PayPal Holdings, Inc. (PYPL)
PayPal operates digital-payment platforms including PayPal, Venmo, and Braintree for online and in-store commerce.
PYPL vs V: how the two businesses compare
- Bigger business: V, with $40.0B of yearly revenue, about 1.2× PYPL's $33.2B.
- More profitable: V keeps 50 cents of each sales dollar as profit, against 16 cents at PYPL.
- More cash from each sale: V turns 58 cents of each sales dollar into operating cash flow, against 19 cents at PYPL.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Visa (V) is the larger business by reported revenue: $40.0B in its fiscal year ended Sep 2025, about 1.2× PYPL's $33.2B (fiscal year ended Dec 2025). PYPL's net margin was 15.8% and V's 50.1%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Business Services, NEC
- Same classification
- Different
- PYPL December 31 · V September 30
- Feb 3, 2026
PYPL vs V: quick comparison
| Company fact | PYPL | V |
|---|---|---|
| Company | PayPal Holdings, Inc. | Visa Inc. |
| Exchange | NASDAQ | NYSE |
| Headquarters | — | San Francisco, California |
| Founded | — | 1958 |
| SEC industry | Services-Business Services, NEC | Services-Business Services, NEC |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-02-03 | 10-K · 2025-11-06 |
PYPL vs V: audited financials
- Scale: V's $40.0B of revenue is about 1.2× PYPL's $33.2B.
- Net margin: V kept 50.1% of revenue as net income versus 15.8% at PYPL.
- Cash conversion: operating cash flow equalled PYPL 19.3% of revenue, or 1.23× net income; V 57.6% of revenue, or 1.15× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for PYPL, 2025-09-30 for V), so each figure reflects somewhat different demand and cost conditions.
| Metric | PYPL | V |
|---|---|---|
| Revenue | $33.2B2025-01-01 to 2025-12-31 · SEC filing | $40.0B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | $5.2B2025-01-01 to 2025-12-31 · SEC filing | $20.1B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | $6.4B2025-01-01 to 2025-12-31 · SEC filing | $23.1B2024-10-01 to 2025-09-30 · SEC filing |
| Diluted EPS | $5.412025-01-01 to 2025-12-31 · SEC filing | — |
| Net margin | 15.8%2025-01-01 to 2025-12-31 · SEC filing | 50.1%2024-10-01 to 2025-09-30 · SEC filing |
PYPL: FY ending 2025-12-31 · V: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where PYPL and V overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 7389, Services-Business Services, NEC.
- Shared research theme: International markets.
Differences
- Offset fiscal calendars: PYPL's year ends December 31 and V's September 30, about 3 months apart.
- Only V maps to Economic trends.
- Profitability: net margin of 15.8% for PYPL versus 50.1% for V.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Visa Inc. (V)
Visa operates the world's largest electronic-payments network, earning fees on card transactions rather than lending. Its rails power a huge share of global consumer and commercial spending.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves PYPL
We have not yet published a company-specific driver list for PYPL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-03.
What moves V
- Payments volume, processed transactions, and cross-border volume
- Client incentives paid to issuers and merchants
- Growth of value-added services and Visa Direct money movement
- Interchange regulation, the DOJ debit antitrust suit, and the Credit Card Competition Act
The investment question
You now know V reports about 1.2× PYPL's revenue, and V keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, including “Payments volume, processed transactions, and cross-border volume” at V, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. PYPL's fiscal year ends December 31, while V's ends September 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 36 matched transaction rows for PYPL and 65 matched transaction rows for V. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
PYPL primary filings
V primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving PYPL or V
PYPL vs V FAQs
Are PYPL and V direct competitors?
PayPal and Visa share the SEC industry classification “Services-Business Services, NEC.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is PYPL or V the bigger company by revenue?
Visa (V) is the larger business by reported revenue: $40.0B in its fiscal year ended Sep 2025, about 1.2× PYPL's $33.2B (fiscal year ended Dec 2025). PYPL's net margin was 15.8% and V's 50.1%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, PYPL or V?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this PYPL vs V comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers PayPal Holdings, Inc. and Visa Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-10. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-10. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
PYPL vs V compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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