| Stage | XYZ | % of rev | PYPL | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $6.7B | 100.00% | $8.6B | 100.00% | PYPL ×1.28 |
| Gross profit | $3.2B | 48.15% | $8.6B | 100.00% | PYPL +51.9pp |
| Operating income | $428M | 6.38% | $1.4B | 16.33% | PYPL +10.0pp |
| Pre-tax income | $612M | 9.12% | $1.4B | 16.01% | PYPL +6.9pp |
| Net income | $564M | 8.40% | $1.1B | 12.50% | PYPL +4.1pp |
| Stage | XYZ | PYPL | Gap · A − B |
|---|---|---|---|
| Revenue | $6.7B100.00% | $8.6B100.00% | PYPL ×1.28 |
| Gross profit | 48.15%$3.2B | 100.00%$8.6B | PYPL +51.9pp |
| Operating income | 6.38%$428M | 16.33%$1.4B | PYPL +10.0pp |
| Pre-tax income | 9.12%$612M | 16.01%$1.4B | PYPL +6.9pp |
| Net income | 8.40%$564M | 12.50%$1.1B | PYPL +4.1pp |
None
No disclosed counterparties: XYZ.