MeritValue

EURONET WORLDWIDE, INC.

EEFTdata completeness 100%18 fiscal years on file
The thesis, from the filings

EURONET WORLDWIDE, INC. earns about 12% on invested capital, comfortably above its ~9% cost of capital, and has bought back 14% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $63.31 and $693.38 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3B1$3.36B2$3.69B3$3.99B3$4.24B3
Net income$70.7M4$231M5$279.7M6$306M6$309.5M6
Operating cash flow$406.3M7$748.3M8$643.1M9$732.8M9$559.8M9
Capital expenditure$92.2M10$104.3M11$94.4M12$117.2M12$125.5M12
Free cash flow (derived)$314.1M7$644M8$548.7M9$615.6M9$434.3M9
Total debt$2.84B13$3.22B14$1.87B15$1.95B16$2.02B16
Cash & equivalents$1.26B17$1.13B18$1.25B19$1.28B19$1.04B19
Diluted shares53.5M53.5M51.6M48.1M45.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$285.59
your share of equity
Profit it earned you last year
$67.6
Free cash flow it threw off
$94.86
Debt you’d be carrying
$441.39

10 shares is a claim on $285.59 of net worth that earned you $67.6 and generated $94.86 of cash last year, against $441.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 3%FY22 8%FY23 17%FY24 16%FY25 14%

It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 29% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $63.31 and $693.38 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$693.38
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$548.7M
DCF · Growth Exit 5Y
$369.33
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$548.7M
Earnings Power Value
$63.31
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$279.7M
  • growthAssumed0.0%
Graham Number
$66.3
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $369.33
The three cases
Bear0.0%$149.82
Base20.0%$369.33
Bull20.0%$369.33

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-24-016204 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-25-017068 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001554855-26-000131 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-24-016204 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-25-017068 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001554855-26-000131 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-24-016204 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-25-017068 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001554855-26-000131 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-24-016204 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-25-017068 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001554855-26-000131 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-013721 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-016204 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-017068 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001554855-26-000131 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-24-016204 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-25-017068 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001554855-26-000131 (CashAndCashEquivalentsAtCarryingValue)