# Euronet Worldwide (EEFT.US)

Canonical: https://gigainvestors.com/s/EEFT

Analysis as of: 2026-10-16T07:28:11.228Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $65.54 per share; close as of 2026-10-15.

Estimated value: low $129.62 per share, central $143.40 per share, high $161.75 per share. Buy at or below the central value $143.40 per share. Valuation as of 2026-10-16T07:28:11.228Z; scenarios are not confidence intervals.

Expected annual return: 26.3% at the stated quote. About 26.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.14×

- FY2019: 0.17×

- FY2020: 0.02×

- FY2021: 0.06×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.12×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 51.2%

- ROIC, second-lowest year: 30.0%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 40.0%

- Recent gross margin (lower of latest and 3-year median): 40.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 19.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: 44.4%

- FY2020: 5.5%

- FY2021: 30.0%

- FY2022: 51.6%

- FY2023: 47.5%

- FY2024: 64.7%

- FY2025: 50.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.6 pp

- Working capital / revenue, change between three-year averages: -19.0 pp

- Working capital / revenue, final three-year average: -10.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.62×

- FY2022: 1.14×

- FY2023: 1.14×

- FY2024: 1.05×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 216.3% vs 50.8%

- Per-share earnings: 2.85 to 6.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -2.8%

- Market cap gain: -$304M

- Cumulative retained earnings: $2.0B

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -2.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.6%

- Per-share value change: $3.52

- Per-share value, starting three-year median: $2.85

- Per-share value, ending three-year median: $6.36

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 4.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $780M

- Cumulative net income, 10 years: $2.1B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 50.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.23

- FY2017: $2.85

- FY2018: $4.26

- FY2019: $6.31

- FY2020: -$0.06

- FY2021: $1.32

- FY2022: $4.32

- FY2023: $5.42

- FY2024: $6.36

- FY2025: $6.76

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.73×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -4.1%

- FY2018: -4.9%

- FY2019: -3.4%

- FY2020: -5.2%

- FY2021: -7.1%

- FY2022: -9.6%

- FY2023: -6.2%

- FY2024: -7.3%

- FY2025: -3.5%

## Holders

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 51% since Jan 2022 · "Euronet Q2 Earnings Miss Estimates on Cross-Border Payments Weakness" (finance.yahoo.com, Jul 2026) · sales +3.1%

Story as of 2026-10-16T09:58:40.507Z; price observation 2026-10-15.

Price needs cash profits to shrink 13.9% a year for ten years

- 2025-05-05: Euronet's Q1 Earnings Meet Estimates on Money Transfer Unit Strength ([finance.yahoo.com](https://finance.yahoo.com/news/euronets-q1-earnings-meet-estimates-162400295.html))

- 2025-08-05: Euronet Q2 Earnings Fall Short of Estimates on Elevated Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/euronet-q2-earnings-fall-short-155200957.html))

- 2026-02-16: Euronet Q4 Earnings Miss Estimates on Increasing Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/euronet-q4-earnings-miss-estimates-164500472.html))

- 2026-04-15: EEFT to Buy PaynoPain to Boost Merchant Services Presence in Spain ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/eeft-buy-paynopain-boost-merchant-173800357.html))

- 2026-07-30: Euronet Worldwide (NASDAQ:EEFT) Reports Sales Below Analyst Estimates In Q2 CY2026 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/euronet-worldwide-nasdaq-eeft-reports-133951238.html))

### Sales · FY2025–2026

sales +3.1%; source https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm; observed 2026-02-26.

- FY2017: $2.3B 

- FY2018: $2.5B 

- FY2019: $2.8B 

- FY2020: $2.5B 

- FY2021: $3.0B 

- FY2022: $3.4B 

- FY2023: $3.7B 

- FY2024: $4.0B 

- FY2025: $4.2B 

- FY2026: $4.4B 

### Gross margin · FY2025

gross margin 41.3%; source https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm; observed 2026-02-26.

- FY2016: 40.0% 

- FY2017: 39.8% 

- FY2018: 41.3% 

- FY2019: 43.4% 

- FY2020: 36.5% 

- FY2021: 36.6% 

- FY2022: 39.9% 

- FY2023: 39.7% 

- FY2024: 40.1% 

- FY2025: 41.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software infrastructure; annual sales are USD 4.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm (filed 2026-02-26); FY2025: revenue 4244200000; grossProfit 1753600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EEFT.US: Euronet Worldwide, Inc. provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers internationally. The company operates through three segments: Electronic Funds Transfer (EFT), epay, and Money Transfer. The EFT segment provides automated teller machine cash withdrawal and deposit services, ATM network participation, outsourced ATM and point-of-sale (POS) management solutions, credit and debit and prepaid card outsourcing, card issuing, and merchant acquiring services. It also offers ATM and POS dynamic currency conversion, domestic and international surcharge, foreign currency dispensing, advertising, digital content sales at ATMs, customer relationship management, prepaid mobile top-up, bill payment, money transfer, fraud management, foreign remittance payout, cardless payout, banknote recycling solutions, and tax-refund services; and integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. The epay segment distributes and processes prepaid mobile airtime and other electronic content and payment processing services for various prepaid products, cards, and services. The Money Transfer segment offers consumer-to-consumer money transfer services through a network of locations and its website riamoneytransfer.com; account-to-account money transfer; and money transfer services through its website xe.com, Xe app, and customer service representatives. It also provides foreign currency exchange information on its currency data websites xe.com and x-rates.com; cash management solutions and foreign currency risk management services to small-and-medium-sized businesses; and payment processing services to third-party partners. The company was formerly known as Euronet Services, Inc. and changed its name to Euronet Worldwide, Inc. in August 2001. The company was founded in 1994 and is headquartered in Leawood, Kansas.

### Why customers stay

Margins ranged from 39.7% to 41.3% during 2023–25; it earns 51.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 40.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 41.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,2.162673273811508],[2017,1.4110440537981914],[2018,2.4375067894546945],[2019,0.4436547772975794],[2020,0.05487732222179968],[2021,0.3000976069975937],[2022,0.5155442974207181],[2023,0.4745085995085995],[2024,0.6466116168462016],[2025,0.5079249955006584]]; median 0.5117346464606882. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 667.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 6882000; upkeep 80529000; owner earnings 174415000. Growth capex / owner earnings = 0.03945761545738612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 2205000; upkeep 95030000; owner earnings 156845000. Growth capex / owner earnings = 0.01405846536389429.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 6463000; upkeep 106021000; owner earnings 232851000. Growth capex / owner earnings = 0.027755946936023467.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 19543000; upkeep 111744000; owner earnings 346749000. Growth capex / owner earnings = 0.056360652806496915.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 97628000; owner earnings 25994000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 92207000; owner earnings 114247000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 104257000; owner earnings 262643000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 94400000; owner earnings 318200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 117200000; owner earnings 320600000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 125499999; owner earnings 322500001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,2654843000],[2017,2411056000],[2018,5782766000],[2019,3220382000],[2020,3066817000],[2021,5280029000],[2022,7900084000],[2023,458800000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 667700000 USD.

### Are managers owners

Insiders own 7.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EEFT.US SharesStats.PercentInsiders = 7.208 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 13.9% yearly over ten years; actual growth was 14.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.20514436075677972. Price 65.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8271833128204849 → FY2025 7.044129977980159. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $79.55 per share

- 2016-11: $71.72 per share

- 2016-12: $72.43 per share

- 2017-01: $71.52 per share

- 2017-02: $82.78 per share

- 2017-03: $85.52 per share

- 2017-04: $82.62 per share

- 2017-05: $87.23 per share

- 2017-06: $87.37 per share

- 2017-07: $96.61 per share

- 2017-08: $98.27 per share

- 2017-09: $94.79 per share

- 2017-10: $96.64 per share

- 2017-11: $91.35 per share

- 2017-12: $84.27 per share

- 2018-01: $93.87 per share

- 2018-02: $84.87 per share

- 2018-03: $78.92 per share

- 2018-04: $78.11 per share

- 2018-05: $83.81 per share

- 2018-06: $83.77 per share

- 2018-07: $91.94 per share

- 2018-08: $97.80 per share

- 2018-09: $100.22 per share

- 2018-10: $111.18 per share

- 2018-11: $117.61 per share

- 2018-12: $102.38 per share

- 2019-01: $115.01 per share

- 2019-02: $134.32 per share

- 2019-03: $142.59 per share

- 2019-04: $149.89 per share

- 2019-05: $155.04 per share

- 2019-06: $168.24 per share

- 2019-07: $155.91 per share

- 2019-08: $153.14 per share

- 2019-09: $146.30 per share

- 2019-10: $140.07 per share

- 2019-11: $157.19 per share

- 2019-12: $157.56 per share

- 2020-01: $157.64 per share

- 2020-02: $124.04 per share

- 2020-03: $85.72 per share

- 2020-04: $91.76 per share

- 2020-05: $94.73 per share

- 2020-06: $95.82 per share

- 2020-07: $96.14 per share

- 2020-08: $103.38 per share

- 2020-09: $91.10 per share

- 2020-10: $88.84 per share

- 2020-11: $134.44 per share

- 2020-12: $144.92 per share

- 2021-01: $124.96 per share

- 2021-02: $150.31 per share

- 2021-03: $138.30 per share

- 2021-04: $143.43 per share

- 2021-05: $149.64 per share

- 2021-06: $135.35 per share

- 2021-07: $142.82 per share

- 2021-08: $133.23 per share

- 2021-09: $127.28 per share

- 2021-10: $112.19 per share

- 2021-11: $101.37 per share

- 2021-12: $119.17 per share

- 2022-01: $133.89 per share

- 2022-02: $128.23 per share

- 2022-03: $130.15 per share

- 2022-04: $121.65 per share

- 2022-05: $121.16 per share

- 2022-06: $100.59 per share

- 2022-07: $98.27 per share

- 2022-08: $88.66 per share

- 2022-09: $75.76 per share

- 2022-10: $84.01 per share

- 2022-11: $92.95 per share

- 2022-12: $94.38 per share

- 2023-01: $112.68 per share

- 2023-02: $108.85 per share

- 2023-03: $111.90 per share

- 2023-04: $110.74 per share

- 2023-05: $111.40 per share

- 2023-06: $117.37 per share

- 2023-07: $87.87 per share

- 2023-08: $87.36 per share

- 2023-09: $79.38 per share

- 2023-10: $76.84 per share

- 2023-11: $87.22 per share

- 2023-12: $101.49 per share

- 2024-01: $99.65 per share

- 2024-02: $109.44 per share

- 2024-03: $109.93 per share

- 2024-04: $102.68 per share

- 2024-05: $116.58 per share

- 2024-06: $103.50 per share

- 2024-07: $101.99 per share

- 2024-08: $107.91 per share

- 2024-09: $99.23 per share

- 2024-10: $98.47 per share

- 2024-11: $105.13 per share

- 2024-12: $102.84 per share

- 2025-01: $98.50 per share

- 2025-02: $102.46 per share

- 2025-03: $106.85 per share

- 2025-04: $99.10 per share

- 2025-05: $108.28 per share

- 2025-06: $101.38 per share

- 2025-07: $97.18 per share

- 2025-08: $93.19 per share

- 2025-09: $87.81 per share

- 2025-10: $75.86 per share

- 2025-11: $74.09 per share

- 2025-12: $76.11 per share

- 2026-01: $72.46 per share

- 2026-02: $69.55 per share

- 2026-03: $66.37 per share

- 2026-04: $72.38 per share

- 2026-05: $72.48 per share

- 2026-06: $73.19 per share

- 2026-07: $71.33 per share

- 2026-08: $69.51 per share

- 2026-09: $62.87 per share

- 2026-10: $65.54 per share

## Annual estimated value (USD per share)

- FY2016: low $40.30 per share, central $45.78 per share, high $51.22 per share

- FY2017: low $48.10 per share, central $56.67 per share, high $63.80 per share

- FY2018: low $53.72 per share, central $58.59 per share, high $65.07 per share

- FY2019: low $82.85 per share, central $102.96 per share, high $116.26 per share

- FY2020: low $81.98 per share, central $91.46 per share, high $100.94 per share

- FY2021: low $80.59 per share, central $94.51 per share, high $104.98 per share

- FY2022: low $83.24 per share, central $90.65 per share, high $100.50 per share

- FY2023: low $94.14 per share, central $102.57 per share, high $113.78 per share

- FY2024: low $126.50 per share, central $164.24 per share, high $186.24 per share

- FY2025: low $114.81 per share, central $125.74 per share, high $140.28 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1029199/000155485526000131/eeft-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.