Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-0.5%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-60.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt-13.1 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$24.1B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$3.1B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
A
Price-to-Book0.77x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$550M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$674M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Global Payments Inc.
Global Payments Inc. provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It offers authorization, settlement and funding, customer support, chargeback resolution, reconciliation and dispute management, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services. The company also provides an array of enterprise software solutions that streamline business operations of its customers in various vertical markets; and value-added solutions and services, such as point-of-sale software, analytics and customer engagement, payroll and reporting, and human capital management. It markets its products and services through direct sales force, trade associations, agent and enterprise software providers, referral arrangements with value-added resellers, independent sales organizations, payment facilitators, and financial institutions. The company was founded in 1967 and is headquartered in Atlanta, Georgia.
Global Payments Inc. provides payment technology and software solutions for card, check, and digital-based payments in the Americas, Europe, and the Asia-Pacific. It offers authorization, settlement and funding, customer support, chargeback resolution, reconciliation and dispute management, terminal rental, sales and deployment, payment security, and consolidated billing and reporting services. The company also provides an array of enterprise software solutions that streamline business operations of its customers in various vertical markets; and value-added solutions and services, such as point-of-sale software, analytics and customer engagement, payroll and reporting, and human capital management. It markets its products and services through direct sales force, trade associations, agent and enterprise software providers, referral arrangements with value-added resellers, independent sales organizations, payment facilitators, and financial institutions. The company was founded in 1967 and is headquartered in Atlanta, Georgia.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-213,651
180,937
Reconciled Depreciation
864,757
336,017
Reconciled Cost Of Revenue
1,273,614
569,046
EBITDA
882,631
565,437
EBIT
17,874
229,420
Net Interest Income
-208,849
-145,358
Interest Expense
242,369
205,470
Interest Income
33,520
60,112
Normalized Income
-213,651
232,597
Net Income From Continuing And Discontinued Operation
-213,651
217,524
Total Expenses
2,985,328
1,698,106
Total Operating Income As Reported
-15,646
169,308
Diluted Average Shares
273,223
237,250
Basic Average Shares
273,123
236,439
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-1,799,878
217,524
Net Income Common Stockholders
-1,799,878
217,524
Net Income
-1,799,878
217,524
Minority Interests
-20,826
-19,058
Net Income Including Noncontrolling Interests
-1,779,052
236,582
Net Income From Tax Loss Carryforward
-1,586,227
Net Income Discontinuous Operations
36,587
Net Income Continuous Operations
-192,825
199,995
Earnings From Equity Interest Net Of Tax
19,830
65,030
Tax Provision
-11,840
-111,015
Pretax Income
-224,495
23,950
Other Income Expense
-65,393
Special Income Charges
0
-65,393
Gain On Sale Of Business
0
-32,175
Net Non Operating Interest Income Expense
-208,849
-145,358
Interest Expense Non Operating
242,369
148,865
Interest Income Non Operating
33,520
60,112
Operating Income
-15,646
234,701
Operating Expense
1,711,714
1,129,060
Selling General And Administration
1,711,714
1,129,060
Gross Profit
1,696,068
1,363,761
Cost Of Revenue
1,273,614
569,046
Total Revenue
2,969,682
1,932,807
Operating Revenue
2,969,682
1,932,807
Balance Sheet
2026
2025
2024
Ordinary Shares Number
273,397
236,693
Share Issued
273,397
236,693
Net Debt
17,715,792
13,470,909
Total Debt
23,577,104
21,865,376
Tangible Book Value
-23,466,002
1,580,916
Invested Capital
47,369,467
44,696,078
Working Capital
-3,072,749
5,145,827
Net Tangible Assets
-23,466,002
1,580,916
Capital Lease Obligations
58,065
59,820
Common Stock Equity
23,792,363
22,888,767
Total Capitalization
44,776,828
42,430,279
Total Equity Gross Minority Interest
24,674,581
23,779,481
Minority Interest
882,218
890,714
Stockholders Equity
23,792,363
22,888,767
Gains Losses Not Affecting Retained Earnings
-195,254
-126,207
Other Equity Adjustments
-195,254
-126,207
Retained Earnings
4,068,198
5,936,322
Additional Paid In Capital
19,919,419
17,078,652
Total Liabilities Net Minority Interest
39,580,260
29,559,003
Total Non Current Liabilities Net Minority Interest
24,833,286
22,102,159
Other Non Current Liabilities
1,114,971
522,121
Liabilities Heldfor Sale Non Current
0
433,022
406,655
Non Current Deferred Liabilities
2,733,850
1,605,504
Non Current Deferred Taxes Liabilities
2,733,850
1,605,504
Long Term Debt And Capital Lease Obligation
20,984,465
19,541,512
Long Term Debt
20,984,465
19,541,512
Current Liabilities
14,746,974
7,456,844
Other Current Liabilities
5,792,784
2,530,909
Current Deferred Liabilities
797,657
1,141,337
Current Deferred Revenue
797,657
1,141,337
Current Debt And Capital Lease Obligation
2,592,639
2,323,864
Current Capital Lease Obligation
58,065
59,820
Current Debt
2,592,639
2,265,799
Other Current Borrowings
1,582,335
1,920,792
Line Of Credit
1,010,304
345,007
Pensionand Other Post Retirement Benefit Plans Current
224,727
228,209
Payables And Accrued Expenses
6,361,551
1,579,687
Current Accrued Expenses
1,111,121
886,465
Interest Payable
204,319
171,220
Payables
6,361,551
468,566
520,470
Total Tax Payable
2,632,200
190,475
266,178
Income Tax Payable
2,632,200
117,509
207,554
Accounts Payable
3,729,351
278,091
254,292
Total Assets
64,254,841
53,338,484
Total Non Current Assets
52,580,616
40,735,813
Other Non Current Assets
2,139,836
16,937,959
Non Current Deferred Assets
340,769
171,430
Non Current Deferred Taxes Assets
340,769
171,430
Non Current Note Receivables
829,403
816,810
Goodwill And Other Intangible Assets
47,258,365
21,307,851
Other Intangible Assets
20,175,777
4,231,227
Goodwill
27,082,588
17,076,624
Net PPE
2,012,243
1,501,763
Accumulated Depreciation
-2,007,954
-1,637,170
Gross PPE
3,509,717
3,058,438
Leases
88,942
92,707
Construction In Progress
381,575
398,176
Other Properties
1,025,580
846,968
Machinery Furniture Equipment
1,985,716
1,698,070
Buildings And Improvements
24,787
21,304
Land And Improvements
3,117
1,213
Current Assets
11,674,225
12,602,671
Other Current Assets
4,397,242
2,278,561
Assets Held For Sale Current
0
1,203,534
737,602
Receivables
1,415,671
784,174
Accounts Receivable
1,415,671
784,174
Allowance For Doubtful Accounts Receivable
-50,200
-24,000
Gross Accounts Receivable
834,374
811,687
Cash Cash Equivalents And Short Term Investments
5,861,312
8,336,402
Cash And Cash Equivalents
5,861,312
8,336,402
Cash Flow
2026
2025
2024
Free Cash Flow
-550,157
346,999
Repurchase Of Capital Stock
-549,931
-39,566
Repayment Of Debt
-13,618,554
-1,234,791
Issuance Of Debt
5,343,825
6,962,472
Capital Expenditure
-261,336
-168,213
End Cash Position
6,124,486
9,116,414
Beginning Cash Position
9,116,414
3,036,631
Effect Of Exchange Rate Changes
-8,732
15,969
Changes In Cash
-2,983,196
6,063,814
Financing Cash Flow
-8,410,513
5,858,526
Cash Flow From Continuing Financing Activities
-8,410,513
5,858,526
Net Other Financing Charges
-567,945
385,629
Proceeds From Stock Option Exercised
-26,734
45,713
Cash Dividends Paid
-68,246
-59,057
Common Stock Dividend Paid
-68,246
-59,057
Net Common Stock Issuance
-549,931
-39,566
Common Stock Payments
-549,931
-39,566
Net Issuance Payments Of Debt
-7,197,657
5,525,807
Net Short Term Debt Issuance
1,077,072
-641,237
Net Long Term Debt Issuance
-8,274,729
6,167,044
Long Term Debt Payments
-13,618,554
-1,234,791
Long Term Debt Issuance
5,343,825
7,401,835
Investing Cash Flow
5,716,138
-309,924
Cash Flow From Continuing Investing Activities
5,716,138
-309,924
Net Other Investing Changes
4,375
6,633
Net Investment Purchase And Sale
4,375
668
932
Sale Of Investment
4,375
668
932
Net Business Purchase And Sale
5,973,099
-146,754
Sale Of Business
7,362,347
3,483
962,435
Purchase Of Business
-1,389,248
-150,237
Capital Expenditure Reported
-261,336
-168,213
Operating Cash Flow
-288,821
515,212
Cash Flow From Continuing Operating Activities
-288,821
515,212
Dividend Received Cfo
0
28,319
Change In Working Capital
1,578,806
-175,037
Change In Other Working Capital
-451,361
Change In Payables And Accrued Expense
1,728,098
-252,125
Change In Payable
1,728,098
-252,125
Change In Account Payable
-746,230
-252,125
Change In Tax Payable
2,474,328
Change In Income Tax Payable
2,474,328
Change In Prepaid Assets
-193,470
-14,945
Change In Receivables
44,178
92,033
Changes In Account Receivables
44,178
92,033
Other Non Cash Items
68,260
70,191
Stock Based Compensation
21,486
38,826
Provisionand Write Offof Assets
34,650
18,433
Asset Impairment Charge
-7
Deferred Tax
-1,035,701
-165,778
Deferred Income Tax
-1,035,701
-165,778
Depreciation Amortization Depletion
864,757
336,017
Depreciation And Amortization
864,757
336,017
Amortization Cash Flow
747,157
236,906
Amortization Of Intangibles
747,157
236,906
Depreciation
117,600
99,111
Operating Gains Losses
-42,027
127,666
Earnings Losses From Equity Investments
-19,853
-64,958
Gain Loss On Sale Of Business
-22,174
192,624
Net Income From Continuing Operations
-1,779,052
236,582
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.8B▲ $3.0B+63.1%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 72.8%▲ 57.1%-15.7pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: -0.9%▼ -0.5%+0.3pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: 16.8%▼ -60.6%-77.4pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$3.0B/qtr (≈$11.9B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.79x current ratio
vs ≥ 2.0x
❌ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
-$550M
vs Positive
Operating Cash Flow
-$289M
Latest quarter · Buffett's cash reality check
ROIC
-0.0%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
0.7x
Net Assets: $24.7B
⚠️Net margin compressed 77.4pp vs same quarter last year. Common causes: one-time charges (restructuring, write-downs, legal settlements), tax rate changes, or rising interest expense. Check the income statement notes before drawing conclusions about operating health.
Peers & Industry
No auto-detected peers for Specialty Business Services. You can manually compare GPN against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.91%
Low — management has little skin in the game
Return on Equity (ROE)
-7.6%
Weak — poor returns on equity
Return on Assets (ROA)
-2.8%
Poor — assets are not generating adequate returns
Share Buybacks (Latest Year)
$1.2B
Management is returning capital to shareholders via buybacks
Debt Trend YoY
+7.8% YoY
Debt is roughly stable
Leadership Team
Cameron Bready CPA
CEO & Director
Age 53
Pay: $4,177,406
Robert Cortopassi
President & COO
Age 48
Pay: $2,347,455
Joshua Whipple
Senior EVP & CFO
Age 51
Pay: $2,127,586
David Rumph
President of SMB
Top Institutional Holders
Institution
% Owned
Shares
GTCR, LLC
15.82%
43,268,041
Blackrock Inc.
6.91%
18,893,974
Vanguard Capital Management LLC
5.40%
14,782,400
Harris Associates L.P.
4.33%
11,855,322
Pzena Investment Management LLC
4.25%
11,615,577
State Street Corporation
3.84%
10,509,136
Vanguard Portfolio Management LLC
3.64%
9,967,331
Ameriprise Financial, Inc.
2.86%
7,827,277
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
0.77
Low volatility — more stable than the market
Short Interest
6.3% of float
Moderate short interest
Debt-to-Equity
0.96x
Conservative balance sheet — low financial risk
Current Ratio
0.79x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $61.16Current: $66.88High: $90.64
Currently at 19% of 52-week range
Global Payments Inc. (GPN) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 57.1%. Operating margin: -0.5%. Net margin: -60.6%. Market cap: $18.3B. Sector: Industrials. Industry: Specialty Business Services. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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