Cash flow Adyen N.V.

Equities

ADYEN

NL0012969182

Financial Technology (Fintech)

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 15/01/2026 GMT			After hours 18:50:13
1,413.60 ^EUR	+2.27%		1,411.20	-0.17%

05:36pm	Benji Pays Announces Benji Payments, Powered by Adyen for Platforms	CI
01-08	ADYEN : Barclays keeps its Buy rating	ZD

cf30a23d3acb33fcec630025.90aOgiMm780hP0iXTxRrC8fuugxsZEG79vQzvvd4Rso.xyO6tlsWmoxpXRDyf1gKYf6H8z4lLwrpxqZq68M5a7KNA_fTSkOlp1VuHQ

Published financial data: ADYEN N.V.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	684M	1B	1.33B	1.63B	1.99B
Interest And Invest. Income (Rev)	-	-	-	-	27.1M
Total Revenues	684M	1B	1.33B	1.63B	2.01B
Cost of Goods Sold, Total	181M	242M	381M	620M	694M
Gross Profit	504M	760M	949M	1.01B	1.32B
Selling General & Admin Expenses, Total	1.08M	1.79M	4.26M	7.19M	10.88M
Depreciation & Amortization - (IS)	28.57M	35.01M	63.61M	85.45M	104M
Other Operating Expenses	100M	115M	216M	231M	306M
Other Operating Expenses, Total	130M	152M	284M	324M	422M
Operating Income	374M	608M	665M	682M	900M
Interest Expense, Total	-9.41M	-12.79M	-11.96M	-4.78M	-26.74M
Interest And Investment Income	1.33M	1.04M	29.32M	246M	350M
Net Interest Expenses	-8.07M	-11.75M	17.36M	242M	323M
Currency Exchange Gains (Loss)	-11.07M	11.38M	-8.64M	6.6M	-5.82M
Other Non Operating Income (Expenses)	-31.41M	-13.05M	46.65M	9.34M	6.84M
EBT, Excl. Unusual Items	323M	594M	720M	939M	1.22B
Gain (Loss) On Sale Of Investments	-	-460K	-153K	3.21M	3.07M
Other Unusual Items	-	-13.03M	-	-	-
EBT, Incl. Unusual Items	323M	581M	720M	943M	1.23B
Income Tax Expense	62.16M	111M	156M	244M	302M
Earnings From Continuing Operations	261M	470M	564M	698M	925M
Net Income to Company	261M	470M	564M	698M	925M
Net Income - (IS)	261M	470M	564M	698M	925M
Net Income to Common Incl Extra Items	261M	470M	564M	698M	925M
Net Income to Common Excl. Extra Items	261M	470M	564M	698M	925M
Per Share Items
Net EPS - Basic	8.63	15.4	18.21	22.52	29.69
Basic EPS - Continuing Operations	8.63	15.4	18.21	22.52	29.69
Basic Weighted Average Shares Outstanding	30.25M	30.5M	30.98M	31.01M	31.16M
Net EPS - Diluted	8.51	15.31	18.17	22.41	29.59
Diluted EPS - Continuing Operations	8.51	15.31	18.17	22.41	29.59
Diluted Weighted Average Shares Outstanding	30.67M	30.68M	31.05M	31.16M	31.26M
Normalized Basic EPS	6.68	12.18	14.53	18.93	24.54
Normalized Diluted EPS	6.59	12.11	14.5	18.84	24.46
American Depositary Receipts Ratio (ADR)	0.01	0.01	0.01	0.01	0.01
Supplemental Items
EBITDA	385M	623M	693M	728M	955M
EBITA	374M	608M	665M	682M	900M
EBIT	374M	608M	665M	682M	900M
EBITDAR	386M	625M	697M	735M	966M
Effective Tax Rate - (Ratio)	19.23	19.13	21.64	25.92	24.58
Total Current Taxes	69.92M	127M	154M	244M	298M
Total Deferred Taxes	-7.75M	-15.77M	2.14M	146K	4.02M
Normalized Net Income	202M	371M	450M	587M	765M
Interest on Long-Term Debt	2.05M	12.79M	11.96M	4.78M	7.94M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	2.46M	3.09M	5.22M	3.52M	3.29M
Net Rental Expense, Total	1.08M	1.79M	4.26M	7.19M	10.88M
Imputed Operating Lease Interest Expense	841K	1.34M	2.35M	1.29M	10.32M
Imputed Operating Lease Depreciation	239K	456K	1.9M	5.9M	566K
Stock-Based Comp., COGS (Total)	10.08M	12.01M	10.5M	38.61M	37.37M
Total Stock-Based Compensation	10.08M	12.01M	10.5M	38.61M	37.37M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	2.74B	4.62B	6.52B	8.31B	9.97B
Short Term Investments	12.24M	-	-	-	23.91M
Total Cash And Short Term Investments	2.75B	4.62B	6.52B	8.31B	9.99B
Accounts Receivable, Total	75.08M	56.85M	89.35M	134M	132M
Other Receivables	893M	640M	382M	497M	667M
Total Receivables	968M	697M	471M	632M	799M
Inventory	19.55M	22.14M	87.89M	105M	99.85M
Total Current Assets	3.74B	5.34B	7.08B	9.04B	10.89B
Gross Property Plant And Equipment	220M	290M	465M	564M	708M
Accumulated Depreciation	-59.7M	-88.7M	-143M	-200M	-300M
Net Property Plant And Equipment	160M	201M	322M	365M	408M
Long-term Investments	20.88M	22.5M	12.26M	14.82M	9.49M
Other Intangibles, Total	9.97M	9.84M	8.14M	8.76M	8.5M
Accounts Receivable Long-Term	124M	79.34M	48.61M	24.2M	5.96M
Deferred Tax Assets Long-Term	106M	128M	144M	113M	105M
Other Long-Term Assets, Total	-	-	-	-	-
Total Assets	4.16B	5.78B	7.62B	9.57B	11.43B
Liabilities
Accounts Payable, Total	8.31M	8.99M	19.92M	14.11M	35.21M
Accrued Expenses, Total	95.01M	91.13M	128M	154M	219M
Current Portion of Leases	13.43M	23M	33.2M	50.67M	54.94M
Current Income Taxes Payable	16.11M	9.88M	4.44M	63.06M	23.9M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	2.6B	3.61B	4.8B	5.95B	6.68B
Total Current Liabilities	2.73B	3.74B	4.98B	6.24B	7.02B
Long-Term Leases	118M	120M	170M	172M	173M
Deferred Tax Liability Non Current	23.92M	16.4M	11.34M	6.46M	801K
Other Non Current Liabilities	68.4M	87.3M	41.74M	2.96M	1.94M
Total Liabilities	2.94B	3.97B	5.2B	6.42B	7.19B
Common Stock, Total	304K	310K	310K	310K	315K
Additional Paid In Capital	195M	336M	352M	390M	585M
Retained Earnings	872M	1.35B	1.91B	2.61B	3.53B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	151M	128M	150M	151M	119M
Total Common Equity	1.22B	1.81B	2.41B	3.15B	4.23B
Total Equity	1.22B	1.81B	2.41B	3.15B	4.23B
Total Liabilities And Equity	4.16B	5.78B	7.62B	9.57B	11.43B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	30.36M	30.96M	30.99M	31.03M	31.49M
ECS Total Common Shares Outstanding	30.36M	30.96M	30.99M	31.03M	31.49M
Book Value / Share	40.13	58.48	77.84	101.53	134.4
Tangible Book Value	1.21B	1.8B	2.4B	3.14B	4.22B
Tangible Book Value Per Share	39.8	58.16	77.58	101.25	134.13
Total Debt	131M	143M	203M	223M	228M
Net Debt	-2.62B	-4.47B	-6.32B	-8.08B	-9.76B
Debt Equivalent Oper. Leases	8.64M	14.34M	34.04M	57.52M	87.06M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	19.55M	22.14M	87.89M	105M	99.85M
Machinery, Total	70.04M	98.38M	179M	217M	285M
Full Time Employees	1.75K	2.18K	3.33K	4.2K	4.34K
Accumulated Allowance for Doubtful Accounts (Supple)	4.84M	4.44M	4.05M	9.59M	13.94M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	261M	470M	564M	698M	925M
Depreciation & Amortization - CF	26.1M	31.92M	58.39M	81.93M	101M
Depreciation & Amortization, Total	26.1M	31.92M	58.39M	81.93M	101M
Amortization of Deferred Charges, Total - (CF)	2.46M	3.09M	5.22M	3.52M	3.29M
(Gain) Loss on Sale of Investments - (CF)	-	460K	153K	-3.21M	-3.07M
Stock-Based Compensation (CF)	7.99M	5.89M	1.15M	28.05M	35.16M
Other Operating Activities, Total	32.86M	-14.37M	-31.83M	50.02M	-11.07M
Change In Accounts Receivable	-15.21M	19.78M	-32.65M	-45.1M	3.11M
Change In Inventories	-12.53M	-3.85M	-65.75M	-22.88M	4.65M
Change In Accounts Payable	14.28M	-11.05M	40.16M	19.56M	77.71M
Change in Unearned Revenues	-	-	-	-	-
Change in Other Net Operating Assets	700M	1.32B	1.48B	1.06B	569M
Cash from Operations	1.02B	1.82B	2.02B	1.87B	1.7B
Capital Expenditure	-17.1M	-51.39M	-95.58M	-65.6M	-98.22M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-4.8M	-2.96M	-3.52M	-4.14M	-3.03M
Investment in Marketable and Equity Securities, Total	-267K	12.22M	11.41M	-	-17.37M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-22.16M	-42.13M	-87.69M	-69.74M	-119M
Long-Term Debt Repaid, Total	-9.44M	-9.04M	-22.14M	-33.81M	-41.41M
Total Debt Repaid	-9.44M	-9.04M	-22.14M	-33.81M	-41.41M
Issuance of Common Stock	12.83M	105M	9.93M	13.2M	112M
Repurchase of Common Stock	-	-	-	-	-
Cash from Financing	3.39M	96.24M	-12.22M	-20.61M	70.6M
Foreign Exchange Rate Adjustments	-5.78M	4.35M	-15M	4.95M	1.3M
Net Change in Cash	992M	1.88B	1.91B	1.78B	1.66B
Supplemental Items
Cash Interest Paid	9.41M	12.79M	11.96M	4.78M	26.74M
Cash Income Tax Paid (Refund)	71.96M	127M	150M	155M	321M
Levered Free Cash Flow	904M	1.63B	1.77B	1.54B	1.2B
Unlevered Free Cash Flow	910M	1.64B	1.78B	1.54B	1.22B
Change In Net Working Capital	-660M	-1.27B	-1.39B	-1.06B	-615M
Net Debt Issued / Repaid	-9.44M	-9.04M	-22.14M	-33.81M	-41.41M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	6.9	7.65	6.2	4.96	5.36
Return on Total Capital	20.05	23	18.19	14.22	14.35
Return On Equity %	24.43	31.02	26.72	25.09	25.06
Return on Common Equity	24.43	31.02	26.72	25.09	25.06
Margin Analysis
Gross Profit Margin %	73.61	75.86	71.34	61.87	65.57
SG&A Margin	0.16	0.18	0.32	0.44	0.54
EBITDA Margin %	56.26	62.21	52.1	44.76	47.38
EBITA Margin %	54.62	60.68	49.97	41.93	44.65
EBIT Margin %	54.62	60.68	49.97	41.93	44.65
Income From Continuing Operations Margin %	38.15	46.9	42.41	42.95	45.92
Net Income Margin %	38.15	46.9	42.41	42.95	45.92
Net Avail. For Common Margin %	38.15	46.9	42.41	42.95	45.92
Normalized Net Income Margin	29.52	37.09	33.83	36.11	37.96
Levered Free Cash Flow Margin	132.12	163.24	133.27	94.53	59.6
Unlevered Free Cash Flow Margin	132.98	164.04	133.83	94.71	60.43
Asset Turnover
Asset Turnover	0.2	0.2	0.2	0.19	0.19
Fixed Assets Turnover	5.47	5.55	5.08	4.73	5.21
Receivables Turnover (Average Receivables)	11.22	15.18	18.2	14.54	14.93
Inventory Turnover (Average Inventory)	13.59	11.6	6.93	6.45	6.79
Short Term Liquidity
Current Ratio	1.37	1.43	1.42	1.45	1.55
Quick Ratio	1.36	1.42	1.4	1.43	1.54
Operating Cash Flow to Current Liabilities	0.37	0.49	0.41	0.3	0.24
Days Sales Outstanding (Average Receivables)	32.63	24.04	20.06	25.1	24.52
Days Outstanding Inventory (Average Inventory)	26.93	31.47	52.67	56.62	53.91
Average Days Payable Outstanding	16.84	12.92	11.8	9.75	13.1
Cash Conversion Cycle (Average Days)	42.72	42.59	60.93	71.97	65.33
Long Term Solvency
Total Debt/Equity	10.79	7.9	8.42	7.08	5.39
Total Debt / Total Capital	9.74	7.32	7.77	6.61	5.12
LT Debt/Equity	9.69	6.63	7.04	5.47	4.1
Long-Term Debt / Total Capital	8.75	6.14	6.5	5.11	3.89
Total Liabilities / Total Assets	70.71	68.65	68.33	67.07	62.96
EBIT / Interest Expense	39.73	47.53	55.57	142.55	33.64
EBITDA / Interest Expense	42.51	50.02	60.45	159.68	37.43
(EBITDA - Capex) / Interest Expense	40.69	46	52.46	145.97	33.75
Total Debt / EBITDA	0.33	0.22	0.28	0.29	0.23
Net Debt / EBITDA	-6.55	-6.99	-8.74	-10.58	-9.75
Total Debt / (EBITDA - Capex)	0.34	0.24	0.32	0.32	0.25
Net Debt / (EBITDA - Capex)	-6.84	-7.6	-10.07	-11.58	-10.81
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	28.06	46.38	32.82	22.24	23.91
Gross Profit, 1 Yr. Growth %	22.44	50.86	24.89	6.01	31.33
EBITDA, 1 Yr. Growth %	26.87	61.85	13.61	5.01	31.18
EBITA, 1 Yr. Growth %	26.94	62.62	11.77	2.57	31.94
EBIT, 1 Yr. Growth %	26.94	62.62	11.77	2.57	31.94
Earnings From Cont. Operations, 1 Yr. Growth %	11.41	79.96	20.1	23.79	32.48
Net Income, 1 Yr. Growth %	11.41	79.96	20.1	23.79	32.48
Normalized Net Income, 1 Yr. Growth %	9.6	84.48	23.87	30.46	30.26
Diluted EPS Before Extra, 1 Yr. Growth %	10.95	79.91	18.68	23.34	32.04
Accounts Receivable, 1 Yr. Growth %	59.99	-24.28	57.16	50.28	-1.65
Inventory, 1 Yr. Growth %	178.46	13.25	297.01	18.9	-4.45
Net Property, Plant and Equip., 1 Yr. Growth %	78.03	25.59	60.4	13.13	11.88
Total Assets, 1 Yr. Growth %	59.39	38.89	31.87	25.56	19.41
Tangible Book Value, 1 Yr. Growth %	32.66	49.03	33.51	30.49	34.4
Common Equity, 1 Yr. Growth %	32.65	48.62	33.24	30.41	34.3
Cash From Operations, 1 Yr. Growth %	92.02	79.03	11.04	-7.48	-8.84
Capital Expenditures, 1 Yr. Growth %	12.58	200.56	85.99	-31.36	49.71
Levered Free Cash Flow, 1 Yr. Growth %	109.27	80.86	8.97	-13.29	-21.88
Unlevered Free Cash Flow, 1 Yr. Growth %	109.23	80.57	8.9	-13.49	-20.94
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	40.03	36.91	39.43	27.42	23.08
Gross Profit, 2 Yr. CAGR %	38.99	35.91	37.26	15.07	18
EBITDA, 2 Yr. CAGR %	46.19	43.3	34.18	9.22	17.37
EBITA, 2 Yr. CAGR %	46.95	43.68	33.37	7.07	16.33
EBIT, 2 Yr. CAGR %	46.95	43.68	33.37	7.07	16.33
Earnings From Cont. Operations, 2 Yr. CAGR %	41.08	41.59	47.01	21.93	28.06
Net Income, 2 Yr. CAGR %	41.08	41.59	47.01	21.93	28.06
Normalized Net Income, 2 Yr. CAGR %	40.08	41.97	49.5	27.12	30.36
Diluted EPS Before Extra, 2 Yr. CAGR %	40.84	41.28	46.12	20.99	27.61
Accounts Receivable, 2 Yr. CAGR %	33.17	10.07	9.09	53.68	21.57
Inventory, 2 Yr. CAGR %	57.66	77.58	112.04	117.27	6.59
Net Property, Plant and Equip., 2 Yr. CAGR %	158.68	49.53	41.93	34.7	12.5
Total Assets, 2 Yr. CAGR %	49.51	48.79	35.33	28.71	22.45
Tangible Book Value, 2 Yr. CAGR %	44.66	40.61	41.06	32.1	32.43
Common Equity, 2 Yr. CAGR %	44.62	40.41	40.72	31.92	32.34
Cash From Operations, 2 Yr. CAGR %	62.71	85.41	41	1.36	-8.16
Capital Expenditures, 2 Yr. CAGR %	24.44	83.95	136.44	12.99	1.37
Levered Free Cash Flow, 2 Yr. CAGR %	50.26	94.55	40.04	-2.8	-17.7
Unlevered Free Cash Flow, 2 Yr. CAGR %	50.57	94.37	39.88	-2.94	-17.3
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	46.35	42.12	35.53	33.45	26.24
Gross Profit, 3 Yr. CAGR %	48.59	42.84	32.13	25.94	20.25
EBITDA, 3 Yr. CAGR %	57.78	51.24	31.7	23.65	16.1
EBITA, 3 Yr. CAGR %	58.76	52	31.19	22.19	14.79
EBIT, 3 Yr. CAGR %	58.76	52	31.19	22.19	14.79
Earnings From Cont. Operations, 3 Yr. CAGR %	54.12	53	34.03	38.82	25.35
Net Income, 3 Yr. CAGR %	54.12	53	34.03	38.82	25.35
Normalized Net Income, 3 Yr. CAGR %	51.89	53.38	34.66	42.86	28.16
Diluted EPS Before Extra, 3 Yr. CAGR %	54	52.82	33.31	38.09	24.56
Accounts Receivable, 3 Yr. CAGR %	43.2	10.33	23.94	21.38	32.44
Inventory, 3 Yr. CAGR %	69.46	41.2	132.2	74.85	65.22
Net Property, Plant and Equip., 3 Yr. CAGR %	100.06	103.32	53.07	31.6	26.62
Total Assets, 3 Yr. CAGR %	54.06	45.88	42.92	32.02	25.53
Tangible Book Value, 3 Yr. CAGR %	46.3	46.1	38.2	37.52	32.86
Common Equity, 3 Yr. CAGR %	46.2	45.94	37.97	37.27	32.71
Cash From Operations, 3 Yr. CAGR %	71.77	67.98	56.29	22.53	-2.16
Capital Expenditures, 3 Yr. CAGR %	20.86	66.96	84.63	56.56	24.1
Levered Free Cash Flow, 3 Yr. CAGR %	71.61	59.83	60.1	19.36	-9.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	71.83	59.97	59.97	19.18	-9.36
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	46.86	43.43	43.54	36.05	30.4
Gross Profit, 5 Yr. CAGR %	51.35	46.01	43.95	31	26.29
EBITDA, 5 Yr. CAGR %	55.47	51.5	47.88	32.22	25.77
EBITA, 5 Yr. CAGR %	55.7	51.99	48.07	31.55	25.03
EBIT, 5 Yr. CAGR %	55.7	51.99	48.07	31.55	25.03
Earnings From Cont. Operations, 5 Yr. CAGR %	50.68	37.03	51.23	39.72	31.61
Net Income, 5 Yr. CAGR %	50.68	37.03	51.23	39.72	31.61
Normalized Net Income, 5 Yr. CAGR %	51.09	51.19	50.84	41.65	32.92
Diluted EPS Before Extra, 5 Yr. CAGR %	49.37	36.76	50.8	39.19	31
Accounts Receivable, 5 Yr. CAGR %	54.84	37.29	28.43	25.97	22.99
Inventory, 5 Yr. CAGR %	67.97	46.81	85.36	67.76	70.06
Net Property, Plant and Equip., 5 Yr. CAGR %	83.51	67.86	74.4	72.45	35.33
Total Assets, 5 Yr. CAGR %	38.32	33.24	46.28	38.75	34.36
Tangible Book Value, 5 Yr. CAGR %	37.83	42.08	44.18	40.33	35.91
Common Equity, 5 Yr. CAGR %	37.72	41.87	43.98	40.17	35.74
Cash From Operations, 5 Yr. CAGR %	49.11	56.54	58.73	37.25	26.35
Capital Expenditures, 5 Yr. CAGR %	26.7	37.29	58.07	42.82	45.26
Levered Free Cash Flow, 5 Yr. CAGR %	48.77	65.81	58.21	30.87	22.69
Unlevered Free Cash Flow, 5 Yr. CAGR %	48.96	65.94	58.25	30.86	22.86