PayPal

The company’s financial foundation is robust. At 2023-year end, PayPal held about $15.5B in cash and investments against roughly $9.7B of long-term debt, a conservative capital structure. Operating cash flow was roughly $4.8B in 2023, translating to strong free cash (after capex) on the order of $4.2B.

These cash flows easily cover debt service and allow investment. Liquidity and leverage are well within comfort even under stress.