PayPal Holdings, Inc.

PYPL

PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. It provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, and Paidy names. The company's payments platform allows consumers to send and receive payments in approximately 200 markets and in approximately 100 currencies, withdraw funds to their bank accounts in 56 currencies, and hold balances in their PayPal accounts in 25 currencies. PayPal Holdings, Inc. was founded in 1998 and is headquartered in San Jose, California.

深度研究阅读完整报告

PayPal(PYPL)股票深度分析 — PayPal低估是数学事实——但没人知道反转信号什么时候来

市场正以一个过时“支付按钮”的逻辑给这个万亿交易平台定价，却完全忽视了其品牌、非品牌和社交金融三大业务割裂的巨大价值重估可能。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

利润瀑布图分析

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盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

19.10%

营业利润 Operating Income = $1.51B

营业收入 Revenue = $8.68B

税前利润率 Pre-tax Profit Margini

18.58%

税前利润 Income Before Tax = $1.63B

营业收入 Revenue = $8.68B

净利润率 Net Profit Margini

16.41%

净利润 Net Income = $1.44B

营业收入 Revenue = $8.68B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

11.68%

所得税费用 Income Tax Expense = $0.19B

税前利润 Income Before Tax = $1.63B

现金税率 TTM Cash Tax Rate (TTM)i

17.47%

实际缴纳所得税 Income Taxes Paid (TTM) = $1.10B

税前利润 Income Before Tax (TTM) = $6.29B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$6.65B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $0.01B | non interest income: $8.64B | non interest expense: $2.00B

PPNR利润率 PPNR Margini

75.93%

拨备前净收入 PPNR = $6.65B

营业收入 Revenue = $8.68B

PPNR资产回报率 PPNR / Avg Assetsi

8.22%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $6.65B | avg total assets: $80.89B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

23.02%

非利息费用 Non-Interest Expense = $2.00B

营业收入 Revenue = $8.68B

成本收入比（非银） Cost-to-Incomei

29.08%

运营费用 Operating Expenses = $2.52B

营业收入 Revenue = $8.68B

成本资产比（UBPR思想） Cost-to-Assetsi

3.12%

运营费用 Operating Expenses = $2.52B

平均总资产 Avg Total Assets = $80.89B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

2.54%

收入增长率 Revenue Growth (YoY) = 3.71%

费用增长率 Expense Growth (YoY) = 1.16%

营业利润率扩张 (YoY) Operating Margin Expansioni

0.19pp

当前营业利润率 Current Operating Margin = 17.42%

去年同期营业利润率 Prior Operating Margin = 17.22%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

1.66x

经营现金流 Operating Cash Flow = $2.38B

净利润 Net Income = $1.44B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-1.17%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.44B | operating cash flow: $2.38B | avg total assets: $80.89B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.07x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.04x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $33.25B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $8.87B | employee count: N/A

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资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$9.18B

有形资产 Tangible Assets (TA)i

$69.10B

TCE/TA比率 TCE / TA Ratioi

13.29%

✅ 健康 Healthy

有形普通股权 TCE = $9.18B

有形资产 TA = $69.10B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

25.27%

股东权益 Total Equity = $20.26B

总资产 Total Assets = $80.17B

资产股权倍数 Assets / Equity (A/E)i

3.96x

总资产 Total Assets = $80.17B

股东权益 Total Equity = $20.26B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-7.16%

✅ 健康 Healthy

AOCI = $-0.66B

有形普通股权 TCE = $9.18B

商誉无形占比 (Goodwill + Intangibles) / Equityi

54.66%

⚠️ 警告 Warning

商誉+无形资产 GW+Intangibles = $11.07B

股东权益 Total Equity = $20.26B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

13.00%

⚠️ 警告 Warning

现金+短投 Cash+ST Inv = $10.42B

总资产 Total Assets = $80.17B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

16.67%

✅ 健康 Healthy

短期+长期债务 ST+LT Debt = $9.99B

总负债 Total Liabilities = $59.92B

证券类资产占比 Securities / Assetsi

8.36%

✅ 健康 Healthy

短投+长投 ST+LT Inv = $6.70B

总资产 Total Assets = $80.17B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$8.53B

ATCE/TA比率 ATCE / TAi

12.34%

风险调整TCE ATCE = $8.53B

有形资产 TA = $69.10B

ATCE剪刀差 ATCE Scissor Spreadi

95 bps

✅ 健康 Healthy

TCE/TA = 1329.00%

ATCE/TA = 1234.00%

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现金流瀑布图

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流入

流出

小计

起止点

现金流生成能力 Cash Generation Capability

盈利现金含量 Earnings Cash Contenti

1.23x

经营现金流 TTM Operating Cash Flow (TTM) = $6.42B

净利润 TTM Net Income (TTM) = $5.23B

现金流资产收益率 Cash Flow ROA (CFROA)i

8.02%

经营现金流 TTM Operating Cash Flow (TTM) = $6.42B

平均总资产 Average Total Assets = $79.99B

流动性／偿债能力 Liquidity / Solvency

现金流充足率 Cash Flow Adequacyi

2.93x

经营现金流 TTM Operating Cash Flow (TTM) = $6.42B

CapEx + 债务偿还 + 分红 CapEx + Debt Repayment + Dividends = $2.19B

经营现金流覆盖短期债务比 OCF / Short-Term Debti

N/A

经营现金流 TTM Operating Cash Flow (TTM) = $6.42B

短期债务 Short-Term Debt = $0.00B

持续性／稳定性 Sustainability / Stability

经营现金流增长率 OCF Growth Rate (YoY)i

-0.42%

当期季度 Current Quarter OCF = $2.38B

去年同期 Same Quarter Last Year OCF = $2.39B

经营现金流波动性 OCF Volatility (CV)i

0.48x

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📊 估值

关键估值指标

EV/EBITDA (TTM)

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

Enterprise Value, EBIT and Ratio

P/E Ratio (TTM)

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

Market Cap, Book Value and Ratio

P/TBV - Price to Tangible Book Value (Quarterly)

Market Cap, Tangible Book Value and Ratio

Price / OCF (TTM)

Market Cap, Operating Cash Flow and Ratio

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

Quarterly Revenue

Net Income (Quarterly)

Quarterly Net Income

EPS (Quarterly)

Earnings Per Share

FCF/Share (Quarterly)

Free Cash Flow Per Share

BVPS Growth YoY

(BVPS_current / BVPS_1y_ago) - 1

TBVPS Growth YoY

(TBVPS_current / TBVPS_1y_ago) - 1

💰 盈利

利润率和净资产收益率

Operating Margin (TTM)

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

Revenue, Net Income and Net Profit Margin

ROE (TTM)

Equity, Net Income and Return on Equity

ROA (TTM)

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

Net Income, Tangible Common Equity and ROTCE

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

Operating Cash Flow, Net Income and Ratio

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

Operating Cash Flow, Total Debt and Ratio

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

Operating Cash Flow, Total Assets and Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

Total Debt, Total Equity and Debt/Equity Ratio

Altman Z-Score

Financial Distress Prediction Model

Debt-to-Assets Ratio (MRQ)

Total Debt, Total Assets and Debt-to-Assets Ratio

Liquidity-to-Assets Ratio (MRQ)

Current Assets, Total Assets and Liquidity-to-Assets Ratio

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

NOPAT, Invested Capital and Return on Invested Capital

Asset Turnover (TTM)

Revenue, Total Assets and Turnover Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

SG&A Expenses, Revenue and Ratio

Operating Expense Ratio (TTM)

Operating Expenses, Revenue and Ratio

Cost-to-Income Ratio (TTM)

Operating Expenses, Operating Income and Ratio

Revenue per Employee (Quarterly)

Revenue and Revenue per Employee

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

Net Buyback and Buyback Yield

TSR - Total Shareholder Return (1Y)

(Price_end + Dividends_TTM) / Price_start - 1

Dividend Growth CAGR (3Y)

(Dividend_end / Dividend_start)^(1/3) - 1

资本充足性 Capital Adequacy

有形普通股权 Tangible Common Equity (TCE)i

$9.18B

有形资产 Tangible Assets (TA)i

$69.10B

TCE/TA比率 TCE / TA Ratioi

13.29%

✅ 健康 Healthy

有形普通股权 TCE = $9.18B

有形资产 TA = $69.10B

杠杆指标 Leverage

股权资产比 Equity / Assets (E/A)i

25.27%

股东权益 Total Equity = $20.26B

总资产 Total Assets = $80.17B

资产股权倍数 Assets / Equity (A/E)i

3.96x

总资产 Total Assets = $80.17B

股东权益 Total Equity = $20.26B

资本质量 Capital Quality

AOCI侵蚀度 AOCI / TCEi

-7.16%

✅ 健康 Healthy

AOCI = $-0.66B

有形普通股权 TCE = $9.18B

商誉无形占比 (Goodwill + Intangibles) / Equityi

54.66%

⚠️ 警告 Warning

商誉+无形资产 GW+Intangibles = $11.07B

股东权益 Total Equity = $20.26B

流动性 Liquidity

高流动性缓冲 Liquidity Buffer (HQLA proxy)i

13.00%

⚠️ 警告 Warning

现金+短投 Cash+ST Inv = $10.42B

总资产 Total Assets = $80.17B

资金结构 Funding Structure

批发资金依赖度 Wholesale Funding Ratio (Core)i

16.67%

✅ 健康 Healthy

短期+长期债务 ST+LT Debt = $9.99B

总负债 Total Liabilities = $59.92B

证券类资产占比 Securities / Assetsi

8.36%

✅ 健康 Healthy

短投+长投 ST+LT Inv = $6.70B

总资产 Total Assets = $80.17B

风险调整 Risk-Adjusted

风险调整后TCE Risk-Adjusted TCE (ATCE)i

$8.53B

ATCE/TA比率 ATCE / TAi

12.34%

风险调整TCE ATCE = $8.53B

有形资产 TA = $69.10B

ATCE剪刀差 ATCE Scissor Spreadi

95 bps

✅ 健康 Healthy

TCE/TA = 1329.00%

ATCE/TA = 1234.00%

盈利能力指标 Profitability Margins

营业利润率 Operating Income Margini

19.10%

营业利润 Operating Income = $1.51B

营业收入 Revenue = $8.68B

税前利润率 Pre-tax Profit Margini

18.58%

税前利润 Income Before Tax = $1.63B

营业收入 Revenue = $8.68B

净利润率 Net Profit Margini

16.41%

净利润 Net Income = $1.44B

营业收入 Revenue = $8.68B

税务指标 Tax Metrics

应计税率 Effective Tax Ratei

11.68%

所得税费用 Income Tax Expense = $0.19B

税前利润 Income Before Tax = $1.63B

现金税率 TTM Cash Tax Rate (TTM)i

17.47%

实际缴纳所得税 Income Taxes Paid (TTM) = $1.10B

税前利润 Income Before Tax (TTM) = $6.29B

银行核心盈利指标 Financial Sector PPNR Metrics

拨备前净收入（监管口径） PPNRi

$6.65B

PPNR = Net Interest Income + Non-Interest Income - Non-Interest Expense

net interest income: $0.01B | non interest income: $8.64B | non interest expense: $2.00B

PPNR利润率 PPNR Margini

75.93%

拨备前净收入 PPNR = $6.65B

营业收入 Revenue = $8.68B

PPNR资产回报率 PPNR / Avg Assetsi

8.22%

PPNR ROA = PPNR / Avg Total Assets

ppnr: $6.65B | avg total assets: $80.89B

成本效率指标 Cost Efficiency Metrics

效率比率（银行口径） Efficiency Ratioi

23.02%

非利息费用 Non-Interest Expense = $2.00B

营业收入 Revenue = $8.68B

成本收入比（非银） Cost-to-Incomei

29.08%

运营费用 Operating Expenses = $2.52B

营业收入 Revenue = $8.68B

成本资产比（UBPR思想） Cost-to-Assetsi

3.12%

运营费用 Operating Expenses = $2.52B

平均总资产 Avg Total Assets = $80.89B

运营杠杆指标 Operating Leverage Metrics

运营杠杆 (YoY) Operating JAWSi

2.54%

收入增长率 Revenue Growth (YoY) = 3.71%

费用增长率 Expense Growth (YoY) = 1.16%

营业利润率扩张 (YoY) Operating Margin Expansioni

0.19pp

当前营业利润率 Current Operating Margin = 17.42%

去年同期营业利润率 Prior Operating Margin = 17.22%

盈利质量指标 Earnings Quality Metrics

盈利质量 (OCF/NI) Earnings Qualityi

1.66x

经营现金流 Operating Cash Flow = $2.38B

净利润 Net Income = $1.44B

应计项/平均资产 (Sloan) Accruals / Avg Assetsi

-1.17%

Accruals / Avg Assets = (Net Income - OCF) / Avg Total Assets

net income: $1.44B | operating cash flow: $2.38B | avg total assets: $80.89B

波动性指标 Volatility Metrics

PPNR波动率 (8Q) PPNR Volatilityi

0.07x

核心收入波动率 (8Q) Core Revenue Volatilityi

0.04x

员工生产力指标 Employee Productivity Metrics

人均收入 TTM Revenue per Employeei

N/A

Revenue per Employee = Revenue (TTM) / Employee Count

revenue TTM: $33.25B | employee count: N/A

人均运营费用 TTM OpEx per Employeei

N/A

OpEx per Employee = Operating Expenses (TTM) / Employee Count

operating expenses TTM: $8.87B | employee count: N/A

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PayPal Holdings, Inc.

PayPal(PYPL)股票深度分析 — PayPal低估是数学事实——但没人知道反转信号什么时候来

🔍 商业模式深度分析 (杜邦模型)

财务可视化指标

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率

ROIC (TTM)

Asset Turnover (TTM)

SG&A/Revenue - SG&A Efficiency (TTM)

Operating Expense Ratio (TTM)

Cost-to-Income Ratio (TTM)

Revenue per Employee (Quarterly)

🎁 股东回报

Dividend Yield (TTM)

Buyback Yield (TTM)

TSR - Total Shareholder Return (1Y)

Dividend Growth CAGR (3Y)

利润表分析

利润瀑布图分析

资产负债表分析

现金流量表分析

📊 估值

EV/EBITDA (TTM)

EV/EBIT (TTM)

P/E Ratio (TTM)

P/B Ratio (Quarterly)

P/TBV - Price to Tangible Book Value (Quarterly)

Price / OCF (TTM)

📈 成长

Revenue (Quarterly)

Net Income (Quarterly)

EPS (Quarterly)

FCF/Share (Quarterly)

BVPS Growth YoY

TBVPS Growth YoY

💰 盈利

Operating Margin (TTM)

Net Profit Margin (TTM)

ROE (TTM)

ROA (TTM)

ROTCE - Return on Tangible Common Equity (TTM)

💵 现金质量

OCF/NI Ratio (TTM)

OCF-to-Debt - Operating Cash Flow to Debt Ratio (TTM)

OCF-to-Assets - Operating Cash Flow to Assets Ratio (TTM)

🛡️ 财务韧性

Debt/Equity (quarterly)

Altman Z-Score

Debt-to-Assets Ratio (MRQ)

Liquidity-to-Assets Ratio (MRQ)

⚙️ 运营与资本效率