Online payments pioneer (NASDAQ: PYPL) has seen significant growth over the last decade, but you wouldn't know it simply by looking at the stock price. Investors who purchased shares when eBay (NASDAQ: EBAY) spun off PayPal back in 2015 have received a 73% return compared to the 143% they could have had with an S 500 Index fund.

But the underwhelming stock performance hasn't necessarily been from lackluster financial results; the stock has also seen significant valuation compression.

Today, PayPal trades at a 13 times multiple of enterprise value to EBITDA (earnings before interest, taxes, depreciation, and amortization), which is far cheaper than at any other point in the company's public history and well below its average valuation over the years.

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Source Fool.com