Cash flow Adyen N.V.

Stocks

ADYEN

NL0012969182

Financial Technology (Fintech)

Market Closed - Euronext Amsterdam Other stock markets 09:25:00 17/07/2026 pm IST			5-day change	1st Jan Change
833.10 ^EUR	-2.45%		-1.59%	-39.41%

15/07	Loop Capital Markets Kicks off Adyen Coverage at Hold	MT
15/07	ADYEN : UBS reiterates its Buy rating	ZD

6d56fb74bf3a35ef43.8d-wtqgrFsd2riCNnBNWpPY9EMIuk5FHYCHUjz8vTEI.ibfB7P54W6Ug_Ha16n5nxpdnKLVqy-UmF0mRwn4ZfAy8usTk3G1ZnyPfEA

Published financial data: ADYEN N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	100.15Cr	133.02Cr	162.61Cr	198.78Cr	235.16Cr
Interest And Invest. Income (Rev)	-	-	-	2.71Cr	2.47Cr
Total Revenues	100.15Cr	133.02Cr	162.61Cr	201.49Cr	237.64Cr
Cost of Goods Sold, Total	24Cr	38Cr	62Cr	69Cr	76Cr
Gross Profit	76Cr	95Cr	100.6Cr	132.12Cr	161.81Cr
Selling General & Admin Expenses, Total	17.93L	42.55L	71.9L	1.09Cr	75.87L
Depreciation & Amortization - (IS)	3.5Cr	6.36Cr	8.55Cr	10Cr	14Cr
Other Operating Expenses	12Cr	22Cr	23Cr	31Cr	35Cr
Other Operating Expenses, Total	15Cr	28Cr	32Cr	42Cr	50Cr
Operating Income	61Cr	66Cr	68Cr	90Cr	112.1Cr
Interest Expense, Total	-1.28Cr	-1.2Cr	-47.83L	-2.67Cr	-1.97Cr
Interest And Investment Income	10.39L	2.93Cr	25Cr	35Cr	27Cr
Net Interest Expenses	-1.17Cr	1.74Cr	24Cr	32Cr	25Cr
Currency Exchange Gains (Loss)	1.14Cr	-86.43L	65.99L	-58.2L	2.27Cr
Other Non Operating Income (Expenses)	-1.3Cr	4.66Cr	93.45L	68.35L	10.61L
EBT, Excl. Unusual Items	59Cr	72Cr	94Cr	122.37Cr	139.26Cr
Gain (Loss) On Sale Of Investments	-5L	-2L	32.1L	30.66L	13.46L
Other Unusual Items	-1.3Cr	-	-	-	-
EBT, Incl. Unusual Items	58Cr	72Cr	94Cr	122.67Cr	139.4Cr
Income Tax Expense	11Cr	16Cr	24Cr	30Cr	33Cr
Earnings From Continuing Operations	47Cr	56Cr	70Cr	93Cr	106.25Cr
Net Income to Company	47Cr	56Cr	70Cr	93Cr	106.25Cr
Net Income - (IS)	47Cr	56Cr	70Cr	93Cr	106.25Cr
Net Income to Common Incl Extra Items	47Cr	56Cr	70Cr	93Cr	106.25Cr
Net Income to Common Excl. Extra Items	47Cr	56Cr	70Cr	93Cr	106.25Cr
Per Share Items
Net EPS - Basic	15.4	18.21	22.52	29.69	33.72
Basic EPS - Continuing Operations	15.4	18.21	22.52	29.69	33.72
Basic Weighted Average Shares Outstanding	3.05Cr	3.1Cr	3.1Cr	3.12Cr	3.15Cr
Net EPS - Diluted	15.31	18.17	22.41	29.59	33.61
Diluted EPS - Continuing Operations	15.31	18.17	22.41	29.59	33.61
Diluted Weighted Average Shares Outstanding	3.07Cr	3.1Cr	3.12Cr	3.13Cr	3.16Cr
Normalized Basic EPS	12.18	14.53	18.93	24.54	27.62
Normalized Diluted EPS	12.11	14.5	18.84	24.46	27.53
American Depositary Receipts Ratio (ADR)	0.01	0.01	0.01	0.01	0.01
Supplemental Items
EBITDA	62Cr	69Cr	73Cr	95Cr	119.7Cr
EBITA	61Cr	66Cr	68Cr	90Cr	112.1Cr
EBIT	61Cr	66Cr	68Cr	90Cr	112.1Cr
EBITDAR	62Cr	70Cr	73Cr	97Cr	120.46Cr
Effective Tax Rate - (Ratio)	19.13	21.64	25.92	24.58	23.78
Total Current Taxes	13Cr	15Cr	24Cr	30Cr	34Cr
Total Deferred Taxes	-1.58Cr	21.44L	1L	40.2L	-44.53L
Normalized Net Income	37Cr	45Cr	59Cr	76Cr	87Cr
Interest on Long-Term Debt	1.28Cr	1.2Cr	47.83L	79.36L	78.19L
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	30.88L	52.24L	35.21L	32.86L	31.31L
Net Rental Expense, Total	17.93L	42.55L	71.9L	1.09Cr	75.87L
Imputed Operating Lease Interest Expense	13.37L	23.54L	12.91L	1.03Cr	49.76L
Imputed Operating Lease Depreciation	5L	19.01L	58.99L	6L	26.11L
Stock-Based Comp., COGS (Total)	1.2Cr	1.05Cr	3.86Cr	3.74Cr	4.35Cr
Total Stock-Based Compensation	1.2Cr	1.05Cr	3.86Cr	3.74Cr	4.35Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	461.61Cr	652.23Cr	830.7Cr	996.5Cr	1.08TCr
Short Term Investments	-	-	-	2.39Cr	3.01Cr
Total Cash And Short Term Investments	461.61Cr	652.23Cr	830.7Cr	998.89Cr	1.08TCr
Accounts Receivable, Total	5.69Cr	8.94Cr	13Cr	13Cr	22Cr
Other Receivables	64Cr	38Cr	50Cr	67Cr	57Cr
Total Receivables	70Cr	47Cr	63Cr	80Cr	79Cr
Inventory	2.21Cr	8.79Cr	10Cr	9.98Cr	7.7Cr
Total Current Assets	533.51Cr	708.11Cr	904.31Cr	1.09TCr	1.17TCr
Gross Property Plant And Equipment	29Cr	47Cr	56Cr	71Cr	89Cr
Accumulated Depreciation	-8.87Cr	-14Cr	-20Cr	-30Cr	-42Cr
Net Property Plant And Equipment	20Cr	32Cr	36Cr	41Cr	47Cr
Long-term Investments	2.25Cr	1.23Cr	1.48Cr	94.86L	38.65L
Other Intangibles, Total	98.41L	81.4L	87.57L	85L	75.01L
Accounts Receivable Long-Term	7.93Cr	4.86Cr	2.42Cr	59.59L	30.49L
Deferred Tax Assets Long-Term	13Cr	14Cr	11Cr	11Cr	8.37Cr
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	577.56Cr	761.64Cr	956.84Cr	1.14TCr	1.23TCr
Liabilities
Accounts Payable, Total	89.89L	1.99Cr	1.41Cr	3.52Cr	3.62Cr
Accrued Expenses, Total	9.11Cr	13Cr	15Cr	22Cr	25Cr
Current Portion of Leases	2.3Cr	3.32Cr	5.07Cr	5.49Cr	6.91Cr
Current Income Taxes Payable	98.79L	44.41L	6.31Cr	2.39Cr	6.12Cr
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	360.85Cr	479.58Cr	595.36Cr	668.47Cr	637.18Cr
Total Current Liabilities	374.15Cr	498.13Cr	623.57Cr	701.77Cr	678.74Cr
Long-Term Leases	12Cr	17Cr	17Cr	17Cr	18Cr
Deferred Tax Liability Non Current	1.64Cr	1.13Cr	64.55L	8L	6L
Other Non Current Liabilities	8.73Cr	4.17Cr	29.63L	19.36L	2L
Total Liabilities	396.52Cr	520.42Cr	641.75Cr	719.38Cr	697.14Cr
Common Stock, Total	3L	3L	3L	3L	3L
Additional Paid In Capital	34Cr	35Cr	39Cr	59Cr	66Cr
Retained Earnings	134.67Cr	190.91Cr	260.9Cr	352.73Cr	451.98Cr
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	13Cr	15Cr	15Cr	12Cr	11Cr
Total Common Equity	181.04Cr	241.21Cr	315.09Cr	423.15Cr	528.54Cr
Total Equity	181.04Cr	241.21Cr	315.09Cr	423.15Cr	528.54Cr
Total Liabilities And Equity	577.56Cr	761.64Cr	956.84Cr	1.14TCr	1.23TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	3.1Cr	3.1Cr	3.1Cr	3.15Cr	3.15Cr
ECS Total Common Shares Outstanding	3.1Cr	3.1Cr	3.1Cr	3.15Cr	3.15Cr
Book Value / Share	58.48	77.84	101.53	134.4	167.6
Tangible Book Value	180.06Cr	240.4Cr	314.21Cr	422.3Cr	527.79Cr
Tangible Book Value Per Share	58.16	77.58	101.25	134.13	167.36
Total Debt	14Cr	20Cr	22Cr	23Cr	25Cr
Net Debt	-447.31Cr	-631.93Cr	-808.39Cr	-976.07Cr	-1.06TCr
Debt Equivalent Oper. Leases	1.43Cr	3.4Cr	5.75Cr	8.71Cr	6.07Cr
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	2.21Cr	8.79Cr	10Cr	9.98Cr	7.7Cr
Machinery, Total	9.84Cr	18Cr	22Cr	28Cr	38Cr
Full Time Employees	2.18T	3.33T	4.2T	4.34T	4.77T
Accumulated Allowance for Doubtful Accounts (Supple)	44.42L	40.49L	95.9L	1.39Cr	1.96Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	47Cr	56Cr	70Cr	93Cr	106.25Cr
Depreciation & Amortization - CF	3.19Cr	5.84Cr	8.19Cr	10Cr	13Cr
Depreciation & Amortization, Total	3.19Cr	5.84Cr	8.19Cr	10Cr	13Cr
Amortization of Deferred Charges, Total - (CF)	30.88L	52.24L	35.21L	32.86L	31.31L
(Gain) Loss on Sale of Investments - (CF)	5L	2L	-32.1L	-30.66L	-13.46L
Stock-Based Compensation (CF)	58.93L	11.5L	2.8Cr	3.52Cr	4.06Cr
Other Operating Activities, Total	-1.44Cr	-3.18Cr	5Cr	-1.11Cr	3.67Cr
Change In Accounts Receivable	1.98Cr	-3.26Cr	-4.51Cr	31.12L	-8.5Cr
Change In Inventories	-38.51L	-6.58Cr	-2.29Cr	46.54L	2.29Cr
Change In Accounts Payable	-1.1Cr	4.02Cr	1.96Cr	7.77Cr	3.11Cr
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	131.86Cr	148.22Cr	105.98Cr	57Cr	-21Cr
Cash from Operations	182.01Cr	202.12Cr	187Cr	170.48Cr	103.04Cr
Capital Expenditure	-5.14Cr	-9.56Cr	-6.56Cr	-9.82Cr	-12Cr
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-29.59L	-35.23L	-41.38L	-30.29L	-21.32L
Investment in Marketable and Equity Securities, Total	1.22Cr	1.14Cr	-	-1.74Cr	-37.46L
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-4.21Cr	-8.77Cr	-6.97Cr	-12Cr	-13Cr
Long-Term Debt Repaid, Total	-90.45L	-2.21Cr	-3.38Cr	-4.14Cr	-4.76Cr
Total Debt Repaid	-90.45L	-2.21Cr	-3.38Cr	-4.14Cr	-4.76Cr
Issuance of Common Stock	11Cr	99.26L	1.32Cr	11Cr	1.97Cr
Repurchase of Common Stock	-	-	-	-	-
Cash from Financing	9.62Cr	-1.22Cr	-2.06Cr	7.06Cr	-2.79Cr
Foreign Exchange Rate Adjustments	43.52L	-1.5Cr	49.5L	12.97L	-4.06Cr
Net Change in Cash	187.86Cr	190.63Cr	178.46Cr	165.8Cr	83Cr
Supplemental Items
Cash Interest Paid	1.28Cr	1.2Cr	47.83L	2.67Cr	1.97Cr
Cash Income Tax Paid (Refund)	13Cr	15Cr	16Cr	32Cr	26Cr
Levered Free Cash Flow	163.49Cr	177.27Cr	153.71Cr	120.08Cr	53Cr
Unlevered Free Cash Flow	164.29Cr	178.02Cr	154.01Cr	121.75Cr	55Cr
Change In Net Working Capital	-127.04Cr	-138.98Cr	-105.96Cr	-61Cr	21Cr
Net Debt Issued / Repaid	-90.45L	-2.21Cr	-3.38Cr	-4.14Cr	-4.76Cr

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	7.65	6.2	4.96	5.36	5.92
Return on Total Capital	23	18.19	14.22	14.35	14.02
Return On Equity %	31.02	26.72	25.09	25.06	22.33
Return on Common Equity	31.02	26.72	25.09	25.06	22.33
Margin Analysis
Gross Profit Margin %	75.86	71.34	61.87	65.57	68.09
SG&A Margin	0.18	0.32	0.44	0.54	0.32
EBITDA Margin %	62.21	52.1	44.76	47.38	50.37
EBITA Margin %	60.68	49.97	41.93	44.65	47.17
EBIT Margin %	60.68	49.97	41.93	44.65	47.17
Income From Continuing Operations Margin %	46.9	42.41	42.95	45.92	44.71
Net Income Margin %	46.9	42.41	42.95	45.92	44.71
Net Avail. For Common Margin %	46.9	42.41	42.95	45.92	44.71
Normalized Net Income Margin	37.09	33.83	36.11	37.96	36.63
Levered Free Cash Flow Margin	163.24	133.27	94.53	59.6	22.48
Unlevered Free Cash Flow Margin	164.04	133.83	94.71	60.43	23
Asset Turnover
Asset Turnover	0.2	0.2	0.19	0.19	0.2
Fixed Assets Turnover	5.55	5.08	4.73	5.21	5.42
Receivables Turnover (Average Receivables)	15.18	18.2	14.54	14.93	13.47
Inventory Turnover (Average Inventory)	11.6	6.93	6.45	6.79	8.58
Short Term Liquidity
Current Ratio	1.43	1.42	1.45	1.55	1.72
Quick Ratio	1.42	1.4	1.43	1.54	1.71
Operating Cash Flow to Current Liabilities	0.49	0.41	0.3	0.24	0.15
Days Sales Outstanding (Average Receivables)	24.04	20.06	25.1	24.52	27.09
Days Outstanding Inventory (Average Inventory)	31.47	52.67	56.62	53.91	42.56
Average Days Payable Outstanding	12.92	11.8	9.75	13.1	17.72
Cash Conversion Cycle (Average Days)	42.59	60.93	71.97	65.33	51.93
Long Term Solvency
Total Debt/Equity	7.9	8.42	7.08	5.39	4.77
Total Debt / Total Capital	7.32	7.77	6.61	5.12	4.56
LT Debt/Equity	6.63	7.04	5.47	4.1	3.47
Long-Term Debt / Total Capital	6.14	6.5	5.11	3.89	3.31
Total Liabilities / Total Assets	68.65	68.33	67.07	62.96	56.88
EBIT / Interest Expense	47.53	55.57	142.55	33.64	56.9
EBITDA / Interest Expense	50.02	60.45	159.68	37.43	63.64
(EBITDA - Capex) / Interest Expense	46	52.46	145.97	33.75	57.36
Total Debt / EBITDA	0.22	0.28	0.29	0.23	0.2
Net Debt / EBITDA	-6.99	-8.74	-10.58	-9.75	-8.43
Total Debt / (EBITDA - Capex)	0.24	0.32	0.32	0.25	0.22
Net Debt / (EBITDA - Capex)	-7.6	-10.07	-11.58	-10.81	-9.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	46.38	32.82	22.24	23.91	17.94
Gross Profit, 1 Yr. Growth %	50.86	24.89	6.01	31.33	22.48
EBITDA, 1 Yr. Growth %	61.85	13.61	5.01	31.18	25.38
EBITA, 1 Yr. Growth %	62.62	11.77	2.57	31.94	24.61
EBIT, 1 Yr. Growth %	62.62	11.77	2.57	31.94	24.61
Earnings From Cont. Operations, 1 Yr. Growth %	79.96	20.1	23.79	32.48	14.85
Net Income, 1 Yr. Growth %	79.96	20.1	23.79	32.48	14.85
Normalized Net Income, 1 Yr. Growth %	84.48	23.87	30.46	30.26	13.81
Diluted EPS Before Extra, 1 Yr. Growth %	79.91	18.68	23.34	32.04	13.59
Accounts Receivable, 1 Yr. Growth %	-24.28	57.16	50.28	-1.65	64.32
Inventory, 1 Yr. Growth %	13.25	297.01	18.9	-4.45	-22.92
Net Property, Plant and Equip., 1 Yr. Growth %	25.59	60.4	13.13	11.88	14.91
Total Assets, 1 Yr. Growth %	38.89	31.87	25.56	19.41	7.28
Tangible Book Value, 1 Yr. Growth %	49.03	33.51	30.49	34.4	24.98
Common Equity, 1 Yr. Growth %	48.62	33.24	30.41	34.3	24.91
Cash From Operations, 1 Yr. Growth %	79.03	11.04	-7.48	-8.84	-39.56
Capital Expenditures, 1 Yr. Growth %	200.56	85.99	-31.36	49.71	25.9
Levered Free Cash Flow, 1 Yr. Growth %	80.86	8.97	-13.29	-21.88	-55.51
Unlevered Free Cash Flow, 1 Yr. Growth %	80.57	8.9	-13.49	-20.94	-55.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	36.91	39.43	27.42	23.08	20.89
Gross Profit, 2 Yr. CAGR %	35.91	37.26	15.07	18	26.83
EBITDA, 2 Yr. CAGR %	43.3	34.18	9.22	17.37	28.25
EBITA, 2 Yr. CAGR %	43.68	33.37	7.07	16.33	28.22
EBIT, 2 Yr. CAGR %	43.68	33.37	7.07	16.33	28.22
Earnings From Cont. Operations, 2 Yr. CAGR %	41.59	47.01	21.93	28.06	23.35
Net Income, 2 Yr. CAGR %	41.59	47.01	21.93	28.06	23.35
Normalized Net Income, 2 Yr. CAGR %	41.97	49.5	27.12	30.36	21.76
Diluted EPS Before Extra, 2 Yr. CAGR %	41.28	46.12	20.99	27.61	22.47
Accounts Receivable, 2 Yr. CAGR %	10.07	9.09	53.68	21.57	27.13
Inventory, 2 Yr. CAGR %	77.58	112.04	117.27	6.59	-14.18
Net Property, Plant and Equip., 2 Yr. CAGR %	49.53	41.93	34.7	12.5	13.38
Total Assets, 2 Yr. CAGR %	48.79	35.33	28.71	22.45	13.18
Tangible Book Value, 2 Yr. CAGR %	40.61	41.06	32.1	32.43	29.6
Common Equity, 2 Yr. CAGR %	40.41	40.72	31.92	32.34	29.52
Cash From Operations, 2 Yr. CAGR %	85.41	41	1.36	-8.16	-25.77
Capital Expenditures, 2 Yr. CAGR %	83.95	136.44	12.99	1.37	37.29
Levered Free Cash Flow, 2 Yr. CAGR %	94.55	40.04	-2.8	-17.7	-41.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	94.37	39.88	-2.94	-17.3	-40.43
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	42.12	35.53	33.45	26.24	21.34
Gross Profit, 3 Yr. CAGR %	42.84	32.13	25.94	20.25	19.47
EBITDA, 3 Yr. CAGR %	51.24	31.7	23.65	16.1	19.98
EBITA, 3 Yr. CAGR %	52	31.19	22.19	14.79	19.03
EBIT, 3 Yr. CAGR %	52	31.19	22.19	14.79	19.03
Earnings From Cont. Operations, 3 Yr. CAGR %	53	34.03	38.82	25.35	23.5
Net Income, 3 Yr. CAGR %	53	34.03	38.82	25.35	23.5
Normalized Net Income, 3 Yr. CAGR %	53.38	34.66	42.86	28.16	24.59
Diluted EPS Before Extra, 3 Yr. CAGR %	52.82	33.31	38.09	24.56	22.75
Accounts Receivable, 3 Yr. CAGR %	10.33	23.94	21.38	32.44	34.42
Inventory, 3 Yr. CAGR %	41.2	132.2	74.85	65.22	-4.33
Net Property, Plant and Equip., 3 Yr. CAGR %	103.32	53.07	31.6	26.62	13.3
Total Assets, 3 Yr. CAGR %	45.88	42.92	32.02	25.53	17.17
Tangible Book Value, 3 Yr. CAGR %	46.1	38.2	37.52	32.86	29.9
Common Equity, 3 Yr. CAGR %	45.94	37.97	37.27	32.71	29.81
Cash From Operations, 3 Yr. CAGR %	67.98	56.29	22.53	-2.16	-20.11
Capital Expenditures, 3 Yr. CAGR %	66.96	84.63	56.56	24.1	8.97
Levered Free Cash Flow, 3 Yr. CAGR %	59.83	60.1	19.36	-9.62	-32.96
Unlevered Free Cash Flow, 3 Yr. CAGR %	59.97	59.97	19.18	-9.36	-32.54
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	43.43	43.54	36.05	30.4	28.28
Gross Profit, 5 Yr. CAGR %	46.01	43.95	31	26.29	26.29
EBITDA, 5 Yr. CAGR %	51.5	47.88	32.22	25.77	25.47
EBITA, 5 Yr. CAGR %	51.99	48.07	31.55	25.03	24.57
EBIT, 5 Yr. CAGR %	51.99	48.07	31.55	25.03	24.57
Earnings From Cont. Operations, 5 Yr. CAGR %	37.03	51.23	39.72	31.61	32.41
Net Income, 5 Yr. CAGR %	37.03	51.23	39.72	31.61	32.41
Normalized Net Income, 5 Yr. CAGR %	51.19	50.84	41.65	32.92	34.01
Diluted EPS Before Extra, 5 Yr. CAGR %	36.76	50.8	39.19	31	31.62
Accounts Receivable, 5 Yr. CAGR %	37.29	28.43	25.97	22.99	23.65
Inventory, 5 Yr. CAGR %	46.81	85.36	67.76	70.06	31.53
Net Property, Plant and Equip., 5 Yr. CAGR %	67.86	74.4	72.45	35.33	23.98
Total Assets, 5 Yr. CAGR %	33.24	46.28	38.75	34.36	24.13
Tangible Book Value, 5 Yr. CAGR %	42.08	44.18	40.33	35.91	34.3
Common Equity, 5 Yr. CAGR %	41.87	43.98	40.17	35.74	34.11
Cash From Operations, 5 Yr. CAGR %	56.54	58.73	37.25	26.35	0.27
Capital Expenditures, 5 Yr. CAGR %	37.29	58.07	42.82	45.26	48.55
Levered Free Cash Flow, 5 Yr. CAGR %	65.81	58.21	30.87	22.69	-9.98
Unlevered Free Cash Flow, 5 Yr. CAGR %	65.94	58.25	30.86	22.86	-9.69