Saturday 17 October 2026
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Mastercard Incorporated
Mastercard Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $32.8 billion, up 16.4% from fiscal 2024. In the quarter to June 2026, revenue grew 14.1%, EPS grew 22.1%, free cash flow fell 25.0% and total debt rose 29.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for five.
617.42
1.10
+0.18%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 6 | 7 | 6 | 5 | 7 | 7 | 7 | 6 | 8 |
P/E ratio |
28.56 | 41.62 | 33.57 | 37.42 | 55.86 | 40.83 | 33.83 | 35.54 | 37.83 | 34.47 |
P/S ratio |
10.74 | 12.97 | 13.14 | 17.99 | 23.37 | 18.80 | 15.10 | 15.87 | 17.29 | 15.76 |
P/FCF ratio |
27.20 | 30.93 | 34.34 | 40.73 | 54.89 | 41.05 | 33.24 | 36.56 | 35.85 | 31.44 |
P/Operating CF |
105.78 | 88.91 | 147.44 | 101.90 | 158.75 | 111.32 | 108.29 | 96.43 | 100.76 | 103.29 |
P/B ratio |
20.36 | 29.49 | 36.25 | 51.32 | 55.13 | 48.08 | 52.82 | 57.10 | 74.76 | 66.70 |
Price to Tangible BV |
36.09 | 120.78 | 128.95 | 633.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Sales |
10.40 | 12.74 | 12.96 | 18.01 | 23.47 | 19.09 | 15.37 | 16.13 | 17.61 | 15.99 |
EV/EBITDA |
16.02 | 19.75 | 21.59 | 26.84 | 36.90 | 29.59 | 23.41 | 24.64 | 27.09 | 23.68 |
EV/Operating CF |
24.16 | 28.10 | 31.14 | 37.16 | 49.72 | 38.09 | 30.53 | 33.78 | 33.56 | 29.70 |
EV/FCF |
26.33 | 30.37 | 33.88 | 40.78 | 55.12 | 41.67 | 33.84 | 37.16 | 36.51 | 31.90 |
Quick Ratio |
1.43 | 1.17 | 0.97 | 0.91 | 1.17 | 0.87 | 0.81 | 0.82 | 0.68 | 0.71 |
Current Ratio |
1.84 | 1.57 | 1.39 | 1.42 | 1.61 | 1.29 | 1.17 | 1.17 | 1.03 | 1.04 |
Net Debt/EBITDA |
(0.53) | (0.36) | (0.29) | 0.03 | 0.15 | 0.45 | 0.41 | 0.39 | 0.49 | 0.34 |
Debt/Assets |
27.74% | 25.43% | 25.48% | 29.53% | 37.73% | 36.90% | 36.21% | 36.94% | 37.91% | 35.08% |
Debt/Equity |
0.91 | 0.99 | 1.17 | 1.46 | 1.95 | 1.88 | 2.21 | 2.25 | 2.80 | 2.45 |
Asset Turnover |
0.62 | 0.62 | 0.65 | 0.62 | 0.49 | 0.53 | 0.58 | 0.62 | 0.62 | 0.64 |
Operating CF/Net income |
1.14 | 1.45 | 1.06 | 1.01 | 1.13 | 1.09 | 1.13 | 1.07 | 1.15 | 1.18 |
Capex/Depreciation |
(0.31) | (0.29) | (0.30) | (0.44) | (0.43) | (0.39) | (0.47) | (0.45) | (0.44) | (0.37) |
Interest Coverage |
60.64 | 43.00 | 39.15 | 43.14 | 21.27 | 23.39 | 26.04 | 24.36 | 24.12 | 26.17 |
| 69.11% | 70.03% | 107.36% | 143.24% | 103.36% | 125.25% | 144.55% | 167.95% | 190.87% | 209.92% | |
| 23.24% | 19.57% | 25.37% | 30.01% | 20.41% | 24.38% | 26.00% | 27.58% | 28.44% | 29.28% | |
ROIC |
181.30% | 159.61% | 161.33% | 96.03% | 63.31% | 49.21% | 61.90% | 65.12% | 62.92% | 77.26% |
Return on Tangible Assets |
60.09% | 67.12% | 106.55% | 118.93% | 69.93% | 152.56% | 223.60% | 235.29% | 487.28% | 482.99% |
Average Days of Receivables |
47.96 | 57.51 | 55.57 | 54.35 | 63.12 | 58.10 | 56.22 | 59.04 | 48.89 | 51.30 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
41.99% | 43.40% | 40.68% | 39.67% | 42.92% | 42.27% | 39.87% | 38.86% | 39.08% | 37.35% |
Intangible Assets out of Total Assets |
0.13 | 0.19 | 0.16 | 0.19 | 0.20 | 0.30 | 0.29 | 0.28 | 0.30 | 0.28 |
Share Based Compensation of Revenue |
1.38% | 1.41% | 1.31% | 1.48% | 1.66% | 1.45% | 1.33% | 1.83% | 1.87% | 1.82% |
Graham Net Nets |
0.00 | (0.01) | (0.02) | (0.02) | (0.02) | (0.04) | (0.05) | (0.04) | (0.04) | (0.04) |
Graham Number |
20.73 | 20.57 | 25.65 | 32.32 | 30.51 | 38.47 | 38.91 | 44.42 | 46.97 | 56.47 |
Earnings Yield |
3.50% | 2.40% | 2.98% | 2.67% | 1.79% | 2.45% | 2.96% | 2.81% | 2.64% | 2.90% |
Free Cash Flow Yield |
3.68% | 3.23% | 2.91% | 2.45% | 1.82% | 2.44% | 3.01% | 2.73% | 2.79% | 3.18% |
Revenue per Share |
9.81 | 11.71 | 14.36 | 16.60 | 15.27 | 19.11 | 22.97 | 26.59 | 30.45 | 36.23 |
Operating CF per Share |
4.22 | 5.31 | 5.98 | 8.05 | 7.21 | 9.58 | 11.57 | 12.69 | 15.98 | 19.50 |
Capex per Share |
(0.35) | (0.40) | (0.48) | (0.72) | (0.71) | (0.82) | (1.13) | (1.15) | (1.29) | (1.34) |
Free Cash Flow per Share |
3.88 | 4.91 | 5.49 | 7.33 | 6.50 | 8.75 | 10.43 | 11.54 | 14.69 | 18.16 |
Cash per Share |
8.09 | 7.81 | 8.58 | 8.12 | 11.16 | 8.58 | 8.26 | 9.76 | 10.02 | 12.66 |
Shareholders Equity per Share |
5.18 | 5.15 | 5.20 | 5.82 | 6.48 | 7.47 | 6.57 | 7.39 | 7.04 | 8.56 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
5.18 | 5.15 | 5.20 | 5.82 | 6.48 | 7.47 | 6.57 | 7.39 | 7.04 | 8.56 |
Free Cash Flow |
4,255.00 | 5,241.00 | 5,719.00 | 7,455.00 | 6,516.00 | 8,649.00 | 10,098.00 | 10,892.00 | 13,586.00 | 16,433.00 |
Working Capital |
6,022.00 | 5,004.00 | 4,578.00 | 4,998.00 | 7,266.00 | 3,787.00 | 2,435.00 | 2,697.00 | 504.00 | 796.00 |
Capital Expenditures |
(382.00) | (423.00) | (504.00) | (728.00) | (708.00) | (814.00) | (1,097.00) | (1,088.00) | (1,194.00) | (1,215.00) |
Net Current Asset Value |
237.00 | (2,035.00) | (3,271.00) | (6,417.00) | (7,983.00) | (13,337.00) | (15,762.00) | (16,512.00) | (21,842.00) | (22,853.00) |
EV/EBIT |
19.44 | 24.04 | 26.61 | 31.46 | 44.44 | 35.75 | 27.86 | 28.89 | 31.83 | 27.74 |
Capex to Sales |
0.04 | 0.03 | 0.03 | 0.04 | 0.05 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
Price to Operating Income |
20.09 | 24.48 | 26.97 | 31.42 | 44.26 | 35.21 | 27.37 | 28.43 | 31.26 | 27.34 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.68 | 1.73 | 1.84 | 0.91 | 0.87 | 1.10 | 1.16 | 1.17 | 1.28 | 1.41 |
Cash ROIC |
21.55% | 27.23% | 27.65% | 32.68% | 21.48% | 29.06% | 35.59% | 34.18% | 39.95% | 43.01% |
Accounts Receivable Turnover |
8.64 | 7.38 | 7.04 | 7.05 | 5.93 | 6.68 | 6.92 | 6.71 | 7.19 | 7.82 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
— | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
— | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Average Receivables |
1,247.50 | 1,692.50 | 2,122.50 | 2,395.00 | 2,580.00 | 2,826.00 | 3,215.50 | 3,742.50 | 3,916.50 | 4,191.00 |
Average Payables |
540.50 | 771.00 | 735.00 | 513.00 | 508.00 | 632.50 | 832.00 | 880.00 | 881.50 | 964.00 |
Average Assets |
17,462.50 | 20,002.00 | 23,094.50 | 27,048.00 | 31,410.00 | 35,626.50 | 38,196.50 | 40,586.00 | 45,264.50 | 51,119.00 |
Average Common Equity |
5,873.00 | 5,590.50 | 5,457.50 | 5,667.50 | 6,202.50 | 6,935.50 | 6,869.50 | 6,665.50 | 6,745.00 | 7,130.50 |
Columns are period end dates