Fiserv
FISV · Transaction & Payment Processing Services
$49.86
1.9%Mastercard
MA · Transaction & Payment Processing Services
$623.60
1.5%The short version
- Mastercard is the larger business, with $32.8B of revenue in fiscal 2025 against $21.2B for Fiserv, about 1.5 times as much.
- Mastercard grew revenue faster (16.4%, against 3.6%).
- Mastercard kept more of each dollar of sales as operating profit (57.6% operating margin, against 27.5% operating margin).
- Mastercard turned more of its sales into free cash flow (52.3% FCF margin, against 20.3% FCF margin).
- Mastercard earned a higher return on the capital invested in it (93.8%, against 9.0%).
- Investors pay more for each dollar of Mastercard’s earnings: a P/E of 34.3x against 9.6x for Fiserv.
| Latest fiscal year | FISV · FY25 | MA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.6B | $550.6B |
| Revenue | $21.2B | $32.8B |
| Free cash flow | $4.3B | $17.2B |
| Net income | $3.5B | $15.0B |
| Growth | ||
| Revenue growth | 3.6% | 16.4% |
| 5-year growth | 7.4% | 16.5% |
| Share count change | −5.7% | −2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.5% | 57.6% |
| Net margin | 16.4% | 45.7% |
| FCF margin | 20.3% | 52.3% |
| Return on capital | 9.0% | 93.8% |
| Return on equity | 13.2% | 210.5% |
| Balance sheet | ||
| Net debt | $28.2B | $8.4B |
| Net debt / EBITDA | 3.2x | 0.4x |
| Dividends and buybacks | $0.0M | $14.5B |
| Valuation & quality | ||
| P/E | 9.6x | 34.3x |
| Piotroski F-score | 6 | 8 |
FY16
FISV $5.5B
MA $10.8B
FY17
FISV $5.7B
MA $12.5B
FY18
FISV $5.8B
MA $15.0B
FY19
FISV $10.2B
MA $16.9B
FY20
FISV $14.9B
MA $15.3B
FY21
FISV $16.2B
MA $18.9B
FY22
FISV $17.7B
MA $22.2B
FY23
FISV $19.1B
MA $25.1B
FY24
FISV $20.5B
MA $28.2B
FY25
FISV $21.2B
MA $32.8B
FISV
MA
FY16
FISV 26.3%
MA 53.5%
FY17
FISV 26.9%
MA 53.0%
FY18
FISV 30.1%
MA 48.7%
FY19
FISV 15.8%
MA 57.2%
FY20
FISV 12.5%
MA 52.8%
FY21
FISV 14.1%
MA 53.4%
FY22
FISV 21.1%
MA 55.2%
FY23
FISV 26.3%
MA 55.8%
FY24
FISV 28.7%
MA 55.3%
FY25
FISV 27.5%
MA 57.6%
FISV
MA
FY16
FISV $1.1B
MA $4.4B
FY17
FISV $1.2B
MA $5.4B
FY18
FISV $1.2B
MA $5.9B
FY19
FISV $2.1B
MA $7.8B
FY20
FISV $3.2B
MA $6.9B
FY21
FISV $2.9B
MA $9.1B
FY22
FISV $3.1B
MA $10.8B
FY23
FISV $3.8B
MA $11.6B
FY24
FISV $5.1B
MA $14.3B
FY25
FISV $4.3B
MA $17.2B
FISV
MA
FY16
FISV —
MA 107.2%
FY17
FISV —
MA 87.1%
FY18
FISV —
MA 117.8%
FY19
FISV —
MA 128.7%
FY20
FISV 2.8%
MA 80.9%
FY21
FISV 3.4%
MA 74.2%
FY22
FISV 5.8%
MA 76.2%
FY23
FISV 7.7%
MA 83.8%
FY24
FISV 9.7%
MA 86.6%
FY25
FISV 9.0%
MA 93.8%
FISV
MA
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.