Western Union CO
$6.74
+0.09 (+1.35%) · delayed · Nov 13, 2026
Five-year price
52w $5.87 to $10.35
- Market cap
- $2.1B
- Enterprise value
- $3.8B
- P/E
- 4.4×
- 3.4× on 3y avg EPS
- EV / EBIT
- 5.0×
- FCF yield
- 24.0%
- ROIC
- 23.2%
- Debt / equity
- 3.01
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 40.6%
- ●ROE > 15% (5y avg)5y avg ROE 139.3%
- ●Stable operating marginsMargin volatility 1.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 89% (5y avg)
- ○Growing revenueRevenue CAGR 5y -3.5%
- ●Shrinking share countDiluted shares -21.1% over 5y
Value
100
- ●P/E below 15P/E 4.4
- ●EV/EBIT below 12EV/EBIT 5.0
- ●FCF yield above 6%FCF yield 24.0%
- ●Price below Graham NumberGraham Number $10.25
- ●P/B below 3P/B 2.2
Safety
25
- ○Debt / equity below 0.5D/E 3.01
- ●Debt payable in < 4 yrs of earningsNet debt $1.7B
- ○Interest coverage > 8xCoverage 5.1x
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
83
- ●Adequate size (revenue > $2B)Revenue $3.9B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 399%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 3.4
- ●P/E × P/B ≤ 22.5Product 7.5
Valuation lab
What do you have to believe?
At $6.74, the market is pricing in about −7.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $1.7B · 312M shares · 5y revenue CAGR −3.5%
Intrinsic value
$11.67
Price
$6.74
Margin of safety
42%
What the price implies
The market is paying for −7.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
47% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,423 | 5,524 | 5,383 | 5,033 | 4,625 | 4,866 | 4,254 | 4,158 | 4,027 | 3,880 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 487 | 476 | 1,122 | 934 | 967 | 1,123 | 885 | 818 | 726 | 757 |
| Operating margin | 9.0% | 8.6% | 20.8% | 18.6% | 20.9% | 23.1% | 20.8% | 19.7% | 18.0% | 19.5% |
| Pre-tax income | 342 | 348 | 991 | 1,321 | 855 | 935 | 1,009 | 746 | 619 | 626 |
| Income tax | 89 | 905 | 140 | 263 | 111 | 130 | 98 | 120 | (316) | 126 |
| Net income | 253 | (557) | 852 | 1,058 | 744 | 806 | 911 | 626 | 934 | 500 |
| EPS (diluted) | 0.51 | -1.19 | 1.87 | 2.46 | 1.79 | 1.97 | 2.34 | 1.68 | 2.74 | 1.52 |
| Diluted shares | 494 | 468 | 454 | 431 | 415 | 409 | 388 | 372 | 341 | 328 |
Who owns it