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Adyen N.V. remains a 'Buy' as its large cash reserves and healthy balance sheet support both organic and acquisitive growth. ADYEY reported 19% net revenue growth and 17% non-interest revenue growth in H1/26, with management guiding for >20% revenue growth in 2026. Recent acquisitions (Talon.One, Orb) and the launch of Adyen Agentic enhance ADYEY's growth prospects and strategic positioning.

Investors interested in stocks from the Internet - Software sector have probably already heard of VTEX (VTEX) and Adyen N.V. Unsponsored ADR (ADYEY).

Adyen now trades at a more attractive valuation after a significant stock decline, with a forward multiple of 27x 2026 earnings. ADYEY maintains robust organic growth near 20%, driven largely by existing customers expanding their usage, especially in Unified Commerce, Platforms, and North America. Recent acquisitions (Talon.One, Orb, adds cross-selling potential and a one-point lift to the 2026 growth outlook but introduces integration risks and temporarily higher capital expenditures.

AI is unquestionably driving demand for GitLab's offerings, but there is concern around its traditional per-seat pricing model versus a consumption-based model. We acknowledge some of the risks Adobe faces, but at a P/E of sub-10x and a FCF yield north of 10%, the market is pricing the stock as a melting ice cube while growth is still right around 10%. We bought Adyen at a mid-teens EV/EBITDA and a P/E just north of 20x, while growing upwards of 20%.

Adyen N.V. (ADYEY) Q2 2026 Earnings Call Transcript

Adyen's first-half results were driven heavily by merchants already on its platform sending it more payment volume, with in-person transactions growing faster than the company's overall volume.

The increasing prevalence of AI chatbots handling consumer shopping is pushing merchants to uphold more direct customer relationships ​over fears of losing their loyalty and repeated purchases, payments firm Adyen ‌said on Thursday.