Adyen N.V. (ADYEY) Stock Analysis & Winston Score

Adyen is a Dutch payments company that helps businesses accept money from customers around the world. It processes credit cards, digital wallets, and local payment methods for large retailers, restaurants, and online platforms. Major customers include companies like McDonald's, Spotify, and Microsoft, making Adyen one of the most widely used payment processors for big global brands.

Adyen makes money by taking a small fee on every transaction it processes, plus charging for its software platform. It operates across Europe, North America, Asia, and beyond, handling hundreds of billions of dollars in payments each year. Its main advantage is that it built its entire technology stack from scratch, meaning it controls everything from the software to the payment terminals — which keeps costs lower and gives merchants a smoother experience. The key growth driver is expanding its unified commerce platform to mid-market businesses, though competition from Stripe and legacy processors remains a constant pressure on pricing.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+11.8% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

10.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~21 months

$10.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

Adyen N.V. is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

78.8%

Premium pricing power — 78.8% gross margin

Operating Margin

44.1%

Excellent — 44.1% operating margin

ROCE

11.8%

Below par — 11.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+12.9%

Fast-growing sales (+12.9% YoY)

EPS YoY

+13.3%

Earnings growing (+13.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

114%

Turns 114% of profit into real cash

FCF Margin

43.2%

Converts sales into free cash efficiently (43.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

173.17x

Comfortably covers interest (173.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

31.8x

no trend

Pricey — P/E 31.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+15.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.8 → 16.3)

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Dividends

Not applicable for this business.

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