# Global Payments (GPN.US)

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

Analysis as of: 2026-10-16T07:28:52.192Z. Financial observations: FY1999–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $84.17 per share; close as of 2026-10-15.

Estimated value: low $136.65 per share, central $152.77 per share, high $174.24 per share. Buy at or below the central value $152.77 per share. Valuation as of 2026-10-16T07:28:52.192Z; scenarios are not confidence intervals.

Expected annual return: 17.9% at the stated quote. About 17.9% 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: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.14×

- FY2018: 0.24×

- FY2019: 0.21×

- FY2020: 0.16×

- FY2021: 0.21×

- FY2022: 0.22×

- FY2023: 0.23×

- FY2024: 0.23×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.6%

- ROIC, second-lowest year: 7.6%

- Typical minus recent gross margin: -5.0 pp

- Typical gross margin (annual median): 57.8%

- Recent gross margin (lower of latest and 3-year median): 62.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.3%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.5%

- FY2017: 27.9%

- FY2018: 30.1%

- FY2019: 7.6%

- FY2020: 9.6%

- FY2021: 13.7%

- FY2022: 11.4%

- FY2023: 15.9%

- FY2024: 9.9%

- FY2025: 6.2%

### economics: pass

- Owner earnings / net income, 5-yr: 2.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $11B

- Net income, five-year total: $5.0B

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: -14.9 pp

- Working capital / revenue, final three-year average: 7.6%

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

- FY2021: 2.45×

- FY2022: 11.40×

- FY2023: 2.26×

- FY2024: 1.85×

- FY2025: 1.57×

### management: fail

- 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: 27.9% vs 9.9%

- Per-share earnings: 2.06 to 5.79 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.0%

- Ordinary dilution, 5-year annual growth: -4.2%

- Market cap gain: $7.8B

- Cumulative retained earnings: $4.8B

- Diluted shares, 10-year annual growth: 6.0%

- Diluted shares, 5-year annual growth: -4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: $3.72

- Per-share value, starting three-year median: $2.06

- Per-share value, ending three-year median: $5.79

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 3.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $39B

- Cumulative net income, 10 years: $7.2B

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.31

- FY2017: $3.01

- FY2018: $2.84

- FY2019: $2.16

- FY2020: $1.95

- FY2021: $3.29

- FY2022: $0.40

- FY2023: $3.77

- FY2024: $6.16

- FY2025: $5.79

### accounting: pass

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 5.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.93×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -0.3%

- FY2018: -4.9%

- FY2019: -2.2%

- FY2020: -3.9%

- FY2021: -4.0%

- FY2022: -4.8%

- FY2023: -2.5%

- FY2024: -4.2%

- FY2025: -2.4%

## Holders

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

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

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

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

## Price story

Down 44% since Jan 2022 · "Global Payments cuts annual forecasts as Middle East conflict hits travel spending" (finance.yahoo.com, Aug 2026) · sales -23.7%

Story as of 2026-10-16T09:58:50.519Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.3% a year for ten years

- 2025-08-06: Global Payments Q2 Earnings Beat on Issuer Solutions Strength ([finance.yahoo.com](https://finance.yahoo.com/news/global-payments-q2-earnings-beat-165800825.html))

- 2026-02-18: Global Payments' shares surge on quarterly profit rise, strong annual forecast ([finance.yahoo.com](https://finance.yahoo.com/news/global-payments-shares-surge-quarterly-131139698.html))

- 2026-05-06: Global Payments shares edge up after Q1 profit beat and outlook raise ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/global-payments-shares-edge-q1-113356626.html))

- 2026-08-05: Global Payments Q2 Earnings Beat Estimates on Genius Platform Momentum ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/global-payments-q2-earnings-beat-182400434.html))

### Sales · FY2024–2025

sales -23.7%; source https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm; observed 2026-02-20.

- FY2016: $3.4B 

- FY2017: $4.0B 

- FY2018: $3.4B 

- FY2019: $4.9B 

- FY2020: $7.4B 

- FY2021: $8.5B 

- FY2022: $9.0B 

- FY2023: $9.7B 

- FY2024: $10B 

- FY2025: $7.7B 

### Gross margin · FY2025

gross margin 72.6%; source https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm; observed 2026-02-20.

- FY2016: 52.4% 

- FY2017: 51.5% 

- FY2018: 67.5% 

- FY2019: 57.8% 

- FY2020: 50.8% 

- FY2021: 55.7% 

- FY2022: 57.9% 

- FY2023: 61.4% 

- FY2024: 62.8% 

- FY2025: 72.6% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are USD 7.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm (filed 2026-02-20); FY2025: revenue 7705878000; grossProfit 5592497000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GPN.US: Global Payments Inc. provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It offers authorization, settlement and funding, customer support, chargeback resolution, reconciliation and dispute management, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services. The company also provides an array of enterprise software solutions that streamline business operations of its customers in various vertical markets; and value-added solutions and services, such as point-of-sale software, analytics and customer engagement, payroll and reporting, and human capital management. It markets its products and services through direct sales force, trade associations, agent and enterprise software providers, referral arrangements with value-added resellers, independent sales organizations, payment facilitators, and financial institutions. The company was founded in 1967 and is headquartered in Atlanta, Georgia.

### Why customers stay

Margins ranged from 61.4% to 72.6% during 2023–25; it earns 12.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 61.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 62.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 72.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.2052548084984898],[2017,0.27904937737916685],[2018,0.3012576889947751],[2019,0.07643469212026607],[2020,0.09552404035225501],[2021,0.13734251422921934],[2022,0.11403704039206107],[2023,0.15935214996449454],[2024,0.09921380970832754],[2025,0.062230545044331134]]; median 0.1256897773106402. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 138886000; owner earnings 407875000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 181905000; owner earnings 737671000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 213290000; owner earnings 761576000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 307868000; owner earnings 1067166000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 436236000; owner earnings 1939463000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 493216000; owner earnings 2367731000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 615652000; owner earnings 1271097000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 658142000; owner earnings 2231988000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 674917000; owner earnings 2903430000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 617769000; owner earnings 2197715000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,5906000],[2017,6732000],[2018,6332000],[2019,86738000],[2020,233216000],[2021,259726000],[2022,273955000],[2023,260431000],[2024,252811000],[2025,238521000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 1230655000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GPN.US SharesStats.PercentInsiders = 0.9339999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.3% yearly over ten years; actual growth was 14.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.12826497684415716. Price 84.17; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.3939387201494196 → FY2025 9.081166738289644. Closing-price date 2026-10-15.

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

- 2016-10: $72.52 per share

- 2016-11: $68.55 per share

- 2016-12: $69.41 per share

- 2017-01: $77.28 per share

- 2017-02: $79.69 per share

- 2017-03: $80.68 per share

- 2017-04: $81.76 per share

- 2017-05: $91.61 per share

- 2017-06: $90.32 per share

- 2017-07: $94.37 per share

- 2017-08: $95.49 per share

- 2017-09: $95.03 per share

- 2017-10: $103.95 per share

- 2017-11: $100.56 per share

- 2017-12: $100.24 per share

- 2018-01: $111.78 per share

- 2018-02: $113.39 per share

- 2018-03: $111.52 per share

- 2018-04: $113.05 per share

- 2018-05: $111.16 per share

- 2018-06: $111.49 per share

- 2018-07: $112.57 per share

- 2018-08: $124.58 per share

- 2018-09: $127.40 per share

- 2018-10: $114.23 per share

- 2018-11: $111.81 per share

- 2018-12: $103.13 per share

- 2019-01: $112.28 per share

- 2019-02: $130.38 per share

- 2019-03: $136.52 per share

- 2019-04: $146.07 per share

- 2019-05: $154.04 per share

- 2019-06: $160.13 per share

- 2019-07: $167.92 per share

- 2019-08: $165.98 per share

- 2019-09: $159.00 per share

- 2019-10: $169.18 per share

- 2019-11: $181.10 per share

- 2019-12: $182.56 per share

- 2020-01: $195.45 per share

- 2020-02: $183.97 per share

- 2020-03: $144.23 per share

- 2020-04: $166.02 per share

- 2020-05: $179.49 per share

- 2020-06: $169.62 per share

- 2020-07: $178.02 per share

- 2020-08: $176.62 per share

- 2020-09: $177.58 per share

- 2020-10: $157.74 per share

- 2020-11: $195.19 per share

- 2020-12: $215.42 per share

- 2021-01: $176.52 per share

- 2021-02: $197.99 per share

- 2021-03: $201.58 per share

- 2021-04: $214.63 per share

- 2021-05: $193.71 per share

- 2021-06: $187.54 per share

- 2021-07: $193.41 per share

- 2021-08: $162.64 per share

- 2021-09: $157.58 per share

- 2021-10: $142.99 per share

- 2021-11: $119.04 per share

- 2021-12: $135.18 per share

- 2022-01: $149.88 per share

- 2022-02: $133.38 per share

- 2022-03: $136.84 per share

- 2022-04: $136.98 per share

- 2022-05: $131.04 per share

- 2022-06: $110.64 per share

- 2022-07: $122.32 per share

- 2022-08: $124.23 per share

- 2022-09: $108.05 per share

- 2022-10: $114.26 per share

- 2022-11: $103.78 per share

- 2022-12: $99.32 per share

- 2023-01: $112.72 per share

- 2023-02: $112.20 per share

- 2023-03: $105.24 per share

- 2023-04: $112.71 per share

- 2023-05: $97.69 per share

- 2023-06: $98.52 per share

- 2023-07: $110.25 per share

- 2023-08: $126.69 per share

- 2023-09: $115.39 per share

- 2023-10: $106.22 per share

- 2023-11: $116.44 per share

- 2023-12: $127.00 per share

- 2024-01: $133.23 per share

- 2024-02: $129.70 per share

- 2024-03: $133.66 per share

- 2024-04: $122.77 per share

- 2024-05: $101.85 per share

- 2024-06: $96.70 per share

- 2024-07: $101.64 per share

- 2024-08: $111.01 per share

- 2024-09: $102.42 per share

- 2024-10: $103.71 per share

- 2024-11: $118.96 per share

- 2024-12: $112.06 per share

- 2025-01: $112.85 per share

- 2025-02: $105.28 per share

- 2025-03: $97.92 per share

- 2025-04: $76.31 per share

- 2025-05: $75.61 per share

- 2025-06: $80.04 per share

- 2025-07: $79.95 per share

- 2025-08: $88.82 per share

- 2025-09: $83.08 per share

- 2025-10: $77.76 per share

- 2025-11: $75.76 per share

- 2025-12: $77.40 per share

- 2026-01: $71.74 per share

- 2026-02: $76.46 per share

- 2026-03: $67.30 per share

- 2026-04: $71.96 per share

- 2026-05: $75.51 per share

- 2026-06: $72.56 per share

- 2026-07: $84.08 per share

- 2026-08: $91.05 per share

- 2026-09: $81.67 per share

- 2026-10: $84.17 per share

## Annual estimated value (USD per share)

- FY2016: low $38.08 per share, central $48.13 per share, high $55.13 per share

- FY2017: low $40.61 per share, central $45.10 per share, high $51.07 per share

- FY2018: low $35.13 per share, central $38.99 per share, high $44.12 per share

- FY2019: low $57.97 per share, central $64.86 per share, high $74.05 per share

- FY2020: low $64.64 per share, central $72.73 per share, high $83.50 per share

- FY2021: low $77.93 per share, central $87.83 per share, high $101.00 per share

- FY2022: low $87.14 per share, central $98.24 per share, high $113.02 per share

- FY2023: low $100.47 per share, central $113.32 per share, high $130.43 per share

- FY2024: low $122.41 per share, central $138.02 per share, high $158.80 per share

- FY2025: low $130.49 per share, central $143.82 per share, high $161.56 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/1123360/000112336026000008/gpn-20251231.htm); period 2025-12-31, filed 2026-02-20.

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.