Adyen (ADYEN.AS): analysis in plain words
Is Adyen cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Adyen (ADYEN.AS) is listed on Euronext Amsterdam and we classify it in financial services and payments. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Adyen according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Adyen (ADYEN.AS) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €854.00 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 24.0x | Price over earnings per share |
| Revenue growth | +18.9% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 43.6% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.00% | Annual dividend over price |
| Market cap | €27.0 billion | What the stock market values it at |
The Adyen figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any ADYEN.AS figure that is not available shows as N/A: we do not estimate it.
How Adyen makes money
Adyen processes card and other payments for businesses, taking a small fee on each transaction. It breaks its business into Digital (online and in-app payments), Unified Commerce (in-store payments through its terminals) and Platforms (payments embedded in platforms and marketplaces). Clients include major firms like Uber, Spotify and eBay.
Over the last 12 months, Adyen brought in revenue of €2.6 billion. For every 100 it sells, Adyen keeps 68.5 after the direct cost of what it sells (gross margin) and 43.6 after all operating costs (operating margin). With 5,020 full-time employees, that is about €515,000 of revenue per employee.
Adyen against its sector
To know whether a Adyen figure is high or low you have to put it next to similar companies. This table compares Adyen with the median of the 21 financial services and payments companies Fintols covers, with data as of November 4, 2026.
| Figure | Adyen | financial services and payments median |
|---|---|---|
| P/E | 24.0x | 27.9x (21) |
| Revenue growth | +18.9% | +12.4% (24) |
| Net margin | 43.6% | 25.8% (24) |
| Dividend yield | 0.00% | 0.81% (24) |
| Net debt / EBITDA | -9.3x | 0.6x (13) |
In short, against the typical financial services and payments company, Adyen grows faster, earns a wider margin and pays a lower dividend yield.
The bull case for Adyen
These are the strengths in the Adyen figures as of November 4, 2026:
- Its net margin over the last 12 months is 43.6% (sector median: 25.8%): Adyen turns a large share of its sales into profit.
- Adyen is selling more than a year ago: +18.9% in its latest quarter (the typical financial services and payments company grew +12.4%).
- Adyen holds more cash than debt (net cash), so it does not depend on lenders to keep investing and is better placed to ride out a bad year.
The main risk for Adyen
Adyen stock sits 42% below its 52-week high (€1,485.00): the market has cut its expectations, and it is worth understanding why first.
On top of that: adyen is burning cash: its free cash flow over the last 12 months is negative (-€536 million).
And, like the rest of financial services and payments, Adyen is exposed to a drop in the payment, investment or trading volumes it earns fees on, plus regulation.
Frequently asked questions about Adyen
Is it a good time to buy Adyen stock?
Fintols does not tell you whether to buy or sell Adyen, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Adyen stock trades at €854.00, 42% below its 52-week high (€1,485.00) and 11% above its low (€772.40). Its P/E is 24.0x against a financial services and payments median of 27.9x, and 18.8x on the earnings analysts expect over the next 12 months. With Adyen, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Adyen pay a dividend?
No. As of November 4, 2026, Adyen does not pay a dividend: what it earns stays in the company to grow, invest or, where it does so, buy back shares. Anyone buying Adyen today is counting on the share price rising, not on income.
Is Adyen stock expensive?
It depends on what you compare it with. On P/E, Adyen trades at 24.0x its last 12 months of earnings: in line with the financial services and payments median (27.9x). Including its debt, Adyen is valued at 11.0x its EBITDA (EV/EBITDA). A high P/E alone does not make Adyen expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Adyen's competitors?
On Fintols we compare Adyen with Deutsche Börse, Nu Holdings and Affirm, which are also in financial services and payments. As of November 4, 2026, Deutsche Börse is worth €56.8 billion and trades on a P/E of 26.3; Nu Holdings is worth $57.9 billion and trades on a P/E of 16.4; Affirm is worth $25.5 billion and trades on a P/E of 13.7. Each has a side-by-side comparison with Adyen below.
Adyen competitors
- Deutsche Börse (DB1.DE) analysis · Adyen vs Deutsche Börse comparison
- Nu Holdings (NU) analysis · Adyen vs Nu Holdings comparison
- Affirm (AFRM) analysis · Adyen vs Affirm comparison
To understand Adyen better
- Economic Moats Explained: From Warren Buffett to AI
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Adyen: financial services and payments stocks and Euro Stoxx 50 companies. Open the full ADYEN.AS analysis with its valuation and scenarios. Educational content about Adyen, not investment advice.