Global Payments vs Toast
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KIRA’s take AI analyst
I put Global Payments and Toast side by side, using each one’s latest annual report. Here is what stands out:
- Global Payments is the larger business, with $7.7B of revenue in fiscal 2025 against $6.2B for Toast.
- Toast grew revenue faster (24.1%, against −0.4%).
- Global Payments kept more of each dollar of sales as operating profit (22.8% operating margin, against 4.8%).
- Global Payments turned more of its sales into free cash flow (26.5% FCF margin, against 9.9%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Global Payments
GPN
5/10
Gross marginOperating marginNet marginFCF marginShare count change
Toast
TOST
5/10
Revenue growth5-year growthReturn on equityPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | GPN FY25 | TOST FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.1B | $19.0B |
| Revenue | $7.7B | $6.2B |
| Free cash flow | $2.0B | $608M |
| Net income | $1.4B | $342M |
| Growth | ||
| Revenue growth | −0.4% | 24.1% |
| 5-year growth | 0.8% | 49.5% |
| Share count change | −5.0% | 2.7% |
| Profitability | ||
| Gross margin | 72.6% | 25.9% |
| Operating margin | 22.8% | 4.8% |
| Net margin | 18.2% | 5.6% |
| FCF margin | 26.5% | 9.9% |
| Return on capital | 3.8% | — |
| Return on equity | 6.2% | 18.6% |
| Balance sheet | ||
| Net debt | $13.2B | −$2.0B |
| Net debt / EBITDA | 4.4x | −5.6x |
| Dividends and buybacks | $1.4B | $107M |
| Valuation & quality | ||
| P/E | — | 40.7x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.