PayPal
PYPL Nasdaq Transaction & Payment Processing Services 金融 FY2016–FY2025
PayPal's revenue rose 4.3% to $33.2 billion in fiscal 2025. Its operating margin was 18.3%, up from 16.8% a year earlier. Free cash flow was $5.6 billion, down 17.8%. It paid out $6.2 billion in dividends and buybacks, 111% of free cash flow. The diluted share count fell 6.8%.
关于这些数据。 Total debt is the balance sheet's long-term debt plus its current debt line.
PayPal 的业务
PayPal runs digital payment services for shoppers and businesses in about 200 markets. People use its PayPal and Venmo apps and accounts to pay online and in stores, send money to friends and family, and buy and sell cryptocurrencies; Xoom sends money abroad. Merchants of all sizes use PayPal's checkout buttons, its unbranded card processing, buy now, pay later plans, in-store payment tools and small-business loans. It had 439 million active accounts at the end of 2025.
PayPal reports a single business segment. Most of its money comes from fees on the payments it handles, which mostly rise with the value of those payments; it processed $1.79 trillion of payments in 2025. It also earns fees for currency conversion and instant transfers to bank accounts, interest and fees on its consumer and merchant loans, interest on money held in customer balances, and payments from partners. It says it competes with banks, card networks and processors, other digital wallets, buy now, pay later lenders, money transfer services and cash and checks.
PayPal employed about 23,800 people at the end of 2025, about 9,600 of them in the United States. Its credit cards and some of its loans in the US are issued through partner banks. Because it moves and holds people's money, it holds money transmitter licenses in US states and is closely regulated in the other countries where it works.
- 法定名称
- PayPal Holdings, Inc.
- 财年结束日
- 2025年12月31日
- 最新年报
- 10-K · 2026年2月3日
- 登记号 · CIK
- 0001633917-26-000024
0001633917
营收与利润率
PayPal 在 2025 财年 营收为 $33.2B，同比增长 4.3%。
净利润与每股收益
从 2016 财年到 2025 财年，稀释每股收益年均增长 18.8%。 亏损期间以红色显示。
资本回报率
税后营业利润占投入业务资金(债务加股东权益减现金)的比例。
现金流
2025 财年 的自由现金流为 $5.6B，占营收的 16.8%。 经营现金流减资本支出。
股息、回购与股数
PayPal 在 2025 财年 向股东返还 $6.2B，占自由现金流的 111%。 稀释股数减少 6.8%。
自己评估 PayPal
调整假设，查看对应的每股价值。这些是模型，不是预测或目标价，结果完全取决于你的输入。
现金流折现
每股价值
—
加上净现金 $418M，再除以 968.0M 稀释股数。十年现金流加终值，折现至今天。
盈利倍数
每股价值
—
参考倍数：当前 10.7x · 同业 — · 板块 13.7x。
资产负债表
现金、债务以及显示 PayPal 承担债务能力的指标。
| 财年末 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 现金及短期投资 | $9.5B | $10.9B | $14.1B | $10.9B | $10.4B |
| 债务(含融资租赁) | $8.0B | $10.4B | $9.7B | $9.9B | $10.0B |
| 净债务 / EBITDA | −0.3x | −0.1x | −0.7x | −0.2x | −0.1x |
| 债务 / 股东权益 | 0.4x | 0.5x | 0.5x | 0.5x | 0.5x |
| 利息保障倍数 | 18.4x | 12.6x | 14.5x | 13.9x | 13.8x |
| 流动比率 | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| 速动比率 | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| 总资产 | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| 总负债 | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| 股东权益 | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
| 净债务 (− = 净现金) | −$1.5B | −$451M | −$4.4B | −$1.0B | −$418M |
内部人交易
高管、董事和持股超过 10% 的股东在公开市场的买卖，数据来自 Form 4 申报。“计划”表示依据事先制定的 Rule 10b5-1 计划进行的交易。
买入(12 个月)
$0.3M
1 名内部人士
卖出(12 个月)
$1.9M
3 名内部人士
卖出中按计划执行的比例
100%
$1.9M
| 日期 | 内部人士 | 交易 | 股数 | 股价 | 金额 | 文件 |
|---|---|---|---|---|---|---|
| 2026年9月3日 | Chris NataliSVP, Chief Accounting Officer | 卖出 计划 | 552 | $54.80 | $0.0M | Form 4 |
| 2026年9月3日 | Frank KellerPres., Checkout Sol. & PayPal | 卖出 计划 | 4,612 | $55.43 | $0.3M | Form 4 |
| 2026年9月3日 | Suzan KereerePresident, Global Markets | 卖出 计划 | 3,379 | $55.72 | $0.2M | Form 4 |
| 2026年8月18日 | Suzan KereerePresident, Global Markets | 卖出 计划 | 4,162 | $60.97 | $0.3M | Form 4 |
| 2026年7月29日 | Chris NataliSVP, Chief Accounting Officer | 卖出 计划 | 1,337 | $58.10 | $0.1M | Form 4 |
| 2026年7月29日 | Frank KellerPres., Checkout Sol. & PayPal | 卖出 计划 | 732 | $58.10 | $0.0M | Form 4 |
| 2026年6月15日 | Jamie S MillerChief Fin & Op Officer | 买入 | 6,129 | $41.53 | $0.3M | Form 4 |
| 2026年6月3日 | Chris NataliSVP, Chief Accounting Officer | 卖出 计划 | 552 | $42.65 | $0.0M | Form 4 |
| 2026年6月3日 | Frank KellerPres., Checkout Sol. & PayPal | 卖出 计划 | 4,612 | $42.54 | $0.2M | Form 4 |
| 2026年6月3日 | Suzan KereerePresident, Global Markets | 卖出 计划 | 3,379 | $42.79 | $0.1M | Form 4 |
| 2026年5月19日 | Suzan KereerePresident, Global Markets | 卖出 计划 | 4,162 | $44.19 | $0.2M | Form 4 |
| 2026年4月29日 | Frank KellerPres., Checkout Sol. & PayPal | 卖出 计划 | 10,732 | $49.96 | $0.5M | Form 4 |
Piotroski F 分数
关于盈利能力、融资和效率的九项通过/未通过测试。8–9 为强，0–2 为弱。
| 测试项 | FY23 | FY24 | FY25 |
|---|---|---|---|
| 净利润为正 | ✓ | ✓ | ✓ |
| 经营现金流为正 | ✓ | ✓ | ✓ |
| 资产回报率上升 | ✓ | ✕ | ✓ |
| 经营现金流高于净利润 | ✓ | ✓ | ✓ |
| 债务相对资产下降 | ✓ | ✕ | ✕ |
| 流动比率上升 | ✓ | ✕ | ✓ |
| 股数未增加 | ✓ | ✓ | ✓ |
| 毛利率上升 | — | — | — |
| 营收相对资产上升 | ✓ | ✓ | ✓ |
| F 分数 | 8 / 8 | 5 / 8 | 7 / 8 |
| 应计比率 | −0.7% | −4.1% | −1.5% |
| Altman Z'' | 2.82 | 3.01 | 3.27 |
相似公司
各公司最近一个财年的数据。各公司财年结束月份不同，因此期间并不完全一致。
| 公司 | 市值 | 增长 | 营业利润率 | 自由现金流利润率 | ROIC | 市盈率 | F 分数 | |
|---|---|---|---|---|---|---|---|---|
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | |
| Visa V | — | 11.3% | 60.0% | 53.9% | 42.4% | — | — | 比较 → |
| Coinbase COIN | $43.3B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 | 比较 → |
| Robinhood HOOD | $86.7B | 51.6% | — | 36.3% | — | 41.9x | — | 比较 → |
10 年数据
金额单位为 USD。将鼠标悬停在指标名称上可查看定义。
| 财年 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营收 | $10.8B | $13.1B | $15.5B | $17.8B | $21.5B | $25.4B | $27.5B | $29.8B | $31.8B | $33.2B |
| 研发支出 | $834M | $953M | $1.1B | — | — | — | — | — | — | — |
| 营业利润 | $1.6B | $2.1B | $2.2B | $2.7B | $3.3B | $4.3B | $3.8B | $5.0B | $5.3B | $6.1B |
| 利息支出 | $3.0M | $7.0M | $77.0M | $115M | $209M | $232M | $304M | $347M | $382M | $441M |
| 税前利润 | $1.6B | $2.2B | $2.4B | $3.0B | $5.1B | $4.1B | $3.4B | $5.4B | $5.3B | $6.3B |
| 所得税 | $230M | $405M | $319M | $539M | $863M | −$70.0M | $947M | $1.2B | $1.2B | $1.1B |
| 净利润 | $1.4B | $1.8B | $2.1B | $2.5B | $4.2B | $4.2B | $2.4B | $4.2B | $4.1B | $5.2B |
| 稀释每股收益 | $1.15 | $1.47 | $1.71 | $2.07 | $3.54 | $3.52 | $2.09 | $3.84 | $3.99 | $5.41 |
| 稀释股数 | 1.22B | 1.22B | 1.20B | 1.19B | 1.19B | 1.19B | 1.16B | 1.11B | 1.04B | 0.97B |
| 现金流 | ||||||||||
| 经营现金流 | $3.2B | $2.5B | $5.5B | $4.1B | $6.2B | $5.8B | $5.8B | $4.8B | $7.5B | $6.4B |
| 资本支出 | $669M | $667M | $823M | $704M | $866M | $908M | $706M | $623M | $683M | $852M |
| 自由现金流 | $2.5B | $1.9B | $4.7B | $3.4B | $5.4B | $4.9B | $5.1B | $4.2B | $6.8B | $5.6B |
| 折旧与摊销 | $724M | $805M | $776M | $912M | $1.2B | $1.3B | $1.3B | $1.1B | $1.0B | $963M |
| 股权激励 | $438M | $733M | $853M | $1.0B | $1.4B | $1.4B | $1.3B | $1.5B | $1.2B | $1.0B |
| 收购 | $19.0M | $323M | $2.1B | $70.0M | $3.6B | $2.8B | $0.0M | $0.0M | $0.0M | $0.0M |
| 股票回购 | $995M | $1.0B | $3.5B | $1.4B | $1.6B | $3.4B | $4.2B | $5.0B | $6.0B | $6.1B |
| 已付股息 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $130M |
| 股息与回购 | $995M | $1.0B | $3.5B | $1.4B | $1.6B | $3.4B | $4.2B | $5.0B | $6.0B | $6.2B |
| 资产负债表 | ||||||||||
| 现金及短期投资 | $5.0B | $5.7B | $9.1B | $10.8B | $13.1B | $9.5B | $10.9B | $14.1B | $10.9B | $10.4B |
| 总债务 | — | — | $2.0B | $5.0B | $8.9B | $8.0B | $10.4B | $9.7B | $9.9B | $10.0B |
| 融资租赁负债 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $23.0M | $17.0M |
| 流动资产 | $25.7B | $32.6B | $33.0B | $38.5B | $51.0B | $52.6B | $57.4B | $62.6B | $58.2B | $59.8B |
| 流动负债 | $16.9B | $22.9B | $25.9B | $26.9B | $38.4B | $43.0B | $45.0B | $48.5B | $45.5B | $46.4B |
| 存货 | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| 固定资产净额 | $1.5B | $1.5B | $1.7B | $1.7B | $1.8B | $1.9B | $1.7B | $1.5B | $1.5B | $1.7B |
| 总资产 | $33.1B | $40.8B | $43.3B | $51.3B | $70.4B | $75.8B | $78.6B | $82.2B | $78.7B | $80.2B |
| 总负债 | $18.4B | $24.8B | $27.9B | $34.4B | $50.3B | $54.1B | $58.4B | $61.1B | $58.3B | $59.9B |
| 股东权益 | $14.7B | $16.0B | $15.4B | $16.9B | $20.0B | $21.7B | $20.3B | $21.1B | $20.4B | $20.3B |
| 利润率 | ||||||||||
| 营业利润率 | 14.6% | 16.2% | 14.2% | 15.3% | 15.3% | 16.8% | 13.9% | 16.9% | 16.8% | 18.3% |
| EBITDA 利润率 | 21.3% | 22.4% | 19.2% | 20.4% | 20.9% | 21.8% | 18.7% | 20.5% | 20.0% | 21.2% |
| 净利率 | 12.9% | 13.7% | 13.3% | 13.8% | 19.6% | 16.4% | 8.8% | 14.3% | 13.0% | 15.8% |
| 自由现金流利润率 | 23.0% | 14.2% | 30.1% | 19.0% | 25.0% | 19.3% | 18.6% | 14.2% | 21.3% | 16.8% |
| 回报率 | ||||||||||
| 资本回报率 | — | — | — | 23.0% | 20.2% | 23.6% | 13.8% | 21.6% | 23.0% | 25.7% |
| 已动用资本回报率 | 10.1% | 12.5% | 12.4% | 13.0% | 11.7% | 13.2% | 11.6% | 14.9% | 15.9% | 18.1% |
| 股本回报率 | 9.8% | 11.7% | 13.1% | 15.2% | 22.8% | 20.0% | 11.5% | 20.6% | 20.0% | 25.7% |
| 资产回报率 | 4.5% | 4.9% | 4.9% | 5.2% | 6.9% | 5.7% | 3.1% | 5.3% | 5.2% | 6.6% |
| 增长 | ||||||||||
| 营收增长 | 17.2% | 20.8% | 18.0% | 15.0% | 20.7% | 18.3% | 8.5% | 8.2% | 6.8% | 4.3% |
| 净利润增长 | 14.1% | 28.1% | 14.6% | 19.5% | 70.9% | −0.8% | −42.0% | 75.5% | −2.3% | 26.2% |
| 每股收益增长 | 15.0% | 27.8% | 16.3% | 21.1% | 71.0% | −0.6% | −40.6% | 83.7% | 3.9% | 35.6% |
| 自由现金流增长 | 36.5% | −25.1% | 149.8% | −27.7% | 59.0% | −8.7% | 4.5% | −17.4% | 60.4% | −17.8% |
| 股数变化 | −0.9% | 0.3% | −1.5% | −1.3% | −0.1% | −0.1% | −2.4% | −4.4% | −6.1% | −6.8% |
| 财务健康 | ||||||||||
| 净债务 / EBITDA | — | — | −2.4x | −1.6x | −0.9x | −0.3x | −0.1x | −0.7x | −0.2x | −0.1x |
| 债务 / 股东权益 | — | — | 0.1x | 0.3x | 0.5x | 0.4x | 0.5x | 0.5x | 0.5x | 0.5x |
| 利息保障倍数 | 528.7x | 303.9x | 28.5x | 23.6x | 15.7x | 18.4x | 12.6x | 14.5x | 13.9x | 13.8x |
| 流动比率 | 1.5x | 1.4x | 1.3x | 1.4x | 1.3x | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| 速动比率 | 1.5x | 1.4x | 1.3x | 1.4x | 1.3x | 1.2x | 1.3x | 1.3x | 1.3x | 1.3x |
| 资本配置 | ||||||||||
| 资本支出 / 营收 | 6.2% | 5.1% | 5.3% | 4.0% | 4.0% | 3.6% | 2.6% | 2.1% | 2.2% | 2.6% |
| 股权激励 / 营收 | 4.0% | 5.6% | 5.5% | 5.7% | 6.4% | 5.4% | 4.6% | 5.0% | 3.9% | 3.0% |
| 股东回报 / 自由现金流 | 40.0% | 54.0% | 75.6% | 41.9% | 30.5% | 69.0% | 82.2% | 118.5% | 89.4% | 111.1% |
| 质量评分 | ||||||||||
| Piotroski F 分数 | — | — | — | 7.0 | 6.0 | 5.0 | 6.0 | 8.0 | 5.0 | 7.0 |
| Altman Z'' | 3.1 | 2.9 | 2.4 | 2.9 | 2.5 | 2.3 | 2.5 | 2.8 | 3.0 | 3.3 |
| 应计比率 | −5.7% | −2.0% | −8.1% | −3.4% | −3.3% | −2.2% | −4.4% | −0.7% | −4.1% | −1.5% |
来源：SEC EDGAR XBRL 文件 (CIK 0001633917). 数据更新于 2026年10月9日。 第四季度数据为全年减去前九个月。 仅供参考，不构成投资建议。依赖任何数字前，请核对原始文件。