(NASDAQ: PYPL) has been one of the worst performers of the past couple of years. After the company experienced massive growth during the early days of the COVID-19 pandemic, its numbers started to slow down quickly, and investors realized that management's goal of reaching 750 million active users in the next few years was unrealistic.

As a result, the stock fell dramatically and remains down by more than 80% from its 2021 high. It's certainly down for a reason -- but at a valuation of about 12x free cash flow and a brand-new CEO who's already being aggressive about finding future growth opportunities, it looks like a steal for long-term investors.

In many ways, PayPal's business is performing extremely well. Total payment volume grew by 15% year over year in the fourth quarter, and the company beat expectations for both revenue and earnings. Operating margins improved significantly, as well, thanks to a renewed focus on expense controls.

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Source Fool.com