Key Morningstar Metrics for Adyen
- : €1,620Fair Value Estimate
- : ★★★★Morningstar Rating
- : WideMorningstar Economic Moat Rating
- : HighMorningstar Uncertainty Rating
What We Thought of Adyen’s Earnings
Adyen ADYEN reported good first-half results on solid growth across its divisions, slightly ahead of our expectations. Adyen raised its full-year top-line guidance by one percentage point to reflect the contribution of recent acquisitions.
Why it matters: Talks of increasing competition and potential market share losses, particularly in Europe, have weighed on Adyen’s stock price of late. The results don’t reflect any of these concerns and show an intact growth engine, with wallet share gains driving ahead-of-market growth rates.
- Revenue growth of 21% at constant currency, 15% growth in Europe, and 30% growth in North America support Adyen’s earlier pushback on reports of an intensifying competitive space.
- Merchant wins including OpenAI, merchant-wallet expansion stories, and new product launches including intelligent money movement and agentic commerce products stood out positively.
The bottom line: We maintain our €1,620 per share fair value estimate and wide Economic Moat Rating. We’ve incorporated the impact of the two recent acquisitions and lifted our 2026 revenue growth expectation on the better-than-expected performance in digital and platforms. Shares remain undervalued.
- We think our thesis that Adyen is well placed to gain share is intact. Its single payments-tech stack and the absence of legacy systems give Adyen a leg up in an increasingly complex payment landscape.
Long view: Agentic commerce has the potential to reshape the competitive landscape in payments. Adyen has made its first move by launching its agentic commerce product suite, allowing it to become an active participant in shaping this emerging space.
