PayPal Holdings, Inc. Financial Ratios — 2PP.DE Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	367.66	102.37	60.93	42.4	34.58	40.58	28.85	13.63	20.15	16.41	17.5
Return on Assets (%)	- -	9.97	2.04	4.83	4.52	4.86	4.89	5.2	6.9	5.7	3.13	5.28	5.16	6.59
Return on Capital (%)	- -	118.49	27.11	114.39	102.56	52.26	33.44	24.06	25.22	- -	9.6	14.52	12.68	14.06
Return on Invested Capital (%)	- -	21.27	4.48	10.58	9.54	11.57	12.55	11.61	11.13	- -	9.3	12.47	14.7	17.57
Gross Margin (%)	66.74	65.26	64.91	63.03	59.1	58.53	55.63	54.03	54.9	55.17	50.05	46.03	46.1	46.62
EBITDA Margin (%)	22.62	22.95	22.23	22.89	21.31	23.4	21.22	20.83	21.52	22.03	19.48	20.21	21.37	22.18
Operating Margin (%)	15.88	16.22	15.8	16.32	14.63	17.25	16.2	15.7	15.98	17.04	14.7	16.61	18.12	19.28
Incremental Operating Margin (%)	- -	18.03	13.64	19.71	4.83	29.88	10.35	12.37	17.33	22.87	-13.04	39.95	40.42	46.04
Pretax Margin (%)	15.74	16.11	15.71	16.09	15.04	16.8	15.38	16.87	23.61	16.16	12.23	18.18	16.76	18.97
Profit Margin (%)	13.74	14.2	5.22	13.28	12.92	13.71	13.31	13.84	19.59	16.43	8.79	14.26	13.04	15.78
Net Income to Common Margin (%)	13.74	14.2	5.22	13.28	12.92	13.71	13.31	13.84	19.59	16.43	8.79	14.26	13.04	15.78
Effective Tax Rate (%)	12.68	11.9	66.77	17.47	14.1	18.41	13.43	17.98	17.04	- -	28.13	21.53	22.18	16.83
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.48
Sustainable Growth Rate (%)	- -	- -	- -	367.66	102.37	60.93	42.4	34.58	40.58	28.85	13.63	20.15	16.41	17.06

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	1,612	1,479	- -	- -	1,000	1,998	4,965	8,939	9,048	10,417	9,676	9,879	9,987
ST Debt	- -	1,103	1,093	- -	- -	1,000	1,998	- -	- -	999	- -	- -	- -	- -
LT Debt	- -	509	386	- -	- -	- -	- -	4,965	8,939	8,049	10,417	9,676	9,879	9,987
Total Debt/EBITDA	- -	1.04	0.83	- -	- -	0.33	0.61	1.34	1.94	1.62	1.94	1.61	1.45	1.36
Net Debt/EBITDA	- -	0.01	-0.4	-0.66	-0.69	-0.61	-1.7	-0.64	0.9	0.69	0.49	0.1	0.47	0.26
Total Debt/EBIT	- -	1.48	1.17	- -	- -	0.44	0.8	1.78	2.61	2.09	2.58	1.96	1.71	1.56
Net Debt/EBIT	- -	0.01	-0.57	-0.92	-1	-0.83	-2.23	-0.85	1.21	0.89	0.65	0.12	0.56	0.3
EBITDA to Interest Expense	- -	- -	- -	- -	770	437.71	42.58	32.19	22.09	24.09	17.63	17.34	17.79	16.69
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	547	342.43	31.9	26.07	17.95	20.18	15.31	15.54	16	14.76
EBIT to Interest Expense	- -	- -	- -	- -	528.67	322.71	32.51	24.26	16.4	18.64	13.3	14.25	15.09	14.5
Interest Expense	- -	- -	- -	- -	3	7	77	115	209	232	304	347	382	441
Common Equity/Total Assets	- -	- -	- -	2.31	6.25	9.38	13.57	16.25	17.57	21.81	24.11	28.24	34.74	40.5
Long-Term Debt/Equity (%)	- -	6.89	4.68	- -	- -	- -	- -	29.33	44.55	37.05	51.38	45.96	48.39	49.3
Long-Term Debt/Capital (%)	- -	31.58	26.1	- -	- -	- -	- -	37.19	41.87	31.46	35.47	29.43	26.54	23.52
Long-Term Debt/Total Assets (%)	- -	2.66	1.76	- -	- -	- -	- -	9.67	12.7	10.62	13.25	11.78	12.55	12.46
Total Debt/Equity (%)	- -	21.81	17.93	- -	- -	6.25	12.99	29.33	44.55	41.64	51.38	45.96	48.39	49.3
Total Debt/Capital (%)	- -	100	100	- -	- -	20.73	25.36	37.19	41.87	35.37	35.47	29.43	26.54	23.52
Total Debt/Total Assets (%)	- -	8.41	6.75	- -	- -	2.45	4.61	9.67	12.7	11.94	13.25	11.78	12.55	12.46
Net Debt to Equity	- -	0.11	-8.75	-10.12	-10.81	-11.77	-36.25	-14.08	20.66	17.72	13.03	2.83	15.76	9.57
Net Debt/Capital (%)	- -	100	100	192.14	-331.94	-97.06	-1,840.59	-39.72	25.04	18.89	12.23	2.5	10.53	5.63
EBITDA	1,281	1,544	1,784	2,117	2,310	3,064	3,279	3,702	4,617	5,589	5,361	6,016	6,795	7,359
EBITDA-CapEx	770	1,153	1,292	1,395	1,641	2,397	2,456	2,998	3,751	4,681	4,655	5,393	6,112	6,507
Operating Income (Loss)	899	1,091	1,268	1,509	1,586	2,259	2,503	2,790	3,428	4,324	4,044	4,944	5,763	6,396

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.17	0.17	0.25	0.29	0.25	0.35	0.4	0.34	0.22	0.24	0.29	0.24	0.22
Current Ratio	- -	1.3	1.32	1.52	1.52	1.43	1.27	1.43	1.33	1.22	1.28	1.29	1.28	1.29
Quick Ratio	- -	1.27	1.29	1.47	1.48	1.4	1.24	1.4	1.3	1.19	1.23	1.24	1.24	1.25
CFO/Avg Current Liab	- -	0.35	0.18	0.19	0.21	0.13	0.22	0.15	0.19	0.14	0.13	0.1	0.16	0.14
Common Equity/Total Assets	- -	- -	- -	2.31	6.25	9.38	13.57	16.25	17.57	21.81	24.11	28.24	34.74	40.5
Long-Term Debt/Equity (%)	- -	6.89	4.68	- -	- -	- -	- -	29.33	44.55	37.05	51.38	45.96	48.39	49.3
Long-Term Debt/Capital (%)	- -	31.58	26.1	- -	- -	- -	- -	37.19	41.87	31.46	35.47	29.43	26.54	23.52
Long-Term Debt/Total Assets (%)	- -	2.66	1.76	- -	- -	- -	- -	9.67	12.7	10.62	13.25	11.78	12.55	12.46
Total Debt/Equity (%)	- -	21.81	17.93	- -	- -	6.25	12.99	29.33	44.55	41.64	51.38	45.96	48.39	49.3
Total Debt/Capital (%)	- -	100	100	- -	- -	20.73	25.36	37.19	41.87	35.37	35.47	29.43	26.54	23.52
Total Debt/Total Assets (%)	- -	8.41	6.75	- -	- -	2.45	4.61	9.67	12.7	11.94	13.25	11.78	12.55	12.46
CFO/Total Liabilities	- -	16.93	16.24	16.84	17.17	10.21	19.61	11.83	12.36	10.72	9.96	7.92	12.78	10.71
CFO/CapEx	3.06	5.1	4.51	3.53	4.72	3.79	6.66	5.78	7.18	6.38	8.23	7.77	10.91	7.53
Altman's Z-Score	- -	0.91	0.93	2.76	2.61	3.2	3.28	3.43	4.35	3.66	2.07	2.04	2.45	2.25

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	1.44	0.8	0.8	0.8	0.79	0.79	0.82	0.75	0.72	0.74	0.77	0.81	0.85
Days Sales Outstanding	- -	253.09	454.97	455.36	454.06	461.37	459.47	445.03	484.51	510.26	491.88	473.44	451.47	427.44
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	0.5	0.28	0.3	0.32	0.31	0.33	0.35	0.32	0.3	0.35	0.39	0.42	0.44
Accounts Payable Turnover Days	- -	730.16	1,301.16	1,234.8	1,142.62	1,188.23	1,113.96	1,040.99	1,139.88	1,198.61	1,051.29	933.84	872.86	828
Cash Conversion Cycle	- -	-477.07	-846.19	-779.44	-688.56	-726.87	-654.49	-595.96	-655.37	-688.35	-559.41	-460.41	-421.39	-400.56
Inventory to Cash Days	- -	253.09	454.97	455.36	454.06	461.37	459.47	445.03	484.51	510.26	491.88	473.44	451.47	427.44
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	45,244	48,461	89,322	100,709	128,880	274,025	223,647	80,898	69,625	88,117	57,098
- Cash & Cash Equivalents	- -	1,604	2,201	1,393	1,590	2,883	7,575	7,349	4,794	5,197	7,776	9,081	6,662	8,049
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	44	44	- -	- -	- -	- -	- -
+ Total Debt	- -	1,612	1,479	- -	- -	1,000	1,998	4,965	8,939	9,048	10,417	9,676	9,879	9,987
Enterprise Value	- -	-313	-751	41,833	43,486	84,627	93,598	123,128	269,925	223,304	80,464	65,244	87,073	56,663
Total Capital	- -	1,612	1,479	668	2,069	4,823	7,878	13,351	21,349	25,583	29,371	32,876	37,226	42,457
Total Debt/Capital (%)	- -	100	100	- -	- -	20.73	25.36	37.19	41.87	35.37	35.47	29.43	26.54	23.52
Total Debt / EV	- -	-5.15	-1.97	- -	- -	0.01	0.02	0.04	0.03	0.04	0.13	0.15	0.11	0.18
EV/Sales	- -	- -	- -	4.52	4.01	6.46	6.06	6.93	12.58	8.8	2.92	2.19	2.74	1.71
EV/EBITDA	- -	- -	- -	19.76	18.83	27.62	28.54	33.26	58.46	39.95	15.01	10.85	12.81	7.7
EV/EBIT	- -	- -	- -	27.72	27.42	37.46	37.39	44.13	78.74	51.64	19.9	13.2	15.11	8.86
EV/Cash Flow to Firm	- -	- -	- -	16.43	13.76	33.36	16.87	29.56	42.23	37.01	13.34	12.75	11.24	8.35
EV/Free Cash Flow to Firm	- -	- -	- -	12.8	11.36	26.42	14.69	25.29	37.19	32.17	11.94	11.37	10.33	7.42
Diluted Market Cap	- -	- -	- -	45,503	48,781	90,659	102,325	130,417	277,296	225,933	81,179	69,878	88,973	57,634
Diluted Enterprise Value	- -	8	-722	44,110	47,191	88,776	96,748	128,077	281,485	229,784	83,820	70,473	92,190	59,572
EV per Share	- -	- -	- -	34.23	35.94	70.35	79.05	104.88	230.12	190.21	69.73	59.15	84.62	59.09
TTM Sales	5,662	6,727	8,025	9,248	10,842	13,094	15,451	17,772	21,454	25,371	27,518	29,771	31,797	33,172
TTM EBITDA	1,281	1,544	1,784	2,117	2,310	3,064	3,279	3,702	4,617	5,589	5,361	6,016	6,795	7,359
TTM Operating Income	899	1,091	1,268	1,509	1,586	2,259	2,503	2,790	3,428	4,324	4,044	4,944	5,763	6,396
TTM Cash Flow to Firm	1,565	1,993	2,220	2,546	3,161	2,537	5,547	4,165	6,392	6,033	6,031	5,115	7,747	6,783
TTM Free Cash Flow to Firm	2,076	2,384	2,712	3,268	3,830	3,204	6,370	4,869	7,258	6,941	6,737	5,738	8,430	7,635

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	13.92	12.75	28.35	16.23	27.31	39.14	33.7	12.45	12.78	10.94	7.93
EV/EBIT	- -	- -	- -	27.72	27.42	37.46	37.39	44.13	78.74	51.64	19.9	13.2	15.11	8.86
Enterprise Value	- -	-313	-751	41,833	43,486	84,627	93,598	123,128	269,925	223,304	80,464	65,244	87,073	56,663
Low Price	- -	- -	- -	30.68	30.73	38.84	69.83	81.84	83.29	177.99	66.49	50.21	55.77	52.89
EV/Sales	- -	- -	- -	4.52	4.01	6.46	6.06	6.93	12.58	8.8	2.92	2.19	2.74	1.71
EV/EBITDA	- -	- -	- -	19.76	18.83	27.62	28.54	33.26	58.46	39.95	15.01	10.85	12.81	7.7
Price/Earnings	- -	- -	- -	36.84	34.59	49.76	48.96	52.41	65.21	53.65	33.44	16.4	21.25	10.91
Price/Earnings Average	- -	- -	- -	35.31	32.99	37.35	47.6	50.08	45.03	71.71	46.25	17.37	17.09	12.97
Price/Earnings High	- -	- -	- -	42.4	38.14	52.63	71.19	57.92	68.7	88.04	94.03	22.97	23.12	17.33
Price/Earnings Low	- -	- -	- -	30.53	26.54	26.03	40.19	39.07	23.25	50.12	31.72	13.04	13.84	9.69
Price/Book Value	- -	- -	- -	67.73	23.42	23.36	17.13	15.45	22.16	13.53	4.27	3	3.22	1.76
Price/Book Value Average	- -	- -	- -	64.92	22.34	17.54	16.65	14.76	15.3	18.08	5.9	3.18	2.59	2.09
Price/Book Value High	- -	- -	- -	77.95	25.83	24.71	24.9	17.07	23.34	22.2	12	4.2	3.51	2.79
Price/Book Value Low	- -	- -	- -	56.13	17.97	12.22	14.06	11.52	7.9	12.64	4.05	2.39	2.1	1.56
Price/Tangible Book Value	- -	- -	- -	4.85	4.64	7.78	12.17	12.97	27.74	25.01	9.77	7.34	9.52	6.22
Price/Tangible Book Value Average	- -	- -	- -	4.65	4.43	5.84	11.83	12.39	19.15	33.44	13.52	7.77	7.66	7.39
Price/Tangible Book Value High	- -	- -	- -	5.58	5.12	8.22	17.69	14.33	29.22	41.05	27.48	10.28	10.36	9.88
Price/Tangible Book Value Low	- -	- -	- -	4.02	3.56	4.07	9.99	9.67	9.89	23.37	9.27	5.84	6.2	5.52
Price/Sales	- -	- -	- -	4.89	4.47	6.82	6.52	7.25	12.77	8.82	2.94	2.34	2.77	1.72
Price/Sales Average	- -	- -	- -	4.69	4.26	5.12	6.34	6.93	8.82	11.78	4.07	2.48	2.23	2.05
Price/Sales High	- -	- -	- -	5.63	4.93	7.21	9.48	8.01	13.46	14.47	8.27	3.28	3.02	2.73
Price/Sales Low	- -	- -	- -	4.05	3.43	3.57	5.35	5.41	4.55	8.24	2.79	1.86	1.8	1.53
Price/Cash Flow	- -	- -	- -	17.77	15.35	35.29	18.38	31.66	44.06	38.58	13.92	14.38	11.83	8.9
Price/Cash Flow Average	- -	- -	- -	17.03	14.63	26.49	17.87	30.25	30.43	51.57	19.25	15.23	9.51	10.57
Price/Cash Flow High	- -	- -	- -	20.45	16.92	37.32	26.72	34.98	46.42	63.31	39.13	20.14	12.87	14.14
Price/Cash Flow Low	- -	- -	- -	14.73	11.78	18.46	15.09	23.6	15.71	36.05	13.2	11.43	7.7	7.91
Price/Free Cash Flow Average	- -	- -	- -	13.35	12.16	21.28	15.78	26.1	27.03	45.04	17.22	13.54	8.8	9.42
Price/Free Cash Flow High	- -	- -	- -	16.02	14.06	29.98	23.6	30.18	41.23	55.3	35.01	17.91	11.9	12.6
Price/Free Cash Flow Low	- -	- -	- -	11.54	9.78	14.83	13.33	20.36	13.95	31.48	11.81	10.17	7.13	7.04
EV/Sales Average	- -	- -	- -	4.54	4.12	4.98	5.98	6.8	9.02	11.94	4.16	2.5	2.33	2.1
EV/Sales High	- -	- -	- -	5.48	4.78	7.07	9.12	7.88	13.65	14.62	8.36	3.3	3.12	2.79
EV/Sales Low	- -	- -	- -	3.9	3.28	3.42	4.99	5.27	4.75	8.39	2.88	1.88	1.91	1.59
EV/EBITDA Average	- -	0.01	-0.4	19.83	19.32	21.27	28.16	32.63	41.89	54.18	21.36	12.36	10.9	9.48
EV/EBITDA High	- -	0.01	-0.4	23.94	22.44	30.22	42.96	37.84	63.43	66.36	42.92	16.31	14.58	12.59
EV/EBITDA Low	- -	0.01	-0.4	17.05	15.41	14.63	23.51	25.32	22.07	38.08	14.8	9.3	8.92	7.16
EV/EBIT Average	- -	0.01	-0.57	27.82	28.14	28.84	36.89	43.3	56.42	70.03	28.32	15.04	12.86	10.91
EV/EBIT High	- -	0.01	-0.57	33.58	32.69	40.99	56.27	50.21	85.43	85.77	56.9	19.85	17.19	14.48
EV/EBIT Low	- -	0.01	-0.57	23.92	22.45	19.85	30.8	33.6	29.72	49.22	19.63	11.32	10.52	8.23
Last Price	- -	- -	- -	37.02	40.05	74.25	85.06	109.78	233.61	190.5	70.1	63.12	85.63	59.54
High Price	- -	- -	- -	42.61	44.16	78.53	123.67	121.31	246.1	312.64	197.11	88.44	93.17	94.58
Enterprise Value Average	- -	8	-722	41,973	44,624	65,156	92,344	120,812	193,408	302,821	114,522	74,335	74,091	69,784
Enterprise Value High	- -	8	-722	50,677	51,848	92,586	140,854	140,083	292,863	370,888	230,105	98,146	99,089	92,643
Enterprise Value Low	- -	8	-722	36,099	35,598	44,836	77,103	93,736	101,890	212,812	79,365	55,972	60,608	52,661

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	1,220	1,221	1,224	1,207	1,200	1,174	1,173	1,172	1,168	1,136	1,072	993	920
Diluted Weighted Avg Shares	1,188	1,188	1,224	1,229	1,218	1,221	1,203	1,188	1,187	1,186	1,158	1,107	1,039	968
Basic Weighted Avg Shares	1,171	1,171	1,218	1,222	1,210	1,203	1,184	1,174	1,173	1,174	1,154	1,103	1,029	959
Revenue per Share	4.84	5.74	6.59	7.57	8.96	10.88	13.05	15.14	18.29	21.61	23.85	26.99	30.9	34.59
EBITDA per Share	1.09	1.32	1.46	1.73	1.91	2.55	2.77	3.15	3.94	4.76	4.65	5.45	6.6	7.67
Operating Income per Share	0.77	0.93	1.04	1.23	1.31	1.88	2.11	2.38	2.92	3.68	3.5	4.48	5.6	6.67
Basic EPS, GAAP	0.66	0.82	0.34	1	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46
Basic EPS from Cont Ops	0.66	0.82	0.34	1	1.16	1.49	1.74	2.09	3.58	3.55	2.1	3.85	4.03	5.46
Diluted EPS, GAAP	0.65	0.8	0.34	1	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Diluted EPS from Cont Ops	0.65	0.8	0.34	1	1.15	1.47	1.71	2.07	3.54	3.52	2.09	3.84	3.99	5.41
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.14
Cash Flow per Share	1.34	1.7	1.82	2.08	2.61	2.1	4.63	3.47	5.3	4.94	5.04	4.39	7.24	6.69
Free Cash Flow per Basic Share	0.9	1.37	1.42	1.49	2.06	1.55	3.93	2.87	4.56	4.16	4.43	3.83	6.58	5.8
Cash & Equivalents per Share	- -	1.64	1.83	2.79	4.11	4.73	7.69	9.17	11.15	8	9.4	12.74	10.62	10.87
Book Value per Share	- -	- -	- -	0.55	1.71	3.18	4.97	7.11	10.54	14.08	16.42	21.03	26.58	33.86
Tangible Book Value per Share	- -	3.37	4.03	7.64	8.63	9.55	6.99	8.47	8.42	7.62	7.17	8.6	8.99	9.58

PayPal Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)