PayPal vs Visa
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The short version
- Visa is the larger business, with $40.0B of revenue in fiscal 2025 against $33.2B for PayPal.
- Visa grew revenue faster (11.3%, against 4.3%).
- Visa kept more of each dollar of sales as operating profit (60.0% operating margin, against 18.3%).
- Visa turned more of its sales into free cash flow (53.9% FCF margin, against 16.8%).
- Visa earned a higher return on the capital invested in it (42.4%, against 25.7%).
| Latest fiscal year | PYPL · FY25 | V · FY25 |
|---|---|---|
| Size | ||
| Market cap | $52.5B | — |
| Revenue | $33.2B | $40.0B |
| Free cash flow | $5.6B | $21.6B |
| Net income | $5.2B | $20.1B |
| Growth | ||
| Revenue growth | 4.3% | 11.3% |
| 5-year growth | 9.1% | 12.9% |
| Share count change | −6.8% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.3% | 60.0% |
| Net margin | 15.8% | 50.1% |
| FCF margin | 16.8% | 53.9% |
| Return on capital | 25.7% | 42.4% |
| Return on equity | 25.7% | 52.1% |
| Balance sheet | ||
| Net debt | −$418M | $8.0B |
| Net debt / EBITDA | −0.1x | 0.3x |
| Dividends and buybacks | $6.2B | $23.0B |
| Valuation & quality | ||
| P/E | 10.7x | — |
| Piotroski F-score | 7 | — |
Revenue
FY16
PYPL $10.8B
V $15.1B
FY17
PYPL $13.1B
V $18.4B
FY18
PYPL $15.5B
V $20.6B
FY19
PYPL $17.8B
V $23.0B
FY20
PYPL $21.5B
V $21.8B
FY21
PYPL $25.4B
V $24.1B
FY22
PYPL $27.5B
V $29.3B
FY23
PYPL $29.8B
V $32.7B
FY24
PYPL $31.8B
V $35.9B
FY25
PYPL $33.2B
V $40.0B
PYPL
V
Operating margin
FY16
PYPL 14.6%
V 52.3%
FY17
PYPL 16.2%
V 66.2%
FY18
PYPL 14.2%
V 62.9%
FY19
PYPL 15.3%
V 65.3%
FY20
PYPL 15.3%
V 64.5%
FY21
PYPL 16.8%
V 65.6%
FY22
PYPL 13.9%
V 64.2%
FY23
PYPL 16.9%
V 64.3%
FY24
PYPL 16.8%
V 65.7%
FY25
PYPL 18.3%
V 60.0%
PYPL
V
Free cash flow
FY16
PYPL $2.5B
V $5.1B
FY17
PYPL $1.9B
V $8.6B
FY18
PYPL $4.7B
V $12.2B
FY19
PYPL $3.4B
V $12.0B
FY20
PYPL $5.4B
V $9.7B
FY21
PYPL $4.9B
V $14.5B
FY22
PYPL $5.1B
V $17.9B
FY23
PYPL $4.2B
V $19.7B
FY24
PYPL $6.8B
V $18.7B
FY25
PYPL $5.6B
V $21.6B
PYPL
V
Return on capital
FY16
PYPL —
V 17.0%
FY17
PYPL —
V 16.8%
FY18
PYPL —
V 26.5%
FY19
PYPL 23.0%
V 31.0%
FY20
PYPL 20.2%
V 27.8%
FY21
PYPL 23.6%
V —
FY22
PYPL 13.8%
V —
FY23
PYPL 21.6%
V 40.5%
FY24
PYPL 23.0%
V 42.9%
FY25
PYPL 25.7%
V 42.4%
PYPL
V
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.