Numbers
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Fast Numbers Check
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FY2025 Revenue ($M)
Operating Margin
Free Cash Flow ($M)
Revenue has declined for four consecutive years, from $5.1B in FY2021 to $4.0B in FY2025. Operating margin compressed from 22.2% to 19.4% over the same period. Free cash flow fell to $393M, the lowest since FY2024's $369M, as capex stepped up to $151M.
Three Metrics
Revenue shrank 7% cumulatively over FY2023-FY2025. Operating margin dipped in FY2024 (partly due to elevated SG&A and a large tax benefit inflating net income) but recovered in FY2025 as cost of revenue fell. FCF remains positive but well below the $800M+ levels Western Union generated earlier in the decade.
Balance Sheet And Cash
Net Debt ($M)
Net Debt / EBITDA
Equity ($M)
Total debt is $2.8B against $1.2B cash, producing net debt of $1.6B. Leverage at 1.7x EBITDA is moderate for a financial-services business with predictable cash flows. Book equity is thin at $958M — Western Union has historically operated with negative or near-zero equity due to aggressive buybacks. Goodwill of $2.1B accounts for most of total equity plus some.
Valuation, Lightly
P/E (FY2025 NI)
Price / Revenue
Market Cap ($M)
At $8.94 per share (April 28, 2026) and 327.6M shares outstanding, market cap sits around $2.9B. Trailing P/E of roughly 5.9x on FY2025 net income of $500M looks optically cheap, but FY2024 net income of $934M was inflated by a $316M tax benefit — normalised earnings power is closer to $500-600M, putting the multiple at 5-6x. Price-to-revenue under 1x reflects the market pricing in continued topline erosion. Whether this is a value trap or a bargain depends on whether the revenue decline stabilises.