Euronet Worldwide, Inc. key statistics and ratios
In fiscal 2025, Euronet Worldwide, Inc. had return on equity of 24.4%, an operating margin of 12.5%, debt equal to 154.6% of equity and a current ratio of 1.11. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 34.3% | 34.9% | 36.2% | 35.9% | 36.8% | 37.9% | 39.0% | 40.0% | 39.8% | 41.3% | 43.4% | 36.5% | — | — | — | — | — | — |
| Operating margin | 7.0% | 0.5% | 6.8% | 4.6% | 8.4% | 9.5% | 11.6% | 12.8% | 11.8% | 14.1% | 17.3% | 1.9% | 6.1% | 11.5% | 11.7% | 12.6% | 12.5% | 11.5% |
| Net margin | 2.9% | −3.7% | 3.2% | 1.6% | 6.2% | 6.1% | 5.6% | 8.9% | 7.0% | 9.2% | 12.6% | −0.1% | 2.4% | 6.9% | 7.6% | 7.7% | 7.3% | 6.6% |
| Free-cash-flow margin | 6.1% | 7.6% | 4.5% | 10.9% | 9.1% | 10.3% | 7.9% | 15.5% | 8.4% | 11.2% | 13.6% | 6.3% | 10.5% | 19.2% | 14.9% | 15.4% | 10.2% | 6.1% |
| Return on equity | 5.4% | −7.2% | 7.2% | 3.9% | 15.2% | 14.9% | 12.7% | 20.2% | 15.0% | 19.2% | 24.7% | −0.2% | 5.2% | 18.5% | 22.4% | 24.7% | 24.4% | 22.7% |
| Return on assets | 2.1% | −2.7% | 2.5% | 1.3% | 5.6% | 5.6% | 4.7% | 7.1% | 5.4% | 7.2% | 8.7% | −0.1% | 1.5% | 4.6% | 5.0% | 5.2% | 5.0% | 4.4% |
| Asset turnover | 0.73 | 0.74 | 0.80 | 0.83 | 0.90 | 0.92 | 0.84 | 0.80 | 0.77 | 0.79 | 0.69 | 0.52 | 0.62 | 0.66 | 0.65 | 0.68 | 0.69 | 0.67 |
| Current ratio | 1.34 | 1.27 | 0.97 | 1.17 | 1.15 | 1.30 | 1.25 | 1.34 | 1.34 | 1.51 | 1.79 | 1.81 | 1.79 | 1.58 | 1.54 | 1.25 | 1.11 | 1.37 |
| Debt to equity | 57.9% | 57.2% | 65.1% | 57.7% | 32.2% | 58.3% | 51.9% | 68.7% | 39.5% | 54.1% | 70.7% | 100.7% | 114.3% | 141.3% | 202.3% | 158.5% | 154.6% | 215.7% |
| Interest cover (operating income ÷ interest) | 2.8x | 0.3x | 3.7x | 3.0x | 11.7x | 12.9x | 8.3x | 8.8x | 8.2x | 9.5x | 13.1x | 1.3x | 4.8x | 10.3x | 7.8x | 6.3x | 6.3x | 7.1x |
| Effective tax rate | 45.2% | — | 39.3% | 56.9% | 24.1% | 28.3% | 30.2% | 25.2% | 38.8% | 21.3% | 20.1% | — | 48.0% | 28.5% | 30.2% | 31.8% | 30.2% | 36.8% |
| R&D as % of revenue | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | — | — | — | — | — | — | — | — | — | — | — | — |
| SG&A as % of revenue | 8.4% | 8.9% | 9.7% | 9.5% | 9.2% | 9.5% | 8.8% | 8.4% | 8.4% | 8.5% | 7.7% | 8.9% | 8.4% | 8.5% | 8.0% | 7.9% | 8.8% | 9.0% |
| Capital spending as % of revenue | 3.2% | 2.8% | 4.0% | 3.6% | 2.9% | 3.8% | 4.2% | 4.5% | 4.3% | 4.4% | 4.8% | 3.9% | 3.1% | 3.1% | 2.6% | 2.9% | 3.0% | 3.0% |
| Free cash flow ÷ net income | 207.7% | — | 140.4% | 674.4% | 146.0% | 169.1% | 142.1% | 174.4% | 120.5% | 122.3% | 107.6% | — | 444.3% | 278.8% | 196.2% | 201.2% | 140.3% | 93.2% |
| Dividends and buybacks ÷ free cash flow | 0.0% | 0.0% | 30.8% | 30.9% | 1.5% | 38.6% | 4.3% | 25.4% | 1.6% | 62.5% | 20.0% | 154.9% | 73.2% | 27.3% | 69.0% | 43.6% | 153.7% | 188.6% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 16.6% | 11.7% | 8.2% | 14.8% | 17.0% | 9.1% | 7.1% | 12.4% |
| Net margin | 13.8% | 4.3% | 4.2% | 9.1% | 10.6% | 4.6% | 3.7% | 7.0% |
| Free-cash-flow margin | 37.7% | 4.4% | −2.4% | 13.8% | 14.1% | 13.2% | −14.9% | 10.1% |
| Current ratio | 1.26 | 1.25 | 1.60 | 1.15 | 1.15 | 1.11 | 1.28 | 1.37 |
| Debt to equity | 167.1% | 158.5% | 169.0% | 180.2% | 182.3% | 154.6% | 210.9% | 215.7% |
| SG&A as % of revenue | 7.3% | 8.0% | 9.1% | 8.2% | 7.4% | 10.5% | 9.2% | 8.9% |
Moat
Moderate moat
How hard Euronet Worldwide's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 5 / 20
Net income has been a median 4.6% of total assets over 10 years.
- Pricing power 14 / 20
Gross margin has been a median 38.9%, moving by 2.1 percentage points (standard deviation) across 10 years.
- Durability 10 / 20
Operating margin has been a median 12.0%; its worst year was 5.7%.
- Cash conversion 16 / 20
Free cash flow was positive in 10 of 10 years, at a median 11.4% of revenue.
- Discipline 20 / 20
The diluted share count fell 11.1% over five years; stock-based pay has been a median 1.1% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (64 before it).
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