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PayPal Holdings, Inc.

PYPL · Technology · $51.7B mkt cap · FY2025 filings · Wide moat ·

Wonderful & reasonably priced

Wide moat
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The five investor questions

89

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $25.4B to $33.2B, increasing; diluted EPS 3.52 to 5.41, increasing.

—

Not enough years of gross-margin data to score pricing power.

77

Median ROIC 16.4%, above the 12% hurdle in 80% of years.

81

Net debt/EBITDA 0.3x, interest coverage 14x.

100

Owner earnings changed +15.5%/yr over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
3% above value if growth stopped today
$4.5B
$54.66
$88.55
$56.15
3% above value if growth stopped today

What today’s price assumes: owner earnings growing ~1%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

14 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $6.7B (FY2013) to $33.2B (FY2025) — about 14.2% a year compounded over 12 years.

It earned 22.7% on invested capital in the latest filed year, FY2025. Across the full 13-year measurable filed record, median ROIC was 15.4%. Over the v3 recent window (10 measurable filed years), median ROIC was 16.4%. The Returns on Capital filter above scores it 77/100.

The balance sheet carried $10.0B of total debt in FY2025 against $5.3B of owner earnings — roughly 1.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 81/100.

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.

FY2012–FY2025 · 14 fiscal years, normalized from PYPL’s SEC filings

Sales, as filed$33.2B FY2025
$0$20B2012201720222025
Revenue kept after cost of goods

Not disclosed in PYPL’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICROIC 22.7% FY2025
0%10%20%2012201720222025
Cash an owner could take out$5.3B FY2025
$0$2B$4B2012201720222025

Gaps in a line mean that item isn’t in PYPL’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.

Flagship explainer

How PayPal Holdings, Inc. makes its money

PayPal Holdings, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$33.2B100%
$6.1B18%
Income before tax$6.3B19%
Income tax$1.1B3%
$5.2B16%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What PayPal Holdings, Inc. owns — and owes

PayPal Holdings, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$80.2B100%
Cash and equivalents$8.0B10%
$10.0B12%
Stockholders’ equity$20.3B25%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives PayPal Holdings, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity26%Tax burden83%net income ÷ pretax incomeInterest burden104%pretax ÷ operating incomeOperating margin18%operating income ÷ revenueAsset turnover0.42×revenue ÷ average assetsEquity multiplier3.91×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$5.2BFY2025
Income before tax$6.3BFY2025
Operating income$6.1BFY2025
$33.2BFY2025
Ending assets$80.2BFY2025
Beginning assets$78.7BFY2024
$20.3BFY2025
$20.4BFY2024
Source:
  • SEC filingFiling detailsAccession 0001633917-26-000024
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where PayPal Holdings, Inc.'s cash went

PayPal Holdings, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$6.4B100%
Depreciation and amortization$963M15%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding PayPal Holdings, Inc.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

2 holding2 exited15 not holding19/19 resolved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Southeastern Asset Management22,463 shares$1M · 0% of eligible reported 13FTrimmed · -531,611 shares (−96%)
Yacktman Asset Management2,290,642 shares$104M · 1% of eligible reported 13FAdded · +2,290,642 shares
Dodge & CoxExited · no position reportedPrior: 4,475 sharesExited · -4,475 shares (−100%)
Polen CapitalExited · no position reportedPrior: 3,487 sharesExited · -3,487 shares (−100%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Pershing SquareNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
38 SEC filings
  1. 13F-HR · Q4 2025Filing detailsAccession 0000813917-26-000022 · filed Feb 17, 2026
  2. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  3. 13F-HR · Q4 2025Filing detailsAccession 0000860643-26-000001 · filed Feb 12, 2026
  4. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  5. 13F-HR · Q4 2025Filing detailsAccession 0000905567-26-000001 · filed Feb 3, 2026
  6. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  7. 13F-HR · Q4 2025Filing detailsAccession 0000919574-26-000775 · filed Feb 13, 2026
  8. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  9. 13F-HR · Q4 2025Filing detailsAccession 0001061768-26-000005 · filed Feb 13, 2026
  10. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  11. 13F-HR · Q4 2025Filing detailsAccession 0001096343-26-000011 · filed Feb 6, 2026
  12. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  13. 13F-HR · Q4 2025Filing detailsAccession 0001104659-26-016458 · filed Feb 17, 2026
  14. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  15. 13F-HR · Q4 2025Filing detailsAccession 0001112520-26-000008 · filed Feb 13, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  17. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000654 · filed Feb 12, 2026
  18. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000791 · filed Feb 13, 2026
  19. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001057 · filed Feb 17, 2026
  20. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001068 · filed Feb 17, 2026
  21. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001091 · filed Feb 17, 2026
  22. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  23. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  24. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002336 · filed May 15, 2026
  27. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-033986 · filed Feb 3, 2026
  28. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-050636 · filed Feb 13, 2026
  29. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-054580 · filed Feb 17, 2026
  30. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  31. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  32. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  33. 13F-HR · Q4 2025Filing detailsAccession 0001325447-26-000004 · filed Feb 4, 2026
  34. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  35. 13F-HR · Q4 2025Filing detailsAccession 0001398344-26-003084 · filed Feb 13, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  37. 13F-HR · Q4 2025Filing detailsAccession 0001569205-26-000002 · filed Feb 17, 2026
  38. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
· event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What PayPal Holdings, Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 11, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale86.7 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 11, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for PYPL; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Technology context

#31 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #29ADP AUTOMATIC DATA PROCESSING INC87.0Wide moat
  2. #30SPSC SPS COMMERCE, INC.86.9Wide moat
  3. #32FDS FACTSET RESEARCH SYSTEMS INC.86.6Wide moat
  4. #33OLED UNIVERSAL DISPLAY CORPORATION86.3Wide moat

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

Common questions about PYPL

Does PayPal Holdings, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores PayPal Holdings, Inc. (PYPL) 86.7 out of 100 — a Wide moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 89, pricing power not measurable from the filings, returns on capital 77, balance-sheet safety 81, capital allocation 100.
Is PYPL trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $54.66 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $56.15, that is 3% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has PYPL's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 86.7 out of 100 (wide moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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