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. 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%
Market cap
$539.9B
P/E
33.9×
Fwd P/E
25.4×
Dividend yield
0.56%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a

Insider Decisions trades per month

Total sells 65.15
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 — — — — 6 6 — 1
Insider Ownership 8.56%

Capital & Financial Ratios $m

Market Cap 539,900.00
Revenue 35,083.00
Net Income 16,257.00
Free Cash Flow 15,975.00
Net Debt 12,546.00
Current Ratio 1.06
Debt/Equity 4.40
P/E ratio 33.91
Fwd P/E 25.40
P/S ratio 15.52 (above 10: high)
P/B ratio 97.14
Past 5Y EPS Growth 21.00% (at or above 15%: strong)
This Y EPS Growth 17.34% (at or above 15%: strong)
Next Y EPS Growth 15.76% (at or above 15%: strong)
Next Y revenue growth 13.63% (at or above 10%: strong)
Next 5Y EPS Growth 16.45% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 28.82%
10-year low 10-year high
P/S against its own 10 years 42.09%
10-year low 10-year high
P/B against its own 10 years 100.00%
10-year low 10-year high

Dividends

Payout Ratio 0.19
Annual Dividend Rate 3.48
Annual Dividend Yield 0.56%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.48
0.87
0.87
0.87
0.87
2025 3.04
0.76
0.76
0.76
0.76
2024 2.64
0.66
0.66
0.66
0.66
2023 2.28
0.57
0.57
0.57
0.57
2022 1.96
0.49
0.49
0.49
0.49
2021 1.76
0.44
0.44
0.44
0.44
2020 1.60
0.40
0.40
0.40
0.40
2019 1.32
0.33
0.33
0.33
0.33
2018 1.00
0.25
0.25
0.25
0.25
2017 0.88
0.22
0.22
0.22
0.22
2016 0.76
0.19
0.19
0.19
0.19
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9,212 9,264 11,459 12,097
Receivables 4,060 3,773 4,609 5,047
Inventory — — — —
Other 3,078 3,695 3,747 4,567
18,961 19,724 23,558 26,522
2023 2024 2025 Q'26
Payables 834 929 999 1,130
ST’ Debt 1,337 750 749 2,459
Other 4,853 6,218 6,942 8,092
16,264 19,220 22,762 25,004

Compound Annual Growth %

10y 5y 3y
Sales 12.99% 16.47% 13.82%
Cash Flow 15.71% 19.56% 16.38%
Earnings 14.67% 18.48% 14.66%
Book Value 2.48% 3.61% 6.81%

Revenue $m

Mar Jun Sep Dec Year
’26 8,398 9,277 — — —
’25 7,250 8,133 8,602 8,806 32,791
’24 6,348 6,961 7,369 7,489 28,167
’23 5,748 6,269 6,533 6,548 25,098
’22 5,167 5,497 5,756 5,817 22,237
’21 4,155 4,528 4,985 5,216 18,884
’20 4,009 3,335 3,837 4,120 15,301
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,999 3,773 — — —
’25 2,380 4,603 5,663 5,002 17,648
’24 1,672 3,138 5,136 4,834 14,780
’23 1,919 2,698 3,233 4,130 11,980
’22 1,782 2,457 3,856 3,100 11,195
’21 1,463 2,268 2,543 3,189 9,463
’20 1,859 1,458 1,654 2,253 7,224
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,664 3,295 — — —
’25 2,023 4,394 5,304 4,712 16,433
’24 1,294 2,842 4,866 4,584 13,586
’23 1,567 2,465 2,999 3,861 10,892
’22 1,488 2,270 3,579 2,761 10,098
’21 1,319 2,075 2,294 2,961 8,649
’20 1,650 1,275 1,489 2,102 6,516
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 4.35 4.97 — — —
’25 3.59 4.07 4.34 4.52 16.52
’24 3.22 3.50 3.53 3.64 13.89
’23 2.47 3.00 3.39 2.97 11.83
’22 2.68 2.34 2.58 2.62 10.22
’21 1.83 2.08 2.44 2.41 8.76
’20 1.68 1.41 1.51 1.78 6.37
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 78.52 104.01 151.12 180.98 199.99 306.00 276.87 340.21 416.53 465.59

Analyst estimates 2026–2028

Powerpack
High 108.93 154.65 225.35 301.53 367.25 401.50 399.92 428.36 537.70 601.77
People
People Employees 11,900 13,400 14,800 18,600 21,000 24,000 29,900 33,400 35,300 39,800
Revenue/emp, $m 0.91 0.93 1.01 0.91 0.73 0.79 0.74 0.75 0.80 0.82
Income, $m
Income, $m Revenue 10,776 12,497 14,950 16,883 15,301 18,884 22,237 25,098 28,167 32,791
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 5,646 6,522 7,204 9,731 7,760 10,307 11,732 13,639 15,254 18,578
EBT margin, % 52.39 52.19 48.19 57.64 50.72 54.58 52.76 54.34 54.16 56.66
Net income 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Depreciation 1,233 1,438 1,694 1,663 1,652 2,097 2,336 2,421 2,727 3,241
Per share, $
Per share, $ Revenue 9.81 11.71 14.36 16.60 15.27 19.11 22.97 26.59 30.45 36.23
Earnings 3.70 3.67 5.63 7.98 6.40 8.79 10.26 11.86 13.92 16.54
Cash flow 4.22 5.31 5.98 8.05 7.21 9.58 11.57 12.69 15.98 19.50
Capex (0.35) (0.40) (0.48) (0.72) (0.71) (0.82) (1.13) (1.15) (1.29) (1.34)
Free cash flow 3.88 4.91 5.49 7.33 6.50 8.75 10.43 11.54 14.69 18.16
Book value 5.18 5.15 5.20 5.82 6.48 7.47 6.57 7.39 7.04 8.56
Shares, m 1,098 1,067 1,041 1,017 1,002 988 968 944 925 905
Valuation, ×
Valuation, × P/E 28.56 41.62 33.57 37.42 55.86 40.83 33.83 35.54 37.83 34.47
P/S 10.74 12.97 13.14 17.99 23.37 18.80 15.10 15.87 17.29 15.76
P/B 20.36 29.49 36.25 51.32 55.13 48.08 52.82 57.10 74.76 66.70
EV/Sales 10.40 12.74 12.96 18.01 23.47 19.09 15.37 16.13 17.61 15.99
EV/FCF 26.33 30.37 33.88 40.78 55.12 41.67 33.84 37.16 36.51 31.90
Cash, $m
Cash, $m Operating cash flow 4,637 5,664 6,223 8,183 7,224 9,463 11,195 11,980 14,780 17,648
Capex (382) (423) (504) (728) (708) (814) (1,097) (1,088) (1,194) (1,215)
Free cash flow 4,255 5,241 5,719 7,455 6,516 8,649 10,098 10,892 13,586 16,433
Balance, $m
Balance, $m Working capital 6,022 5,004 4,578 4,998 7,266 3,787 2,435 2,697 504 796
Total debt 5,180 5,424 6,334 8,633 12,672 13,901 14,023 15,681 18,226 19,000
Net debt (3,698) (2,904) (2,597) 373 1,490 5,421 6,026 6,469 8,962 7,541
Shareholders’ equity 5,684 5,497 5,418 5,917 6,488 7,383 6,356 6,975 6,515 7,746
Returns, %
Returns, % ROA 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
ROE 69.11 70.03 107.36 143.24 103.36 125.25 144.55 167.95 190.87 209.92
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Mastercard Incorporated vs peers in Credit Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
V Visa Inc. $746.4B 33.0× 25.4× +14.36% (above 0%: growing) +10.41% (above 0%: growing) −2.73% (below 0%: shrinking) 100.00% 59.12% Compare
MA Mastercard Incorporated $539.9B 33.9× 25.4× +14.07% (above 0%: growing) +22.06% (above 0%: growing) −25.01% (below 0%: shrinking) 100.00% 60.22%
AXP American Express Company $212.0B 19.0× 17.6× +8.34% (above 0%: growing) +11.27% (above 0%: growing) +19.44% (above 0%: growing) 90.93% 0.00% Compare
COF Capital One Financial Corporation $122.0B 12.5× 11.6× +21.66% (above 0%: growing) n/m +42.53% (above 0%: growing) 79.80% 0.00% Compare
PYPL PayPal Holdings, Inc. $48.9B 10.6× 8.1× +4.75% (above 0%: growing) −3.08% (below 0%: shrinking) +157.72% (above 0%: growing) 39.60% 16.44% Compare
AFRM Affirm Holdings, Inc. $25.6B 13.0× 35.7× +33.04% (above 0%: growing) +2,171.43% (above 0%: growing) +875.00% (above 0%: growing) 58.84% 12.63% Compare
SYF Synchrony Financial $24.1B 7.5× 7.6× +0.28% (above 0%: growing) +3.98% (above 0%: growing) −5.47% (below 0%: shrinking) 82.95% 0.00% Compare
SOFI SoFi Technologies, Inc. $19.5B 28.5× 26.8× +39.09% (above 0%: growing) +33.33% (above 0%: growing) −160.17% (below 0%: shrinking) 77.57% 0.00% Compare
ALLY Ally Financial Inc. $11.5B 8.8× 8.4× +4.52% (above 0%: growing) +13.33% (above 0%: growing) +42.87% (above 0%: growing) 62.82% 0.00% Compare
Median of peers $37.3B 12.7× 14.6× +11.35% +11.27% +30.99% 78.69% 0.00%

All 55 Credit Services stocks →

MA metrics, ten years each

Mastercard Incorporated (MA) key facts

  • Strength: Mastercard Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $32.8 billion, up 16.4% from fiscal 2024.
  • Strength: Net income was $15.0 billion, or $16.54 per share (basic), a net margin of 45.7%.
  • Mastercard Incorporated (MA) is a Credit Services company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, MA traded at $617.42, a market capitalization of $539.9 billion.
  • At that price the stock trades at 33.9× trailing-twelve-month earnings and 15.5× sales; its P/E is higher than 29% of its own readings over the past ten years.
  • Mastercard Incorporated pays an annual dividend of $3.48 per share, a yield of 0.56%, with a payout ratio of 19.1%.
  • Return on equity was 209.9% and debt-to-equity 4.40.
  • Its Piotroski F-score is 8 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Mastercard reported $32.8 billion of revenue and $15.0 billion of net income in FY2025. In Q2 FY2026, revenue was $9.3 billion, operating income was $5.6 billion and net income was $4.4 billion. Market capitalisation was $499.3 billion as of September 24, 2026.

Revenue grew 16.4% in FY2025 against FY2024, while diluted EPS grew 18.9% in FY2025 against FY2024. Operating margin was 57.6% in FY2025, and return on invested capital was 77.3% in FY2025. Net debt was $12.5 billion in Q2 FY2026, while the current ratio was 1.1× in Q2 FY2026.

Mastercard Incorporated (MA) Latest News

stockrow.com/MA · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com