PYPLPayPal Holdings, Inc.

Services-Business Services, NEC

Revenue: $33.2B; 4.3% YoY
Operating margin: 18.3%; 9.2% YoY
EBITDA: $7.0B; 11% YoY
Market cap: $47.7B
Employees: 23,800; $1M revenue each
Net debt / EBITDA: 0.9×; $6.2B net debt
AI in 10-K: 2.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
123% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
96% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 85th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.9 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$47.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$25.4B	$27.5B	$29.8B	$31.8B	$33.2B	4.3%
Operating income	$4.3B	$3.8B	$5.0B	$5.3B	$6.1B	14%
Net income	$4.2B	$2.4B	$4.2B	$4.1B	$5.2B	26%
Operating cash flow	$5.8B	$5.8B	$4.8B	$7.5B	$6.4B	14%
Capex	$908M	$706M	$623M	$683M	$852M	25%
Stock-based comp	$1.4B	$1.3B	$1.5B	$1.2B	$1.0B	19%
Buybacks	$3.4B	$4.2B	$5.0B	$6.0B	$6.1B	0.1%
Dividends	—	—	$0	$0	$130M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $255K · 1
Open-market sells, 12 mo: $8M · 38
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	25	122
FY2024	—	—	36	123
FY2023	—	—	26	98
FY2022	—	—	30	71
FY2021	—	—	81	108