Mastercard
MA · Transaction & Payment Processing Services
$623.60
1.5%Block
XYZ · Transaction & Payment Processing Services
$76.46
3.2%The short version
- Mastercard is the larger business, with $32.8B of revenue in fiscal 2025 against $24.2B for Block.
- Mastercard grew revenue faster (16.4%, against 0.3%).
- Mastercard kept more of each dollar of sales as operating profit (57.6% operating margin, against 7.1% operating margin).
- Mastercard turned more of its sales into free cash flow (52.3% FCF margin, against 10.0% FCF margin).
- Mastercard earned a higher return on the capital invested in it (93.8%, against 6.4%).
- Investors pay more for each dollar of Block’s earnings: a P/E of 136.5x against 34.3x for Mastercard.
| Latest fiscal year | MA · FY25 | XYZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $550.6B | $46.5B |
| Revenue | $32.8B | $24.2B |
| Free cash flow | $17.2B | $2.4B |
| Net income | $15.0B | $1.3B |
| Growth | ||
| Revenue growth | 16.4% | 0.3% |
| 5-year growth | 16.5% | 20.6% |
| Share count change | −2.3% | −2.1% |
| Profitability | ||
| Gross margin | — | 42.8% |
| Operating margin | 57.6% | 7.1% |
| Net margin | 45.7% | 5.4% |
| FCF margin | 52.3% | 10.0% |
| Return on capital | 93.8% | 6.4% |
| Return on equity | 210.5% | 6.0% |
| Balance sheet | ||
| Net debt | $8.4B | $207M |
| Net debt / EBITDA | 0.4x | 0.1x |
| Dividends and buybacks | $14.5B | $2.3B |
| Valuation & quality | ||
| P/E | 34.3x | 136.5x |
| Piotroski F-score | 8 | 5 |
FY16
MA $10.8B
XYZ $1.7B
FY17
MA $12.5B
XYZ $2.2B
FY18
MA $15.0B
XYZ $3.3B
FY19
MA $16.9B
XYZ $4.7B
FY20
MA $15.3B
XYZ $9.5B
FY21
MA $18.9B
XYZ $17.7B
FY22
MA $22.2B
XYZ $17.5B
FY23
MA $25.1B
XYZ $21.9B
FY24
MA $28.2B
XYZ $24.1B
FY25
MA $32.8B
XYZ $24.2B
MA
XYZ
FY16
MA 53.5%
XYZ −10.0%
FY17
MA 53.0%
XYZ −2.5%
FY18
MA 48.7%
XYZ −1.1%
FY19
MA 57.2%
XYZ 0.6%
FY20
MA 52.8%
XYZ −0.2%
FY21
MA 53.4%
XYZ 0.9%
FY22
MA 55.2%
XYZ −3.6%
FY23
MA 55.8%
XYZ −1.3%
FY24
MA 55.3%
XYZ 3.7%
FY25
MA 57.6%
XYZ 7.1%
MA
XYZ
FY16
MA $4.4B
XYZ −$2.3M
FY17
MA $5.4B
XYZ $102M
FY18
MA $5.9B
XYZ $234M
FY19
MA $7.8B
XYZ $265M
FY20
MA $6.9B
XYZ $34.7M
FY21
MA $9.1B
XYZ $714M
FY22
MA $10.8B
XYZ $5.1M
FY23
MA $11.6B
XYZ −$50.2M
FY24
MA $14.3B
XYZ $1.6B
FY25
MA $17.2B
XYZ $2.4B
MA
XYZ
FY16
MA 107.2%
XYZ —
FY17
MA 87.1%
XYZ −25.0%
FY18
MA 117.8%
XYZ −4.9%
FY19
MA 128.7%
XYZ 2.6%
FY20
MA 80.9%
XYZ −1.5%
FY21
MA 74.2%
XYZ 8.1%
FY22
MA 76.2%
XYZ −5.3%
FY23
MA 83.8%
XYZ −1.3%
FY24
MA 86.6%
XYZ 5.0%
FY25
MA 93.8%
XYZ 6.4%
MA
XYZ
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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.