Adyen is behind Stripe when it comes to small enterprises but ahead on large enterprises and especially global merchants. They also have scaled back on digital merchants which you can lose easily and focus more on unified commerce, their growth is a lot higher quality. They also report growth differently - ex fees to schemes and banks. Stripe will be on the hook if banks and schemes raise their fees. You also dont know what margin stripe has, just say robust which is enough for the crowd on wallstreet of course but I digress. The fact is Stripe is a good company, but its valuation is set in a room while Adyen's valuation is set on the market 80% of which is pods trading back and forth.