GPNGLOBAL PAYMENTS INC

Services-Business Services, NEC

Revenue: $7.7B; 0.4% YoY
Operating margin: 22.8%; 11% YoY
EBITDA: $3.0B; 6.5% YoY
Market cap: $25.7B
Employees: 26,000; $296K revenue each
Net debt / EBITDA: 1.4×; $4.2B net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
190% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
54% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
42% of assets
Over 40% of assets
Shareholder dissentYes
65% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$296K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$153K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$8.5B	$6.8B	$7.4B	$7.7B	$7.7B	0.4%
Operating income	$1.4B	$310M	$1.3B	$2.0B	$1.8B	11%
Net income	$965M	$111M	$986M	$1.6B	$1.4B	11%
Operating cash flow	$2.8B	$2.5B	$2.5B	$3.1B	$2.7B	13%
Capex	$493M	$616M	$658M	$675M	$618M	8.5%
Stock-based comp	$181M	$163M	$209M	$164M	$154M	6.5%
Buybacks	$2.5B	$2.9B	$418M	$1.6B	$1.2B	23%
Dividends	$260M	$274M	$260M	$253M	$239M	5.7%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 4
Open-market sells, 12 mo: $1M · 3
Net: −$153K

Pay vs performance

No pay-versus-performance disclosure yet.