Euronet Worldwide, Inc. (EEFT)
UndervaluedFundamental
81
Price
$65.59
Market Cap
$2.51B
Part 1 · What the company is worth
Overview
Euronet Worldwide is a global payments infrastructure provider that processes electronic transactions through a network of 56,818 ATMs and approximately 610,000 point-of-sale terminals, alongside digital platforms, across more than 200 countries. The company facilitates money movement through both owned and operated networks and outsourced management services for financial institutions and retailers worldwide.
How it makes money
Euronet generates revenue through multiple streams: transaction-based fees from ATM cash withdrawals and balance inquiries, fixed monthly management fees under outsourced service contracts with financial institutions, foreign exchange margins on dynamic currency conversion (DCC) services, commissions from prepaid content distribution and money transfer services, and interchange fees from card acceptance agreements.
Revenue by segment
Ria Money Transfer, Xe, and Dandelion platforms providing remittance and money transfer services, processing approximately $77.6 billion in money transfers and 183.4 million transactions in 2025, serving individuals and diaspora populations globally.
ATM cash management and point-of-sale terminal services, operating 56,818 ATMs and 610,000 POS terminals, providing dynamic currency conversion services and card issuing solutions to banks and merchants.
Digital prepaid content distribution platform, including mobile airtime top-up, digital gift cards, streaming subscriptions, and gaming credits, distributed through retail networks and mobile operators globally.
Competitive moat
Network effects · NarrowEuronet benefits from extensive agent networks (639,000+ locations) and established relationships with financial institutions and retailers that create switching costs. As one of the largest global money transfer companies by revenue and transaction volume, the company has achieved scale advantages in 24/7 processing centers across six continents. However, the moat is narrow because Western Union commands approximately twice the revenue of Euronet's Money Transfer segment, emerging fintech alternatives are fragmenting the market, and mobile operators and banks are developing direct distribution channels, all limiting pricing power.
What drives demand
Moderately cyclicalEuronet exhibits moderate cyclicality across its business. Money transfer demand is cyclical, driven by labor migration patterns, holiday spending, and consumer confidence—the filing notes May and Q4 peaks in remittance volumes and seasonality in tourism-driven ATM withdrawals (Q3 peak). However, EFT Processing revenue benefits from recurring monthly management fees to financial institutions and ongoing ATM network usage, providing steady revenue through economic cycles. Epay faces cyclical digital content consumption but is diversified away from mobile top-up (78% of gross profit from non-mobile products). The portfolio generates stable cash flows alongside growth opportunities in emerging markets.
Key risks
- Intense competitive rivalry — Western Union operates as a leading competitor with revenue approximately two times greater than Euronet's Money Transfer Segment. Additionally, new technologies including stored-value cards, debit networks, web-based services, mobile apps, and digital currencies are emerging that compete with traditional payment services.
- Regulatory and compliance burden — Euronet is subject to a wide variety of laws and regulations across multiple jurisdictions, including money transmitter licensing requirements with minimum net worth requirements and security instruments, GDPR compliance obligations in EU operations, and CFPB oversight of consumer protection standards. Non-compliance risks penalties and operational restrictions.
- Foreign exchange volatility — Currency volatility impacts dynamic currency conversion margins and cross-border pricing. The company also faces foreign exchange exposure on international subsidiaries and transaction flows, affecting profitability and reported earnings.
- Acquisition integration complexity — Recent acquisitions including CoreCard Corporation (October 2025) and UNIDOS (May 2025) require successful technology platform consolidation and operational integration. Failed integration or management distraction could impair growth and profitability.
- Seasonality and business cyclicality — Money transfer volumes are cyclical, driven by labor migration patterns and consumer confidence. The company experiences heaviest demand for cash withdrawals and dynamic currency conversion during the third quarter (tourism peak) and fourth quarter (holiday surge), creating earnings volatility and cash flow unpredictability.
Customer concentration
Euronet reports that no individual customer of the EFT Processing Segment makes up greater than 10% of total consolidated revenues, and similar diversification applies to the Epay and Money Transfer segments. However, the company exhibits indirect concentration through relationships with key financial institutions and mobile operators. Specifically, Epay's revenue depends on partnerships with mobile operators and retail distribution partners, and Money Transfer relies on agent networks (639,000+ locations) for distribution. The company's success depends on maintaining these institutional relationships and the health of partner networks.
The case for
Buyers argue that Euronet operates in underpenetrated emerging markets with large diaspora populations continuing to remit significant sums home, providing long-term volume growth. Real-time payment mandates (PSD2, instant payment schemes) and digital transformation of financial systems create structural demand for Euronet's Ren platform, built ground-up for modern real-time settlement architecture. Consumer preference for omnichannel money transfer (mobile apps, online, retail) positions the company's diversified network advantageously versus pure-digital competitors lacking retail footprint. The CoreCard acquisition expands addressable market into card issuer processing, while cross-selling between segments (ATM money transfer pickups, prepaid cards at retail) drives upsell opportunities. The outsourced management model requires lower capital expenditure than owned networks, generating reliable recurring revenue with high incremental margins on transaction volume growth.
The case against
Sellers fear that emerging digital currencies including stablecoins and central bank digital currencies (CBDCs) pose a long-term existential threat to traditional money transfer, disrupting Euronet's core business model. Mobile payment adoption (Apple Pay, Google Pay, Alipay) continues to erode ATM and point-of-sale terminal relevance, particularly in developed markets where contactless and digital wallets dominate. Western Union's superior scale (approximately 2x Euronet's Money Transfer revenue) enables aggressive pricing that pressures margins industry-wide. Banks and mobile operators are increasingly offering direct payment services to merchants and consumers, disintermediating third-party processors like Euronet. Recent acquisitions (CoreCard, UNIDOS) introduce integration execution risk and management distraction during a period of structural market change. Seasonal volatility in money transfer volumes creates earnings lumpiness, and macroeconomic sensitivity to labor migration and consumer confidence compounds business cyclicality.
Generated with artificial intelligence on September 21, 2026, shared with all users
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, shared with all users
Remitly targets the same migrant customers with app-based remittances, taking digital share in the corridors where Ria and Xe operate.
Euronet's 10-K names Western Union as the leading competitor of its Ria money transfer business, fighting for the same migrant remittance senders at retail agent counters and in digital apps worldwide.
MoneyGram runs a comparable global agent network for cash-to-cash remittances and competes with Ria in the same sending corridors and payout markets.
Through its Allpoint network, NCR Atleos is the other large independent ATM deployer and ATM-as-a-Service outsourcer, competing with Euronet's EFT Processing segment for the same banks, retailers and cardholder traffic.
InComm distributes gift cards, mobile top-up and digital content through retail racks and online channels, competing with Euronet's epay segment for the same brand partners and retail shelf space.
Blackhawk operates a rival multi-merchant prepaid and gift card distribution network, bidding for the same retailers and content brands that epay serves.
Balance Sheet & Liquidity
Revenue
$4.37B
Trailing 12 months (through 6/30/2026)
Net Income
$288M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$434M
Total Equity
$1.31B
Total Liabilities
$5.17B
Current Ratio
1.37
Interest Coverage
7.05
Debt/EBITDA
4.24
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$117.92
Current Price
$65.59
Margin of Safety
+44.4%
Fair Value Range
$76.65 - $159.19
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
10.48
ROE
23.7%
P/B Ratio
1.99
P/FCF
9.12
Gross Margin
-
ROIC
12.0%
Profitability Radar
Value Creation (Economic Moat)
ROIC
12.0%
WACC
5.7%
ROIC − WACC
+6.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- ROIC 12.0%
- P/FCF 9.12
- P/B ratio 1.99
- Debt/equity ratio
- Operating margin 11.5%
- Positive free cash flow
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 23.0%
- Revenue growth 5Y 11.3%
- Earnings quality (operating cash flow / net income) 1.39
- Share dilution -4.6%
Failed (6)
- Price CAGR -1.13%
- CapEx intensity
- Low reliance on intangibles
- Earnings surprise, average -1.8%
- Net margin trend 6.6% vs 8.0%
- Piotroski F-Score 4/9
Unavailable (3)
- Gross margin –
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Michael J. Brown M.Sc. | Chairman, CEO & President | 68 |
| Mr. Rick L. Weller CPA | Executive VP, Chief Accounting Officer & CFO | 67 |
| Mr. Kevin J. Caponecchi | Executive VP and CEO of epay, Software & Payments Infrastructure Asia Pacific Segment | 58 |
| Mr. Juan C. Bianchi | Executive VP & CEO of Money Transfer Segment | 54 |
| Mr. Nikos Fountas | Executive VP and CEO of Payments Infrastructure Americas, Middle East & Africa Division | 61 |
| Dr. Martin L. Bruckner | Executive VP & CTO | 49 |
| Ms. Stephanie Taylor | Director of Financial Planning & IR | - |
| Brian Kimzey | Acting General Counsel & Secretary | - |
| Mr. Tony Warren | Managing Director of Payments Software | - |
| Mr. Himanshu Pujara | Senior VP & MD of EFT Asia Pacific & Ren Payments | - |
Audit Risk
4
Board Risk
6
Compensation Risk
4
Shareholder Rights Risk
4
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-26
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-04
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-07-30
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much EEFT moves, measured on its daily prices.
More volatile than 55% of the tracked stocks (90-day volatility).
- Volatility 30d
- 23.2%
- Volatility 90d
- 38.3%
- Beta vs S&P 500 (1y)
- 0.71Correlation 0.25
- Max drawdown (12m)
- -25.3%
- ATR (14d, % of price)
- 2.94%
Earnings reactions
How EEFT moved around its past quarterly results.
Next earnings release
Oct 27, 2026 · In 3 days · Before the open
EPS estimate: 3.69Revenue estimate: $1.2B
What usually happens
- Over the last 12 releases the stock moved a median of 3.2% the next day, up or down.
- Next-day moves: up 6, down 6 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026 | Before the open | 3.03 | 2.82 | -6.9% | -7.9% | -8.4% | -11.2% |
| Apr 29, 2026 | Before the open | 1.48 | 1.58 | +6.7% | +0.5% | -0.5% | -7.0% |
| Feb 12, 2026 | Before the open | 2.53 | 2.39 | -5.4% | -1.2% | -3.3% | +1.2% |
| Oct 23, 2025 | Before the open | 3.68 | 3.62 | -1.7% | -1.9% | -5.9% | -12.5% |
| Jul 31, 2025 | Before the open | n/a | n/a | n/a | +2.0% | -1.8% | -6.7% |
| Apr 24, 2025 | Before the open | n/a | n/a | n/a | -3.5% | +1.5% | +1.7% |
| Feb 13, 2025 | Before the open | n/a | n/a | n/a | +10.1% | +10.1% | +12.3% |
| Oct 24, 2024 | Before the open | n/a | n/a | n/a | -0.1% | +3.2% | -0.9% |
| Jul 19, 2024 | Before the open | n/a | n/a | n/a | -8.0% | -3.2% | -6.5% |
| May 1, 2024 | Before the open | n/a | n/a | n/a | +11.0% | +1.6% | +9.5% |
| Feb 7, 2024 | Before the open | n/a | n/a | n/a | +2.5% | +0.6% | +2.0% |
| Oct 20, 2023 | Before the open | n/a | n/a | n/a | +10.9% | +8.9% | +2.9% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on EEFT and what the price did next.
- 10/21/2026PositiveEuronet And Fireblocks Bring Stablecoins Into Bank Card Issuing
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 3/15/2026NegativePayments Stock Down 30% Draws $6 Million Bet as Company Posts $4 Billion in Revenue
- +1 day
- -1.5%
- +3 days
- -4.7%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for EEFT.
- 3d agoPOSITIVEEuronet And Fireblocks Bring Stablecoins Into Bank Card Issuing
Euronet Worldwide, Inc. and Fireblocks have expanded their partnership to enable stablecoin-funded card programs for banks and fintechs. This collaboration integrates stablecoins into traditional payment card issuing systems via Euronet's Ren and CoreCard platforms, with Fireblocks providing embedded wallet technology. The move aims to allow financial institutions to offer branded payment products funded by stablecoins, leveraging existing payment infrastructure rather than building new wallet and custody solutions. While commercial rollout is dependent on partner adoption and compliance, this initiative signifies a potential pathway for stablecoins to enter mainstream retail payments through established networks, enhancing the utility of digital assets.
- 3/15/2026NEGATIVEPayments Stock Down 30% Draws $6 Million Bet as Company Posts $4 Billion in Revenue
Euronet Worldwide, a global payments platform provider, saw its stock plummet 30% following a substantial bet from investors. Despite posting $4 billion in revenue, the significant stock drop suggests underlying concerns or a bearish market sentiment towards the company's future performance or valuation. This dramatic price movement, coupled with a $6 million bet against the stock, indicates a high level of investor apprehension. The company's core business involves transaction processing and money transfer solutions across various international markets.
- 3/4/2026NEUTRALEuronet Stock Has Tanked 22% This Past Year, but One Fund Doubled Down With an $8 Million Buy Anyway
Despite a 22% stock decline over the past year, one fund has doubled down on Euronet Worldwide Inc. with an $8 million purchase. Euronet, a payments firm facilitating secure global transactions through an extensive ATM and POS network, has attracted significant interest from this institutional investor. The move suggests strong conviction in the stock's turnaround potential or undervaluation by the fund, despite its recent poor performance. For investors, this substantial buy could signal a turning point or a value opportunity.