Marqeta, Inc.
MQ Technology Software Infrastructure
Marqeta, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $624.9 million, up 23.3% from fiscal 2024. In the quarter to June 2026, revenue grew 17.0%, EPS grew 1,350.0%, free cash flow grew 1,068.7% and total debt rose 11.3%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Marqeta, Inc. (MQ) Altman Z-score
Marqeta, Inc.'s Altman Z-score for fiscal 2025 is 1.67, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.67 | (1.65) |
| FY2024 | 3.32 | (3.02) |
| FY2023 | 6.35 | (0.93) |
| FY2022 | 7.27 | (7.97) |
| FY2021 | 15.24 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.38 | |
| Retained earnings / total assets | (0.53) | — | −0.75 | |
| EBIT / total assets | (0.03) | — | −0.10 | |
| Market value of equity / total liabilities | 2.88 | — | 1.73 | |
| Sales / total assets | 0.41 | — | 0.41 | |
| Altman Z-score | Distress zone | 1.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.20 | ||
Z and Z″ put Marqeta, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RAMP LiveRamp Holdings, Inc. compare | 5.9× |
| GCT GigaCloud Technology Inc. compare | 3.5× |
| ATEN A10 Networks, Inc. compare | 3.2× |
| EVTC Evertec, Inc. compare | 2.0× |
| MQ Marqeta, Inc. | 1.7× |
| AI C3.ai, Inc. compare | 0.6× |
| NN NextNav Inc. compare | −2.2× |
| INFQ Infleqtion, Inc. compare | — |
| FORG ForgeRock, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets