Adyen (OTC: ADYEY) | Market Leader Trading at a Rare Discount
Adyen has fallen sharply over the past few years, but we think the market may be overlooking the company’s long-term growth story. Shares trade around $9 after falling roughly 72% from their 2021 highs and more than 40% so far in 2026. While investors have focused on slowing growth, a lowered revenue outlook and the unexpected resignation of the company’s chief financial officer, the underlying business continues to generate impressive results.
Adyen operates one of the world’s leading enterprise payment platforms, helping large global businesses process payments both online and in stores. Customers including Uber and Spotify rely on its technology to handle billions of payment transactions each year. The company continues to take market share from legacy payment providers, giving it a significant runway for future growth as digital payments become increasingly important around the world.
We’re also encouraged by management’s strategy to expand beyond payment processing. This year, Adyen acquired Talon One, which helps merchants deliver real-time customer incentives at checkout, and Orb, a platform that helps software companies optimize pricing and manage customer billing. These new services deepen customer relationships while creating additional opportunities to increase payment volume flowing through Adyen’s platform. Because the company earns a percentage of payment volume processed, successful integration of these businesses could provide another catalyst for revenue growth.
Although management recently reduced its 2026 revenue growth outlook to 20% to 22%, it’s worth remembering that Adyen has still delivered remarkable long-term expansion. Net revenue increased 20% year over year in constant currency during the latest quarter, and revenue has grown at a 37% annual rate in U.S. dollar terms since 2016. Management also expects EBITDA margins to reach 55% by 2028, highlighting the company’s ability to expand profitability as it scales.
What stands out most is valuation. Following the recent selloff, the stock is trading at its cheapest valuation multiple in company history despite operating in a global payments market measured in the tens of trillions of dollars annually. For long-term investors willing to look beyond near-term headlines, we believe Adyen offers an attractive opportunity to own a high-quality fintech business at a significantly lower valuation than investors have seen in years.
