Global Payments vs Toast
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The short version
- 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%).
| Latest fiscal year | GPN · FY25 | TOST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.4B | $19.3B |
| 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 | — | 41.4x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
GPN $2.9B
TOST —
FY17
GPN $4.0B
TOST —
FY18
GPN $3.4B
TOST —
FY19
GPN $4.9B
TOST $665M
FY20
GPN $7.4B
TOST $823M
FY21
GPN $8.5B
TOST $1.7B
FY22
GPN $9.0B
TOST $2.7B
FY23
GPN $7.4B
TOST $3.9B
FY24
GPN $7.7B
TOST $5.0B
FY25
GPN $7.7B
TOST $6.2B
GPN
TOST
Operating margin
FY16
GPN 14.7%
TOST —
FY17
GPN 14.1%
TOST —
FY18
GPN 21.9%
TOST —
FY19
GPN 16.1%
TOST −32.0%
FY20
GPN 12.0%
TOST −26.7%
FY21
GPN 15.9%
TOST −13.4%
FY22
GPN 7.1%
TOST −14.1%
FY23
GPN 17.8%
TOST −7.4%
FY24
GPN 25.5%
TOST 0.3%
FY25
GPN 22.8%
TOST 4.8%
GPN
TOST
Free cash flow
FY16
GPN $501M
TOST —
FY17
GPN $330M
TOST —
FY18
GPN $893M
TOST —
FY19
GPN $1.1B
TOST −$135M
FY20
GPN $1.9B
TOST −$153M
FY21
GPN $2.3B
TOST −$10.0M
FY22
GPN $1.6B
TOST −$172M
FY23
GPN $1.9B
TOST $93.0M
FY24
GPN $2.4B
TOST $306M
FY25
GPN $2.0B
TOST $608M
GPN
TOST
Return on capital
FY16
GPN 8.2%
TOST —
FY17
GPN 8.2%
TOST —
FY18
GPN 8.3%
TOST —
FY19
GPN 3.2%
TOST —
FY20
GPN 2.2%
TOST —
FY21
GPN 3.3%
TOST —
FY22
GPN 0.9%
TOST —
FY23
GPN 2.8%
TOST —
FY24
GPN 4.5%
TOST —
FY25
GPN 3.8%
TOST —
GPN
TOST
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.