PYPL
PayPal Holdings, Inc.
Technology • CIK: 0001633917
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Market Cap
$42.57B
P/E (TTM)
8.4x
Rev Growth (TTM)
+5.8%
Net Margin (TTM)
15.0%
FCF Yield (TTM)
12.9%
FCF Margin (TTM)
16.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$5.5B
Q1 '26
$903M-59%
Q4 '25
$2.2B+27%
FCF Margin
TTM16.3%
Q1 '2610.8%-57%
Sector: 8.5%Above Avg
OCF Margin18.9%
OCF/NI1.26x
CapEx Coverage7.2x
FCF Yield12.9%
FCF Growth (2Y)+3%
Cash Conversion Cycle
10 days
DSO: 10+DIO: –−DPO: –
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM14.2%
Div Yield0.0%
+Buyback (TTM)14.2%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$5.5B
Stock Repurchases (TTM)$6.1B
Capital Return / FCF110.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
16.2%
Stable
+0.0% YoY+2.5%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.9%
8Q: 14.5%
Asset Turnover
0.42x
8Q: 0.41x
Leverage (1+D/E)
1.47x
D/E: 0.47x
DuPont: 9.2% ≈ 16.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
20.43x
8Q:20.83x
-194.8%
Invested Cap Turn
2.52x
8Q:2.49x
+20.0%
CapEx Intensity
6.6%
8Q:6.0%
CapEx/Depreciation
0.93x
Depreciation Rate Trend
⚠ Declining -5.8%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $33.7B | $8.4B↓3.7% | $8.7B↑3.1% | $8.4B↑1.6% | $8.3B↑6.4% | $7.8B↓6.9% | $8.4B↑6.6% | $7.8B↓0.5% | $7.9B |
Operating Income | $6.0B | $1.5B↓1.5% | $1.5B↓0.6% | $1.5B↑1.1% | $1.5B↓1.7% | $1.5B↑6.2% | $1.4B↑3.6% | $1.4B↑5.0% | $1.3B |
Net Income | $5.1B | $1.1B↓22.5% | $1.4B↑15.1% | $1.2B↓1.0% | $1.3B↓2.0% | $1.3B↑14.8% | $1.1B↑11.0% | $1.0B↓10.5% | $1.1B |
Operating Cash Flow | $6.4B | $1.1B↓52.4% | $2.4B↑20.8% | $2.0B↑119.8% | $898.0M↓22.6% | $1.2B↓51.5% | $2.4B↑48.3% | $1.6B↑5.8% | $1.5B |
Free Cash Flow | $5.5B | $903.0M↓58.8% | $2.2B↑27.5% | $1.7B↑148.3% | $692.0M↓28.2% | $964.0M↓56.0% | $2.2B↑51.6% | $1.4B↑5.6% | $1.4B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
8.4x
Volatile
8Q: 52.5x-3200%
Valuation Lenses
Earnings
8.4x
vs – sector
Cash Flow
5.2x
EV/FCF vs –
Growth-Adj
0.4xPEG
Undervalued for growth
Quality-Adj
0.5P/E per %ROIC
ROIC: 16.2%
Shareholder Returns
Dividend
–
Buyback
14.2%
Total Yield
14.2%
Market Cap$42.57B
EV$28.54B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
98/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
25.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
16.2%
8Q:–
+2.5%
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.9%
Asset Turnover: 0.42x
Earnings Quality
Cash Conversion
1.26x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover2.52x
Working Capital
Cash Conversion Cycle10 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
57/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.8%
OpInc Growth YoY
-2.7%
EPS Growth YoY
19.7%
FCF 3Y CAGR
2.7%
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
—
Operating
17.9%
Top 25% in sector
Net
15.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.3 pts
FCF: 16.3% | Net: 15.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $15.40B
Interest Coverage
–
+Net cash position: $15.40B
Leverage Metrics
Debt-to-Equity
0.47x
Balance sheet risk & solvency analysis