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Friday 6 November 2026 Export MA’s income statement to Excel — free account

Mastercard Incorporated

MA Financial Credit Services

Mastercard Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $32.8 billion, up 16.4% from fiscal 2024.

Revenue
+14.0%
EPS
+21.6%
Free cash flow
−10.3%
Total debt
+26.1%

Quarter to September 2026, against a year earlier

657.56 1.64 +0.25%
Market cap
$571.4B
P/E
34.2×
Fwd P/E
32.5×
Dividend yield
0.53%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Mastercard Incorporated (MA) valuation and DCF model

What the price implies · reverse DCF

At $657.56 the price implies 36.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 16.9% a year over the last ten years, 13.8% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 133.2% over ten years; the price implies 557.4% for good.

In December 2017 the price assumed 35.5% a year; Mastercard Incorporated went on to grow the dividend a share 15.3% a year to FY2025.

Price implies
36.8%
Last 5 years, reported
13.8%
Last 10 years, reported
16.9%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
36.8% a year for ten years
$657.56
today’s price
Its base case
16.9% a year for five years, then 10.1%
$124.72
81.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Mastercard Incorporated’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 36.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Mastercard Incorporated’s own cost of capital: risk-free 4.3% + beta 0.77 × equity premium 4.5% = 7.8% cost of equity; weighted, 7.8%.

Use 7.8%
Base case value per share $124.72 ten years discounted, and what follows
Current price $657.56 market price per share
Below today’s price 81.0% downside at the base case’s assumptions

How we got there$45.47 10 years of dividends+$79.24 terminal value=$124.72 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Credit Services).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 34.24× 35.18× 38.52× 11% below 8.96× 282% above
P/FCF 37.19× 34.86× 37.62× 1% below 2.55× 1360% above
P/B 85.13× 67.30× 55.68× 53% above 1.23× 6817% above
EV/EBITDA — 25.68× 24.95× — 3.38× —
EV/Sales — 16.84× 16.18× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
32.10×39.40×46.69×53.99×10Y avg 37.62×2017201820192020202120222023202420252026

MA trades at 37.19× P/FCF, against a 10-year average of 37.62× (range 30.93×–54.89×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $665.28 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.