Lesaka Technologies Inc LSAK

FinancialsFinancial Technology (Fintech) & InfrastructureSouth Africa

Last close 4.04 USD on Nov 2, 2026, −15.3% year to date

Quant rating

Quant rating B Rank 107 of 304 in Financials

Growth A 20 of 304
Valuation B 108 of 304
Quality B 54 of 304
Revisions C 138 of 304
Momentum D 241 of 304

Wall Street consensus Buy (2.00)Average target 9.41 USD +132.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 347M
Enterprise value: 497M
52-week range: 3.62 – 5.51
3-year range: 3.23 – 5.55
Dividend yield: –
Beta (5 years): 0.24
Shares outstanding: 85.8M
Next earnings: Nov 4, 2026

About the company

Lesaka Technologies, Inc. is a South African Fintech company, providing financial services and software to Southern Africa's underserviced consumers (business-to-consumer) and merchants (business-to-business). The Company offers a range of integrated payment solutions, including transactional accounts (banking), lending, insurance, payouts, cash management solutions, card acceptance, supplier payments, software services and bill payments. The Company's operating divisions include Consumer Division, Merchant Division and Enterprise Division. Consumer Division offers transactional accounts (banking), insurance, lending and payments solutions to help underserviced consumers. Merchant Division provides merchant acquiring, software, cash management services, lending and ADP, that help merchants and micro-merchants to transact efficiently. Enterprise Division delivers software and payment technology to enterprise clients, who are generally large-scale corporate and government organizations.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	722	660	564	528	223	–
Revenue growth	9.4%	16.9%	6.9%	137.2%	70.2%	40.7%
EPS (basic, normalized)	0.39	−0.12	−0.27	−0.48	−0.75	–
EPS growth	–	–	–	–	–	–
Gross margin	32.0%	26.2%	21.4%	20.9%	24.4%	25.0%
Net margin	0.4%	−13.3%	−3.1%	−6.6%	−19.7%	−8.5%
ROE	1.5%	−54.3%	−10.4%	−16.9%	−17.2%	−19.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	81.4
Current ratio	1.59x
Long-term debt (mil)	195
Net debt (mil)	150
Total equity (mil)	205
Net debt / equity	0.73x
Net debt / EBITDA	1.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	722	+9.4%	0.7x	75.7	+51.3%	6.6x	0.39	+425.0%	10.4x
2027	806	+11.8%	0.6x	84.3	+11.3%	5.9x	0.49	+25.6%	8.2x
2028	915	+13.5%	0.5x	91.6	+8.7%	5.4x	0.29	−40.8%	13.9x
2029	990	+8.2%	0.5x	98.7	+7.7%	5.0x	0.35	+20.7%	11.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	806	0.0%	+1.6%	+0.4%	0.49	+133.3%	−11.3%	+19.7%
2028	915	0.0%	−2.1%	–	0.29	–	+70.6%	+70.6%
2029	990	0.0%	−2.1%	–	0.35	–	+34.6%	+34.6%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	138	146	146	147	136	232	171	179	183	188
Sales mean (mil)	146	149	145	128	130	131	158	166	166	183
Surprise	−5.0%	−2.2%	+0.6%	+14.7%	+4.4%	+76.8%	+8.5%	+7.7%	+10.6%	+2.9%
EPS reported	−0.06	−0.08	−0.07	0.02	−0.02	−0.05	−0.05	0.01	0.11	0.15
EPS mean	−0.04	−0.06	−0.04	−0.06	0.02	0.04	−0.02	−0.01	0.01	0.09
Surprise	−33.3%	−33.3%	−75.0%	−133.3%	−200.0%	−225.0%	−150.0%	−180.0%	+1,000.0%	+66.7%

Peer comparison Financial Technology (Fintech) & Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LSAK Lesaka Technologies Inc	347M	1.98x	0.4%	1.64x	8.2x	13.9x	5.9x	5.4x
ADYEY Adyen N.V.	30.1B	–	39.8%	4.55x	21.9x	18.0x	10.8x	8.4x
CHYM Chime Financial, Inc.	10.8B	−8.40x	−46.2%	7.69x	61.6x	30.8x	20.1x	12.9x
STNE StoneCo Ltd.	1.8B	0.78x	16.7%	1.06x	3.9x	3.6x	1.9x	2.0x
MQ Marqeta, Inc.	1.9B	−6.40x	−2.2%	2.71x	81.8x	38.8x	8.6x	6.9x
WRDLY Worldline SA	634M	–	−127.5%	0.15x	2.8x	2.6x	3.6x	3.4x
Mean		−3.01x	−19.8%	2.97x	30.0x	17.9x	8.5x	6.5x
Median		−2.81x	−0.9%	2.17x	15.1x	15.9x	7.2x	6.2x

Technical analysis

1M−6.7%
3M−12.6%
1Y−6.0%
3Y−1.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Lesaka Technologies Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	722	660	564	528	223	131
Cost of revenue	491	487	443	418	168	96.2
Gross profit	231	173	121	110	54.3	34.5
Selling, general & administrative expenses	166	132	92.2	95.0	75.0	84.1
Research & development	–	–	–	–	–	–
Depreciation/amortization	47.3	33.7	23.7	23.7	7.6	4.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	5.0	35.2	2.3	7.0	11.9	0.5
Other operating expenses	0	0	0	0	0	0
Operating income	12.1	−28.1	2.8	−15.3	−40.2	−54.3
Net interest income (expense)	−9.9	−79.1	−16.9	−16.9	0.3	48.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.5	0	0.2	0	0	0
Net income before taxes	3.7	−107	−13.9	−32.3	−39.9	−5.6
Provision for taxes	1.4	−16.0	3.4	−2.3	0.3	7.6
Minority interest	0.2	0.1	–	–	–	0
Equity in affiliates	0.2	0.1	−1.3	−5.1	−3.6	−24.9
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2.8	−91.0	−18.5	−35.1	−43.9	−38.1
Extraordinary items	–	–	–	0	0	0
Net income	2.8	−91.0	−18.5	−35.1	−43.9	−38.1
EBIT, normalized	22.6	24.9	6.9	−8.3	−28.3	−32.8
EBITDA, normalized	69.9	58.6	30.6	15.4	−20.7	−28.4
Basic EPS, normalized	0.39	−0.12	−0.27	−0.48	−0.75	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Lesaka Technologies Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	81.4	76.5	59.1	35.5	43.9	199
Receivables	148	117	80.7	62.4	62.8	47.7
Total inventory	20.1	23.6	18.2	27.3	34.2	22.4
Prepaid expenses	–	–	–	–	–	–
Other current assets	18.6	27.2	29.7	38.4	76.8	25.7
Total current assets	268	244	188	164	218	294
Property, plant & equipment	70.4	54.6	39.2	32.2	31.7	12.0
Goodwill	215	199	139	134	163	29.2
Intangibles	123	139	111	122	157	0.4
Long-term investments	0.7	0.2	76.5	79.5	5.9	10.0
Note receivable	–	–	–	–	–	–
Other long-term assets	21.7	14.1	5.1	11.6	81.9	82.5
Total assets	699	651	558	542	657	428
Liabilities
Accounts payable	24.0	19.9	16.7	12.4	18.6	7.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	23.4	20.8	11.6	11.1	14.6	11.6
Short-term debt	20.7	24.5	16.1	32.0	66.2	14.2
Current portion of long-term debt	16.1	12.0	3.9	3.7	6.8	–
Other current liabilities	84.5	87.4	69.8	42.7	39.7	19.5
Total current liabilities	169	164	118	102	146	52.5
Long-term debt	195	189	139	129	135	0
Minority interest	0	6.8	–	–	0	0
Other liabilities	131	132	125	131	141	99.9
Total liabilities	494	492	383	363	422	152
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	153	136	344	336	328	302
Retained earnings (accumulated deficit)	219	217	310	328	363	407
Treasury stock	−0.2	−7.1	−290	−288	−287	−287
Other equity	−166	−186	−188	−196	−169	−146
Total equity	205	159	176	179	235	276
Total liabilities & shareholders' equity	699	651	558	542	657	428

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Lesaka Technologies Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	2.5	−87.6	−17.4	−35.1	−43.9	−38.1
Depreciation, depletion & amortization	47.3	33.7	23.7	23.7	7.6	4.3
Deferred taxes	−9.5	−24.0	−2.7	−8.9	−2.3	5.1
Non-cash items	16.0	101	14.5	31.6	4.8	−17.4
Changes in working capital	−3.9	−32.6	10.8	−10.9	−3.4	−12.3
Cash from operations	52.4	−9.1	28.8	0.4	−37.2	−58.4
Investing activities
Capital expenditures	−25.0	−21.1	−13.0	−16.6	−4.6	−4.3
Other investing cash flows	−0.7	9.8	−3.5	0.1	−189	52.1
Cash from investing	−25.7	−11.3	−16.4	−16.5	−194	47.8
Financing activities
Financing cash flow items	−14.2	−5.6	7.2	2.0	2.8	−7.8
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−12.8	35.3	−14.3	−21.2	119	−5.3
Cash from financing	−27.0	29.7	−7.1	−19.1	122	−13.1
Foreign exchange effects	5.2	1.5	2.0	−11.0	−10.3	15.0
Net change in cash	4.9	10.7	7.3	−46.2	−119	−8.7
Free cash flow	27.4	−30.2	15.8	−16.2	−41.8	−62.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.