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Adyen
(OTC:ADYEY)
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Rating:77Outperform
Price Target:
$12.00
▼(-4.53% Downside)
Action:Upgraded
Date:08/17/26
The score is driven primarily by strong financial quality (high profitability and low leverage) and supportive earnings-call guidance for continued >20% constant-currency growth with largely stable margins. This is tempered by near-term cash-flow weakness and signs of stretched technical conditions (overbought signals) alongside a relatively high P/E and no dividend yield support.
Positive Factors
Sustained Revenue Growth
Adyen is sustaining strong organic expansion while processing substantial enterprise payment volumes. Continued growth above 20% supports operating leverage, broadens the platform’s merchant reach, and provides a durable foundation for increasing adoption of value-added services.
Negative Factors
Free-Cash-Flow Volatility
The sharp recent decline in free cash flow weakens confidence in near-term cash conversion, even though historical conversion has been strong. If volatility persists, Adyen may have less internally generated cash available for infrastructure, acquisitions and other strategic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Adyen is sustaining strong organic expansion while processing substantial enterprise payment volumes. Continued growth above 20% supports operating leverage, broadens the platform’s merchant reach, and provides a durable foundation for increasing adoption of value-added services.
Read all positive factors
Adyen Key Performance Indicators (KPIs)
Any
Net Revenue
Indicates the total income generated from all services after deducting returns and allowances, highlighting the company's ability to generate sales and its overall financial health.
Indicates the total income generated from all services after deducting returns and allowances, highlighting the company's ability to generate sales and its overall financial health.
Data provided by:
The Fly
The FlyAdyen (ADYEY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$33.63B
Dividend YieldN/A
Average Volume (3M)49.51K
Price to Earnings (P/E)26.5
Beta (1Y)1.43
Revenue Growth25.20%
EPS Growth20.38%
CountryUS
Employees4,771
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.36
Shares Outstanding3,169,488,300
10 Day Avg. Volume0
30 Day Avg. Volume49,507
Financial Highlights & Ratios
PEG Ratio4.93
Price to Book (P/B)8.10
Price to Sales (P/S)16.68
P/FCF Ratio47.33
Enterprise Value/Market Cap0.48
Enterprise Value/Revenue5.88
Enterprise Value/Gross Profit8.04
Enterprise Value/Ebitda10.79
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.44
Revenue Forecast (FY)$3.25B
Adyen Business Overview & Revenue Model
Company Description
Adyen N.V. provides a global payment processing solution, operating across Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America. Its integrated platform combines essential payment functionalities such as gateway serv...
How the Company Makes Money
Adyen makes money by charging merchants for payment services delivered through its integrated platform. Its revenue is primarily generated from fees tied to processing payment transactions and providing related payment functionality. Key revenue s...
Adyen Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call emphasized strong top-line growth (net revenue +19% YoY; +21% cc), solid profitability (EBITDA +18% YoY; ~50% underlying margin), major strategic steps (Talon.One and Orb acquisitions, Adyen Agentic, Intelligent Money Movement) and continued customer momentum. Near-term headwinds include a temporary increase in CapEx (guidance ~7% of revenue for 2026), a modest (~1ppt) EBITDA margin dilution from acquisitions, regional mix variability (EMEA softness cited) and early-stage monetization of newer financial products. Overall, positives — including clear guidance, product expansion and durable customer relationships — outweigh the limited near-term costs and execution risks.Positive Updates
Strong Top-Line Growth
Net revenue of EUR 1.3 billion in H1 2026, up 19% year-over-year (21% on a constant currency basis), in line with guidance; company processed EUR 804 billion in volume in H1.
Negative Updates
Higher CapEx Guidance for 2026
Management now expects full-year CapEx of approximately 7% of net revenue (up from ~5% in H1) due to pull-forward of data center and compute/storage investments, creating near-term higher capital intensity.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Net revenue of EUR 1.3 billion in H1 2026, up 19% year-over-year (21% on a constant currency basis), in line with guidance; company processed EUR 804 billion in volume in H1.
Read all positive updates
Company Guidance
Adyen reiterated full‑year 2026 guidance of net revenue growth of 21–23% year‑over‑year on a constant‑currency basis (H1 net revenue was €1.3bn, +19% YoY / +21% CC), noting the Talon.One and Orb acquisitions add ~1 percentage point to FY growth (and ~2 points to H2) and that underlying organic growth in H2 should be similar to H1; H1 volume processed was €804bn. On profitability, management expects underlying 2026 EBITDA margin to remain in line with 2025, with the two acquisitions causing roughly a 1 percentage‑point dilution (so full‑year EBITDA margin ~1pp below 2025); H1 EBITDA was €642m (+18% YoY) with a 49% margin (50% excluding one‑time transaction costs), and Adyen remains on track for a 2028 EBITDA margin >55%. CapEx is now expected to be ~7% of net revenue for 2026 (H1 CapEx €64m, ~5% of net revenue) due to pulling forward data‑center investment, and the company added 249 net new joiners in H1 to 5,020 FTEs (targeting 550–650 net hires for the full year); financial products (including embedded finance) are contributing roughly 1 percentage point to growth this year.Adyen Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.72B | 2.57B | 2.23B | 1.63B | 1.33B | 1.00B |
| Gross Profit | 1.99B | 2.01B | 1.99B | 1.01B | 948.92M | 759.80M |
| EBITDA | 1.48B | 1.48B | 1.36B | 1.03B | 728.34M | 629.74M |
| Net Income | 1.12B | 1.02B | 925.16M | 698.32M | 564.14M | 469.72M |
Balance Sheet | ||||||
| Total Assets | 14.72B | 12.25B | 11.43B | 9.57B | 7.62B | 5.78B |
| Cash, Cash Equivalents and Short-Term Investments | 12.40B | 10.82B | 9.88B | 8.31B | 6.52B | 4.62B |
| Total Debt | 409.19M | 252.37M | 228.26M | 223.06M | 203.07M | 142.96M |
| Total Liabilities | 8.81B | 6.97B | 7.19B | 6.42B | 5.20B | 3.97B |
| Stockholders Equity | 5.91B | 5.28B | 4.23B | 3.15B | 2.41B | 1.81B |
Cash Flow | ||||||
| Free Cash Flow | 724.76M | 904.63M | 1.60B | 1.80B | 1.93B | 1.77B |
| Operating Cash Flow | 874.72M | 1.03B | 1.70B | 1.87B | 2.02B | 1.82B |
| Investing Cash Flow | -812.89M | -129.54M | -118.62M | -69.74M | -87.69M | -42.13M |
| Financing Cash Flow | -27.11M | -27.88M | 70.60M | -20.61M | -12.22M | 96.24M |
Adyen Technical Analysis
Positive
12.57
Price Trends
10.92
Negative
10.41
Positive
11.17
Negative
Market Momentum
0.02
Negative
54.45
Neutral
87.51
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ADYEY, the sentiment is Positive. The current price of 12.57 is above the 20-day moving average (MA) of 10.13, above the 50-day MA of 10.92, and above the 200-day MA of 11.17, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 54.45 is Neutral, neither overbought nor oversold. The STOCH value of 87.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ADYEY.
Adyen Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $33.63B | 26.48 | 20.11% | ― | 25.20% | 20.38% | |
76 Outperform | $4.25B | 21.83 | 37.65% | 1.31% | 57.03% | 38.31% | |
74 Outperform | $45.94B | 134.14 | 1.61% | ― | 5.07% | -87.94% | |
70 Outperform | $5.64B | 25.40 | 15.06% | ― | 7.03% | -8.05% | |
66 Neutral | $3.06B | 61.12 | 5.65% | ― | 32.44% | -78.82% | |
65 Neutral | $2.79B | 4.36 | 29.69% | 20.70% | -29.50% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
ADYEY
Adyen
10.59
-6.92
-39.53%
ACIW
ACI Worldwide
55.88
5.67
11.29%
XYZ
Block
76.46
-3.69
-4.60%
STNE
Stoneco
11.48
-4.54
-28.33%
FOUR
Shift4 Payments
38.79
-37.97
-49.47%
DLO
DLocal
15.06
-0.06
-0.43%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.