After two years of stagnation, PayPal returned to growth in Q2 2025:
📈 Transaction Margin Dollar grew 8% – the fastest in 8 quarters 📊 Management raised guidance 🚀 Fastlane showing 50%+ conversion uplifts in pilots 💰 Venmo revenue up 20%
Yet the market values PayPal at 12.9x forward P/E, while Visa trades at 27.7x and Mastercard at 31.7x.
That's a 53% discount for a business with:
🌍 400 million users
🔗 Network effects comparable to Visa/Mastercard
💵 $6+ billion in annual free cash flow
I've spent the last two weeks building a complete equity research report on PayPal – 21 pages of detailed financial modeling, scenario analysis, and investment recommendations following Wall Street methodology standards.