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

Marqeta, Inc. and NextNav Inc. are both Software Infrastructure companies. Marqeta, Inc. and NextNav Inc. are of similar size ($2.0B and $1.8B). NextNav Inc. has negative trailing earnings, so its P/E is not meaningful; Marqeta, Inc. trades at 170×. Marqeta, Inc. grew revenue faster over the last twelve months: 22.4% against −36.5%. Marqeta, Inc. has the higher net margin (1.53% vs −2,812.6%) and the higher return on invested capital (0.00% 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 169.91 n/m 28.38
P/S 2.91 343.30 2.98
P/B 2.75 4.08 2.93
Price to free cash flow 11.79 n/m 16.28
EV/EBITDA 59.79 n/m 13.92
EV/Sales 1.82 352.94 2.90
Earnings yield 0.59% (8.37%) 0.14%
Free cash flow yield 8.48% (3.93%) 1.24%

Profitability

Metric MQ NN Software Infrastructure median
Gross margin 69.99% (104.90%) 61.00%
Operating margin (1.91%) (1,900.43%) 0.00%
Net margin 1.53% (2,812.55%) 0.00%
Free cash flow margin 24.69% (1,348.00%) 1.67%
Return on equity 1.33% (77.87%) 0.60%
Return on assets 0.80% (34.64%) 0.00%
Return on invested capital 0.00% (44.71%) 0.00%

Growth

Metric MQ NN Software Infrastructure median
Revenue growth (TTM) 22.41% (36.46%) 13.41%
EPS growth (last fiscal year) (160.00%) (69.05%) 27.10%
Revenue growth, 5-year CAGR 16.57% 51.71% 15.57%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric MQ NN Software Infrastructure median
Debt to equity 0.31 0.00 0.05
Current ratio 1.66 25.63 1.55
Net debt to EBITDA 42.70 (2.30) 0.08

Dividend

Metric MQ NN Software Infrastructure median
Dividend yield — — 1.20%
Payout ratio — — 0.29

Size

Metric MQ NN Software Infrastructure median
Market cap 1.98b 1.81b 752.37m

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