Euronet Worldwide vs Western Union
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The short version
- Euronet Worldwide is the larger business, with $4.2B of revenue in fiscal 2025 against $4.1B for Western Union.
- Euronet Worldwide grew revenue faster (6.4%, against −3.8%).
- Western Union kept more of each dollar of sales as operating profit (18.7% operating margin, against 12.5%).
- Western Union turned more of its sales into free cash flow (12.5% FCF margin, against 10.2%).
- Euronet Worldwide earned a higher return on the capital invested in it (29.9%, against 24.0%).
- Investors pay more for each dollar of Euronet Worldwide’s earnings: a P/E of 10.4x against 5.2x for Western Union.
| Latest fiscal year | EEFT · FY25 | WU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $2.0B |
| Revenue | $4.2B | $4.1B |
| Free cash flow | $434M | $505M |
| Net income | $310M | $500M |
| Growth | ||
| Revenue growth | 6.4% | −3.8% |
| 5-year growth | 11.3% | −3.5% |
| Share count change | −4.8% | −4.0% |
| Profitability | ||
| Gross margin | — | 37.0% |
| Operating margin | 12.5% | 18.7% |
| Net margin | 7.3% | 12.3% |
| FCF margin | 10.2% | 12.5% |
| Return on capital | 29.9% | 24.0% |
| Return on equity | 24.4% | 51.9% |
| Balance sheet | ||
| Net debt | $32.2M | $1.6B |
| Net debt / EBITDA | 0.1x | 1.8x |
| Dividends and buybacks | $668M | $544M |
| Valuation & quality | ||
| P/E | 10.4x | 5.2x |
| Piotroski F-score | 7 | — |
Revenue
FY16
EEFT $2.0B
WU $5.4B
FY17
EEFT $2.3B
WU $5.5B
FY18
EEFT $2.5B
WU $5.6B
FY19
EEFT $2.8B
WU $5.3B
FY20
EEFT $2.5B
WU $4.8B
FY21
EEFT $3.0B
WU $5.1B
FY22
EEFT $3.4B
WU $4.5B
FY23
EEFT $3.7B
WU $4.4B
FY24
EEFT $4.0B
WU $4.2B
FY25
EEFT $4.2B
WU $4.1B
EEFT
WU
Operating margin
FY16
EEFT 12.8%
WU 9.0%
FY17
EEFT 11.8%
WU 8.6%
FY18
EEFT 14.1%
WU 20.1%
FY19
EEFT 17.3%
WU 17.7%
FY20
EEFT 1.9%
WU 20.0%
FY21
EEFT 6.1%
WU 22.2%
FY22
EEFT 11.5%
WU 19.8%
FY23
EEFT 11.7%
WU 18.8%
FY24
EEFT 12.6%
WU 17.2%
FY25
EEFT 12.5%
WU 18.7%
EEFT
WU
Free cash flow
FY16
EEFT $304M
WU $973M
FY17
EEFT $189M
WU $673M
FY18
EEFT $285M
WU $685M
FY19
EEFT $373M
WU $867M
FY20
EEFT $156M
WU $841M
FY21
EEFT $314M
WU $1.0B
FY22
EEFT $644M
WU $550M
FY23
EEFT $549M
WU $760M
FY24
EEFT $616M
WU $369M
FY25
EEFT $434M
WU $505M
EEFT
WU
Return on capital
FY16
EEFT 24.1%
WU 11.8%
FY17
EEFT 15.3%
WU 10.5%
FY18
EEFT 25.5%
WU 50.0%
FY19
EEFT 32.8%
WU 38.5%
FY20
EEFT 2.1%
WU 47.2%
FY21
EEFT 9.0%
WU 48.6%
FY22
EEFT 17.6%
WU 40.3%
FY23
EEFT 17.6%
WU 39.0%
FY24
EEFT 24.2%
WU 35.0%
FY25
EEFT 29.9%
WU 24.0%
EEFT
WU
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.