Added to YB: 2026-08-27
Pitch date: 2026-08-20
ADYEN.AS [neutral]
Adyen N.V.
-11.33%
current return
Author Info
Bob’s Payment Stock Substack is a former analyst and portfolio manager. Fundamental buy-and-hold investor. Talking stocks and markets. Focus on Payments, Financial Technology, and Payroll and HCM. Sign up for the newsletter.
Company Info
Adyen N.V. operates a payments platform in Europe, the Middle East, Africa, North America, the Asia Pacific, and Latin America.
Market Cap
EUR 28.0B
Pitch Price
EUR 1.1K
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.82
P/E
24.91
EV/Sales
6.18
Sector
Financial Services
Category
growth
Payments and FinTech Earnings Recap: Q2 2026 - Adyen N.V.
ADYEN.AS (earnings): H1 in line: FXN net rev +21% (midpoint of 20-22% guide); Q2 accelerated to +22% (+2pts vs Q1). Guidance: FXN rev growth raised 1pt to 21-23% on Talon.One/Orb deals, but EBITDA margin cut 1pt. Q2 processed volume +26% — strong share gains at scale; NA FXN rev +30% H1 (vs 26% H2'25). Signed OpenAI — proof point vs Stripe in AI-native. Negative: EBITDA margin down YoY as other opex +31.5% (+28% ex one-time acq costs; IT, bad debt) offset people-cost leverage. Thesis: shift from processing to enterprise commerce partner (TOST expansion). Valuation: ~20x EV/2026 EBITDA, discount to Shopify (75-80x), Toast (33x).
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