0.31
Current Ratio1.51
Buybacks (1y)$127.0M
Buybacks (2y)$209.3M
Shares Retired0.0% / 0.0% 2y

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Shareholder Return

Fiscal 2024

Retired 0.0% of shares last year, 0.0% over two.

Buybacks
$127.0M
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2024
Sources
  • 20-F · 2025-04-29
FY 2023
Sources
  • 20-F · 2024-04-29
FY 2022
Sources
  • 20-F · 2023-04-28
FY 2021
Sources
  • 20-F · 2022-05-02
FY 2020
Sources
  • 20-F · 2021-04-27
Market Cap$2.2Bcurrent$4.1Best.$3.2Best.$7.2Best.--
Revenue$3.0B↓7%$3.3B↑13%$2.9B↑55%$1.9B↑43%$1.3B
Operating Income----------
Net Income$342.6M$341.0M↑20%$284.7M↑36%$209.3M↓16%$248.8M
EPS (Diluted)----------
Gross Margin—49.0%↓4%51.3%↑15%44.7%44.6%
Operating Margin—————
ROE14.4%↑16%12.5%↓2%12.7%↑14%11.1%↓20%13.9%
Total Debt$731.9M↑1774%$39.1M$0↓100%$180.6M$0
Shareholders' Equity$2.4B↓13%$2.7B↑22%$2.2B↑19%$1.9B↑5%$1.8B
Current Ratio1.51↑7%1.42↑6%1.34↓5%1.41↓15%1.66
Debt / Equity0.31↑2055%0.010.00↓100%0.100.00
Operating Cash Flow-$553.0M↓167%$824.7M↑23%$671.6M↑317%$161.2M↓61%$414.7M
Free Cash Flow-$736.2M↓217%$628.5M↑35%$464.2M↑3581%-$13.3M↓111%$121.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

PAGS vs Peers — Financial Grading

Revenue$3.0BMedian
Net Income$342.6MMedian
ROE14.4%Median
D/E0.31Top 25%
Op. Margin—
Curr. Ratio1.51Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
AUTOMATIC DATA PROCESSING INCADP$122.3B$309.93$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/94/70/3F-Score 66/11
Rubrik, Inc.RBRK$22.6B$109.88$1.3B$348.8M67.1%—-26.2%1.691/90/92/70/3F-Score 62/11
AECOMACM$9.1B$70.50$16.1B$561.8M22.5%1.096.4%1.141/93/93/71/3F-Score 82/11
COMMVAULT SYSTEMS INCCVLT$6.2B$152.07$1.2B$70.7M942.8%—6.3%1.951/92/94/70/3F-Score 66/11
WPP plcWPP$6.0B$27.79$18.2B$289.5M-8.5%1.942.8%0.891/92/91/70/3F-Score 32/11
VARONIS SYSTEMS INCVRNS$5.6B$48.94$623.5M$129.3M-21.6%0.76-23.5%1.971/90/91/70/3F-Score 51/11
ROBERT HALF INC.RHI$4.3B$42.00$5.4B$133.0M10.4%—1.4%1.532/95/91/70/3F-Score 52/11