Adyen N.V. ADYEN.AS
Public, AMS, reports in EUR. Founded 2006.
Theme: Internet.
Commissions.
2025-08-01 — Stripe competitor. Buy for the right price
Financials millions, EUR
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.6bn EUR | 24.0 % | 88.4 % | – | 1.1bn EUR | 42.9 % | 1.1bn EUR | 33.61 | 66.9 | |
| 2024 | 2.1bn EUR | 14.7 % | 65.1 % | – | 932m EUR | 45.3 % | 958m EUR | 29.59 | 60.0 | |
| 2023 | 1.8bn EUR | 26.1 % | 86.8 % | – | 682m EUR | 38.0 % | 698m EUR | 22.41 | 64.0 | |
| 2022 | 1.4bn EUR | – | -434.1 % | – | 665m EUR | 46.7 % | 564m EUR | 18.17 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
Cash flow millions, EUR
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 1.0bn EUR | 126m EUR | 905m EUR | 35.4 % | 97.0 % | 836m EUR | 602m EUR | – | 873m EUR |
| 2024 | 1.7bn EUR | 101m EUR | 1.6bn EUR | 77.9 % | 177.9 % | 703m EUR | 1.4bn EUR | – | 1.7bn EUR |
| 2023 | 1.9bn EUR | 70m EUR | 1.8bn EUR | 100.3 % | 267.8 % | 505m EUR | 1.5bn EUR | – | 1.8bn EUR |
| 2022 | 2.0bn EUR | 99m EUR | 1.9bn EUR | 135.0 % | 358.3 % | 521m EUR | 1.9bn EUR | – | 1.9bn EUR |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 931.60 EUR | 2026-09-15 | |
|---|---|---|---|
| Market cap | 29.4bn EUR | 34.0bn USD | 2026-09-15 |
| 52w high | 1,600.80 EUR | 2026-09-15 | |
| 52w low | 772.40 EUR | 2026-09-15 | |
| Off 52w high % | -41.8 % | ||
| P/S | 11.3 | ||
| Lifetime CAGR | 4.6 % |
Notes
- 2025-08-01 opinion Stripe competitor. Buy for the right price