Does GLOBAL PAYMENTS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores GLOBAL PAYMENTS INC. (GPN) 49.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 86, returns on capital 4, balance-sheet safety 29, capital discipline 80.

Is GPN stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $94.43 per share versus a recent price of $77.82 — 18% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has GPN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 49.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

GLOBAL PAYMENTS INC.

GPN · Technology · $18.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power86

Median gross margin 59.2% over 10y, stable.

Returns on capital4

Median ROIC 5.2%, above the 9% hurdle in 10% of years.

Balance-sheet safety29

Net debt/EBITDA n/ax, interest coverage 3x.

Capital discipline80

Owner earnings +20.8%/yr, share count n/a.

Margin of safety

Above valueOn sale

18% below value

Owner earnings (normalized): $2.0B
Est. intrinsic value / share: $94.43
Recent price: $77.82
Discount to value: 18% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

GLOBAL PAYMENTS INC. booked $7.7B of revenue in FY2025 in the Technology sector and kept 72.6% of it as gross profit — a high-margin business by that measure. After every other cost, 18.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.5B (FY2009) to $7.7B (FY2025) — about 10.9% a year compounded over 16 years.

It earned 9.7% on invested capital in FY2025, with a median of 8.2% across 16 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $9.2B of total debt in FY2020. Balance-Sheet Safety scores it 29/100.

The share count rose 197.2% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 80/100.

Put together: Pricing Power is the strongest of the four filters (86/100) and Returns on Capital the weakest (4/100), which is how GPN lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$7.7B FY2025

Gross marginRevenue kept after cost of goods72.6% FY2025

Return on invested capitalOperating profit on the capital employed9.7% FY2025

Owner earningsCash an owner could take out$2.0B FY2025

Gaps in a line mean that item isn’t in GPN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — GPN has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#202 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#200FIRY SKILLZ INC.49.4 out of 100, Shallow moatShallow moat
#201INTC INTEL CORP49.3 out of 100, Shallow moatShallow moat
#203LAWIL LIGHT & WONDER, INC.48.7 out of 100, Shallow moatShallow moat
#204INOD INNODATA INC.48.7 out of 100, Shallow moatShallow moat

Compare GPN with its nearest peers →All Technology companies on the Index →

Common questions about GPN

Does GLOBAL PAYMENTS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores GLOBAL PAYMENTS INC. (GPN) 49.1 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 86, returns on capital 4, balance-sheet safety 29, capital discipline 80.
Is GPN stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $94.43 per share versus a recent price of $77.82 — 18% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has GPN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 49.1 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell GPN. See the disclaimer.