olivLaw · European equity research
Worldline WLN.PA
France · Euronext Paris · ISIN FR00140182K6 · Vertical: Listed companies from France
Worldline is a European payments provider serving merchants and financial institutions, with revenue of about 4.5 billion EUR in 2025. It is reshaping its portfolio under the North Star 2030 plan while divesting non-strategic assets, so its operating and financial trajectory is closely followed by the market.
At the close of 05 Nov 2026, Worldline (WLN.PA) stock was 11.43 EUR (+4.19% on the day), with market capitalisation 3.2 bn EUR, beta 1.11, 52-week range 9.44–21.14 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.9
- neutral
- Bollinger (20, 2)
- 9.68 – 11.99
- in the upper half of the band · %B 0.76 · band width 21.3%
- SMA 50 / 200
- 11.87 / 12.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.2% | −0.6% | +8.9 pp | — |
| 3 months | −13.9% | −4.2% | −9.7 pp | — |
| 6 months | +11.4% | +4.3% | +7.1 pp | — |
| Year to date | −29.2% | +7.5% | −36.7 pp | — |
| 1 year | −46.1% | +9.9% | −56.0 pp | −6.8% |
| 3 years | −91.5% | +49.8% | −141.4 pp | −15.9% |
| 5 years | −97.9% | +42.8% | −140.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 4.2 bn | 4.0 bn |
| Revenue YoY | unavailable | −3.2% |
| Net income | -297.0 m | -5.2 bn |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.05 | -18.41 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -7.1% | -128.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 898.2 m EUR
- Financial debt
- 2.1 bn EUR
- Net debt
- 1.2 bn EUR
- Equity
- 4.0 bn EUR
- Total assets
- 13.1 bn EUR
- Debt / equity
- 0.53x
- Current ratio
- unavailable
- ROE
- -77.8%
- ROA
- -31.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.2 bn | 4.0 bn | esef· 10 Mar 2026verified |
| Operating income | 45.1 m | -4.8 bn | esef· 10 Mar 2026verified |
| Interest expense | 607.3 m | 522.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | -362.8 m | -5.2 bn | esef· 10 Mar 2026verified |
| Income tax | 4.1 m | -60.1 m | esef· 10 Mar 2026verified |
| Net income | -297.0 m | -5.2 bn | esef· 10 Mar 2026verified |
| Diluted EPS | -1.05 | -18.41 | esef· 10 Mar 2026verified |
| Weighted average diluted shares | 282.6 m | 280.1 m | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.8 bn | 898.2 m | esef· 10 Mar 2026verified |
| Inventories | 72.2 m | 32.8 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 213.3 m | 147.8 m | esef· 10 Mar 2026verified |
| Goodwill | 9.0 bn | 3.8 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.2 bn | 1.8 bn | esef· 10 Mar 2026verified |
| Total assets | 19.4 bn | 13.1 bn | esef· 10 Mar 2026verified |
| Long-term debt | 2.5 bn | 2.1 bn | esef· 10 Mar 2026verified |
| Equity | 9.2 bn | 4.0 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 282.9 m | 280.1 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 22.9% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 bn EUR
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -53.2% | 5 (vs peers) | 45% |
| Net margin · Quality | -128.0% | 15 (vs peers) | 27% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.2x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WORLDLINE (WLN.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.0 bn EUR in 2025; YoY growth -3.2%; net margin -128.0%; ROE -89.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -53.2%
- Net margin: -128.0%
- Interest coverage: -9.2x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| WLN.PAWorldline | 3.2 bn | — | -89.7% | -128.0% | −3.2% | −28% / −92% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for WLN.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Worldline is a European payments provider serving merchants and financial institutions, with revenue of about 4.5 billion EUR in 2025 1. It is reshaping its portfolio under the North Star 2030 plan while divesting non-strategic assets, so its operating and financial trajectory is closely followed by the market.
SWOT
Strengths
- Leading position in several European markets, with a strong local presence and an extensive network of bank and software partners 1.
- Unified omnichannel architecture and the Acquiring Hub, which give merchants a single integration for several acquirers 1.
- Innovative product portfolio, such as Tap on Mobile and Android terminals, with confirmed adoption in several countries 1.
Weaknesses
- The transformation process and asset disposals introduce operational uncertainty and may strain management's execution capacity 1.
- The company is rebuilding trust following external audits of its merchant portfolio and risk management 1.
- Coexistence of several technology platforms requires convergence, which could slow integration and reduce cost efficiency.
Opportunities
- Instant payments and Wero could open new revenue streams in European e-commerce 1.
- The independent software publisher channel could widen access to SMEs, particularly in Central and Eastern Europe 1.
- The demand for sovereign European payment infrastructure could favour a provider with a proven local presence.
Threats
- Competition from global processors and fintechs could compress prices and margins in acceptance.
- Regulatory changes and compliance requirements could raise costs and constrain the business model.
- A failure to execute the transformation plan could weaken investor and institutional client confidence 1.
Risks
- Execution of the transformation planhigh
The North Star 2030 plan involves simplifying the organisation, converging platforms and disposing of assets. If execution is delayed, growth and cash generation targets could be pushed back 1.
- Asset disposalsmedium
Completing the sale of the Mobility and Transactional Web Services division and of North American activities depends on market conditions and required approvals 1.
- Compliance and portfolio riskshigh
External audits identified matters related to the merchant portfolio and risk management. Full remediation requires additional time and resources 1.
- Liquidity and financial structuremedium
The need for a capital increase to strengthen the financial structure shows the company's sensitivity to financing conditions 1.
- Competitive pressuremedium
Competition from global players and new entrants could affect pricing and market share, particularly in the SME segment.
Investment thesis
What would need to be true (bull case)
- Leading positions in several European markets and an omnichannel portfolio could support recurring revenue if the transformation plan is executed successfully 1.
- Disposing of non-strategic activities and strengthening the balance sheet could reduce complexity and improve cash generation, if these steps are completed 1.
- Demand for sovereign European payment infrastructure could benefit a provider with a local presence and strong bank partnerships 1.
What would break the thesis
- The transformation process carries execution risk, and delays could prolong a period of operational uncertainty 1.
- Competitive pressure in acquiring could compress margins if merchants migrate to cheaper processors or integrated platforms.
- The need for a capital increase and the remediation of compliance matters could limit financial flexibility in the short term 1.
What to watch
- Completion of the capital increase and of the asset disposalsQ1 2026
- Progress on platform convergence and the North Star 2030 plan2027
- Trends in Tap on Mobile volumes and Android SmartPOS adoptionnext 10-K
- Results of the Merchant Services segment and SME trendsQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Worldline presents itself as a leading European payments company serving merchants and financial institutions with a sovereign European infrastructure. Activity splits into three segments: Merchant Services, 74 % of 2025 revenue at 3.3 billion EUR 1, Financial Services, 18 % and 0.8 billion EUR 1, and Mobility & Transactional Web Services, 8 % and 0.4 billion EUR, a business subject to a planned disposal in 2026 1. The group has about 18 000 employees and operates in around 40 countries 1.
The recent strategy emphasises simplification: the disposal of the Mobility and Transactional Web Services division and of North American activities was announced as the first phase of the North Star 2030 transformation plan 1. Management indicated that a 500 million EUR capital increase planned for Q1 2026 would strengthen the financial structure 1.
The offer includes Android SmartPOS terminals, deployed in 16 markets, and Tap on Mobile, active in 23 countries with more than 760 million EUR of merchant acquisition volume in 2025 1. The company also runs the Acquiring Hub, an architecture connecting several acquirers to a single merchant integration 1.
Segments
Market context
The European payments market is fragmented, and Worldline states it holds leading positions in France, Germany, Switzerland and the Benelux, where it handles a significant share of in-store transactions 1. The Enterprises segment processes an annual volume of 600 billion EUR, of which about 200 billion EUR is acquired by Worldline 1.
Growth in digital payments, European wallets such as Wero and integrated SME solutions frame the market. The company aims to position itself as a sovereign European alternative, which could matter as preference for local infrastructure grows.
Trends
- Instant payments and Werotailwind
The launch of Wero for e-commerce in Germany and its extension to several European markets could open new revenue for acceptors and processors 1.
- Independent software channelsmixed
Software publishers are becoming important distribution channels for SMEs, which could accelerate adoption of integrated solutions but may also reduce direct control over customers 1.
- Margin pressure in acquiringheadwind
Strong competition and changing go-to-market models may compress margins on traditional acceptance services, which could weigh on mature segments.
- Regulation and European sovereigntytailwind
The demand for sovereign European payment infrastructure may favour providers with a local presence, provided they comply with the European Union regulatory framework 1.
Competitive position
Worldline competes with European and international processors and acquirers as well as newer fintech players, especially in SME acceptance and the enterprise segment. Differentiation rests on its bank partnership network, omnichannel architecture and local payment method coverage 1.
As merchants ask for unified and portable solutions, competition is shifting toward integrated platforms, and the outcome depends on the company's ability to converge its existing platforms 1.
- FiservFISV
US payments processor offering acceptance and processing solutions, in direct competition in the merchant segment.
- Global PaymentsGPN
US payments processor active in commercial and international markets, competing in acquiring.
- Adyen
European payments platform active in enterprise markets, competing with Worldline on omnichannel solutions.
- Nexi
Italian payments processor active in European markets, overlapping on acquiring and issuing.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202518 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Worldline · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.