Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and by the principles of Warren Buffett and Charlie Munger We have watched the payments industry for decades — we own American Express, we've owned Visa and Mastercard, and we understand why a toll booth on the world's commerce can be a wonderful thing. Global Payments is not that toll booth. It is a serial acquirer of toll-collecting equipment, perpetually rebuilding itself through ever-larger deals, reporting "adjusted" earnings that have diverged from GAAP reality by a canyon's width, and now carrying roughly $22 billion of debt after swallowing Worldpay — an asset that has been passed between owners four times in eight years like a hot potato at a church picnic. The stock looks staggeringly cheap: about 6.4 times management's 2026 adjusted EPS guidance of $13.60–$13.80.
Recent filings analysed: 8-K (2026-08-05), 10-Q (2026-08-05), 10-Q (2026-05-08), 8-K (2026-05-07).
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