(ADYEN) Adyen - Overview
Sector: Technology | Industry: Software - Infrastructure | Exchange: AS (Netherlands) | Market Cap: 29.622m EUR | Total Return: -52.1% in 12m
Avg Turnover: 120M
Warnings
Beneish M-Score -0.99 > -1.5 - likely earnings manipulation
Tailwinds
No distinct edge detected
Adyen N.V. is a global payment technology provider headquartered in Amsterdam. The company operates a proprietary single-stack platform that consolidates the entire payment chain, including gateway services, risk management, processing, and merchant acquiring. By integrating these functions into one infrastructure, Adyen eliminates the need for multiple third-party intermediaries, which typically reduces technical friction for large-scale enterprise merchants.
The business model focuses on unified commerce, enabling merchants to process transactions across online, mobile, and in-store channels through a single interface. Adyen has expanded beyond core processing into financial services, offering embedded capital, business accounts, and card issuing. The payment processing sector is characterized by high barriers to entry due to complex regional regulatory requirements and the need for significant technical scale. You can further examine Adyen’s competitive positioning and valuation metrics on ValueRay.
- Transaction volume growth in North America determines long-term revenue scaling potential
- Competitive pricing pressure from local incumbents impacts overall take rate margins
- Operating leverage efficiency depends on headcount management and engineering recruitment costs
- Expansion into financial services products diversification drives higher average revenue per user
- Global consumer discretionary spending trends dictate total processed volume across retail sectors
| Net Income: 1.99b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA -2.18 > 1.0 |
| NWC/Revenue: 56.08% < 20% (prev 139.8%; Δ -83.69% < -1%) |
| CFO/TA 0.22 > 3% & CFO 2.74b > Net Income 1.99b |
| Net Debt (-5.29b) to EBITDA (2.32b): -2.28 < 3 |
| Current Ratio: 1.28 > 1.5 & < 3 |
| Outstanding Shares: last quarter (31.6m) vs 12m ago 1.46% < -2% |
| Gross Margin: 69.78% > 18% (prev 65.57%; Δ 4.21% > 0.5%) |
| Asset Turnover: 41.59% > 50% (prev 21.06%; Δ 20.53% > 0%) |
| Interest Coverage Ratio: 286.1 > 6 (EBIT TTM 2.15b / Interest Expense TTM 7.53m) |
| A: 0.21 (Total Current Assets 11.6b - Total Current Liabilities 9.07b) / Total Assets 12.3b |
| B: 0.37 (Retained Earnings 4.58b / Total Assets 12.3b) |
| C: 0.20 (EBIT TTM 2.15b / Avg Total Assets 10.9b) |
| D: 0.76 (Book Value of Equity 5.29b / Total Liabilities 6.97b) |
| Altman-Z'' = 4.70 = AA |
| DSRI: 2.57 (Receivables 778.7m/134.3m, Revenue 4.54b/2.01b) |
| GMI: 0.94 (GM 65.57% / 69.78%) |
| AQI: 0.84 (AQ_t 0.01 / AQ_t-1 0.02) |
| SGI: 2.25 (Revenue 4.54b / 2.01b) |
| TATA: -0.06 (NI 1.99b - CFO 2.74b) / TA 12.3b) |
| Beneish M = -0.99 (Cap -4..+1) = D |
As of June 07, 2026, the stock is trading at EUR 817.40 with a total of 526,379 shares traded.
Over the past week, the price has changed by -12.98%,
over one month by -15.93%,
over three months by -12.25% and
over the past year by -52.06%.
Adyen has no consensus analysts rating.
P/E Trailing = 27.9304
P/E Forward = 25.1889
P/S = 12.4654
P/B = 5.6045
P/EG = 1.3586
Revenue TTM = 4.54b EUR
EBIT TTM = 2.15b EUR
EBITDA TTM = 2.32b EUR
Long Term Debt = 183.3m EUR (estimated: total debt 252.4m - short term 69.1m)
Short Term Debt = 69.1m EUR (from shortTermDebt, last quarter)
Debt = 252.4m EUR (from shortLongTermDebtTotal, last quarter) (leases 252.4m already included)
Net Debt = -5.29b EUR (calculated: Debt 252.4m - CCE 5.54b)
Enterprise Value = 24.3b EUR (29.6b + Debt 252.4m - CCE 5.54b)
Interest Coverage Ratio = 286.1 (Ebit TTM 2.15b / Interest Expense TTM 7.53m)
EV/FCF = 13.62x (Enterprise Value 24.3b / FCF TTM 1.79b)
FCF Yield = 7.34% (FCF TTM 1.79b / Enterprise Value 24.3b)
FCF Margin = 39.38% (FCF TTM 1.79b / Revenue TTM 4.54b)
Net Margin = 43.80% (Net Income TTM 1.99b / Revenue TTM 4.54b)
Gross Margin = 69.78% ((Revenue TTM 4.54b - Cost of Revenue TTM 1.37b) / Revenue TTM)
Gross Margin QoQ = 78.80% (prev 65.84%)
Tobins Q-Ratio = 1.99 (Enterprise Value 24.3b / Total Assets 12.3b)
Interest Expense / Debt = 2.98% (Interest Expense 7.53m / Debt 252.4m)
Taxrate = 24.15% (633.0m / 2.62b)
NOPAT = 1.63b (EBIT 2.15b * (1 - 24.15%))
Current Ratio = 1.24 (Total Current Assets 11.6b / Total Current Liabilities 9.36b)
Debt / Equity = 0.05 (Debt 252.4m / totalStockholderEquity, last quarter 5.29b)
Debt / EBITDA = -2.28 (Net Debt -5.29b / EBITDA 2.32b)
Debt / FCF = -2.96 (Net Debt -5.29b / FCF TTM 1.79b)
Total Stockholder Equity = 4.44b (last 4 quarters mean from totalStockholderEquity)
RoA = 18.21% (Net Income 1.99b / Total Assets 12.3b)
RoE = 44.75% (Net Income TTM 1.99b / Total Stockholder Equity 4.44b)
RoCE = 46.57% (EBIT 2.15b / Capital Employed (Equity 4.44b + L.T.Debt 183.3m))
RoIC = 13.58% (NOPAT 1.63b / Invested Capital 12.0b)
WACC = 9.84% (E(29.6b)/V(29.9b) * Re(9.90%) + D(252.4m)/V(29.9b) * Rd(2.98%) * (1-Tc(0.24)))
Discount Rate = 9.90% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 76.41 | Cagr: 1.34%
[DCF] Terminal Value 71.99% ; FCFF base≈1.71b ; Y1≈1.88b ; Y5≈2.39b
[DCF] Fair Price = 1.09k (EV 29.0b - Net Debt -5.29b = Equity 34.3b / Shares 31.5m; r=9.84% [WACC]; 5y FCF grow 11.45% → 2.50% )
EPS Correlation: 99.34 | EPS CAGR: 31.05% | SUE: -0.15 | # QB: 0
Revenue Correlation: -40.34 | Revenue CAGR: -17.65% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=17.66 | Chg30d=N/A | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=38.66 | Chg30d=-0.38% | Revisions=+0% | GrowthEPS=+15.0% | GrowthRev=+19.6%
EPS next Year (2027-12-31): EPS=47.29 | Chg30d=-0.22% | Revisions=+14% | GrowthEPS=+22.3% | GrowthRev=+20.9%
[Analyst] Revisions Ratio: +14%