Global Payments Inc. (GPN) 10-Year Financial Performance & Capital Metrics

GPN • • Industrial / General

IndustrialsBusiness ServicesSpecialized Business Process OutsourcingPayment & Financial Processing

AboutGlobal Payments Inc. provides payment technology and software solutions for card, electronic, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It operates through three segments: Merchant Solutions, Issuer Solutions, and Business and Consumer Solutions. The Merchant Solutions segment offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, and on-line reporting services. This segment also provides an array of enterprise software solutions that streamline business operations of its customers in various vertical markets; and value-added services, such as point-of-sale solutions, and analytic and engagement tools, as well as payroll and human capital management services. The Issuer Solutions segment offers solutions that enable financial institutions and retailers to manage their card portfolios through a platform; and commercial payments and ePayables solutions for businesses and governments. The Business and Consumer Solutions segment provides general-purpose reloadable prepaid debit and payroll cards, demand deposit accounts, and other financial service solutions to the underbanked and other consumers, and businesses under the Netspend brand. It markets its products and services through direct sales force, trade associations, agent and enterprise software providers, referral arrangements with value-added resellers, and independent sales organizations. The company was founded in 1967 and is headquartered in Atlanta, Georgia.Show more

Revenue $10.11B +4.7%
EBITDA $4.29B +4.3%
Net Income $1.57B +59.2%
EPS (Diluted) 6.16 +63.4%
Gross Margin 62.79% +2.3%
EBITDA Margin 42.48% -0.4%
Operating Margin 22.62% -1.3%
Net Margin 15.54% +52.1%
ROE 6.71% +57.6%
ROIC 4.49%
Debt/Equity 0.73
Interest Coverage 3.60 +7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 29.5%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 28.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 15.5%
✓Share count reduced 2.6% through buybacks

✗Weaknesses

✗Weak 3Y average ROE of 3.8%
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.8%

5Y15.52%

3Y5.84%

TTM0.78%

Profit (Net Income) CAGR

10Y18.9%

5Y29.53%

3Y17.6%

TTM28.24%

EPS CAGR

10Y11.58%

5Y23.32%

3Y23.25%

TTM19.4%

ROCE

10Y Avg5.49%

5Y Avg4.68%

3Y Avg5.34%

Latest5.5%

Peer Comparison

Payment & Financial Processing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RBARB Global, Inc.	20.75B	111.72	55.58	16.43%	9.65%	7.31%	3.16%	0.80
CASSCass Information Systems, Inc.	558.44M	42.68	30.71	3.13%	15.38%	12.95%	5.3%	0.03
GPNGlobal Payments Inc.	21B	74.99	12.17	4.68%	19.68%	7.45%	13.61%	0.73
SSTSystem1, Inc.	36.09M	4.44	-4.15	-14.44%	-22.78%	-192.71%		3.24

Profit & Loss

	May 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.9B	3.37B	3.98B	3.37B	4.91B	7.42B	8.52B	8.98B	9.65B	10.11B
Revenue Growth %	0.04%	0.16%	0.18%	-0.15%	0.46%	0.51%	0.15%	0.05%	0.08%	0.05%
Cost of Goods Sold+	1.15B	1.6B	1.93B	1.1B	2.07B	3.65B	3.77B	3.78B	3.73B	3.76B
COGS % of Revenue	0.4%	0.48%	0.49%	0.33%	0.42%	0.49%	0.44%	0.42%	0.39%	0.37%
Gross Profit+	1.75B	1.77B	2.05B	2.27B	2.84B	3.77B	4.75B	5.2B	5.93B	6.35B
Gross Margin %	0.6%	0.52%	0.51%	0.67%	0.58%	0.51%	0.56%	0.58%	0.61%	0.63%
Gross Profit Growth %	-0%	0.01%	0.16%	0.11%	0.25%	0.33%	0.26%	0.09%	0.14%	0.07%
Operating Expenses+	1.33B	1.41B	1.48B	1.48B	1.79B	2.56B	2.99B	3.22B	3.71B	4.06B
OpEx % of Revenue	0.46%	0.42%	0.37%	0.44%	0.36%	0.34%	0.35%	0.36%	0.38%	0.4%
Selling, General & Admin	1.33B	1.41B	1.48B	1.48B	1.79B	2.59B	2.99B	3.22B	3.71B	4.06B
SG&A % of Revenue	0.46%	0.42%	0.37%	0.44%	0.36%	0.35%	0.35%	0.36%	0.38%	0.4%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	-27.11M	0	0	0	0
Operating Income+	424.94M	356.35M	571.93M	793.15M	1.05B	1.21B	1.76B	1.98B	2.21B	2.29B
Operating Margin %	0.15%	0.11%	0.14%	0.24%	0.21%	0.16%	0.21%	0.22%	0.23%	0.23%
Operating Income Growth %	-0.08%	-0.16%	0.6%	0.39%	0.32%	0.16%	0.45%	0.13%	0.12%	0.03%
EBITDA+	612.83M	701.36M	1.02B	1.32B	1.99B	3.01B	3.65B	3.75B	4.12B	4.29B
EBITDA Margin %	0.21%	0.21%	0.26%	0.39%	0.41%	0.4%	0.43%	0.42%	0.43%	0.42%
EBITDA Growth %	0.02%	0.14%	0.46%	0.29%	0.51%	0.51%	0.22%	0.03%	0.1%	0.04%
D&A (Non-Cash Add-back)	187.88M	345.01M	451.15M	522.81M	944.42M	1.79B	1.9B	1.78B	1.9B	2.01B
EBIT	430.23M	403.13M	561.86M	762.57M	820.57M	900.99M	1.34B	652.43M	1.83B	2.51B
Net Interest Income+	-64.03M	0	-166.19M	-174.9M	-273.49M	-300M	-314.33M	-415.83M	-546.44M	-464.82M
Interest Income	5.28M	180.63M	8.66M	20.72M	31.41M	43.55M	19.32M	33.6M	113.71M	169.17M
Interest Expense	69.32M	0	174.85M	195.62M	304.9M	343.55M	333.65M	449.43M	660.15M	633.99M
Other Income/Expense	-64.03M	-99.38M	-179.25M	-231M	-515.55M	-531.7M	-598.98M	-1.67B	-975.19M	-346.19M
Pretax Income+	360.91M	256.97M	392.68M	562.15M	531.47M	682.25M	1.16B	310.01M	1.24B	1.94B
Pretax Margin %	0.12%	0.08%	0.1%	0.17%	0.11%	0.09%	0.14%	0.03%	0.13%	0.19%
Income Tax+	70.69M	36.27M	-101.39M	77.49M	62.19M	77.15M	169.03M	166.69M	209.02M	295.13M
Effective Tax Rate %	0.75%	0.79%	1.19%	0.8%	0.81%	0.86%	0.83%	0.36%	0.8%	0.81%
Net Income+	271.67M	201.75M	468.43M	452.05M	430.61M	584.52M	965.46M	111.49M	986.23M	1.57B
Net Margin %	0.09%	0.06%	0.12%	0.13%	0.09%	0.08%	0.11%	0.01%	0.1%	0.16%
Net Income Growth %	-0.02%	-0.26%	1.32%	-0.03%	-0.05%	0.36%	0.65%	-0.88%	7.85%	0.59%
Net Income (Continuing)	290.22M	220.71M	494.07M	484.67M	469.28M	605.1M	987.86M	143.31M	1.03B	1.64B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	130.93M	148.55M	170.7M	194.94M	199.24M	154.67M	241.22M	236.7M	788.3M	735.88M
EPS (Diluted)+	2.04	1.37	3.01	2.84	2.16	1.95	3.29	0.40	3.77	6.16
EPS Growth %	-0.01%	-0.33%	1.2%	-0.06%	-0.24%	-0.1%	0.69%	-0.88%	8.43%	0.63%
EPS (Basic)	2.05	1.38	3.03	2.85	2.17	1.95	3.30	0.41	3.78	6.18
Diluted Shares Outstanding	133.17M	146.94M	155.53M	159.27M	199.13M	300.52M	293.67M	275.58M	261.7M	254.84M
Basic Shares Outstanding	132.28M	146.03M	154.65M	158.67M	198.3M	299.22M	292.65M	275.19M	261.13M	254.29M
Dividend Payout Ratio	0.02%	0.03%	0.01%	0.01%	0.2%	0.4%	0.27%	2.46%	0.26%	0.16%

Balance Sheet

	May 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.85B	3.12B	4.3B	3.38B	4.37B	4.59B	4.71B	6.31B	8.07B	6.04B
Cash & Short-Term Investments	1.04B	1.16B	1.34B	1.21B	1.68B	1.95B	1.98B	2B	2.09B	2.54B
Cash Only	1.04B	1.16B	1.34B	1.21B	1.68B	1.95B	1.98B	2B	2.09B	2.54B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	288.41M	1.82B	301.89M	348.4M	895.23M	794.17M	946.25M	998.33M	1.12B	1.08B
Days Sales Outstanding	36.32	197.27	27.72	37.78	66.52	39.05	40.52	40.6	42.35	39.07
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	1.34B	1.55B	2.46B	1.6B	1.35B	1.23B	1.14B	3.32B	4.86B	2.42B
Total Non-Current Assets+	7.66B	7.55B	8.69B	9.85B	40.11B	39.61B	40.57B	38.49B	42.5B	40.85B
Property, Plant & Equipment	493.68M	526.37M	588.35M	653.54M	1.38B	1.58B	1.69B	1.84B	2.19B	2.28B
Fixed Asset Turnover	5.87x	6.40x	6.76x	5.15x	3.55x	4.70x	5.05x	4.88x	4.41x	4.44x
Goodwill	4.83B	4.81B	5.7B	6.34B	23.76B	23.87B	24.81B	23.32B	26.74B	26.29B
Intangible Assets	2.26B	2.09B	2.18B	2.49B	13.15B	12.02B	11.63B	9.66B	10.17B	8.93B
Long-Term Investments	0	2.15M	0	0	0	0	0	0	0	772.3M
Other Non-Current Assets	48.13M	111.15M	207.3M	362.92M	1.81B	2.14B	2.42B	3.64B	3.28B	2.48B
Total Assets+	10.51B	10.66B	13B	13.23B	44.48B	44.2B	45.28B	44.81B	50.57B	46.89B
Asset Turnover	0.28x	0.32x	0.31x	0.25x	0.11x	0.17x	0.19x	0.20x	0.19x	0.22x
Asset Growth %	0.82%	0.01%	0.22%	0.02%	2.36%	-0.01%	0.02%	-0.01%	0.13%	-0.07%
Total Current Liabilities+	2.43B	2.85B	3.82B	3.27B	3.58B	4.55B	4.46B	6.9B	8.13B	6.25B
Accounts Payable	25.2M	28.18M	47.39M	76.23M	148.08M	128.72M	262.01M	229.44M	290.44M	320.08M
Days Payables Outstanding	8.01	6.41	8.97	25.41	26.06	12.87	25.34	22.16	28.44	31.07
Short-Term Debt	513.98M	569.86M	735.47M	815.56M	587.19M	1.29B	666.26M	2B	1.68B	1.58B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.31B	2.07B	2.79B	2.06B	2.33B	2.71B	3.07B	4.17B	5.51B	1.84B
Current Ratio	1.17x	1.09x	1.13x	1.03x	1.22x	1.01x	1.06x	0.92x	0.99x	0.97x
Quick Ratio	1.17x	1.09x	1.13x	1.03x	1.22x	1.01x	1.06x	0.92x	0.99x	0.97x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	5.2B	5.03B	5.22B	5.78B	12.85B	12.17B	14.95B	15.37B	18.66B	17.62B
Long-Term Debt	4.38B	4.26B	4.56B	5.02B	9.09B	8.47B	11.41B	12.29B	15.69B	15.16B
Capital Lease Obligations	0	10K	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	744.86M	676.47M	436.88M	585.02M	3.15B	2.95B	2.79B	2.43B	2.24B	1.83B
Other Non-Current Liabilities	77.23M	95.74M	220.96M	175.62M	609.82M	750.61M	739.05M	652.45M	722.54M	623.32M
Total Liabilities	7.63B	7.89B	9.03B	9.04B	16.43B	16.71B	19.41B	22.27B	26.78B	23.87B
Total Debt+	4.89B	4.83B	5.29B	5.83B	9.68B	9.76B	12.08B	14.29B	17.38B	16.82B
Net Debt	3.85B	3.67B	3.96B	4.62B	8B	7.81B	10.1B	12.29B	15.29B	14.28B
Debt / Equity	1.70x	1.74x	1.34x	1.39x	0.34x	0.35x	0.47x	0.63x	0.73x	0.73x
Debt / EBITDA	7.99x	6.89x	5.18x	4.43x	4.86x	3.25x	3.31x	3.81x	4.22x	3.92x
Net Debt / EBITDA	6.28x	5.23x	3.87x	3.51x	4.02x	2.60x	2.77x	3.27x	3.71x	3.33x
Interest Coverage	6.13x	-	3.27x	4.05x	3.43x	3.53x	5.26x	4.40x	3.35x	3.60x
Total Equity+	2.88B	2.78B	3.97B	4.19B	28.05B	27.49B	25.87B	22.54B	23.79B	23.02B
Equity Growth %	2.33%	-0.03%	0.43%	0.06%	5.7%	-0.02%	-0.06%	-0.13%	0.06%	-0.03%
Book Value per Share	21.61	18.91	25.50	26.28	140.88	91.47	88.09	81.79	90.90	90.32
Total Shareholders' Equity	2.75B	2.63B	3.79B	3.99B	27.86B	27.33B	25.63B	22.3B	23B	22.28B
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	1.02B	1.14B	1.6B	2.07B	2.33B	2.57B	2.98B	2.73B	3.46B	4.77B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-246.05M	-322.72M	-183.14M	-310.18M	-310.57M	-202.27M	-234.18M	-405.97M	-258.93M	-612.99M
Minority Interest	130.93M	148.55M	170.7M	194.94M	199.24M	154.67M	241.22M	236.7M	788.3M	735.88M

Cash Flow

	May 2016	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	592.89M	658.69M	512.39M	1.11B	1.39B	2.31B	2.78B	2.24B	2.25B	3.53B
Operating CF Margin %	0.2%	0.2%	0.13%	0.33%	0.28%	0.31%	0.33%	0.25%	0.23%	0.35%
Operating CF Growth %	0.38%	0.11%	-0.22%	1.16%	0.26%	0.66%	0.2%	-0.19%	0%	0.57%
Net Income	290.22M	201.75M	494.07M	484.67M	469.28M	605.1M	987.86M	143.31M	1.03B	1.64B
Depreciation & Amortization	187.88M	345.01M	451.15M	522.81M	878.34M	1.61B	1.69B	1.66B	1.78B	1.86B
Stock-Based Compensation	30.81M	32.07M	39.09M	57.83M	89.63M	148.79M	180.78M	163.26M	208.99M	164.24M
Deferred Taxes	-18.16M	-43.18M	-250.67M	-1.45M	-108.31M	-166.22M	-189.05M	-315.5M	-499.97M	-346.23M
Other Non-Cash Items	44.35M	725.94M	137.61M	86.75M	218.32M	201.49M	278.03M	1.33B	397.47M	-5.53M
Working Capital Changes	57.8M	47.51M	-358.87M	-44.53M	-155.97M	-89.45M	-168.18M	-738.44M	-663.26M	213.71M
Change in Receivables	-14.54M	6.26M	-14.1M	-33.39M	-115.53M	55.99M	-165.54M	-111.97M	-78.65M	-10.44M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-81.51M	65.43M	146.33M	66.18M	-95.09M	-320K	132.78M	-17.16M	51.11M	107.26M
Cash from Investing+	-2.13B	-1.91B	-736.02M	-1.48B	-917.09M	-438.34M	-2.29B	-675.54M	-4.36B	-173.89M
Capital Expenditures	-91.59M	-138.89M	-181.91M	-213.29M	-307.87M	-436.24M	-493.22M	-615.65M	-658.14M	-674.92M
CapEx % of Revenue	0.03%	0.04%	0.05%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.25M	-1.99M	8.57M	-3.31M	35.4M	158.69M	10.82M	2.5M	1.44M	6.64M
Cash from Financing+	1.96B	1.87B	352.31M	286.93M	-28.67M	-1.55B	-405.37M	-1.38B	2.14B	-2.77B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-5.44M	-5.91M	-6.73M	-6.33M	-86.74M	-233.22M	-259.73M	-273.95M	-260.43M	-252.81M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-81.62M	-17.1M	-40.47M	-39.22M	-113.29M	-607.57M	98.21M	-345.64M	35.6M	-395.5M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	501.3M	519.81M	330.48M	892.79M	1.08B	1.88B	2.29B	1.63B	1.59B	2.86B
FCF Margin %	0.17%	0.15%	0.08%	0.27%	0.22%	0.25%	0.27%	0.18%	0.16%	0.28%
FCF Growth %	0.49%	0.04%	-0.36%	1.7%	0.21%	0.73%	0.22%	-0.29%	-0.02%	0.8%
FCF per Share	3.76	3.54	2.12	5.61	5.44	6.25	7.79	5.91	6.08	11.21
FCF Conversion (FCF/Net Income)	2.18x	3.26x	1.09x	2.45x	3.23x	3.96x	2.88x	20.13x	2.28x	2.25x
Interest Paid	0	0	0	0	0	0	335.48M	350.07M	603.49M	618.87M
Taxes Paid	0	0	0	0	0	0	295.53M	431.15M	640.78M	523.26M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.52%	7.13%	13.89%	11.09%	2.67%	2.1%	3.62%	0.46%	4.26%	6.71%
Return on Invested Capital (ROIC)	6.87%	4.06%	5.97%	7.11%	3.5%	2.55%	3.7%	4.19%	4.49%	4.49%
Gross Margin	60.4%	52.43%	51.5%	67.47%	57.78%	50.82%	55.73%	57.9%	61.39%	62.79%
Net Margin	9.37%	5.99%	11.78%	13.43%	8.77%	7.87%	11.33%	1.24%	10.22%	15.54%
Debt / Equity	1.70x	1.74x	1.34x	1.39x	0.34x	0.35x	0.47x	0.63x	0.73x	0.73x
Interest Coverage	6.13x	-	3.27x	4.05x	3.43x	3.53x	5.26x	4.40x	3.35x	3.60x
FCF Conversion	2.18x	3.26x	1.09x	2.45x	3.23x	3.96x	2.88x	20.13x	2.28x	2.25x
Revenue Growth	4.49%	16.31%	17.92%	-15.32%	45.91%	51.13%	14.82%	5.3%	7.56%	4.68%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Merchant Solutions	-	-	-	-	4.1B	4.69B	5.67B	6.2B	7.15B	7.69B
Merchant Solutions Growth	-	-	-	-	-	14.39%	20.84%	9.52%	15.26%	7.51%
Issuer Solutions	-	-	-	-	604.65M	1.98B	2.07B	2.25B	2.4B	2.48B
Issuer Solutions Growth	-	-	-	-	-	227.70%	4.27%	8.70%	6.82%	3.53%
Business and Consumer Solutions	-	-	-	-	227.44M	829.5M	886.44M	620.48M	182.74M	-
Business and Consumer Solutions Growth	-	-	-	-	-	264.71%	6.86%	-30.00%	-70.55%	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
North America	1.66B	2.05B	2.93B	2.52B	3.91B	6.23B	7.1B	7.54B	7.86B	8.11B
North America Growth	-	23.96%	42.72%	-13.90%	54.91%	59.54%	13.87%	6.20%	4.31%	3.21%
Europe	615.97M	631.9M	767.52M	610.93M	761.11M	990.37M	1.18B	1.19B	1.53B	1.73B
Europe Growth	-	2.59%	21.46%	-20.40%	24.58%	30.12%	19.18%	0.82%	28.64%	13.10%
Asia Pacific	188.86M	213.63M	278.12M	233.15M	243.6M	199.85M	245.48M	247.53M	260.94M	259.71M
Asia Pacific Growth	-	13.11%	30.19%	-16.17%	4.48%	-17.96%	22.83%	0.83%	5.42%	-0.47%

Frequently Asked Questions

Valuation & Price

Global Payments Inc. (GPN) has a price-to-earnings (P/E) ratio of 12.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Global Payments Inc. (GPN) reported $8.89B in revenue for fiscal year 2024. This represents a 303% increase from $2.20B in 2011.

Global Payments Inc. (GPN) grew revenue by 4.7% over the past year. Growth has been modest.

Yes, Global Payments Inc. (GPN) is profitable, generating $1.75B in net income for fiscal year 2024 (15.5% net margin).

Dividend & Returns

Yes, Global Payments Inc. (GPN) pays a dividend with a yield of 1.32%. This makes it attractive for income-focused investors.

Global Payments Inc. (GPN) has a return on equity (ROE) of 6.7%. This is below average, suggesting room for improvement.

Global Payments Inc. (GPN) generated $2.16B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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