Marqeta (MQ)
Market Price (4/10/2026): $3.97 | Market Cap: $1.7 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
Marqeta (MQ)
Market Price (4/10/2026): $3.97Market Cap: $1.7 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% Attractive yieldFCF Yield is 7.6% Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments. | Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -76% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.4% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% Key risksMQ key risks include [1] heavy revenue concentration with its largest customer, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31% |
| Attractive yieldFCF Yield is 7.6% |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments. |
| Weak multi-year price returns2Y Excs Rtn is -65%, 3Y Excs Rtn is -76% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -46 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -7.4% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.8% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.7% |
| Key risksMQ key risks include [1] heavy revenue concentration with its largest customer, Show more. |
Qualitative Assessment
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Marqeta (MQ) stock has lost about 15% since 12/31/2025 because of the following key factors:
1. Conservative 2026 Guidance and Decelerating Growth Expectations.
Marqeta provided a cautious outlook for fiscal year 2026 during its Q4 2025 earnings report on February 24, 2026. The company projected gross profit growth between 10% and 12%, a notable deceleration from the 24% growth achieved in fiscal year 2025. Similarly, net revenue growth for the full year 2026 is forecast to be 12% to 14%, falling short of analysts' implied growth rate of approximately 20%. This conservative guidance triggered a decline of approximately 4.8% in the stock's after-hours trading following the announcement.
2. Headwinds from Key Customer Contracts and Pricing Adjustments.
A significant factor in the tempered 2026 guidance stems from specific customer-related challenges. Marqeta indicated that two large customer renewals are expected to reduce gross profit growth by 4 percentage points. Additionally, Block, a major client that constituted 44% of Marqeta's net revenue in Q4 2025, is projected to shift to a lower pricing tier, which is anticipated to reduce gross profit growth by an additional 3 percentage points. These contractual changes, along with a lack of new card issuance from Block's Cash App, contribute to significant growth headwinds for the company.
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1. Conservative 2026 Guidance and Decelerating Growth Expectations.
Marqeta provided a cautious outlook for fiscal year 2026 during its Q4 2025 earnings report on February 24, 2026. The company projected gross profit growth between 10% and 12%, a notable deceleration from the 24% growth achieved in fiscal year 2025. Similarly, net revenue growth for the full year 2026 is forecast to be 12% to 14%, falling short of analysts' implied growth rate of approximately 20%. This conservative guidance triggered a decline of approximately 4.8% in the stock's after-hours trading following the announcement.
2. Headwinds from Key Customer Contracts and Pricing Adjustments.
A significant factor in the tempered 2026 guidance stems from specific customer-related challenges. Marqeta indicated that two large customer renewals are expected to reduce gross profit growth by 4 percentage points. Additionally, Block, a major client that constituted 44% of Marqeta's net revenue in Q4 2025, is projected to shift to a lower pricing tier, which is anticipated to reduce gross profit growth by an additional 3 percentage points. These contractual changes, along with a lack of new card issuance from Block's Cash App, contribute to significant growth headwinds for the company.
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Stock Movement Drivers
Fundamental Drivers
The -16.2% change in MQ stock from 12/31/2025 to 4/9/2026 was primarily driven by a -23.0% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.75 | 3.98 | -16.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 589 | 625 | 6.2% |
| P/S Multiple | 3.6 | 2.8 | -23.0% |
| Shares Outstanding (Mil) | 449 | 438 | 2.5% |
| Cumulative Contribution | -16.2% |
Market Drivers
12/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| MQ | -16.2% | |
| Market (SPY) | -5.4% | 33.7% |
| Sector (XLK) | -1.3% | 28.4% |
Fundamental Drivers
The -24.6% change in MQ stock from 9/30/2025 to 4/9/2026 was primarily driven by a -36.7% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.28 | 3.98 | -24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 553 | 625 | 13.0% |
| P/S Multiple | 4.4 | 2.8 | -36.7% |
| Shares Outstanding (Mil) | 462 | 438 | 5.4% |
| Cumulative Contribution | -24.6% |
Market Drivers
9/30/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| MQ | -24.6% | |
| Market (SPY) | -2.9% | 26.9% |
| Sector (XLK) | 1.0% | 20.2% |
Fundamental Drivers
The -3.4% change in MQ stock from 3/31/2025 to 4/9/2026 was primarily driven by a -31.8% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.12 | 3.98 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 507 | 625 | 23.3% |
| P/S Multiple | 4.1 | 2.8 | -31.8% |
| Shares Outstanding (Mil) | 503 | 438 | 14.9% |
| Cumulative Contribution | -3.4% |
Market Drivers
3/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| MQ | -3.4% | |
| Market (SPY) | 16.3% | 35.2% |
| Sector (XLK) | 38.2% | 32.5% |
Fundamental Drivers
The -12.9% change in MQ stock from 3/31/2023 to 4/9/2026 was primarily driven by a -16.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.57 | 3.98 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 748 | 625 | -16.5% |
| P/S Multiple | 3.3 | 2.8 | -16.2% |
| Shares Outstanding (Mil) | 545 | 438 | 24.4% |
| Cumulative Contribution | -12.9% |
Market Drivers
3/31/2023 to 4/9/2026| Return | Correlation | |
|---|---|---|
| MQ | -12.9% | |
| Market (SPY) | 63.3% | 27.0% |
| Sector (XLK) | 91.9% | 21.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MQ Return | -44% | -64% | 14% | -46% | 25% | -14% | -87% |
| Peers Return | -9% | -25% | 39% | 31% | -26% | -15% | -23% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| MQ Win Rate | 29% | 25% | 58% | 25% | 58% | 25% | |
| Peers Win Rate | 40% | 43% | 62% | 58% | 43% | 35% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MQ Max Drawdown | -48% | -67% | -42% | -51% | -7% | -19% | |
| Peers Max Drawdown | -26% | -36% | -9% | -12% | -39% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FISV, FIS, GPN, WEX, PAY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/9/2026 (YTD)
How Low Can It Go
| Event | MQ | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -89.3% | -25.4% |
| % Gain to Breakeven | 831.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to FISV, FIS, GPN, WEX, PAY
In The Past
Marqeta's stock fell -89.3% during the 2022 Inflation Shock from a high on 11/1/2021. A -89.3% loss requires a 831.4% gain to breakeven.
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About Marqeta (MQ)
Marqeta, Inc. operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions. As of December 31, 2021, the company had approximately 200 customers. Marqeta, Inc. was incorporated in 2010 and is headquartered in Oakland, California.
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Here are a few brief analogies for Marqeta:
- Stripe for issuing payment cards.
- The Amazon Web Services (AWS) for creating and managing payment cards.
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- Card Issuing Services: Marqeta provides the technology and infrastructure for businesses to issue their own physical or virtual payment cards.
- Transaction Processing Services: Marqeta offers services to process and manage payment transactions made with the cards issued through its platform.
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Marqeta (MQ) sells primarily to other companies (B2B). Its major customers and notable partners include:
- Block, Inc. (SQ) - A significant and long-standing customer, particularly for its Cash App and Square business products.
- Affirm Holdings, Inc. (AFRM) - Utilizes Marqeta's platform for its virtual card programs, enabling "Buy Now, Pay Later" functionality.
- DoorDash, Inc. (DASH) - Employs Marqeta's technology for its DashPass cards and to power payments for its drivers.
- JPMorgan Chase & Co. (JPM) - Partners with Marqeta for modern card issuance solutions, particularly within its commercial card division.
- Google (Alphabet Inc.) (GOOGL) - Leverages Marqeta's platform for certain Google Pay initiatives and virtual card programs.
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- Visa (V)
- Mastercard (MA)
- Alphabet Inc. (GOOGL)
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Mike Milotich, Chief Executive Officer
Mike Milotich was appointed Chief Executive Officer and a Director of Marqeta on September 8, 2025. He previously served as interim CEO and CFO from February 2025 to September 2025, and as Chief Financial Officer from February 2022 to February 2025. Prior to joining Marqeta, Mr. Milotich was the Senior Vice President of Corporate Finance and Investor Relations at Visa. He also held business analysis roles at PayPal and American Express.
Patti Kangwankij, Chief Financial Officer
Patti Kangwankij was appointed Marqeta's Chief Financial Officer, effective February 9, 2026. She previously served as CFO of Roofstock, a private real estate technology company. Before Roofstock, Ms. Kangwankij held various senior finance and strategy roles at Stripe, including Head of Payments Finance and Strategy. She began her career in investment banking at JPMorgan Chase, where she spent nearly 15 years, serving as Managing Director and CFO for both the Co-Branded Credit Card and Merchant Services businesses.
Jason Gardner, Chairperson of the Payments Innovation Committee
Jason Gardner is the Founder of Marqeta, Inc. and served as CEO from 2010-2023. He transitioned to Executive Chairman from January 2023 to June 2024, and since June 2024, he serves as Chairperson of the Payments Innovation Committee, guiding Marqeta's approach to innovation and technology. Marqeta is Mr. Gardner's third company; he co-founded PropertyBridge, which was acquired by MoneyGram International in 2007.
Todd Pollak, Chief Revenue Officer
Todd Pollak is Marqeta's Chief Revenue Officer, responsible for leading the company's go-to-market teams and overseeing its revenue strategy. Before joining Marqeta, Mr. Pollak spent four years at Ancestry as Chief Commercial Officer. Prior to Ancestry, he spent 13 years at Google, serving as managing director in the financial and retail sectors.
Crystal Sumner, Executive Team Member
Crystal Sumner brings over a decade of experience leading and scaling legal, compliance, and administrative organizations. She applies her deep legal and regulatory background to bring innovative products and services to global markets amidst an evolving regulatory landscape.
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Here are the key risks to Marqeta's business:
- Customer Concentration: Marqeta faces significant risk due to its reliance on a small number of customers for a large portion of its revenue, with Block (NYSE: SQ) being its largest client. In the first quarter of 2022, Block accounted for 66% of Marqeta's net revenue, and 73% in 2021. More recently, one customer reportedly generated 46% of revenue. The agreements with Block for Cash App and Square Card were set to expire in March 2024 and December 2024, respectively, and there is a risk that Block could cancel or reduce its business before the contract terms expire. The potential loss or reduction of business from Block or other key clients could have a material adverse effect on Marqeta's financial results and stock price.
- Regulatory, Operational, and Cybersecurity Risks related to Banking as a Service (BaaS): Marqeta operates within the Banking as a Service (BaaS) sector and manages restricted client cash for card and e-money programs, which requires strict adherence to regulatory requirements. The BaaS sector has experienced increased regulatory scrutiny, and there have been instances of partners facing investigations, such as an FBI probe into Sutton Bank, one of Marqeta's banking partners, for alleged anti-money laundering (AML) failures. Rapid growth in customer balances, tighter regulations, or operational failures could lead to capital strain, financial loss, operational disruptions, or reputational damage due to fraud, processing errors, or cybersecurity incidents. The evolving regulatory landscape and the potential for stricter compliance demands or issues with banking partners pose a significant threat to Marqeta's business model.
- Intense Competition and Market Evolution: The payment processing industry is highly competitive, with challenges from established legacy providers, modern API-based competitors such as Stripe and Adyen, and emerging fintech startups. Competitors like Stripe and Adyen have expanded their offerings to include card-issuing capabilities, directly encroaching on Marqeta's core market. These competitors could offer bundled products that are more attractive, potentially affecting Marqeta's long-term growth. Marqeta must continuously innovate and differentiate its offerings to maintain its competitive edge, as failure to compete successfully could negatively impact its business and financial condition.
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Marqeta (symbol: MQ) operates within significant addressable markets related to card issuing, transaction processing, and the broader fintech and embedded finance ecosystems. The company's estimated total addressable market (TAM) is currently $45 trillion globally, projected to expand to $80 trillion by 2030. This projection aligns with research commissioned by Marqeta, indicating that the global modern card issuing market alone is expected to grow to an $80 trillion opportunity within the next decade. Specifically for card-based payments, the U.S. card market had a transaction volume of approximately $6.7 trillion in 2020, while the international card market was around $23 trillion as of July 2021. The total card volume in markets where Marqeta operates is estimated to exceed $15 trillion as of 2026. Marqeta's platform is designed to capitalize on these substantial markets. Furthermore, Marqeta is positioned within the rapidly growing embedded finance market, which is projected to reach over $7 trillion in volume by 2026, expanding at a compound annual growth rate (CAGR) of 20%. The global fintech market, encompassing Marqeta's services, was valued at approximately USD 394.88 billion in 2025 and is anticipated to reach USD 1,760.18 billion by 2034, demonstrating an 18.20% CAGR. North America held the largest share of this market in 2025, at 32.30%. The global fintech-as-a-service platform market, another relevant segment, was valued at around USD 379.62 billion in 2024 and is predicted to grow to approximately USD 2095.51 billion by 2034, with an estimated CAGR of 18.63% between 2025 and 2034. North America dominated this market in 2021, holding over 35.6% of the global market share.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Marqeta (MQ) over the next 2-3 years:- Growth in Total Processing Volume (TPV): Marqeta anticipates continued growth in its Total Processing Volume, which is a fundamental driver of its revenue. The company reported a full-year TPV of $383 billion in 2025, marking a 31% increase over 2024, indicating sustained momentum in processing transactions across its platform. This growth is fueled by strong demand for modern card issuing across various use cases.
- International Expansion, particularly in Europe: Marqeta is strategically focusing on expanding its presence internationally, with a particular emphasis on the European market. The acquisition of TransactPay is a key component of this strategy, positioning Marqeta for larger opportunities in the region. European TPV in 2025 was eight times the size of 2022, highlighting the significant growth achieved in this market.
- Expansion and Adoption of Value-Added Services: A significant driver of future revenue growth is the increased adoption and enhancement of Marqeta's higher-margin value-added services. These services contributed over 7% of gross profit, and 18 of the top 20 customers have adopted them. Marqeta plans to further enhance these offerings to boost profitability.
- Acquisition of New Customers and Launch of New Programs: Marqeta aims to drive revenue growth through the acquisition of new customers and the launch of additional programs with both new and existing clients. The company has launched 40 new logos since 2024 and over 30 new programs for its top customers in the last two years. New customer cohorts are expected to contribute significantly to revenue in the coming years.
- Growth in Credit Offerings and Embedded Finance: Marqeta is actively exploring and expanding its credit offerings to enhance profitability, particularly within the rapidly growing embedded finance market. This includes new initiatives such as a consumer credit co-brand partnership and an agreement to integrate American Express as a new network option. The company's support for Visa Flexible Credential also facilitates the migration of Buy Now, Pay Later (BNPL) options to wallets and cards, creating greater ecosystem efficiency. Marqeta has also observed strong demand in commercial credit, especially from aggregator marketplaces.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In December 2025, Marqeta's board approved a new share repurchase program authorizing the company to buy back up to $100 million of its Class A common stock. This program is separate from a previously completed 2025 program.
- Marqeta authorized up to $300 million in share repurchases in February 2025. By June 30, 2025, the company had repurchased 42,497,301 shares for $193.11 million under this authorization.
- For the full year 2025, Marqeta repurchased 84.8 million shares at an average price of $4.59, resulting in a reduction of nearly 17% of the outstanding shares as of the 2024 year-end. As of December 31, 2025, over $91 million remained on the latest buyback authorization.
Share Issuance
- Marqeta went public in June 2021, which involved a significant issuance of shares.
- The company operates an Employee Stock Purchase Plan (ESPP) which reserves shares for issuance. The number of shares reserved automatically increases each January 1 by the lesser of 12,000,000 shares or 1% of the total Class A and Class B common stock outstanding on the immediately preceding December 31.
Outbound Investments
- In August 2025 (initially announced in February 2025), Marqeta completed the acquisition of TransactPay, a BIN Sponsorship provider. This acquisition was aimed at strengthening Marqeta's card program management capabilities in the UK and European Economic Area.
- In early 2023, Marqeta acquired the credit card program management platform Power Finance for $275 million in cash. This marked the company's first acquisition and integrated a rewards engine and tools to embed credit products.
Capital Expenditures
- Marqeta's capital expenditures were $4.91 million in 2025, $2.32 million in 2024, $2.74 million in 2023, $2.38 million in 2022, and $4.91 million in 2021.
- In Q4 2025, capital expenditures were -$157K, reflecting a decrease from the prior quarter.
- The primary focus of these capital expenditures is generally on long-term assets and infrastructure.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Marqeta Stock Pre-Market (+7.5%): Q4 Beat Over-shadow by Weak 2026 Guidance | 02/26/2026 | |
| Marqeta Earnings Notes | 12/28/2026 | |
| How Low Can Marqeta Stock Really Go? | 10/17/2025 | |
| How Does Marqeta Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Marqeta (MQ) Operating Cash Flow Comparison | 08/08/2025 | |
| Marqeta (MQ) Revenue Comparison | 08/08/2025 | |
| Marqeta (MQ) Net Income Comparison | 08/08/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PANW | Palo Alto Networks | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03312026 | ALKT | Alkami Technology | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 03272026 | DBX | Dropbox | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.6% | 2.6% | 0.0% |
| 03272026 | DLB | Dolby Laboratories | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 03272026 | PTC | PTC | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.85 |
| Mkt Cap | 10.6 |
| Rev LTM | 5,485 |
| Op Inc LTM | 1,113 |
| FCF LTM | 1,034 |
| FCF 3Y Avg | 1,274 |
| CFO LTM | 1,555 |
| CFO 3Y Avg | 1,685 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 6.9% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 17.6% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 26.2% |
| CFO/Rev 3Y Avg | 26.5% |
| FCF/Rev LTM | 18.7% |
| FCF/Rev 3Y Avg | 19.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.6 |
| P/S | 2.1 |
| P/EBIT | 8.1 |
| P/E | 14.6 |
| P/CFO | 9.5 |
| Total Yield | 5.4% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.7 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.8% |
| 3M Rtn | -17.6% |
| 6M Rtn | -22.9% |
| 12M Rtn | -17.2% |
| 3Y Rtn | -11.0% |
| 1M Excs Rtn | -5.5% |
| 3M Excs Rtn | -16.3% |
| 6M Excs Rtn | -25.4% |
| 12M Excs Rtn | -43.1% |
| 3Y Excs Rtn | -77.4% |
Price Behavior
Price Behavior
| Market Price | $3.98 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 06/09/2021 | |
| Distance from 52W High | -41.7% | |
| 50 Days | 200 Days | |
| DMA Price | $4.06 | $4.98 |
| DMA Trend | down | down |
| Distance from DMA | -2.0% | -20.1% |
| 3M | 1YR | |
| Volatility | 38.4% | 41.5% |
| Downside Capture | 0.68 | 0.49 |
| Upside Capture | 50.80 | 67.19 |
| Correlation (SPY) | 31.9% | 29.2% |
MQ Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.61 | 0.94 | 1.04 | 0.80 | 0.79 | 0.96 |
| Up Beta | 0.68 | 2.02 | 2.67 | 1.80 | 0.68 | 0.88 |
| Down Beta | 0.85 | 0.89 | 0.70 | 0.80 | 1.05 | 1.10 |
| Up Capture | 160% | 102% | 58% | 18% | 54% | 55% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 12 | 22 | 26 | 55 | 121 | 356 |
| Down Capture | -9% | 63% | 113% | 89% | 85% | 101% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 8 | 18 | 34 | 64 | 120 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | 3.6% | 41.9% | 0.19 | - |
| Sector ETF (XLK) | 55.8% | 25.4% | 1.70 | 27.2% |
| Equity (SPY) | 29.1% | 17.4% | 1.36 | 29.8% |
| Gold (GLD) | 61.3% | 27.8% | 1.72 | -9.7% |
| Commodities (DBC) | 26.9% | 16.7% | 1.41 | -0.8% |
| Real Estate (VNQ) | 17.7% | 15.4% | 0.86 | 20.2% |
| Bitcoin (BTCUSD) | -10.9% | 43.9% | -0.14 | 25.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | -33.7% | 65.4% | -0.37 | - |
| Sector ETF (XLK) | 16.8% | 24.7% | 0.61 | 37.5% |
| Equity (SPY) | 11.4% | 17.0% | 0.52 | 41.3% |
| Gold (GLD) | 22.2% | 17.8% | 1.02 | 1.4% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 6.3% |
| Real Estate (VNQ) | 3.7% | 18.8% | 0.10 | 33.6% |
| Bitcoin (BTCUSD) | 3.6% | 56.5% | 0.29 | 27.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MQ | |
|---|---|---|---|---|
| MQ | -18.5% | 65.4% | -0.37 | - |
| Sector ETF (XLK) | 21.7% | 24.3% | 0.82 | 37.5% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 41.3% |
| Gold (GLD) | 14.1% | 15.9% | 0.74 | 1.4% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 6.3% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 33.6% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 27.3% |
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/24/2026 | -7.2% | -2.6% | 0.7% |
| 11/5/2025 | 8.9% | 12.3% | 4.9% |
| 8/6/2025 | 20.2% | 14.4% | 8.3% |
| 5/7/2025 | 9.8% | 19.8% | 33.7% |
| 2/26/2025 | 21.1% | 17.1% | 22.2% |
| 11/4/2024 | -42.5% | -30.4% | -35.0% |
| 8/7/2024 | 8.5% | 5.3% | -0.4% |
| 2/28/2024 | -10.9% | -20.9% | -18.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 10 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 14.9% | 15.8% | 11.8% |
| Median Negative | -8.5% | -16.9% | -23.8% |
| Max Positive | 21.1% | 37.3% | 44.6% |
| Max Negative | -42.5% | -30.4% | -35.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/24/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Revenue Growth | 17.0% | 18.0% | 19.0% | -21.7% | -5.0% | Lowered | Guidance: 23.0% for Q4 2025 |
| Q1 2026 Gross Profit Growth | 17.0% | 18.0% | 19.0% | 0 | 0 | Affirmed | Guidance: 18.0% for Q4 2025 |
| Q1 2026 Adjusted EBITDA Growth | 45.0% | 47.5% | 50.0% | ||||
| 2026 Net Revenue Growth | 12.0% | 13.0% | 14.0% | ||||
| 2026 Gross Profit Growth | 10.0% | 11.0% | 12.0% | ||||
Prior: Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Net Revenue Growth | 22.0% | 23.0% | 24.0% | 43.8% | 7.0% | Raised | Guidance: 16.0% for Q3 2025 |
| Q4 2025 Gross Profit Growth | 17.0% | 18.0% | 19.0% | 12.5% | 2.0% | Raised | Guidance: 16.0% for Q3 2025 |
| Q4 2025 Adjusted EBITDA Margin | 15.0% | 15.5% | 16.0% | 24.0% | 3.0% | Raised | Guidance: 12.5% for Q3 2025 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 113,366 | 567,034 | 1,517,881 | Form | |
| 2 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 36,100 | 180,518 | 1,500,085 | Form | |
| 3 | Gardner, Jason M | See Footnote | Sell | 12192025 | 5.00 | 69,043 | 345,222 | 1,466,699 | Form | |
| 4 | Sumner, Crystal | See Remarks | Direct | Sell | 12172025 | 4.85 | 5,056 | 24,521 | 1,561,922 | Form |
| 5 | Gardner, Jason M | See Footnote | Sell | 12162025 | 5.00 | 58,157 | 290,785 | 1,571,970 | Form |
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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