EEFT

Euronet is a profitable, three-segment payments network (EFT/ATM, epay prepaid, Ria/Xe/Dandelion money transfer) trading like it's broken when it isn't. Revenue has compounded reliably from $3.00B (2021) to $4.24B (2025), operating income grew +5.3% to $530M, and ROE is a healthy 23.7%. At $72.35 the stock fetches just 10.6x FY2025 diluted EPS of $6.84 and 0.7x sales — a depressed multiple for a business throwing off $560M of operating cash against only $126M of capex (roughly a mid-teens free-cash-flow yield on the $2.85B market cap). The standout capital-allocation lever is the buyback: shares outstanding fell 10.1% in 2025, which is why EPS rose +6.0% even though net income inched up only +1.1%. With the stock this cheap, every dollar of repurchase is highly accretive, and retained earnings climbing +16.0% to $2.24B shows the equity base is still building under the float-heavy balance sheet.

The debt and FX disclosures are the reason to size the position with eyes open rather than a reason to pass. Total debt is $2,047.3M, but the structure is benign: 50% is convertible notes at 0.625%–0.75% coupons and another 34% is Senior Notes at 1.375% — almost free, long-dated, fixed-rate money. The real watch-item is near-term: the current portion of debt jumped +21% to $983M, including a $250M uncommitted vault-cash facility expiring no later than June 19, 2026, and cash fell -18.7% to $1.04B. Refinancing this in a higher-rate world is the swing factor on net income, and it likely already shows up in the gap between +5.3% operating-income growth and +1.1% net-income growth.