GPN Value Scorecard - Global Payments

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

42/60

moderate value score

Earnings & returns

EPS Trend

4/5

Diluted EPS: $0.40 (2022), $3.77 (2023), $6.16 (2024), $5.78 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

ROE Trend

2/5

ROE (net income / common equity): 0.5% (2022), 4.3% (2023), 7.0% (2024), 6.1% (2025). Median 5.2%, lowest 0.5%; the framework scores a median 5-10% as 2.

ROIC

1/5

ROIC of 3.8%: operating income of $1.75B divided by $45.88B of capital (total assets $53.34B minus current liabilities $7.46B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.

Profit Margins

1/5

Net margin of -9.2%; the framework scores a negative net margin as 1; gross margin 64.0%, operating margin 16.1%.

Balance sheet & cash

Debt-to-Equity

3/5

Debt-to-equity of 0.98; the framework scores 0.8-1.5 as 3 (total debt $23.56B, total cash $5.41B).

Free Cash Flow

4/5

Free cash flow (operating cash flow minus capital expenditure): $1.63B (2022), $1.89B (2023), $2.38B (2024), $2.04B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $2.73B (2022), $3.46B (2023), $4.77B (2024), $5.94B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

4/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $2.13 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $101.01 (EPS CAGR 23.8% capped at 20%). Current price $83.67; price is 17.2% below the model value.

DCF Value

5/5

FCF/share = $29.732, stage 1 growth = 2.2% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $119.87, PV of terminal value = $302.87, DCF value = $422.75. Current price $83.67; price is 80.2% below the model value.

Margin of Safety

4/5

Graham value $101.01 (price is 17.2% below the model value); DCF value $422.75 (price is 80.2% below the model value).

Price-to-Book

5/5

P/B of 0.96; the framework scores below 1.0 as 5.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 0 of 10 years (2016-2025); lowest 1.7%, highest 7.4%.

Gross margin, each year

Between 50.8% and 73.7% over 10 years (a range of 22.9 points).

Competition, in the company’s own words · 10-K filed Feb 20, 2026

We believe that our competitive strengths include the following: • Technology Solutions - We provide innovative payment technology solutions, as well as enterprise software and other commerce enablement solutions, that enable our customers to operate their businesses more efficiently, increase sales and simplify the payments process, regardless of the channel through which the transaction occurs. We believe our

The opening of the company’s “Competitive Strengths” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

4/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $7.28B paid out against $7.94B of free cash flow (pass); total debt $14.29B to $21.87B, up 53.1%, 6.6x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.26B to 0.24B, down 10.0% (pass). 3 of 4 tests passed; the framework scores that as 4.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $2.13, g = 20.0%, Y = 4.5
    g capped at 20.0% (3-year EPS CAGR was 23.8%)
    IV = $101.01
    Current price $83.67 vs Graham value $101.01 — price is 17.2% below the model value.

  DCF:
    FCF/share = $29.732
    Stage 1 growth = 2.2% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $30.387 → PV $27.624
      Y2: $31.055 → PV $25.665
      Y3: $31.738 → PV $23.845
      Y4: $32.437 → PV $22.155
      Y5: $33.150 → PV $20.584
    Stage 1 PV sum = $119.87
    Terminal value at end of Y5 = $487.78
    PV of terminal value = $302.87
    DCF value = $422.75
    Current price $83.67 vs DCF value $422.75 — price is 80.2% below the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $83.67. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

Loading headlines...

The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.

GPN · Global Payments

GPN price