PayPal Holdings, Inc.
PYPL 5.5Price and target zones价格与目标区间
What the company does公司做什么
PayPal is an online payments company. It lets people pay merchants online and send money to each other, and it owns Venmo, the peer-to-peer app, and Braintree, the payment processing behind other companies' checkouts.PayPal 是一家在线支付公司。它让人们在线向商户付款、彼此转账，还拥有点对点转账应用 Venmo，以及在其他公司结账页面背后做支付处理的 Braintree。
Earns from营收来源 a fee on payments. Total payment volume was $1.79 trillion in FY2025, across 439 million active accounts.对支付收取费用。2025财年的总支付额是 $1.79 trillion，覆盖 439 million 个活跃账户。
Read the full description查看完整介绍
PayPal Holdings, Inc. operates a technology platform that enables digital payments for merchants and consumers worldwide. The company operates a two-sided network at scale that connects merchants and consumers that enables its customers to connect, transact, and send and receive payments through online and in person, as well as transfer and withdraw funds using various funding sources, such as bank accounts, PayPal or Venmo account balance, consumer credit and debit products, credit and debit cards, and cryptocurrencies, as well as other stored value products, including gift cards and eligible rewards. It provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Hyperwallet, Honey, and Paidy names. The company was founded in 1998 and is headquartered in San Jose, California.
What the company sells公司卖什么
Fees on payments. FY2025 revenue was $29.8 billion.对付款收取的手续费。2025财年收入为$29.8 billion。
- Branded checkoutPayPal品牌结账
- The PayPal button people use at online stores. Its most profitable business.人们在网店结账时用的那个PayPal按钮。这是它最赚钱的业务。
- Venmo
- Social peer-to-peer payments, increasingly used to pay merchants.带社交功能的个人之间转账应用，如今越来越多用来给商家付款。
- Braintree
- Processes card payments in the background for merchants under the merchant's own brand. High volume, low margin.在后台以商家自己的品牌为商家处理刷卡付款。交易量大，但利润薄。
Plus:此外： Value-added services增值服务 (10%) — Interest, fees, and other services. FY2025 revenue was $3.4 billion利息、各类收费和其他服务。2025财年收入为$3.4 billion.
Company facts公司资料
- Founded成立时间
- 1998
- Headquarters总部
- San Jose, California
- Employees员工人数
- 23,800
- Industry行业
- Credit Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Watch
- Stripe + Advent joint bid: $60.50/share, >$53B, ~28% premium. This is now merger arb, not a thesis — the conviction score no longer governs the price. ~3.7% spread = the market pricing real antitrust risk on a Stripe/PayPal combination. Do not add. Consider selling into the bid rather than carrying deal-break risk back to ~$47 with every original problem (branded checkout +1%, CEO churn, EPS guide −9%) intact
🔴 Stripe + Advent 联合报价:每股 $60.50,超过 $53B,约 28% 溢价。 这现在是并购套利,不再是投资论点 — 信念评分不再决定价格。约 3.7% 的价差 = 市场在为 Stripe/PayPal 合并的真实反垄断风险定价。不要加仓。考虑卖出接受该报价,而不是承担交易告吹、跌回约 $47 的风险——届时所有原有问题(品牌结账 +1%、CEO 频繁更替、每股收益指引 −9%)都原封不动。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 24%
- Revenue growth营收增长
- +5%
- Dividend yield股息率
- 0.97%
Competitors竞争对手
Why customers stay客户为什么留下
Scale on both sides — 439 million accounts and near-universal merchant acceptance — with the branded checkout earning strong margins. The weakness is in the numbers: branded-checkout growth has slowed and transaction count fell 4% in FY2025, while most volume growth comes from low-margin Braintree, so the mix is shifting to the least profitable part.两端都有规模优势——439 million 个账户和几乎无处不在的商户接受度——其中带 PayPal 品牌的结账业务利润率很高。它的短板体现在数字里：品牌结账的增长已放慢，2025财年交易笔数下降了 4%，而大部分交易额增长来自低利润的 Braintree，所以业务结构正在向利润最低的那部分倾斜。