Mastercard vs Visa
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The short version
- Visa is the larger business, with $40.0B of revenue in fiscal 2025 against $32.8B for Mastercard.
- Mastercard grew revenue faster (16.4%, against 11.3%).
- Visa kept more of each dollar of sales as operating profit (60.0% operating margin, against 57.6%).
- Visa turned more of its sales into free cash flow (53.9% FCF margin, against 52.3%).
- Mastercard earned a higher return on the capital invested in it (93.8%, against 42.4%).
| Latest fiscal year | MA · FY25 | V · FY25 |
|---|---|---|
| Size | ||
| Market cap | $550.6B | — |
| Revenue | $32.8B | $40.0B |
| Free cash flow | $17.2B | $21.6B |
| Net income | $15.0B | $20.1B |
| Growth | ||
| Revenue growth | 16.4% | 11.3% |
| 5-year growth | 16.5% | 12.9% |
| Share count change | −2.3% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 57.6% | 60.0% |
| Net margin | 45.7% | 50.1% |
| FCF margin | 52.3% | 53.9% |
| Return on capital | 93.8% | 42.4% |
| Return on equity | 210.5% | 52.1% |
| Balance sheet | ||
| Net debt | $8.4B | $8.0B |
| Net debt / EBITDA | 0.4x | 0.3x |
| Dividends and buybacks | $14.5B | $23.0B |
| Valuation & quality | ||
| P/E | 34.3x | — |
| Piotroski F-score | 8 | — |
Revenue
FY16
MA $10.8B
V $15.1B
FY17
MA $12.5B
V $18.4B
FY18
MA $15.0B
V $20.6B
FY19
MA $16.9B
V $23.0B
FY20
MA $15.3B
V $21.8B
FY21
MA $18.9B
V $24.1B
FY22
MA $22.2B
V $29.3B
FY23
MA $25.1B
V $32.7B
FY24
MA $28.2B
V $35.9B
FY25
MA $32.8B
V $40.0B
MA
V
Operating margin
FY16
MA 53.5%
V 52.3%
FY17
MA 53.0%
V 66.2%
FY18
MA 48.7%
V 62.9%
FY19
MA 57.2%
V 65.3%
FY20
MA 52.8%
V 64.5%
FY21
MA 53.4%
V 65.6%
FY22
MA 55.2%
V 64.2%
FY23
MA 55.8%
V 64.3%
FY24
MA 55.3%
V 65.7%
FY25
MA 57.6%
V 60.0%
MA
V
Free cash flow
FY16
MA $4.4B
V $5.1B
FY17
MA $5.4B
V $8.6B
FY18
MA $5.9B
V $12.2B
FY19
MA $7.8B
V $12.0B
FY20
MA $6.9B
V $9.7B
FY21
MA $9.1B
V $14.5B
FY22
MA $10.8B
V $17.9B
FY23
MA $11.6B
V $19.7B
FY24
MA $14.3B
V $18.7B
FY25
MA $17.2B
V $21.6B
MA
V
Return on capital
FY16
MA 107.2%
V 17.0%
FY17
MA 87.1%
V 16.8%
FY18
MA 117.8%
V 26.5%
FY19
MA 128.7%
V 31.0%
FY20
MA 80.9%
V 27.8%
FY21
MA 74.2%
V —
FY22
MA 76.2%
V —
FY23
MA 83.8%
V 40.5%
FY24
MA 86.6%
V 42.9%
FY25
MA 93.8%
V 42.4%
MA
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.