Mastercard Inc (MA)
Financials · Transaction & Payment Processing Services · US stock · S&P 500 component
$633.21
▲ +10.59 (1.70%)
Fair valueFair
$578 −8.7% to fair value
$289fair band $492–$701$868
Day's range
$623.88 – $633.29
52-week range
$464.52 – $633.29
About Mastercard Inc
Mastercard runs a global payments network that connects consumers, merchants and banks. It does not issue cards or lend to cardholders; banks do that. The company earns money from fees charged on transaction volume, on currency conversion and cross-border activity, and from data, security and other services it sells to financial institutions. Its results follow consumer spending patterns and the growth of electronic payments.
Looking at the top line, revenue was $35.1 billion for the latest twelve months and it grew by 13.8% a year over three years. Operating margin was 58.3%, and return on invested capital is 87%. Its net debt to EBITDA ratio is 0.6 times. Shareholders receive a dividend with a yield of 0.5%. The overall X-Ray Score is 57 out of 100.
Price chart
52-wk range $464.52 – $633.29Volume 4,037,141Daily, split-adjusted
Vitals
Market cap$559.1B
52-week range$464.52 – $633.29
Volume (last day)4,037,141
P/E (TTM)34.9
EBIT / EV yield3.6%
Free-cash-flow yield3.0%
Dividend yield0.5%
Revenue (TTM)$35.1B
Net income (TTM)$16.3B
Operating margin58.3%
Return on capital87.0%
Debt incl. leases$24.6B
Cash & securities$11.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$578middle half of models $460 – $726
Fair
−8.7% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $633
Undervalued < $492Fair $492 – $701Overvalued > $701
P/E multiple
$638
P/B multiple
$470
P/S multiple
$522
EV/EBITDA multiple
$567
EV/EBIT multiple
$612
EV/revenue multiple
$550
10-year DCF, EBITDA exit
$761
5-year DCF, EBITDA exit
$761
10-year DCF, revenue exit
$760
5-year DCF, revenue exit
$755
10-year DCF, growth exit
$456
5-year DCF, growth exit
$416
Dividend discount, multi-stage
$433
Earnings power value
$396
Growth the price implies
9.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Strong business at a fair price
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
12/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.6%
Free-cash-flow yield3.0%
Fair value vs price0.9×
Growth
Strong
73/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)13.8%
EPS growth (3y)17.4%
Growth consistency100%
Profitability
Strong
75/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital87.0%
Operating margin58.3%
Financial health
Strong
74/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA0.6×
Interest cover27.4×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.5%
Dividends vs free cash flow18%
Dividend growth13.1%
Quarterly results: last 6 quarters
+14.2%
Mar '25
+16.8%
Jun '25
+16.7%
Sep '25
+17.6%
Dec '25
+15.8%
Mar '26
+14.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.3B, diluted EPS $4.97.
Compare with peers
PYPL PayPal Holdings, Inc.65 JKHY Jack Henry & Associate...63 CPAY Corpay, Inc.55 FISV Fiserv Inc49Other Transaction & Payment Processing Services companies by X-Ray Score.
SWOT analysis: Mastercard Inc
Strengthsinside the company
- Return on invested capital is 87.0%, against a median of 7.2% for industry peers.
- Operating margin of 58.3% is well above the 17.9% median of industry peers, a sign of pricing power or lower costs.
- Revenue has grown 13.8% a year over three years (median 6.4% for industry peers).
- Earnings per share have compounded at 17.4% a year over three years.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 34.4x earnings, 104% above the 16.8x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MA with peers and sector
Medians of 7 Transaction & Payment Processing Services peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): PYPL 65, XYZ 45, CPAY 55, FISV 49, GPN 29, FIS 36.
| Metric | MA | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 57 | 49 | 50 |
| Valuation | 12 | 63 | 52 |
| Growth | 73 | 54 | 54 |
| Profitability | 75 | 46 | 48 |
| Financial health | 74 | 22 | 50 |
| Dividends | 56 | 37 | 54 |
Sector leaders: highest X-Ray Score in Financials
MA ranks #22 of 71 in Financials and #3 of 8 in Transaction & Payment Processing Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MA
Each factor is rated by where MA stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 7 Average · 5 Bad of 21
Growth: 2 · 1 · 0
Profitability: 4 · 0 · 0
Financial strength: 1 · 3 · 0
Valuation: 0 · 0 · 5
Cash flow: 2 · 2 · 0
Efficiency: 0 · 1 · 0
| Factor | MA | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +13.8% | Good beats 82% | +8.3% | – | – |
| Revenue growth, last year | +16.4% | Good beats 86% | +6.9% | +12.9% | ▲ Better |
| EPS growth, 3 years a year | +17.4% | Average beats 65% | +12.7% | – | – |
| Profitability | |||||
| Operating margin | 58.3% | Good beats 89% | 29.1% | 55.3% | ≈ In line |
| Net margin | 46.3% | Good beats 90% | 21.8% | 44.7% | ≈ In line |
| Return on invested capital | 87.0% | Good beats 96% | 13.5% | – | – |
| Return on equity | 289.7% | Good beats 99% | 15.7% | 161.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 0.6x | Average beats 61% | 1.1x | 0.5x | ≈ In line |
| Interest cover | 27.4x | Average beats 46% | 50.0x | 24.4x | ▲ Better |
| Current ratio | 1.06 | Average beats 54% | 1.05 | 1.17 | ≈ In line |
| Piotroski F-score | 9 / 9 | Good beats 92% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 34.4x | Bad beats 8% | 13.8x | 36.0x | ≈ In line |
| Price / book | 99.6x | Bad beats 1% | 2.2x | 58.2x | ▼ Worse |
| Price / sales | 15.9x | Bad beats 10% | 3.1x | 15.8x | ≈ In line |
| EV / EBITDA | 26.4x | Bad beats 7% | 10.8x | 27.7x | ≈ In line |
| Free cash flow yield | 3.0% | Bad beats 13% | 5.8% | 2.9% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 47.6% | Good beats 85% | 23.2% | 48.4% | ≈ In line |
| Cash from operations / net income | 1.07 | Average beats 35% | 1.25 | 1.13 | ≈ In line |
| Free cash flow growth, 3 years a year | +16.9% | Average beats 57% | +12.7% | – | – |
| Accruals (lower is better) | −2.0% | Good beats 71% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 53 days | Average beats 50% | 53 days | 51 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 3 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 59/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $29.8B | $22.2B | $25.1B | $28.2B | $32.8B |
| Operating income | $10.1B | $12.3B | $14.0B | $15.6B | $18.9B |
| Net income | $8.7B | $9.9B | $11.2B | $12.9B | $15.0B |
| Operating cash flow | $9.5B | $11.2B | $12.0B | $14.8B | $17.6B |
| Operating margin | 33.8% | 55.2% | 55.8% | 55.3% | 57.6% |
| Free cash flow | $9.1B | $10.8B | $11.6B | $14.3B | $17.2B |
| Diluted EPS | $8.76 | $10.22 | $11.83 | $13.89 | $16.52 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 0 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 611.9 | Bullish |
| EMA 10 | 611.1 | Bullish |
| SMA 20 | 587.0 | Bullish |
| EMA 20 | 596.8 | Bullish |
| SMA 50 | 579.8 | Bullish |
| EMA 50 | 578.8 | Bullish |
| SMA 100 | 552.1 | Bullish |
| EMA 100 | 561.4 | Bullish |
| SMA 200 | 532.5 | Bullish |
| EMA 200 | 547.7 | Bullish |
Oscillators (daily)
| RSI (14) | 79.69 | Bearish |
| MACD (12, 26) | 15.59 | Bullish |
| Momentum (12) | 11.93 | Bullish |
| Stochastic %K (14) | 99.90 | Bearish |
| Williams %R (14) | -0.10 | Bearish |
| CCI (20) | 120.1 | Bearish |
Pivot points (classic, last session)
S3 617.5 | S2 620.7 | S1 627.0 | Pivot 630.1 | R1 636.4 | R2 639.5 | R3 645.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.48 USD
Yield on today's price
0.55%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8700 | |
| 0.8700 | |
| 0.8700 | |
| 0.8700 | |
| 0.7600 | |
| 0.7600 | |
| 0.7600 | |
| 0.7600 | |
| 0.6600 | |
| 0.6600 | |
| 0.6600 | |
| 0.6600 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MA
| ETF | Share of the fund |
|---|---|
| AKRE Akre Focus | 14.24% |
| SPHQ Invesco S&P 500 Quality | 5.76% |
| IYJ iShares U.S. Industrials | 5.54% |
| XLF Financial Select Sector SPDR | 5.46% |
| VFH Vanguard Financials | 5.03% |
| USMC Principal U.S. Mega-Cap | 4.01% |
| PWB Invesco Dynamic Large Cap Growth | 3.98% |
| EAGL The 2023 ETF Series | 3.94% |
The eight funds with the largest weight in MA among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MA stock splits
MA has split its stock once since 2014. The latest was a 10-for-1 split on 22 Jan 2014.
Full MA stock split history →MA SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.