Core Viewpoint - PayPal's stock has fallen 31% as the company faces an execution crisis, highlighted by a significant earnings miss and a leadership change [1] Financial Performance - PayPal reported Q4 revenue of $8.676 billion, missing estimates by $304 million, and EPS of $1.23, falling short by $0.08 [1] - The company's stock is currently trading at $40.46, down 46.79% over the past year, and is near its 52-week low of $38.88 [1] Leadership Change - Enrique Lores has been appointed as the new CEO, effective March 1, 2026, following dissatisfaction from the board regarding the pace of change and execution under outgoing CEO Alex Chriss [1] Market Sentiment - Retail investor sentiment on Reddit has turned sharply negative, with the sentiment score dropping to 37 from a neutral 57.4 over the past month [1] - Daiwa Securities has reduced its price target for PayPal from $61 to $42, reflecting a 31% cut in expectations [1] Competitive Position - PayPal's branded checkout performance has deteriorated, and its defensive Buy Now Pay Later (BNPL) strategy has lost market share to competitors like Affirm and Klarna [1] - Former PayPal President David Marcus criticized the company's current strategy, indicating concerns about its competitive position [1] Future Outlook - Analysts maintain a consensus target price of $51.88 for PayPal, suggesting a potential upside of 27% [1] - PayPal is expected to generate over $6 billion in free cash flow for 2026, with a current P/E ratio of 7.48x, indicating a critical period for the company to prove its turnaround strategy [1]

（原标题："美版支付宝"掉入估值陷阱） 作者 | 王晗玉 编辑 | 张帆 在美股科技股屡创新高的过去一年，曾经的"美版支付宝"PayPal却逆势走低。 自2月3日公布2025年第四季度及全年财报以来，至目前其股价已跌去25.32%。拉长时间线来看，其相 较2025年年初估值已打对折，股价跌超54%，当前市盈率仅6.9倍。 公布财报后PayPal股价跌幅 图源：Wind 据Wind统计，与PayPal同一分类下的其他个股市盈率中位值接近20倍。 调整后每股收益为1.23美元，同比增长3.4%，同样未达预期的1.28美元。 全年来看，PayPal营收为331.72亿美元，同比增长4.3%，实现每股收益为5.41美元，略高于分析师预期 的5.36美元。 尽管全年数据仍保持正增长，但第四季度的显著放缓引发了市场对公司未来增长前景的担忧。 更值得关注的是PayPal的品牌支付业务表现。该业务是其主要收入来源，但在第四季度，在线品牌结账 的总支付额按固定汇率计算仅增长了1%，远低于此前常年维持在5%左右的增幅。 尽管管理层在财报电话会议中解释称，品牌支付业务的放缓主要受到美国零售业整体疲软、德国市场宏 观经济挑战以及旅游 ...

PayPal Holdings, Inc. (NASDAQ:PYPL) is among the 12 Best Digital Currency and Payments Stocks to Buy Right Now. PayPal Holdings, Inc. (PYPL)'s Stock Fell Following the CEO's Announcement and a Profit Miss According to a February 3, 2026, Bloomberg story, PayPal Holdings, Inc. (NASDAQ:PYPL)  announced that Enrique Lores, the CEO of HP Inc., will take Alex Chriss’ place as CEO following the company’s poor performance. Shares dropped as much as 19%, the most significant intraday decline in almost four years ...

Core Insights - PayPal is experiencing a slowdown in its branded checkout business, facing stiff competition from major players like Apple Pay and Google Pay, as well as e-commerce platforms and buy-now-pay-later providers [1][2] Financial Performance - The latest earnings report indicates a deceleration in growth for PayPal's branded checkout, with growth dropping to 1% in Q4 from 6% a year prior [2] - PayPal's revenue for the quarter was $8.68 billion, falling short of the $8.79 billion expected by analysts [2] - The company has provided weak guidance, projecting a mid-single-digit percentage decline in earnings per share for 2026, contrasting with Wall Street's expectation of an 8% increase [2] Market Challenges - Factors contributing to the slowdown include weakness in US retail, international issues, and challenging comparisons to previous results [3] - Analysts are expressing concerns about PayPal's competitive position, with former executives noting a loss of product edge and competitive ability [4] Executive Changes - PayPal is undergoing a leadership change, with Enrique Lores set to replace Alex Chriss as CEO on March 1, 2024 [3] - The interim CEO, Jamie Miller, acknowledged that execution in branded checkout has not met expectations [4] Analyst Reactions - HSBC downgraded PayPal's stock from buy to hold, reflecting diminished confidence in the company's ability to improve its branded checkout business [6] - TD Cowen analysts reduced their price target for PayPal's stock from $65 to $48, citing ongoing structural concerns in the core branded online checkout business [6]

Core Viewpoint - PayPal is facing significant challenges in recovering to its pandemic highs, with a drastic slowdown in growth leading to a decline in share prices and investor confidence [1][11]. Financial Performance - PayPal's stock is currently trading 86% below its peak as of February 3, with a forward price-to-earnings ratio of 9.2, attracting value investors [2]. - In Q4 2025, online branded checkout experienced only a 1% increase in total payment volume compared to Q4 2024, indicating weakness during a critical holiday season [5]. - The company reported a gross margin of 41.78% and a dividend yield of 0.35%, having paid its first quarterly dividend of $0.14 in December, totaling $130 million in Q4 [9][10]. Management and Strategic Changes - The board of directors has decided to replace CEO Alex Chriss with HP's Enrique Lores, effective March 1, reflecting a lack of confidence in current leadership [1]. - Management's guidance for adjusted earnings per share in 2026 indicates a "low-single digit decline to slightly positive," which was not well received by investors [9]. Market Position and Competition - PayPal's focus on discretionary and online spending, particularly among middle-income demographics, has not been favorable, especially in light of retail weakness in the U.S. [6][7]. - Intense competition from tech giants like Apple Pay and Google Pay is impacting PayPal's market position, as these competitors integrate seamlessly with smartphones [6]. Investment Considerations - Despite its low valuation, PayPal is not currently viewed as an underrated investment opportunity, with investors seeking fundamental improvements before considering the business [11].

Industry Overview - Mobile payments are increasingly replacing physical wallets, enhancing transaction speed and efficiency in the global economy [2][3] - The global mobile payments market reached $4.97 trillion in 2025 and is projected to grow to $46.62 trillion by 2034, reflecting a 28% compound annual growth rate [4] Technological Advancements - The rise of smartphone penetration, wearables, and fintech innovations are driving mobile payment adoption, particularly among Gen Z and Millennials [3] - Technologies such as AI and blockchain are improving fraud prevention and transaction reliability [3] Market Dynamics - E-commerce growth and improved digital infrastructure are reinforcing mobile payment momentum, benefiting small businesses by enhancing cash flow and financial visibility [5] - Competition is intensifying among companies like Nu Holdings, Global Payments, and Remitly, which are forming deeper partnerships to scale their operations [6] Company Insights: Nu Holdings - Nu Holdings offers mobile payment capabilities through its Nubank platform, integrating payments into a single app-based ecosystem [8] - The company serves over 127 million customers globally, with a strong engagement rate of over 83% [9] - Nu Holdings is strategically applying for a U.S. national bank charter to access a larger digital payments market [10] Company Insights: Global Payments - Global Payments is a leading provider of payment technology, enabling mobile and digital wallet transactions across various channels [11] - The company generates revenue primarily through transaction-based fees, benefiting from the rise in mobile payment adoption [13] Company Insights: Remitly Global - Remitly operates a mobile-first platform focused on international remittances, facilitating seamless cross-border payments [14] - The company reported 8.9 million active customers and a 35% year-over-year increase in total send volume to $19.5 billion [16] - Remitly is expanding its partnerships to enhance geographic coverage and accelerate settlement times [17]

Core Viewpoint - PayPal Holdings Inc. is currently considered one of the most undervalued quality stocks, despite recent downgrades and competitive pressures in the digital payments space [1][7]. Group 1: Analyst Ratings and Price Targets - Rothschild & Co. Redburn downgraded PayPal from Neutral to Sell, lowering its price target from $70 to $50 [1][7]. - Cantor Fitzgerald analyst Ramsey El-Assal initiated coverage with a Neutral rating and a price target of $60, highlighting recent strategic moves that could enhance profitability and growth [3]. Group 2: Competitive Landscape - The firm noted that consumer preferences are shifting towards alternative payment methods, with platforms like Shop Pay, Stripe Link, Apple Pay, and Google Pay gaining traction among users [2]. - Despite the competitive environment, El-Assal anticipates that PayPal's strategic initiatives will lead to increased volume and revenue growth by FY2026 [3]. Group 3: Company Overview - PayPal operates a technology platform that facilitates digital payments for both merchants and consumers globally [4].

Core Insights - David Marcus, former president of PayPal, expressed concerns that the company has "lost its mojo" and highlighted several flaws in its operations [1][7] - PayPal's recent earnings call revealed profit and sales misses, leading to the announcement of a new CEO, Enrique Lores, replacing Alex Chriss [1][8] Company Performance - PayPal reported fourth-quarter revenue of $8.68 billion, reflecting a 4% increase year-over-year [8] - The company's stock has dropped approximately 20% since the earnings report and CEO announcement, and it has decreased over 50% in the past year [8] Leadership and Strategy - Marcus criticized PayPal's leadership decisions, particularly the appointment of CEO Alex Chriss, who has a software background rather than a payments background, leading to a loss of knowledgeable leadership [6][7] - The new CEO, Enrique Lores, is also viewed skeptically by Marcus, who noted that he is primarily a hardware executive, raising concerns about his fit for a payments company [7] Competitive Positioning - Marcus compared PayPal unfavorably to competitors such as Apple Pay, Visa, Klarna, Affirm, and Afterpay, indicating that PayPal has lagged in adopting buy-now-pay-later features [6] - He pointed out that PayPal has overly relied on unbranded checkouts and has lost transaction volume on eBay [6]

Core Viewpoint - PayPal Holdings, Inc. (NASDAQ:PYPL) is facing increased competition and slower growth, leading to downgrades from analysts and a reduced price target [1][3]. Group 1: Analyst Downgrades - Rothschild Redburn analyst Dominic Ball downgraded PayPal from Neutral to Sell, lowering the price target from $70 to $50 due to the competitive advantage of traditional card networks [1]. - Morgan Stanley also reduced its price target on PayPal to $50 from $51 while maintaining an Underweight rating, citing slower growth in the branded checkout segment [3]. Group 2: Competitive Landscape - The marginal consumer is increasingly opting for alternative payment methods, with competitors like Apple Pay, Google Pay, Shopify's Shop Pay, and Stripe's Link gaining users from PayPal [2]. - Traditional card networks are perceived to have stronger pricing power and demand for cyber and risk services in the evolving e-commerce landscape [2]. Group 3: Checkout Integration Challenges - PayPal's progress in upgrading checkout integrations has been slow, with only 25% of merchants transitioning to the new checkout experience in about 15 months, and only half of those using the most optimized integration [4].

PayPal Holdings, Inc. (NASDAQ:PYPL) ranks among the stocks with the lowest forward PE ratios. On January 26, BTIG reaffirmed its Neutral rating on PayPal Holdings, Inc. (NASDAQ:PYPL) in advance of the company’s fourth-quarter 2025 earnings announcement. According to the firm, PYPL shares have dropped 19% since the company’s third-quarter 2025 earnings report on October 28. PayPal Holdings, Inc. (NASDAQ:PYPL) management has said before that the company’s fiscal year 2026 growth is expected to decrease, wh ...