GPN
Global Payments
Platform / Network
★ Quality 19/100Price today
$92.54
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What this business is made of
The business
The cash register built into the store: leaving hurts more than staying.
Global Payments processes payments for merchants: card, online, point-of-sale software. It takes a slice of every transaction, plus fees for software and integrated services. In 2025 it billed $7.7B with 73% gross margin and $2.0B in free cash flow.
There are real switching costs: once a restaurant or store integrates its payment system, migrating is a headache few take on. But it's not an unavoidable toll — Stripe, Square and the banks fight over the same square foot. The moat exists, it's just not deep.
Revenue history
From $6.6B to $7.7B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $7.7B · FY2025
Of every $100 in sales, $82 goes to costs and operations; $18 is left as net profit (18% margin).
Catalysts and risks
Integration of Global Payments + Worldpay after the 2025 deal; promised synergies of ~$600M.
Divestment of the Issuer Solutions business to focus the portfolio on merchants.
Aggressive buybacks: with $2.0B of FCF and depressed shares, every dollar bought back goes further.
Debt of $19.5B against cash of $8.3B — high leverage in a business with pressured margins.
Commoditization of processing: Stripe and Adyen compress prices year after year.
Estimated CAGR of -2%: the model projects the business shrinks, not grows.
Charlie's note
“For a business shrinking 2% you pay 11x, and that's not a giveaway for something with a switching-cost moat that Stripe and Square erode daily. The 73% margin impresses, but the patience here means waiting for the market to price in that this doesn't grow.”
Analysis · June 2026
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