Adyen N.V.

1N8.DE · Technology · Software - Infrastructure · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

19.62B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

15.90B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

6.76B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

14.09B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

31.03B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.45×

the ratio the screener ranks by

Margin of Safety

-120.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 19.62B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)4.73B USD
+②Net Cash Today13.33B USD
+③Growth Value1.56B USD
=Value19.62B USD

EPV of the Operations (NOPAT over WACC)

4.73B USD

Net cash today

+13.33B USD

Growth Value

+1.56B USD

Value

19.62B USD

①EPV (Earnings Power Value)

4.73B USD

②Net Cash Today

13.33B USD

③Growth Value

1.56B USD

Market value

Market Cap31.03B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-58.1%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 15.90B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE11.67B USD
+②Equity at Year 15, Today4.23B USD
=Value15.90B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

11.67B USD

②Equity at Year 15, Today

4.23B USD

Market value

Market Cap31.03B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-95.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 6.76B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (no invested capital or measured change in working capital for the latest year), so the value is the book value today, 6.76B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Cash Today

Not in the value

Market value

Market Cap31.03B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-359.3%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 15.58%
Cost of Equity =Risk-Free Rate 4.50%+Beta 1.88×Market Risk Premium 6.00%= 15.76%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 389.76M USDPretax Income 1.64B USD= 23.78%

The tax the interest saves.

Interest Expense =EBIT 1,662.36M USD−Pretax Income 1,639.19M USD= 23.17M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 23.17M USDTotal Debt 468.04M USD×(1 − Tax Rate for WACC 23.78%)= 3.77%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 468.04M USDMarket Cap + Total Debt 31.03B USD + 468.04M USD= 1.49%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 98.51%×Cost of Equity 15.76%+Debt Weight 1.49%×Cost of Debt 3.77%= 15.58%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 16.83B USD − Total Liabilities 10.08B USD = Book Value Today 6.76B USD

Total Debt 468.04M USD − Cash and Short-Term Investments 13.80B USD = Net Debt Today -13.33B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 11.7%at most 5%passes31,566,677 / 31,033,098
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.2%at least -10.0%passes(1.21B USD − 1.25B USD) ÷ 16.83B USD
Price to bookMarket Cap ÷ Book Value Today4.59×at most 3×does not pass31.03B USD ÷ 6.76B USD
Operating marginOperating Income ÷ Revenue41.4%above 10.0%passes1.29B USD ÷ 3.11B USD
Revenue growthRevenue ÷ Revenue a Year Before − 134.3%above 10.0%passes3.11B USD / 2.32B USD
Net cash(Cash − Total Debt) ÷ Market Cap42.9%above -30%passes(13.79B USD − 468.04M USD) ÷ 31.03B USD
Operating efficiencyOperating Income ÷ Gross Profit46.6%above 25.0%passes1.29B USD ÷ 2.77B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

874.97 EUR

Enterprise value

15.08B EUR

the provider's own figure

EV / EBITDA

11.67×

Price / book

4.67×

the provider's book

Price / earnings

24.57×

Return on equity

21.3%

the provider's figure, not this page's

Profit margin

43.5%

Revenue growth

18.9%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

9.54B2.06B2.32B3.11B

Gross profit

1.42B1.80B2.07B2.77B

Operating income

709.36M755.42M908.86M1.29B

EBITDA

operating income before depreciation and amortisation

848.93M1.14B1.41B1.82B

Pretax income

768.28M1.04B1.28B1.64B

Net income

602.02M773.69M963.70M1.25B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

563.09M743.48M961.45M1.25B

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

8.13B10.60B11.90B14.41B

Total liabilities

5.55B7.11B7.49B8.20B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.58B3.49B4.41B6.22B

Total debt

216.71M247.14M237.76M296.76M

Cash and equivalents

6.89B9.11B10.14B12.26B

Net PP&E

fixed assets after depreciation

344.12M404.17M425.14M551.47M

Working capital

current assets less current liabilities

2.24B3.11B4.03B5.76B
Cash flow (USD)2022202320242025

Operating cash flow

2.16B2.07B1.78B1.21B

Capital expenditure

paid out, so below zero

-105.75M-77.27M-105.47M-147.92M

Depreciation and amortisation

67.88M94.68M108.81M159.74M

Free cash flow

operating cash flow plus capital expenditure

2.05B1.99B1.67B1.06B