Marqeta, Inc. (MQ) vs NextNav Inc. (NN)

Marqeta, Inc. and NextNav Inc. are both Software Infrastructure companies. Marqeta, Inc. is the larger, with a market value of $1.9B against $1.4B — 1.4× the size. NextNav Inc. has negative trailing earnings, so its P/E is not meaningful; Marqeta, Inc. trades at 14.6×. Marqeta, Inc. grew revenue faster over the last twelve months: 17.3% against −36.5%. Marqeta, Inc. has the higher net margin (18.8% vs −2,812.6%) and the higher return on invested capital (2.57% vs −44.7%). Across the 18 metrics below, Marqeta, Inc. leads on 13 and NextNav Inc. on 5.

Valuation

Metric MQ NN Software Infrastructure median
P/E 14.59 n/m 24.43
P/S 2.77 286.32 2.81
P/B 2.29 3.40 2.88
Price to free cash flow 18.00 n/m 17.94
EV/EBITDA 28.75 n/m 14.51
EV/Sales 1.69 295.96 2.91
Earnings yield 6.85% (10.03%) 0.00%
Free cash flow yield 5.56% (4.71%) 0.49%

Profitability

Metric MQ NN Software Infrastructure median
Gross margin 69.78% (104.90%) 57.45%
Operating margin 0.54% (1,900.43%) 0.00%
Net margin 18.76% (2,812.55%) 0.00%
Free cash flow margin 15.40% (1,348.00%) 0.00%
Return on equity 15.45% (77.87%) 0.00%
Return on assets 8.66% (34.64%) 0.00%
Return on invested capital 2.57% (44.71%) 0.00%

Growth

Metric MQ NN Software Infrastructure median
Revenue growth (TTM) 17.25% (36.46%) 14.28%
EPS growth (last fiscal year) (160.00%) (69.05%) 18.26%
Revenue growth, 5-year CAGR 16.57% 51.71% 16.15%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MQ NN Software Infrastructure median
Debt to equity 0.26 0.00 0.02
Current ratio 1.70 25.63 1.53
Net debt to EBITDA 42.70 (2.30) 0.05

Dividend

Metric MQ NN Software Infrastructure median
Dividend yield — — 1.06%
Payout ratio — — 0.29

Size

Metric MQ NN Software Infrastructure median
Market cap 1.91b 1.36b 661.51m

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