NYAX Stock: Insider Activity, Filings & Research

Nayax Ltd. (NYAX) — Drillr’s hub for NYAX insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, NYAX insiders filed 0 open-market buys and 25 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$3.5M

Insider trades by month Buys Sells

Mar

Apr

May

Jun

Context3-month price +22.2%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
Jun 2, 2026	Tepper Orenofficer: CRO	Sell	1,052	$73.31
Jun 2, 2026	Greenberg Aaron Samuelofficer: CSO	Sell	440	$73.31
Jun 2, 2026	Furman Carly Lisanneofficer: CEO NAYX North America	Sell	1,753	$73.31
Jun 1, 2026	Ben-Avi Daviddirector, officer: CTO and Co Founder	Sell	13,596	$74.93
Jun 1, 2026	Ben-Avi Daviddirector, officer: CTO and Co Founder	Sell	16,590	$76.48
May 28, 2026	Sharir Kerenofficer: President	Option	4,500	$6.70
May 28, 2026	Sharir Kerenofficer: President	Sell	2,000	$71.32
May 28, 2026	Sharir Kerenofficer: President	Sell	2,500	$72.18
May 20, 2026	Amnipour Erezofficer: CPO	Sell	231	$67.00
May 19, 2026	Manor Sagitofficer: CFO	Sell	251	$64.58
May 18, 2026	Sever Michalofficer: CMO	Option	3,437	$21.35
May 18, 2026	Sever Michalofficer: CMO	Sell	3,437	$64.28
May 18, 2026	Sever Michalofficer: CMO	Option	1,563	$21.35
May 18, 2026	Sever Michalofficer: CMO	Sell	1,563	$64.41
May 14, 2026	Havshush Erandirector	Sell	19	$67.57

Source: NYAX SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.

Overview

Nayax Ltd. (NASDAQ:NYAX) is an Israeli fintech company that specializes in cashless payment solutions and telemetry services for unattended point-of-sale devices. Founded in 2005 and headquartered in Herzliya, Israel, the company went public on NASDAQ in September 2022. Nayax has evolved from a small payment technology provider into a global leader in the automated retail and self-service industry, serving over 100,000 customers across various verticals including vending machines, electric vehicle charging stations, laundromats, and parking systems.

Business

Nayax operates in the intersection of financial technology and Internet of Things (IoT), providing comprehensive cashless payment and device management solutions for unattended retail environments. The company's core business revolves around enabling traditional cash-only machines to accept digital payments while providing operators with remote monitoring and management capabilities. The company's product portfolio consists of several key hardware and software solutions. VPOS devices are the primary payment terminals that attach to vending machines, laundromat equipment, and other unattended devices, enabling them to accept credit cards, contactless payments, and mobile wallets. The NOVA series represents their handheld smart POS terminals for attended retail environments, while ONYX and AMIT provide telemetry and remote management capabilities for machine operators. Beyond hardware, Nayax offers Monyx Wallet, a digital wallet application that allows consumers to make payments using only their mobile phones. The company also provides comprehensive management software that enables operators to remotely monitor machine performance, track inventory, and analyze consumer behavior patterns. Nayax's business can be segmented into three primary revenue streams: 1. Recurring revenue (approximately 77% of total revenue) generated from payment processing fees and monthly subscription services, 2. Hardware sales (approximately 23% of revenue) from selling payment devices and terminals, and 3. Value-added services including loyalty programs, marketing platforms, and advanced analytics. The company serves diverse verticals including vending machines, electric vehicle charging stations, laundromats, car washes, parking systems, and micro-markets.

Revenue model

Nayax generates revenue through multiple complementary business models that create recurring income streams. The primary revenue source is payment processing fees, where the company earns a percentage of each transaction processed through its devices. This creates a direct correlation between customer transaction volume and Nayax's revenue, with the company reporting a take rate of approximately 2.66% as of Q4 2023. The company also generates revenue through hardware sales, selling payment terminals and IoT devices to equipment operators. Additionally, Nayax charges monthly subscription fees for its telemetry and management software services, providing operators with remote monitoring, inventory management, and analytics capabilities. These subscription services create predictable recurring revenue that grows with the installed device base. The company's paying customers are primarily unattended retail operators including vending machine companies, laundromat owners, parking lot operators, and electric vehicle charging station providers. These operators purchase Nayax's hardware and services to modernize their cash-only operations and gain operational insights. Several factors influence Nayax's margins and profitability. Positive margin drivers include the ongoing global shift from cash to digital payments, regulatory requirements mandating cashless options in various jurisdictions, economies of scale in payment processing, and the company's ability to cross-sell additional services to existing customers. The company benefits from high customer retention rates and expanding transaction volumes from its installed base. Margin pressures come from competitive pricing in payment processing, fluctuating foreign exchange rates affecting international operations, supply chain costs for hardware manufacturing, and the need for continuous technology investment to stay competitive. The company also faces pressure from payment processors and card networks that take a portion of transaction fees, requiring Nayax to optimize its routing and negotiate favorable terms to maintain margins.

Competitive moat

Nayax possesses a moderate competitive moat built primarily on switching costs, network effects, and operational scale. Once operators install Nayax's payment devices and integrate the management software into their operations, switching to competitors becomes costly and disruptive, requiring hardware replacement, software migration, and staff retraining. This creates meaningful customer stickiness, evidenced by the company's high net retention rate of 144%. The company benefits from network effects as its growing transaction volume allows for better negotiation with payment processors and card networks, potentially leading to improved economics that can be passed on to customers. Additionally, the data insights generated from managing over 1.3 million connected devices create value for operators and enhance Nayax's service offerings. However, Nayax's moat faces several challenges. The payment processing industry is highly competitive with established players like Square, PayPal, and traditional payment processors offering similar services. Technology disruption poses a risk, as major technology companies or payment networks could develop competing solutions or bypass Nayax entirely. The company also faces potential disintermediation if equipment manufacturers integrate payment capabilities directly into their machines. The regulatory environment presents both opportunities and risks. While cashless payment mandates support Nayax's growth, changes in payment regulations or data privacy laws could impact operations. The company's international expansion also exposes it to varying regulatory frameworks across different markets. The strength of Nayax's moat ultimately depends on its ability to continuously innovate, maintain cost advantages through scale, and deepen customer relationships through value-added services beyond basic payment processing.

Risks & safety

Nayax demonstrates a reasonable margin of safety with solid liquidity but elevated valuation metrics that warrant caution. • Liquidity and Solvency: Strong cash position of $177 million as of Q1 2025, current ratio of 1.76, and positive free cash flow generation provide adequate financial cushion. Debt-to-equity ratio of 0.82 is manageable but has increased from previous periods. • Valuation Metrics: Trading at elevated multiples with P/E ratio of 43.4x and EV/EBITDA of 19.6x, suggesting limited margin of safety at current prices. Price-to-book ratio of 6.9x indicates significant premium to book value. • Operational Cash Generation: Company achieved positive free cash flow of $18 million in FY 2024 and maintains strong recurring revenue base (77% of total revenue), providing predictable cash flows. • Growth Investment Phase: Current high valuations may be justified by strong growth trajectory (27% revenue growth in Q1 2025) and expanding margins, but leaves little room for execution disappointments.

Recent development

Over the past few years, Nayax has undergone significant strategic transformation focused on international expansion, margin improvement, and diversification into high-growth verticals. The company has shifted from a hardware-centric business model to a recurring revenue-focused platform, with recurring revenue growing from 64% of total revenue in 2023 to 77% in Q1 2025. Geographic expansion has been a key strategic priority, with notable entry into Latin America through acquisitions of VMtecnologia and UPPay in Brazil, and expansion into the Benelux region through the Inpro Pay acquisition. The company has also increased its ownership stake in Tigapo to 84%, strengthening its European presence. Vertical diversification represents another major strategic pivot, with significant investments in electric vehicle charging infrastructure through the acquisition of Roseman Engineering and development of specialized EV charging solutions. The company has also expanded into retail and hospitality sectors, launching cloud-based food service kiosk solutions and developing smart screen partnerships. Operational efficiency improvements have been central to the company's recent development, including the establishment of a Romanian call center, implementation of smart transaction routing to optimize processing costs, and automation initiatives that have contributed to significant margin expansion. The company achieved its first profitable quarter in Q3 2024 and has maintained positive free cash flow generation. Technology and product development efforts have focused on expanding the platform's capabilities beyond basic payment processing, including the launch of CoinBridge loyalty solutions, development of embedded finance offerings, and strategic partnerships with companies like Adyen to enhance payment processing capabilities and expand geographic reach.

NYAX company profile · for informational purposes only — not investment advice.

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