PayPal

Management has allocated capital prudently. PayPal invests in its business (tech R&D, AI, checkout features) rather than over-using debt. It has made few large acquisitions recently, avoiding costly goodwill write-downs.

Instead it returns excess cash via buybacks: about $5.0B repurchased in 2023 and $4.2B in 2022. Overall the company redeploys cash in high-return ways (growth investments and buybacks) and maintains a flexible, debt-light balance sheet.