Mastercard
MA NYSE· Transaction & Payment Processing Services
Last close · Oct 27, 2026
$609.85
KIRA · Stoqly’s AI analyst, in plain words
- Mastercard had $32.8B of revenue in fiscal 2025, up 16.4% on the year before. Over five years, revenue changed +16.5% a year on average.
- Its operating margin was 57.6%, up 2.3 pts: of every 100 in sales, about 58 is left after running the business.
- Mastercard made $15.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 18.1% a year.
- Free cash flow was $17.2B in fiscal 2025, 52.3% of revenue.
- Mastercard returned $14.5B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 2.3%.
- Mastercard owes $8.4B more than it holds in cash, about 0.4 years of operating profit.
Market cap
$538.5B
P/E
33.5x
Revenue
$32.8B
Net income
$15.0B
Free cash flow
$17.2B
Operating margin
57.6%
Mastercard in 30 seconds · fiscal 2025
Are sales growing?
+16.4%
Yes. Sales grew 16.4% last year.
Does it make a profit?
45.7%
Yes. It keeps 45.7% of every sale as profit.
Does profit turn into cash?
52.3%
Yes. 52.3% of sales ends up as free cash.
Is debt under control?
0.4x
Yes. It could repay its debt with 0.4 years of operating profit.
How healthy are the accounts?
8 / 8
Solid. It passes 8 of 8 health tests.
How is the share priced?
33.5x
One share costs 33.5 times its yearly profit per share. Typical for its sector: 13.7x.
What Mastercard does
Mastercard runs a global payments network. When someone pays with a Mastercard-branded card or another supported payment method, the network handles the transaction: it authorizes the payment, clears it and settles it between the banks and the merchant. Its customers are banks and other financial institutions, merchants, governments, digital partners and businesses. It sells under the Mastercard, Maestro and Cirrus brands. The 10-K reports net revenue of $32.8B for 2025. Besides switching payments, Mastercard sells services built around them, such as fraud and security tools, identity checks, data and market insights, and services that help issuers sign up and engage cardholders. It also offers account-to-account payments through automated clearing house (ACH) networks and money-transfer products under the name Mastercard Move. Mastercard names three priorities: consumer payments, commercial and new payment flows, and services.
Biggest risks, in its own words
- Laws and rules for the payments industry, including limits on card fees and merchant surcharges, that could cut its revenue.
- Lawsuits and regulatory cases over card fees and competition that could lead to costs or limits on how it operates.
- Strong competition and pricing pressure from other networks and new ways to pay that bypass cards.
- Losing business from one or more of its largest customers, or those customers merging or siding with rivals.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Legal name
- Mastercard Incorporated
- CIK
- 0001141391
Mastercard · MA
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $18.9B | $22.2B | $25.1B | $28.2B | $32.8B |
| Revenue growth | 23.4% | 17.8% | 12.9% | 12.2% | 16.4% |
| Operating margin | 53.4% | 55.2% | 55.8% | 55.3% | 57.6% |
| Net income | $8.7B | $9.9B | $11.2B | $12.9B | $15.0B |
| Net margin | 46.0% | 44.7% | 44.6% | 45.7% | 45.7% |
| Diluted EPS | $8.76 | $10.22 | $11.83 | $13.89 | $16.52 |
| Cash | |||||
| Cash from operations | $9.5B | $11.2B | $12.0B | $14.8B | $17.6B |
| Capital expenditure | $407M | $442M | $371M | $474M | $489M |
| Free cash flow | $9.1B | $10.8B | $11.6B | $14.3B | $17.2B |
| FCF margin | 48.0% | 48.4% | 46.3% | 50.8% | 52.3% |
| Dividends paid | $1.7B | $1.9B | $2.2B | $2.4B | $2.8B |
| Share buybacks | $5.9B | $8.8B | $9.0B | $11.0B | $11.7B |
| Share count change | −1.4% | −2.1% | −2.6% | −2.0% | −2.3% |
| Debt and strength | |||||
| Cash and short-term investments | $7.4B | $7.0B | $8.6B | $8.4B | $10.6B |
| Debt incl. finance leases | $13.9B | $14.0B | $15.7B | $18.2B | $19.0B |
| Shareholders' equity | $7.3B | $6.3B | $6.9B | $6.5B | $7.7B |
| Net debt / EBITDA | 0.6x | 0.5x | 0.5x | 0.6x | 0.4x |
| Current ratio | 1.3x | 1.2x | 1.2x | 1.0x | 1.0x |
| Interest coverage | 23.4x | 26.0x | 24.4x | 24.1x | 26.2x |
| Returns and quality | |||||
| Return on capital | 74.2% | 76.2% | 83.8% | 86.6% | 93.8% |
| Return on equity | 126.8% | 145.9% | 169.3% | 192.0% | 210.5% |
| Piotroski F-score | 7 | 7 | 6 | 6 | 8 |
| Altman Z'' | 6.7 | 7.3 | 7.7 | 7.4 | 7.7 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$69.7M
8 insiders
Of sales under plans
100%
$69.7M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Mastercard · MA
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Mastercard MA | $538.5B | 16.4% | 57.6% | 52.3% | 93.8% | 33.5x | 8 |
| PayPal PYPL | $51.6B | 4.3% | 18.3% | 16.8% | 25.7% | 10.5x | 7 |
| Visa V | — | 11.3% | 60.0% | 53.9% | 42.4% | — | — |
| Block XYZ | $45.6B | 0.3% | 7.1% | 10.0% | 6.4% | 133.7x | 5 |
| Fiserv FISV | $25.3B | 3.6% | 27.5% | 20.3% | 9.0% | 9.1x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $609.85 a share, the company is worth $538.5B: 33.5 times its earnings of the last four quarters.
Mastercard grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001141391). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.