Global Payments Inc.
GPN 6.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Global Payments does the plumbing behind card payments. It gives shops, restaurants, and websites the machines and software to accept a card, and it moves the money from the customer's bank to the business's bank, keeping a small fee on each sale. In January 2026 it bought a large rival, Worldpay, and sold off its older unit that ran card systems for banks. Today it serves only businesses that sell things, not banks. It handles payments at more than 6 million store and website checkouts in over 175 countries.Global Payments做的是刷卡支付背后的管道工作。它给商店、餐厅和网站提供收卡用的机器和软件，并把钱从顾客的银行转到商家的银行，每笔交易留下一小笔手续费。2026年1月，它收购了一家大对手Worldpay，同时卖掉了自己那块为银行运行刷卡系统的老业务。如今它只服务卖东西的商家，不再服务银行。它在超过175个国家、超过600万个店面和网站的收银处理支付。
Earns from营收来源 Global Payments keeps a small slice of each card sale, and it charges extra for the software and business tools a shop or restaurant buys from it.Global Payments在每笔刷卡交易中留下一小部分，还向商店或餐厅出售软件和经营工具，额外收费。
Read the full description查看完整介绍
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.
What the company sells公司卖什么share of revenue营收占比
Taking card payments受理刷卡付款
It gives a business the machine or software that reads a card, and it moves the sale and the money between the two banks involved.它给商家提供读取银行卡的机器或软件，并在涉及的两家银行之间转移这笔交易和款项。
- Card terminals刷卡终端机
- the device a cashier uses to ring up a sale and take a card payment.收银员用来结账并受理刷卡付款的设备。
- Online payment gateway在线支付网关
- the software link that lets a website take a card payment and collect the money.让网站能够受理刷卡付款并收款的软件连接。
- Worldpay
- the large processor Global Payments bought in January 2026; it handles card payments for big retail chains and for websites that sell across many countries, adding scale and lower costs.Global Payments 在2026年1月收购的大型支付处理商；它为大型零售连锁店以及跨多国销售的网站处理刷卡付款，带来规模和更低的成本。
Business software商业软件
Software Global Payments sells to the same shops and restaurants, built into the checkout so payments and record-keeping work as one.Global Payments 卖给同一批商店和餐厅的软件，内嵌在结账环节，让付款和记账合为一体。
- Point-of-sale software销售点（POS）软件
- trade-specific software, for a restaurant or a shop, that rings up sales and also tracks stock, staff hours, and daily reports.为餐厅或商店打造的行业专用软件，既能结账，也能追踪库存、员工工时和每日报表。
- Reporting and payroll add-ons报表和薪资附加工具
- extra tools a business buys alongside its payment machine.商家在付款机器之外额外购买的工具。
Roadmap路线图 Worldpay reshapes the portfolioWorldpay 重塑业务组合
- Two deals announced两项交易宣布
On 17 April 2025, GPN agreed to sell its Issuer Solutions business to FIS for $13.5B. GPN also agreed to buy Worldpay for a total value of $24.25B ($22.7B net).2025 年 4 月 17 日，GPN 同意以 $13.5B 将其 Issuer Solutions 业务出售给 FIS。GPN 同时同意以总价值 $24.25B（净额 $22.7B）收购 Worldpay。
- Both deals closed两项交易完成
On 9 January 2026, GPN closed both transactions. GPN sold Issuer Solutions and bought Worldpay. GPN is now a pure-play merchant solutions company.2026 年 1 月 9 日，GPN 完成两项交易。GPN 剥离 Issuer Solutions 并收购 Worldpay。GPN 现为纯粹的商户解决方案公司。
- New three-segment reporting全新三分部报告
In Q2 2026, GPN reorganized into three reportable segments: Enterprise, Platforms, and SMB. The new structure aligns the business after the Worldpay integration.2026 年第二季度，GPN 重组为三个可报告分部：Enterprise、Platforms 和 SMB。新结构使业务在 Worldpay 整合之后重新对齐。
- First cost synergies首批成本协同target目标
GPN targets a $150M cost-synergy run-rate at the end of 2026. This is the first step of the three-year integration plan.GPN 目标在 2026 年底达到 $150M 的成本协同运行率。这是三年整合计划的第一步。
- Deleverage to 3.0x去杠杆至 3.0xtarget目标
GPN targets net leverage near 3.0x at the end of 2027, down from about 3.5x. Cost synergies scale to a $350M run-rate by the same date.GPN 目标在 2027 年底将净杠杆率降至约 3.0x（此前约为 3.5x）。同期成本协同扩大至 $350M 运行率。
- Full synergy target协同目标全额达成target目标
GPN targets a $600M cost-synergy run-rate and a $200M revenue-synergy run-rate at the end of 2028. This completes the three-year Worldpay integration.GPN 目标在 2028 年底达到 $600M 成本协同运行率和 $200M 收入协同运行率。这标志着为期三年的 Worldpay 整合完成。
Company facts公司资料
- Founded成立时间
- 1967
- Headquarters总部
- Atlanta, Georgia
- Employees员工人数
- 26,000
- Industry行业
- Specialty Business Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Re-analyzed 8/27 — INITIATE→WATCH, conviction 7.5→6.5. The June "screaming discount" broke: leverage reversed toward its own break level (2.9x→just below 3.5x, the CFO's words), and reconstructed TTM FCF is $822.7M — not the touted "~$4B combined target," so the real FCF/EV yield is ~2-4%, not 12.9%.
Genius bookings still accelerating and 11 PT raises + an MS upgrade offset. Vendor "5.79x fwd" was FY2027; true FY26 ~6.78x — still cheap vs peers, not the 4.6x the baseline believed. FV $95-130. Entry $78-88. Trim 10x fwd (~$137).
8/27 重新分析——启动→WATCH，信念 7.5→6.5。 六月的"极度折价"论破裂：杠杆掉头逼近自设止损线（2.9x→略低于 3.5x，CFO 原话），重算 TTM FCF 仅 $822.7M——而非鼓吹的"约 $4B 合并目标"，真实 FCF/EV 收益率约 2-4% 而非 12.9%。 Genius 订单仍在加速、11 次上调目标价 + 大摩升级对冲。 旧"5.79x fwd"实为 FY2027，真实 FY26 约 6.78x。 FV $95-130。 入场 $78-88，减持 10x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 2%
- Revenue growth营收增长
- +69%
- Dividend yield股息率
- 1.16%
Competitors竞争对手
Why customers stay客户为什么留下
once a shop's till or a website's payment page runs on Global Payments, moving to a rival means rebuilding that link and retraining staff, and the Worldpay deal gives it more scale to keep costs low.商店的收银机或网站的支付页面一旦跑在Global Payments上，换成别家就意味着重建这套连接并重新培训员工；而收购Worldpay让它规模更大，得以把成本压低。
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