PICS Stock Analysis: Picpay Holdings Netherlands | NASDAQ
Software - Infrastructure | NASDAQ, USA | Market Cap: 1.964m USD | 12M Return: -35.4% | NL0015073TP4 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.65M
Rev. Trend: 99.7%
Warnings
Tailwinds
Seasonality
PicPay Holdings Netherlands N.V. (NASDAQ: PICS) is a Brazilian digital financial services company that operates a digital wallet and mobile application serving both consumers and businesses. Its platform spans transactional products such as Pix instant payments, peer-to-peer transfers, bill payments, and payroll-related credit, alongside multipurpose cards, personal and payroll loans, and access to the FGTS annual withdrawal program. The company also distributes digital insurance, offers investment products for different investor profiles, and provides merchant-facing tools including QR code payments, banking services, corporate benefits, an e-commerce marketplace (PicPay Shop), and an in-app advertising platform (PicPay Ads).
Founded in 2012 and headquartered in São Paulo, the company is a subsidiary of Jf International B.V. As a digital wallet operating in Brazil, PicPay benefits from the countrys Pix instant payment infrastructure, launched by the Central Bank of Brazil in 2020, which has become a widely adopted low-cost payment rail and a key enabler for fintech growth. The companys model-combining payments, credit, insurance distribution, and investment services within a single app-reflects the broader trend of Brazilian super-apps targeting both underbanked consumers and small and medium-sized businesses.
- Brazilian Selic rate cuts compress lending margins
- Pix transaction volume growth drives payment fee revenue
- Nubank competition pressures digital wallet market share
| Net Income: 1.33b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.05 > 0.02 and ΔFCF/TA 6.16 > 1.0 |
| NWC/Revenue: 337.5% < 20% (prev -195.8%; Δ 533.3% < -1%) |
| CFO/TA 0.06 > 3% & CFO 3.19b > Net Income 1.33b |
| Net Debt (30.4b) to EBITDA (2.24b): 13.58 < 3 |
| Current Ratio: error (cannot be calculated; needs correct Total Current Assets and Liabilities) |
| Outstanding Shares: last quarter (129.6m) vs 12m ago 0.0% < -2% |
| Gross Margin: 66.41% > 18% (prev 54.63%; Δ 11.78% > 0.5%) |
| Asset Turnover: 28.21% > 50% (prev 21.61%; Δ 6.60% > 0%) |
| Interest Coverage Ratio: 0.42 > 6 (EBIT TTM 1.87b / Interest Expense TTM 4.41b) |
| A: 0.79 (Total Current Assets 41.0b - Total Current Liabilities 0.0) / Total Assets 52.1b |
| B: 0.03 (Retained Earnings 1.58b / Total Assets 52.1b) |
| C: 0.04 (EBIT TTM 1.87b / Avg Total Assets 43.1b) |
| D: 0.14 (Book Value of Equity 6.30b / Total Liabilities 45.8b) |
| Altman-Z'' = 5.70 = AAA |
| DSRI: 3.0 (Receivables 31.2b/6.22b, Revenue 12.2b/7.37b) |
| GMI: 0.82 (GM 54.63% / 66.41%) |
| AQI: 0.38 (AQ_t 0.21 / AQ_t-1 0.55) |
| SGI: 1.65 (Revenue 12.2b / 7.37b) |
| TATA: -0.04 (NI 1.33b - CFO 3.19b) / TA 52.1b) |
| Beneish M = -1.45 (Cap -4..+1) = D |
As of October 06, 2026, the stock is trading at USD 11.62 with a total of 1,742,067 shares traded. Over the past week, the price has changed by +39.66%, over one month by +5.25%, over three months by +1.84% and over the past year by -35.44%.
Current recommended Stop Loss: 10.80 (which is 7.1% or 1.3 ATR below the current price).
Picpay Holdings Netherlands has received a consensus analysts rating of 4.78. Therefore, it is recommended to buy PICS.
- StrongBuy: 7
- Buy: 2
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 18.9 | 62.6% |
Market Cap BRL = 9.81b (1.96b USD * 4.9936 USD.BRL)
P/E Trailing = 4.3493
P/E Forward = 2.3079
P/S = 0.1468
P/B = 0.9778
Revenue TTM = 12.2b BRL
EBIT TTM = 1.87b BRL
EBITDA TTM = 2.24b BRL
Long Term Debt = 2.09b BRL (from longTermDebt, last quarter)
Short Term Debt = 10.7m BRL (from shortTermDebt, last fiscal year)
Debt = 35.9b BRL (from shortLongTermDebtTotal, last quarter) + Leases 40.0m
Net Debt = 30.4b BRL (calculated: Debt 35.9b - CCE 5.42b)
Enterprise Value = 40.2b BRL (9.81b + Debt 35.9b - CCE 5.42b)
Interest Coverage Ratio = 0.42 (Ebit TTM 1.87b / Interest Expense TTM 4.41b)
EV/FCF = 15.03x (Enterprise Value 40.2b / FCF TTM 2.68b)
FCF Yield = 6.65% (FCF TTM 2.68b / Enterprise Value 40.2b)
FCF Margin = 22.02% (FCF TTM 2.68b / Revenue TTM 12.2b)
Net Margin = 10.98% (Net Income TTM 1.33b / Revenue TTM 12.2b)
Gross Margin = 66.41% ((Revenue TTM 12.2b - Cost of Revenue TTM 4.08b) / Revenue TTM)
Gross Margin QoQ = 88.21% (prev 85.84%)
Tobins Q-Ratio = 0.77 (Enterprise Value 40.2b / Total Assets 52.1b)
Interest Expense / Debt = 12.30% (Interest Expense 4.41b / Debt 35.9b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 1.48b (EBIT 1.87b * (1 - 21.00%))
Current Ratio = unknown (Total Current Assets 41.0b / Total Current Liabilities 0.0)
Debt / Equity = 5.69 (Debt 35.9b / totalStockholderEquity, last quarter 6.30b)
Debt / EBITDA = 13.58 (Net Debt 30.4b / EBITDA 2.24b)
Debt / FCF = 11.37 (Net Debt 30.4b / FCF TTM 2.68b)
Total Stockholder Equity = 4.74b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.10% (Net Income 1.33b / Total Assets 52.1b)
RoE = 28.18% (Net Income TTM 1.33b / Total Stockholder Equity 4.74b)
RoCE = 27.45% (EBIT 1.87b / Capital Employed (Equity 4.74b + L.T.Debt 2.09b))
RoIC = 4.02% (EBIT 1.87b / (Assets 52.1b - Curr.Liab 0.0 - Cash 5.42b))
WACC = 10.74% (E(9.81b)/V(45.7b) * Re(14.47%) + D(35.9b)/V(45.7b) * Rd(12.30%) * (1-Tc(0.21)))
Discount Rate = 14.47% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 45.18 | Cagr: 80.88%
[DCF] Terminal Value 67.54% ; FCFF base≈2.68b ; Y1≈2.69b ; Y5≈2.85b
[DCF] Fair Price = 24.52 (EV 31.5b - Net Debt 30.4b = Equity 1.06b / Shares 43.1m; r=10.74% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 99.70 | Revenue CAGR: 82.87% | SUE: N/A | # QB: 0
EPS current Quarter (2026-09-30): EPS=2.05 | Chg30d=-0.12% | Revisions=+40% | Analysts=3
EPS current Year (2026-12-31): EPS=8.21 | Chg30d=+9.12% | Revisions=+38% | GrowthEPS=+50.5% | GrowthRev=+48.9%
EPS next Year (2027-12-31): EPS=16.13 | Chg30d=+0.66% | Revisions=+0% | GrowthEPS=+96.3% | GrowthRev=+38.3%
[Analyst] Revisions Ratio: +42% (up=7, down=2)