PayPal Holdings, Inc. (PYPL)
POSITIVEファンダメンタル
77
株価
$62.20
時価総額
$52.76B
パート1 · 企業の価値
概要
PayPal lets people and businesses send and accept money online without sharing bank details, through the PayPal wallet, Venmo for peer-to-peer transfers, and Braintree, which lets merchants build PayPal's checkout directly into their own apps and websites. It sits between a buyer's bank or card and a merchant, verifying identity and guaranteeing the payment goes through, which is why merchants pay to use it even though direct card processing can be cheaper.
収益の仕組み
Transaction revenue, the large majority of the total, is a fee charged as a percentage of each payment processed, plus fixed amounts for currency conversion and cross-border transfers, so it scales directly with the dollar value flowing through PayPal's network. The rest, revenue from other value-added services, comes from interest on loans PayPal extends to consumers and merchants, interest earned on customer balances held with PayPal, and referral or subscription fees — income that does not require a transaction to occur.
セグメント別売上高
Fees earned as a percentage of payment volume processed through PayPal, Venmo and Braintree, plus currency conversion and cross-border charges.
Interest on consumer and merchant credit products, interest on customer balances, and partnership, subscription and referral fees not tied to a transaction.
競争優位性（moat）
ネットワーク効果 · 狭いPayPal benefits from a two-sided network: more merchants who accept it make it more useful for consumers, and more consumers who use it make it more valuable for merchants to offer. But that effect has weakened as card networks, Apple Pay and dedicated checkout providers like Stripe have become just as widely accepted, eroding PayPal's early advantage.
需要を左右する要因
中程度の景気循環性Transaction revenue tracks the overall volume of e-commerce and digital payments, which has grown steadily but is still tied to consumer spending and can slow when shoppers pull back in a weaker economy. Interest income on loans and customer balances adds a second, rate-sensitive driver that moves with monetary policy rather than with commerce itself.
主なリスク
- Intensifying payments competition — Apple Pay, Google Pay, card-network wallets and checkout specialists like Stripe and Adyen all compete for the same merchant and consumer transactions, pressuring PayPal's take rate and market share.
- Sensitivity to interest rates — A meaningful part of other value-added services revenue comes from interest income, so lower rates directly reduce this part of revenue independent of how much payment volume PayPal processes.
- Regulatory exposure across many jurisdictions — PayPal operates as a money transmitter and lender across dozens of countries, each with its own consumer-protection, anti-money-laundering and payments regulation that can change and raise compliance costs.
- Credit risk on consumer and merchant lending — PayPal extends credit directly to consumers and merchants through products like Buy Now Pay Later and working-capital loans, exposing it to losses if borrowers do not repay.
強気材料
Buyers argue that PayPal's wallet, Venmo and Braintree together still process an enormous and growing volume of e-commerce, that a large base of stored customer balances and credit products gives it a second revenue stream beyond simple payment fees, and that recent efforts to modernize checkout can defend its take rate against newer competitors.
弱気材料
Sellers fear that checkout has become commoditized, with Apple Pay and card-network wallets now just as convenient as the PayPal button that built the company, that Venmo and Braintree still monetize below the core PayPal brand's rate, and that interest income leaves a chunk of revenue exposed to rate cuts outside management's control.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$33.73B
直近12か月（2026/3/31まで）
純利益
$5.06B
直近12か月（2026/3/31まで）
フリーキャッシュフロー
$5.56B
自己資本合計
$20.26B
負債合計
$59.92B
流動比率
1.26
利払い倍率
13.41
負債/EBITDA
1.43
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$76.47
現在株価
$62.20
安全マージン
+18.7%
適正価値レンジ
$49.71 - $103.23
推定方法
バリュエーション指標
P/E レシオ
11.57
ROE
25.8%
P/B レシオ
2.72
P/FCF
9.89
粗利益率
-
ROIC
14.5%
収益性レーダー
Value Creation (Economic Moat)
ROIC
14.5%
WACC
10.3%
ROIC − WACC
+4.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（21）
- EPS shows upward trend
- EPS CAGR 17.51%
- ROIC 14.5%
- P/FCF 9.89
- P/B Ratio 2.72
- Debt/Equity ratio
- Operating Margin 17.9%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 24.4%
- Revenue Growth 5Y 9.1%
- Earnings Surprise avg 3.2%
- PEG Ratio 1.18
- Earnings Quality (OCF/NI) 1.26
- Share Dilution -6.9%
- Net Margin Trend 15.0% vs 14.3%
- Piotroski F-Score 7/9
不合格（5）
- Price CAGR 4.54%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Fairly valued)
- Analyst Consensus 29% Buy
データなし（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Enrique J. Lores | President, CEO & Director | 59 |
| Ms. Jamie S. Miller | Chief Financial & Operating Officer and Executive VP | 56 |
| Mr. Frank Keller | President of Checkout Solutions & PayPal | 51 |
| Ms. Suzan Bulyaba Kereere | President of Global Markets | 59 |
| Mr. Christopher Natali | Senior VP & Chief Accounting Officer | 47 |
| Mr. Srinivasan Venkatesan | Chief Technology Officer | 54 |
| Mr. Steven Eric Winoker | Chief Investor Relations Officer | - |
| Mr. Bimal Patel | Chief Legal Officer | - |
| Ms. Amy Bonitatibus | Chief Corporate Affairs & Communications Officer | - |
| Mr. Antonio J. Lucio | Chief Marketing & Corporate Affairs Officer | 66 |
監査リスク
1
取締役会リスク
4
報酬リスク
3
株主権利リスク
6
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for PYPL, sourced from Markets Gazette.
- 28d agoPOSITIVEPayPal delivers an earnings beat — and suggests it’s not against a merger deal
PayPal Holdings Inc. announced an earnings beat, exceeding analyst expectations for the latest fiscal quarter. The company's CEO indicated a willingness to explore strategic alternatives, including potential merger or acquisition discussions, if they present a clear path to superior shareholder value compared to their current strategy. This dual announcement of strong operational performance and openness to significant strategic shifts has generated positive sentiment among investors, suggesting potential upside catalysts for the stock.
- 28d agoNEUTRALPayPal expands stablecoin push as crypto assets factor into Q2 results
PayPal reported Q2 revenue of $8.68 billion, meeting analyst expectations. The company highlighted growth in its stablecoin initiatives and the integration of AI-driven payment tools. A notable crypto-related earnings adjustment of $81 million was also disclosed. While the stablecoin expansion signals innovation and potential future revenue streams, the crypto adjustment introduces a degree of uncertainty. Investors will monitor the long-term impact of these digital asset strategies on profitability and overall business performance.
- 7/15/2026POSITIVEPayPal’s battered stock is getting a record boost from a report of buyout interest
PayPal Holdings Inc. shares experienced a record surge on Wednesday following a report indicating that rival Stripe, in conjunction with private-equity firm Advent International, is preparing a buyout bid. This news has significantly boosted the stock of the struggling payments processor, which has faced considerable pressure in recent trading periods. The potential acquisition interest suggests that despite current market challenges, strategic investors see underlying value in PayPal's business model and market position. Investors are closely watching for further developments and confirmation of the bid.
- 7/15/2026NEUTRALStripe and Advent reportedly team up to bid for battered PayPal. Michael Burry says the offer isn’t enough.
PayPal Holdings Inc. saw a premarket rally following a report that Stripe and Advent International are reportedly forming a consortium to submit a bid for the struggling payments processor. However, investor Michael Burry commented that the reported offer is insufficient. While the potential acquisition interest could signal underlying value, the uncertainty surrounding the bid's success and Burry's skepticism introduce significant volatility. Investors will be closely watching for confirmation of the bid and its terms, as well as PayPal's strategic response.
- 6/20/2026NEGATIVEAnother major fintech firm cutting 10% of its workforce
Fintech firm PayPal Holdings Inc. announced significant workforce reductions, cutting 20% of its employees. This move, occurring in 2026, reflects a strategic pivot towards prioritizing artificial intelligence initiatives, a trend impacting the broader tech industry. The layoffs signal potential challenges in adapting to new technological landscapes or a restructuring to enhance efficiency. Investors may view this as a sign of underlying business pressures or a necessary step for future competitiveness, potentially impacting short-term sentiment and operational outlook.
- 6/17/2026NEUTRALPayPal Shutters Venture Arm, Explores Portfolio Sales Amid Corporate Overhaul
PayPal Holdings Inc. is ceasing operations of its venture capital arm, PayPal Ventures, after a decade. This move is part of a broader corporate restructuring aimed at reshaping the company's business strategy. The company is also reportedly exploring the sale of its existing portfolio investments. While the closure of a venture arm might signal a shift away from aggressive new investments, the primary impact on PayPal's core business and stock performance is yet to be determined. Investors will be watching for further details on the strategic direction and the success of any portfolio sales.
via Markets Gazette