Mastercard Incorporated MA

FinancialsSoftware & IT ServicesUnited States of America

Last close 638.01 USD on Nov 1, 2026, +12.5% year to date

Quant rating

Quant rating A+ Rank 2 of 799 in Financials

Growth A 78 of 799
Valuation B 474 of 799
Quality B 325 of 799
Revisions B 128 of 799
Momentum A 114 of 799

Wall Street consensus Buy (1.86)Average target 697.52 USD +9.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 555.8B
Enterprise value: 568.8B
52-week range: 464.58 – 644.20
3-year range: 377.82 – 644.20
Dividend yield: 0.55%
Beta (5 years): 0.81
Shares outstanding: 871M
Next earnings: Jan 29, 2027

About the company

Mastercard Incorporated is a technology company in the global payments industry. The Company connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure and accessible. It provides a range of payment solutions and services using its brands, including Mastercard, Maestro and Cirrus. It operates a payments network that provides choice and flexibility for consumers, merchants and its customers. Through its proprietary global payments network, it switches (authorizes, clears and settles) payment transactions. Its additional payments capabilities include automated clearing house (ACH) transactions (both batch and real-time account-based payments). It offers security solutions, consumer acquisition and engagement, business and market insights, gateway, processing and open banking, among other services and solutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	32,791	28,167	25,098	22,237	18,884	–
Revenue growth	16.4%	12.2%	12.9%	17.8%	23.4%	16.5%
EPS (basic, normalized)	17.01	14.60	12.26	10.65	8.40	–
EPS growth	16.5%	19.1%	15.1%	26.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	45.6%	45.7%	44.6%	44.7%	46.0%	45.3%
ROE	210.5%	191.9%	169.3%	145.9%	126.8%	168.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	10,464
Current ratio	1.06x
Long-term debt (mil)	22,184
Net debt (mil)	13,029
Total equity (mil)	6,753
Net debt / equity	1.93x
Net debt / EBITDA	0.63x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	32,791	+16.4%	17.3x	20,544	+18.8%	27.7x	17.01	+16.5%	37.5x
2026	37,346	+13.9%	15.2x	23,650	+15.1%	24.1x	20.02	+17.7%	31.9x
2027	42,037	+12.6%	13.5x	26,817	+13.4%	21.2x	23.17	+15.8%	27.5x
2028	47,434	+12.8%	12.0x	30,319	+13.1%	18.8x	26.91	+16.1%	23.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	37,346	+0.2%	+0.3%	+0.8%	20.02	+0.3%	+0.7%	+1.8%
2027	42,037	+0.2%	+0.2%	+0.7%	23.17	+0.4%	+0.8%	+1.7%
2028	47,434	+0.9%	+0.9%	+1.3%	26.91	+0.2%	+0.8%	+1.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,348	6,961	7,369	7,489	7,250	8,133	8,602	8,806	8,398	9,277
Sales mean (mil)	6,339	6,848	7,270	7,385	7,119	7,965	8,534	8,780	8,250	9,068
Surprise	+0.1%	+1.7%	+1.4%	+1.4%	+1.8%	+2.1%	+0.8%	+0.3%	+1.8%	+2.3%
EPS reported	3.31	3.59	3.89	3.82	3.73	4.15	4.38	4.76	4.60	5.04
EPS mean	3.24	3.51	3.74	3.69	3.57	4.03	4.32	4.25	4.40	4.77
Surprise	+2.3%	+2.2%	+4.0%	+3.4%	+4.5%	+3.1%	+1.4%	+12.0%	+4.5%	+5.8%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MA Mastercard Incorporated	555.8B	0.63x	45.6%	99.83x	31.9x	27.5x	24.1x	21.2x
ACN Accenture PLC	152.6B	−0.07x	11.3%	4.87x	17.6x	16.2x	10.1x	9.6x
MSTR Strategy Inc	55.8B	−2.56x	−886.3%	0.80x	−4.7x	11.1x	−6.6x	9.8x
CTSH Cognizant Technology Solutions Corporation	29.1B	0.00x	12.4%	1.98x	11.3x	10.4x	7.1x	6.7x
TOST Toast, Inc.	18.3B	−2.71x	5.6%	8.94x	32.7x	25.9x	20.1x	15.7x
JKHY Jack Henry & Associates Inc	11.3B	0.03x	19.8%	5.51x	21.9x	20.0x	12.8x	11.9x
Mean		−0.78x	−131.9%	20.32x	18.4x	18.5x	11.2x	12.5x
Median		−0.04x	11.8%	5.19x	19.7x	18.1x	11.5x	10.9x

Technical analysis

1M+12.4%
3M+13.5%
1Y+13.5%
3Y+78.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mastercard Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	32,791	28,167	25,098	22,237	18,884	15,301
Cost of revenue	–	–	–	–	–	–
Gross profit	32,791	28,167	25,098	22,237	18,884	15,301
Selling, general & administrative expenses	12,134	10,753	9,669	8,698	7,931	6,558
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,143	897	799	750	726	580
Interest expense (income), operating	113	65.0	83.0	102	51.0	9.0
Unusual expense (income)	504	870	539	423	94.0	73.0
Other operating expenses	0	0	0	0	0	0
Operating income	18,897	15,582	14,008	12,264	10,082	8,081
Net interest income (expense)	−485	−348	−362	−555	225	−326
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	166	20.0	−7.0	23.0	0	5.0
Net income before taxes	18,578	15,254	13,639	11,732	10,307	7,760
Provision for taxes	3,610	2,380	2,444	1,802	1,620	1,349
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	14,968	12,874	11,195	9,930	8,687	6,411
Extraordinary items	–	–	–	–	–	–
Net income	14,968	12,874	11,195	9,930	8,687	6,411
EBIT, normalized	19,514	16,517	14,630	12,789	10,227	8,163
EBITDA, normalized	20,657	17,414	15,428	13,539	10,953	8,743
Basic EPS, normalized	17.01	14.60	12.26	10.65	8.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mastercard Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	10,898	8,772	9,180	7,408	7,894	10,596
Receivables	6,424	5,804	5,426	4,813	4,459	4,411
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	34.0	92.0	78.0
Other current assets	6,236	5,148	4,355	4,351	4,504	4,028
Total current assets	23,558	19,724	18,961	16,606	16,949	19,113
Property, plant & equipment	2,303	2,138	2,061	2,006	1,907	1,902
Goodwill	9,560	9,193	7,660	7,522	7,662	4,960
Intangibles	5,554	5,453	4,086	3,859	3,671	1,753
Long-term investments	1,705	1,607	1,729	1,730	1,834	1,172
Note receivable	1,609	1,462	1,170	1,075	1,132	798
Other long-term assets	9,868	8,504	6,781	5,926	4,514	3,886
Total assets	54,157	48,081	42,448	38,724	37,669	33,584
Liabilities
Accounts payable	999	929	834	926	738	527
Payable/accrued	–	–	–	–	–	–
Accrued expenses	13,315	11,002	8,896	8,756	7,272	6,189
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	749	750	1,337	274	792	649
Other current liabilities	7,699	6,539	5,197	4,215	4,360	4,482
Total current liabilities	22,762	19,220	16,264	14,171	13,162	11,847
Long-term debt	18,251	17,476	14,344	13,749	13,109	12,023
Minority interest	9.0	30.0	68.0	79.0	100	126
Other liabilities	5,398	4,870	4,843	4,427	3,986	3,197
Total liabilities	46,420	41,596	35,519	32,426	30,357	27,193
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	6,907	6,442	5,893	5,298	5,061	4,982
Retained earnings (accumulated deficit)	85,035	72,907	62,564	53,607	45,648	38,747
Treasury stock	−83,224	−71,431	−60,429	−51,354	−42,588	−36,658
Other equity	−981	−1,433	−1,099	−1,253	−809	−680
Total equity	7,737	6,485	6,929	6,298	7,312	6,391
Total liabilities & shareholders' equity	54,157	48,081	42,448	38,724	37,669	33,584

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mastercard Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	14,968	12,874	11,195	9,930	8,687	6,411
Depreciation, depletion & amortization	1,143	897	799	750	726	580
Deferred taxes	57.0	−527	−236	−651	−69.0	73.0
Non-cash items	2,922	2,576	2,165	2,070	1,035	1,310
Changes in working capital	−1,442	−1,040	−1,943	−904	−916	−1,150
Cash from operations	17,648	14,780	11,980	11,195	9,463	7,224
Investing activities
Capital expenditures	−1,215	−1,194	−1,088	−1,097	−814	−708
Other investing cash flows	−147	−2,208	−263	−373	−4,458	−1,171
Cash from investing	−1,362	−3,402	−1,351	−1,470	−5,272	−1,879
Financing activities
Financing cash flow items	−391	−201	−89.0	−161	−345	−130
Cash dividends paid	−2,756	−2,448	−2,158	−1,903	−1,741	−1,605
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−11,032	−8,187	−7,241	−8,264	−4,469	−417
Cash from financing	−14,179	−10,836	−9,488	−10,328	−6,555	−2,152
Foreign exchange effects	333	−199	128	−103	−153	257
Net change in cash	2,440	343	1,269	−706	−2,517	3,450
Free cash flow	16,433	13,586	10,892	10,098	8,649	6,516

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.