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Dutch payments platform giving large global merchants one system for online, in-store and mobile payments.
Dutch payments platform giving large global merchants one system for online, in-store and mobile payments.
Charges the merchant a processing fee on each transaction, a percentage plus a fixed amount, on top of card-network pass-through charges, so revenue grows with the payment volume merchants handle rather than from subscriptions. It holds its own acquiring licences and a European banking licence, so it deals with card networks directly rather than reselling others' processing.
In one line: A European Stripe/Global Payments hybrid.
Moat: wide (switching costs, scale, technology). Single global platform, not a patchwork of local acquirers, deeply embedded in large merchants' checkout stacks.
Headquarters: Amsterdam, Netherlands · Founded: 2006 · Employees: 4,771
Size Adyen (ADYEN.AS) is a Netherlands Industrials company (Miscellaneous Commercial Services) with a market value of $32.0B, the 9th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €901.20 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against +12.2% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 16.7% over the last twelve months (peer median +4.0%); the operating margin is 41.5% (peer median 15.0%).
Valuation It trades at 23.7× forward earnings against a peer median of 22.5× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +25 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.88B | €2.67B | €2.26B | €1.86B | €8.94B |
| Revenue growth | — | +18% | +21% | -79% | — |
| Gross profit | €2.42B | €2.23B | €1.90B | €931M | €872M |
| EBITDA | €1.35B | €1.25B | €995M | €811M | €756M |
| Net income | €1.13B | €1.06B | €925M | €698M | €564M |
| Free cash flow | €503M | €907M | €1.61B | €1.80B | €1.93B |
| Capital expenditure | €148M | €126M | €101M | €69.7M | €99.1M |
| Total debt | n/a | €252M | €228M | €223M | €203M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adyen ADYEN.AS | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% |
| Nexi NEXI.MI | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% |
| Global Payments GPN | $25.8B | +41% | +7% | 21% | 6.3× | n/a |
| PayPal PYPL | $49.2B | +31% | +5% | 19% | 10.1× | n/a |
| Worldline WLN.PA | $732M | +9% | -18% | 2% | 5.4× | 17.6% |
| Shift4 Payments FOUR | $3.47B | +3% | +32% | 10% | 8.4× | n/a |
| Fiserv FISV | $33.4B | +13% | -2% | 19% | 8.2× | n/a |
| Block XYZ | $51.7B | +14% | +7% | 20% | 17.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADYEN.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +12.9% | 4th lowest of 21 |
| 6-month return | +0.4% | +12.2% | 7th lowest of 20 |
| Distance from 52-week high | -39.3% | -11.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +16.7% | +4.0% | 2nd highest of 21 |
| Operating margin | 41.5% | 15.0% | highest of 21 |
| Forward P/E | 23.7× | 22.5× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.9% | 8.2% | 2nd most demanding of 20 |
| Growth delivered (Del g) | -6.0% | +7.5% | lowest of 20 |
| Hurdle (Req g minus delivered) | +24.9 pp | -0.7 pp | most demanding of 20 |
| EV / EBITDA | 12.3× | 13.6× | 6th cheapest of 20 |
| Net debt / EBITDA | -8.9× | 1.8× | least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adyen ADYEN.AS | Netherlands | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% | -6.0% |
| Universal Music UMG.AS | Netherlands | $35.3B | -15% | +5% | 16% | 16.9× | 7.1% | +11.0% |
| Experian EXPN.L | United Kingdom | $36.1B | +16% | +7% | 25% | 20.5× | 14.6% | +8.9% |
| Sgs SGSN.SW | Switzerland | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% | +4.4% |
| Vylor VYLR | United States | $46.8B | n/a | +3% | 15% | 25.6× | 26.2% | +2.9% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| Eurofins Scientific ERF.PA | France | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% | +6.1% |
| Computershare CPU.AX | Australia | $17.2B | +44% | 0% | 30% | 19.1× | -2.6% | +9.2% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| Relx REL.L | United Kingdom | $70.4B | +23% | +2% | 32% | 21.3× | 1.8% | +6.2% |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| Cintas CTAS | United States | $88.3B | +34% | +10% | 24% | 38.9× | 18.2% | +9.6% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |