Want to see NL:ADYEN full AI Analyst Report?
Top Page
Adyen
(ADYEN)
Select Model
Select Model
Rating:75Outperform
Price Target:
€920.00
▼(-14.74% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by strong financial quality (re-accelerating growth, high profitability, and low leverage) and supportive earnings-call guidance for continued 2026 growth with margin resilience. This is meaningfully offset by weak technicals (below key moving averages with bearish momentum) and a key fundamental risk signal from the provided data: elevated cash-flow volatility, including a steep 2025 free cash flow decline.
Positive Factors
Re-accelerating Revenue Growth
Adyen’s double-digit growth outlook indicates sustained demand for its global payments infrastructure and continued wallet expansion among enterprise merchants. A growing transaction base can improve operating leverage, support product investment, and strengthen the platform’s competitive position over the next several quarters.
Negative Factors
Free Cash Flow Volatility
Although absolute cash generation remains strong, the sharp annual decline in free cash flow shows that earnings conversion can vary materially between periods. Such volatility may constrain the predictability of internally funded investment and reduce flexibility during heavier infrastructure spending cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Re-accelerating Revenue Growth
Adyen’s double-digit growth outlook indicates sustained demand for its global payments infrastructure and continued wallet expansion among enterprise merchants. A growing transaction base can improve operating leverage, support product investment, and strengthen the platform’s competitive position over the next several quarters.
Read all positive factors
Adyen (ADYEN) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€25.93B
Dividend YieldN/A
Average Volume (3M)122.43K
Price to Earnings (P/E)22.9
Beta (1Y)1.77
Revenue Growth16.73%
EPS Growth12.21%
CountryNL
Employees5,020
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)35.70
Shares Outstanding31,694,883
10 Day Avg. Volume99,553
30 Day Avg. Volume122,426
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
€1,287.93Price Target Upside19.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)38.82
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 for payment services delivered through its unified platform. Its revenue model is largely transaction-driven: when a merchant processes a payment through Adyen, Adyen earns fees associated with (1)...
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 | 1.00B | 767.29M | 728.34M | 629.74M |
| 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
Negative
1079.00
Price Trends
943.47
Negative
912.07
Negative
948.86
Negative
Market Momentum
-2.11
Positive
33.47
Neutral
25.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:ADYEN, the sentiment is Negative. The current price of 1079 is above the 20-day moving average (MA) of 905.45, above the 50-day MA of 943.47, and above the 200-day MA of 948.86, indicating a bearish trend. The MACD of -2.11 indicates Positive momentum. The RSI at 33.47 is Neutral, neither overbought nor oversold. The STOCH value of 25.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | €25.93B | 22.91 | 20.11% | ― | 16.73% | 12.21% | |
68 Neutral | €13.18M | -103.70 | -1.96% | 6091.38% | 42.50% | 71.88% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | €211.62M | -30.33 | -26.35% | ― | -5.42% | 83.35% |
* Technology Sector Average
NL:ADYEN
Adyen
815.90
-700.50
-46.19%
NL:CMCOM
CM.com N.V.
6.20
2.01
47.79%
NL:EAS2P
Ease2pay N.V.
0.57
0.07
13.60%
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.