Payments & Fintech valuation multiples
Worldwide, the median listed payments and fintech company was valued at 22.5x normalised earnings and 9.8x EBITDA at 30 September 2026. By region, the median was 23.6x in the United States, 27.6x in Japan and 9.5x in Emerging Asia.
Global 87 listed payments and fintech companies at 30 September 2026
median
median
median
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*Excludes companies with negative normalised earnings. **Excludes companies with negative EBITDA. ***Excludes companies with stale accounts or results driven mainly by revaluations of investment holdings, and EV/Sales above 50x, typically early-stage companies with little revenue. How the figures are built
| P/E | EV/EBITDA | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 53 | 22.5x | 29.5x | 9.8x | 18.2x |
| United States | 26 | 23.6x | 30.0x | 10.6x | 18.9x |
| Europe | 4 | – | n/m | – | n/m |
| Japan | 6 | 27.6x | 27.8x | 12.7x | 12.1x |
| Emerging Asia | 10 | 9.5x | 22.1x | 5.7x | 8.4x |
Companies: those in the P/E median. Median: the typical payments and fintech company. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. Worldwide and in the United States and Emerging Asia the larger companies trade on higher multiples than the typical one, so the aggregate sits above the median. In Japan one company is more than half the industry's value, so the aggregate mostly describes that company. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| P/ENormalised earnings: one-off items removed. The key multiple for payments and fintech companies. | 22.5x | 23.6x | – | 27.6x | 9.5x |
| EV/EBITDAEnterprise value to EBITDA; share-based pay counted as an expense. | 9.8x | 10.6x | – | 12.7x | 5.7x |
| EV/SalesEnterprise value to revenue. | 2.3x | 2.7x | – | 2.3x | 1.5x |
| P/FCFMarket value to free cash flow. | 13.2x | 13.1x | – | – | 21.8x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Revenue growth | 15.6% | 19.3% | 19.2% | 10.7% | 13.0% |
| Gross margin | 36.8% | 40.5% | – | 51.0% | 26.5% |
| EBITDA margin | 15.5% | 12.1% | 25.1% | 18.2% | 10.0% |
| Free cash flow margin | 11.7% | 15.5% | 16.2% | 7.0% | 4.8% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- Visa IncUS
- Mastercard IncUS
- PayPal Holdings IncUS
- Block IncUS
- Adyen NVNetherlands
of 87 companies
United States
- Visa IncUS
- Mastercard IncUS
- PayPal Holdings IncUS
- Block IncUS
- Corpay IncUS
of 52 companies
Europe
- Adyen NVNetherlands
- Wise Group plcUK
- Nexi SpAItaly
- Klarna Group plcUK
- Asseco South Eastern Europe SAPoland
of 5 companies
Japan
- GMO Payment Gateway IncJapan
- Digital Garage IncJapan
- GMO Financial Gate IncJapan
- Base IncJapan
- Net Protections Holdings IncJapan
of 7 companies
Emerging Asia
- kakaopay CorpKorea
- Fujian Newland Computer Co LtdChina
- Lakala Payment Co LtdChina
- Sunyard System Engineering Co LtdChina
- LINE Pay Taiwan LtdTaiwan
of 14 companies
Subscribers get the figures of all 87 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | P/E | EV/EBITDA |
|---|---|---|---|
| Payments & Transaction Processing | Card networks, merchant acquirers, payment processors, digital wallets, fintech platforms | See plans | See plans |
| Digital Assets & Crypto Mining | Bitcoin / crypto miners, digital-asset treasury companies, crypto platforms | See plans | See plans |
Global medians, 30 Sep 2026
Global median P/E, 12 quarters
Payments & Fintech in the full data
Valued on earnings
Payments and fintech companies are valued on earnings. Many hold customer funds on their balance sheets, which makes enterprise value hard to measure consistently; P/E avoids the problem. The median P/E is 22.5x across 53 companies with meaningful earnings, and the aggregate 29.5x: the largest payment networks trade well above the typical company.
Over twelve quarters the global median moved between 20.3x and 25.6x, ending at 22.5x.
Mostly a US industry
46 of the 79 companies in the statistics are listed in the United States, at a median P/E of 23.6x and median revenue growth of 19.3%. Emerging Asia's 14 companies trade at 9.5x, and Japan's 6 at 27.6x. Europe has too few listed payments companies above USD 100m for a meaningful median.
Size
Large caps (above USD 10bn) trade at a median 26.8x normalised earnings, mid caps at 24.1x, small caps at 18.6x and micro caps at 13.6x. Payment networks, processors and crypto miners are all in this industry, and a peer group should keep them apart.
What P/E multiple do payments and fintech companies trade at?
The median listed payments and fintech company traded at 22.5x normalised earnings (P/E) at 30 September 2026, across 53 companies above USD 100m; the aggregate was 29.5x. United States 23.6x, Japan 27.6x, Emerging Asia 9.5x.
What is the median EV/EBITDA of payments and fintech companies?
9.8x at 30 September 2026, across 54 companies; the aggregate was 18.2x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private payments and fintech companies?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is payment networks, payment processing and transfers, and digital assets including crypto mining, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
87 payments and fintech companies at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Payments & Fintech Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/payments-fintech/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_payments_fintech_multiples,
title = {Payments & Fintech Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/payments-fintech/}
}