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Adyen NV (NL:ADYEN)
:ADYEN
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Adyen
(OTC:ADYEN)
Rating:70Outperform
Price Target:
€1,644.00
▲(14.17% Upside)
Positive Factors
Customer Wins
Customer wins, referred to as a 'strong 2025 cohort', support a constructive view moving forward.
Long-term Outlook
Confidence remains in Adyen's overall equity story, suggesting a strong long-term outlook.
Negative Factors
Guidance Revision
Company lowers guide – now expects FY25 net revenue growth in line with 1H25 (21%), which is ~2pps lower than current street expectations.
Revenue Growth
Net revenue growth slowed to 20% ex-FX, below street at 21%, as US tariff impacts weigh on growth.
Adyen (ADYEN) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
$45.10B
Dividend YieldN/A
Average Volume (3M)83.35K
Price to Earnings (P/E)45.3
Beta (1Y)1.97
Revenue Growth18.73%
EPS Growth19.55%
CountryNL
Employees4,345
SectorTechnology
Sector Strength83
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)15.22
Shares Outstanding31,508,146
10 Day Avg. Volume125,781
30 Day Avg. Volume83,351
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue16.60
Enterprise Value/Gross Profit23.63
Enterprise Value/Ebitda37.67
Forecast
1Y Price Target
$1,922.66Price Target Upside33.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
Adyen Business Overview & Revenue Model
Company DescriptionAdyen N.V. operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, Latin America. The company's platform integrates payments stack that include gateway, risk management, processing, issuing, acquiring, and settlement services. It offers a back-end infrastructure for authorizing payments across merchants' sales channels, as well as online, mobile, in-store, and APIs; and data insights. The company's platform services a range of merchants across various verticals, connecting them directly to Visa, Mastercard, and other payment methods. Adyen N.V. was incorporated in 2006 and is headquartered in Amsterdam, the Netherlands.
How the Company Makes MoneyAdyen generates revenue primarily through transaction fees charged to merchants for processing payments. The company earns a percentage of each transaction, along with a fixed fee, depending on the payment method used. Key revenue streams include processing fees for card payments, local payment methods, and international transactions. Additionally, Adyen provides value-added services such as fraud prevention tools and customer insights, which can also contribute to revenue. Significant partnerships with major companies like eBay, Uber, and Spotify enhance its market presence and drive transaction volumes, further bolstering its earnings.
Adyen Earnings Call Summary
Earnings Call Date:Aug 14, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 11, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong financial performance with robust revenue and EBITDA growth, driven by expanded customer engagement and successful product innovations. However, external macroeconomic challenges such as currency fluctuations and tariffs, along with softer growth in certain segments, present notable hurdles. Despite these challenges, the company's strategic initiatives and resilient performance suggest confidence in near-term growth prospects.Q2-2025 Updates
Positive Updates
Resilient Revenue Growth
Net revenues grew to approximately EUR 1.1 billion, marking a 21% increase on a constant currency basis, with growth primarily driven by expanding share of wallet with existing customers and new customer acquisitions.
Strong EBITDA Growth
EBITDA grew by 28% in the first half, resulting in EBITDA margins reaching 50%, indicating the operating leverage of Adyen's business model.
Platform Segment Performance
Platforms recorded a growth of 55%, becoming the fastest-growing segment, driven by vertical SaaS platforms and financial product development.
Innovative Product Adoption
Successful launch and high uptake of products like Intelligent Payment Routing and Adyen Uplift, with 2/3 of new customers implementing the Protect module.
Negative Updates
Impact of Currency Fluctuations and Tariffs
Adverse effects from currency fluctuations, particularly a strong euro against a weak dollar, and tariffs impacting merchants in APAC trading into the U.S., leading to a 2% lower growth impact for Q2.
Weaker Growth in Digital Segment
The Digital segment only grew by 10% in net revenues, attributed to slower growth from APAC-headquartered online retailers.
Lower Than Expected Market Volume Growth
Market volume growth from Adyen's own customer base was lower than expected, affecting overall growth performance for the first half of 2025.
Company Guidance
During Adyen's H1 2025 earnings call, the company provided guidance on several key financial metrics and strategic initiatives. For the first half of the year, Adyen reported net revenues of approximately EUR 1.1 billion, reflecting a 21% growth on a constant currency basis. The company highlighted a resilient performance with an EBITDA growth of 28%, bringing EBITDA margins up to 50%. Regional growth was led by EMEA at 21%, closely followed by North America at 20%. Adyen also noted a 31% increase in net revenues from Unified Commerce and a substantial 55% growth in Platforms. The company acknowledged challenges from macroeconomic factors, such as currency fluctuations and tariff impacts, particularly affecting merchants in APAC trading into the U.S., which contributed to a 2% impact on growth in Q2. Despite these challenges, Adyen emphasized its continued focus on increasing share of wallet with existing customers, adding new customer logos, and expanding its product offerings like Intelligent Payment Routing and Adyen Uplift. Looking ahead, Adyen expects the second half of 2025 to deliver similar growth rates, with ongoing investments in team expansion and product innovation aimed at sustaining long-term growth.Adyen Financial Statement Overview
Summary
Adyen demonstrates strong financial health with robust revenue growth and profitability. The balance sheet is stable with low leverage, and cash flows are strong, though recent trends suggest careful monitoring of operational and investment costs.Income Statement
Adyen has shown strong revenue growth with a consistent upward trend over the years. The gross profit margin is impressive, indicating efficient cost management. Net profit and EBITDA margins are robust, reflecting high profitability. Recent decline in EBIT margin suggests some operational challenges, but overall financial performance remains strong.85
Very Positive
Balance Sheet
The company's balance sheet is solid, with a strong equity ratio indicating financial stability. The low debt-to-equity ratio suggests prudent financial management and low financial risk. Return on equity is healthy, demonstrating good returns to shareholders. However, maintaining high cash reserves may suggest conservative capital deployment.80
Positive
Cash Flow
Adyen's cash flow statements indicate strong free cash flow generation, supporting its financial flexibility. However, the free cash flow has seen a slight decline recently, signaling potential investment or operational cost increases. The operating cash flow to net income ratio is strong, ensuring liquidity to support operations.78
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.23B | 1.86B | 8.94B | 6.00B | 3.64B |
| Gross Profit | 1.99B | 1.63B | 1.33B | 1.00B | 684.20M |
| EBITDA | 1.36B | 1.03B | 795.51M | 628.65M | 361.15M |
| Net Income | 925.16M | 698.32M | 564.14M | 469.72M | 261.02M |
Balance Sheet | |||||
| Total Assets | 11.43B | 9.57B | 7.62B | 5.78B | 4.16B |
| Cash, Cash Equivalents and Short-Term Investments | 9.99B | 8.22B | 6.45B | 4.60B | 2.75B |
| Total Debt | 228.26M | 223.06M | 203.07M | 142.96M | 131.49M |
| Total Liabilities | 7.19B | 6.42B | 5.20B | 3.97B | 2.94B |
| Stockholders Equity | 4.23B | 3.15B | 2.42B | 1.81B | 1.22B |
Cash Flow | |||||
| Free Cash Flow | 1.60B | 1.80B | 1.93B | 1.77B | 999.55M |
| Operating Cash Flow | 1.70B | 1.87B | 2.02B | 1.82B | 1.02B |
| Investing Cash Flow | -118.62M | -69.74M | -87.69M | -42.13M | -22.16M |
| Financing Cash Flow | 70.60M | -20.61M | -12.22M | 96.24M | 3.39M |
Adyen Technical Analysis
Negative
1440.00
Price Trends
1510.57
Negative
1534.81
Negative
1522.86
Negative
Market Momentum
-21.93
Negative
43.21
Neutral
80.42
Negative
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 1440 is below the 20-day moving average (MA) of 1459.25, below the 50-day MA of 1510.57, and below the 200-day MA of 1522.86, indicating a bearish trend. The MACD of -21.93 indicates Negative momentum. The RSI at 43.21 is Neutral, neither overbought nor oversold. The STOCH value of 80.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:ADYEN.
Adyen Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Performance Comparison
NL:ADYEN
Adyen
1,440.00
100.60
7.51%
DE:2DS
CM.com N.V.
4.58
-1.92
-29.54%
DE:DOC2
Ease2pay N.V.
0.43
-0.08
-15.69%
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.