Adyen N.V. (ADYEN.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+20.5%

€1,005.79

vs €835.00 price

Levered DCF

€1,896.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.92

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	40.78×	48.4×	51.8×	70.75×	150.1×	220.74×	92.77×	106.75×
P/B	8.2×	10.58×	11.48×	16.52×	38.94×	47.3×	25.03×	24.05×
P/S	16.21×	22.22×	22.25×	30×	70.39×	84.22×	40.68×	40.15×
EV / EBITDA	21.32×	34.9×	36.73×	46.21×	104.88×	136.76×	66.48×	70.27×
Gross margin	78.3%	65.6%	61.9%	71.3%	75.9%	73.6%	77.0%	74.7%
Operating margin	41.5%	64.9%	61.2%	70.6%	75.4%	73.1%	76.5%	74.2%
Net margin	39.8%	45.9%	42.9%	42.4%	46.9%	38.1%	43.8%	37.6%
Current ratio	168.11×	1.55×	1.45×	1.42×	1.43×	1.37×	1.39×	1.34×
Debt / equity	0.05×	0.05×	0.07×	0.08×	0.08×	0.11×	0.07×	0×
Interest coverage	147.42×	48.88×	208.08×	78.53×	59.03×	53.17×	88.2×	170.86×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.1%	21.9%	22.2%	23.3%	25.9%	21.4%	27.0%	22.5%
Return on invested capital	6.9%	22.1%	21.8%	27.5%	29.7%	28.0%	32.7%	32.7%
Return on assets	8.7%	8.1%	7.3%	7.4%	8.1%	6.3%	9.0%	7.0%
Free cash flow yield	2.1%	3.6%	5.0%	4.8%	2.5%	1.7%	2.4%	2.6%
Earnings yield	2.5%	2.1%	1.9%	1.4%	0.7%	0.5%	1.1%	0.9%
Enterprise value	€32.8B	€35B	€28.2B	€33.7B	€66B	€55B	€21.1B	€12.8B
Net debt / EBITDA	-6.86×	-9.7×	-10.42×	-8.58×	-7.07×	-6.47×	-2.14×	-6.78×
Cash conversion cycle (days)	-25	65	83	90	41	63	328	-58