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Adyen
(ADYEN)
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Rating:80Outperform
Price Target:
€1,186.00
▲(9.92% Upside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by strong financial quality (fast growth, exceptional latest-year profitability, and a low-debt balance sheet), reinforced by a confident earnings outlook and reiterated FY2026 guidance. Offsetting factors are the sharp recent free-cash-flow drop, technically overbought signals that raise near-term pullback risk, and a premium P/E valuation with no dividend yield provided.
Positive Factors
Re-accelerating Revenue Growth
Strong recent growth and reiterated FY2026 guidance indicate sustained merchant adoption and expanding payment volumes. The outlook supports durable top-line momentum rather than reliance on a single temporary contract or market event.
Negative Factors
Free Cash Flow Volatility
Absolute cash generation remains strong, but the sharp annual decline reduces confidence in near-term cash-flow consistency. Working-capital swings, reinvestment needs or infrastructure spending could constrain flexibility despite strong reported earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Re-accelerating Revenue Growth
Strong recent growth and reiterated FY2026 guidance indicate sustained merchant adoption and expanding payment volumes. The outlook supports durable top-line momentum rather than reliance on a single temporary contract or market event.
Read all positive factors
Adyen (ADYEN) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€32.53B
Dividend YieldN/A
Average Volume (3M)136.89K
Price to Earnings (P/E)28.8
Beta (1Y)1.66
Revenue Growth16.73%
EPS Growth12.21%
CountryNL
Employees5,020
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)35.70
Shares Outstanding31,683,554
10 Day Avg. Volume93,925
30 Day Avg. Volume136,892
Financial Highlights & Ratios
PEG Ratio3.00
Price to Book (P/B)8.20
Price to Sales (P/S)16.21
P/FCF Ratio47.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€1,303.07Price Target Upside20.77% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)38.86
Revenue Forecast (FY)€2.87B
Adyen Business Overview & Revenue Model
Company Description
Adyen N.V. provides a global payment processing platform, reaching clients across Europe, the Middle East, Africa, North America, Asia Pacific, and Latin America. This integrated system offers a complete payments stack, incorporating gateway servi...
How the Company Makes Money
Adyen primarily makes money by charging merchants and platforms for processing payments through its end-to-end payments infrastructure. Its main revenue stream is payment processing and acquiring fees earned when a customer transaction is authoriz...
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 conveyed strong operational momentum: double-digit constant-currency net revenue growth (21% cc), robust transaction volume (EUR 804bn), solid EBITDA growth and margin preservation, strategic product and M&A moves (Talon.One, Orb) to expand beyond payments, and a confident outlook (21%–23% full-year growth). Headline lowlights were regionally uneven growth (EMEA slowdown), modest near-term margin dilution (~1 p.p.) from acquisitions, platform take-rate effects as large customers scale into lower tiers, and elevated near-term CapEx guidance (pulling spend into 2026). Overall, the positives (growth, profitability, strategic product expansion, large volume scale and customer momentum) materially outweigh the manageable near-term headwinds.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); full-year 2026 net revenue growth guided to 21%–23% YoY on a constant currency basis.
Negative Updates
Regional Growth Variability — EMEA Deceleration
Analyst highlighted EMEA digital net revenue growth slowing (example cited from ~26% to ~15%); management attributes regional shifts to global merchant mix and investments in the U.S., but the deceleration remains a point of concern.
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); full-year 2026 net revenue growth guided to 21%–23% YoY on a constant currency basis.
Read all positive updates
Company Guidance
Adyen reiterated full‑year 2026 guidance of 21–23% net revenue growth on a constant‑currency basis (H1 net revenue EUR 1.3bn, +19% YoY / +21% cc), noting the Talon.One and Orb deals contribute ~1 percentage point to full‑year revenue (≈2ppt in H2); H1 volume processed was EUR 804bn. H1 EBITDA was EUR 642m (+18% YoY) with a 49% margin (50% ex one‑time costs), and the company expects underlying 2026 EBITDA margin roughly in line with 2025 but about 1ppt diluted by the acquisitions, while targeting an EBITDA margin above 55% by 2028. CapEx was EUR 64m in H1 (5% of net revenue) and is now expected to be ~7% of net revenue for full‑year 2026 as spend is pulled into H2 to secure compute and storage, with a return toward historical levels thereafter. Headcount reached 5,020 (249 net hires in H1) with a full‑year hiring goal of 550–650.Adyen Financial Statement Overview
Summary
Income Statement
92
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 | 2.88B | 2.67B | 2.01B | 1.63B | 1.33B | 1.00B |
| Gross Profit | 2.27B | 2.09B | 1.32B | 1.01B | 948.92M | 759.80M |
| EBITDA | 1.64B | 1.54B | 954.72M | 727.79M | 693.08M | 610.05M |
| Net Income | 1.13B | 1.06B | 925.16M | 698.32M | 564.14M | 469.72M |
Balance Sheet | ||||||
| Total Assets | 14.72B | 12.26B | 11.43B | 9.57B | 7.62B | 5.78B |
| Cash, Cash Equivalents and Short-Term Investments | 12.40B | 10.83B | 9.99B | 8.22B | 6.45B | 4.60B |
| Total Debt | 409.36M | 252.37M | 228.26M | 223.06M | 203.07M | 142.96M |
| Total Liabilities | 8.82B | 6.97B | 7.19B | 6.42B | 5.20B | 3.97B |
| Stockholders Equity | 5.91B | 5.29B | 4.23B | 3.15B | 2.42B | 1.81B |
Cash Flow | ||||||
| Free Cash Flow | 503.24M | 904.63M | 1.60B | 1.80B | 1.93B | 1.77B |
| Operating Cash Flow | 649.54M | 1.03B | 1.70B | 1.87B | 2.02B | 1.82B |
| Investing Cash Flow | -796.35M | -129.54M | -118.62M | -69.74M | -87.69M | -42.13M |
| Financing Cash Flow | -26.20M | -27.88M | 70.60M | -20.61M | -12.22M | 96.24M |
Adyen Technical Analysis
Neutral
1079.00
Price Trends
930.06
Positive
920.04
Positive
1036.74
Negative
Market Momentum
32.14
Positive
54.17
Neutral
49.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:ADYEN, the sentiment is Neutral. The current price of 1079 is above the 20-day moving average (MA) of 1036.69, above the 50-day MA of 930.06, and above the 200-day MA of 1036.74, indicating a neutral trend. The MACD of 32.14 indicates Positive momentum. The RSI at 54.17 is Neutral, neither overbought nor oversold. The STOCH value of 49.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NL:ADYEN.
Adyen Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | €32.53B | 28.76 | 20.11% | ― | 16.73% | 12.21% | |
62 Neutral | €11.87M | -93.33 | -1.96% | 6091.38% | 42.50% | 71.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
43 Neutral | €227.90M | -32.67 | -26.35% | ― | -5.42% | 83.35% |
* Technology Sector Average
NL:ADYEN
Adyen
1,026.60
-364.00
-26.18%
NL:CMCOM
CM.com N.V.
6.86
2.20
47.21%
NL:EAS2P
Ease2pay N.V.
0.50
0.06
13.26%
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.