Tearsheet
Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. MA Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Mastercard (MA)

Market Price (9/17/2025): $587.0 | Market Cap: $535.3 Bil
Sector: Financials | Industry: Transaction & Payment Processing Services

Mastercard (MA)

Market Price (9/17/2025): $587.0
Market Cap: $535.3 Bil
Sector: Financials
Industry: Transaction & Payment Processing Services

Investment Highlights

0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 58%		 Trading close to highs
Dist 52W High is -2.1%, Dist 3Y High is -2.1%		 Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 15 Bil, FCF LTM is 14 Bil		 Weak multi-year price returns
2Y Excs Rtn is -5.5%		 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%
2 Low stock price volatility
Vol 12M is 22%		  
0 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 58%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 49%, CFO LTM is 15 Bil, FCF LTM is 14 Bil
2 Low stock price volatility
Vol 12M is 22%
3 Trading close to highs
Dist 52W High is -2.1%, Dist 3Y High is -2.1%
4 Weak multi-year price returns
2Y Excs Rtn is -5.5%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 18x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.0%

Market Valuation

 9/17/252024202320222021
Share Price CYE$587.00$524.25$422.19$342.12$351.47
Market Cap CYE ($ Bil)535.3480.2394.7328.1345.1
Total Debt ($ Bil)18.818.215.714.013.9
Total Cash ($ Bil)7.98.89.27.47.9
Enterprise Value ($ Bil)546.3498.4410.4342.1359.0
Valuation Ratios     
P/S TTM18.417.316.015.118.8
P/EBIT TTM32.630.628.327.633.1
P/E TTM40.737.836.033.940.9
Sector Ratios     
P/S TTM (Sector)3.23.12.82.83.4
P/EBIT TTM (Sector)7.16.97.17.17.0
P/E TTM (Sector)12.911.610.19.410.0
 9/17/2520242023
Share Price CYE$587.00$524.25$422.19
Market Cap CYE ($ Bil)535.3480.2394.7
Total Debt ($ Bil)18.818.215.7
Total Cash ($ Bil)7.98.89.2
Enterprise Value ($ Bil)546.3498.4410.4
Valuation Ratios   
P/S TTM18.417.316.0
P/EBIT TTM32.630.628.3
P/E TTM40.737.836.0
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)7.16.97.1
P/E TTM (Sector)12.911.610.1

Market Cap Chart

Business Description

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers other payment-related products and services. The company offers integrated products and value-added services for account holders, merchants, financial institutions, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; prepaid programs and management services; commercial credit and debit payment products and solutions; and payment products and solutions that allow its customers to access funds in deposit and other accounts. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
MA Return20%1%-3%23%24%12%101%
Peers Return30%14%-22%22%37%7%105%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: V, AXP, COF, PYPL, MA. See MA Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

Interactive Breakdown

Mastercard Interactive Breakdown Analysis

Better Bets than Mastercard (MA)

 MABetter Performance than MA
MetricValueIndustry (Transaction & Payment Processi)
Rev Chg LTM13.1%FOUR (23.9%), PAYO (20.4%), EVTC (17.4%)
Rev Chg 3Y Avg13.5%XYZ (13.9%), FOUR (29.0%)
Op Mgn LTM58.0%V (66.5%)
CFO/Rev LTM53.3%V (60.4%)
FCF/Rev LTM49.2%V (56.8%)
Total Yield2.5%V (3.8%), FI (4.6%), PYPL (7.2%), XYZ (6.4%), FIS (2.7%)
 MABetter Performance than MA
MetricValueAll Other Sectors
Rev Chg LTM13.1%NVDA (71.6%), MSFT (14.9%), GOOGL (13.1%), META (19.4%), AVGO (28.0%)
Rev Chg 3Y Avg13.5%NVDA (92.0%), AVGO (24.0%), LLY (23.4%), PLTR (25.7%), TM (15.2%)
Op Mgn LTM58.0%NVDA (58.1%), MO (59.0%), FNV (68.3%), VICI (92.8%), VRSN (67.9%)
CFO/Rev LTM53.3%META (56.4%), APP (53.7%), PLD (60.4%), SPG (66.6%), TRP (58.8%)
FCF/Rev LTM49.2%PLTR (49.7%), APP (53.7%), ANET (50.0%), PLD (60.4%), SPG (52.1%)
Total Yield2.5%MSFT (3.3%), AAPL (3.2%), GOOGL (4.1%), AMZN (2.8%), META (3.6%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Mastercard Earnings Notes  
2MA Delivers $63 Bil to Shareholders Over the Last 10 Years  
3Mastercard vs Royal Gold: Which Is A Better Investment?Counter-Intuitive Comparisons 
4Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From LLY, APH   
5Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From IBKR, HLNE   
6Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From FOUR   
7Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From FOUR Actionable 
8MA Dip Buy Analysis  
9MA YTD Stock Return Of 11% Outperforms PYPL by 27% and Underperforms V by -5.3%Return 
10Mastercard Total Shareholder Return (TSR): 24.6% in 2024 and 14.7% 3-yr compounded annual returns (below peer average)  
11ARTICLES  
12MA Has Paid Out $63 Bil to Investors in the Past Decade August 30th, 2025
13Large Cap Stocks Trading At 52-Week High August 22nd, 2025
14Large Cap Stocks Trading At 52-Week High August 21st, 2025
15Better Bet Than Mastercard Stock: Pay Less To Get More From FOUR August 12th, 2025
16Better Bet Than Mastercard Stock: Pay Less To Get More From FOUR August 1st, 2025
Title
0DASHBOARDS
1MA Has Paid Out $63 Bil to Investors in the Past Decade
2Large Cap Stocks Trading At 52-Week High
3Large Cap Stocks Trading At 52-Week High
4Better Bet Than Mastercard Stock: Pay Less To Get More From FOUR
5Better Bet Than Mastercard Stock: Pay Less To Get More From FOUR
6ARTICLES
7Mastercard Earnings Notes
8MA Delivers $63 Bil to Shareholders Over the Last 10 Years
9Mastercard vs Royal Gold: Which Is A Better Investment?
10Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From LLY, APH 
11Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From IBKR, HLNE 
12Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From FOUR 
13Better Bet Than MA Stock: Pay Less Than Mastercard To Get More From FOUR 
14MA Dip Buy Analysis
15MA YTD Stock Return Of 11% Outperforms PYPL by 27% and Underperforms V by -5.3%
16Mastercard Total Shareholder Return (TSR): 24.6% in 2024 and 14.7% 3-yr compounded annual returns (below peer average)

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical11963.5%11963.5%
2GIBOGIBO9734.4% 
3CHSNChanson International7565.0%-99.3%
4LNZALanzaTech Global7287.5%-86.0%
5QMMMQMMM3031.7%6775.0%
6OESXOrion Energy Systems1497.9%22.9%
7CURXCuranex Pharmaceuticals1401.6%1401.6%
8ENTOEntero Therapeutics565.6%117.6%
9PTNMPitanium553.2% 
10WLDSWearable Devices449.5%-30.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1CJETChijet Motor-92.2%-95.0%
2STFSStar Fashion Culture-92.2%-97.8%
3ELPWElong Power-91.6%-76.7%
4NXTTNext Technology-89.6%-95.1%
5NAKAKindly MD-89.0% 
6BINIBollinger Innovations-88.9%-100.0%
7JEM707 Cayman-88.4%-98.2%
8YAASYouxin Technology-82.5%-98.3%
9NEONNeonode-82.0%-50.2%
10NVNOenVVeno Medical-81.5%-69.8%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1BDSXBiodesix1313.2%-78.6%
2CLSDClearside Biomedical954.0%-74.9%
3SDOTSadot624.1%-79.4%
4WLDSWearable Devices498.0%-30.0%
5CHEKCheck-Cap285.6%154.6%
6ATCHAtlasClear275.9%-91.0%
7HSDTHelius Medical Technologies262.5%-95.6%
8OPIOffice Properties Income Trust261.7%-13.4%
9FGIFGI Industries156.8%145.2%
10AIREReAlpha Tech154.0%-56.1%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1NAKAKindly MD-81.4% 
2ATYRaTyr Pharma-79.7%-70.2%
3LGCLLucas GC-73.6%-77.1%
4EPSMEpsium Enterprise-70.1% 
5BNGOBionano Genomics-59.4%-89.7%
6FAASDigiAsia-58.5%-87.2%
7QMMMQMMM-57.5%6775.0%
8VCIGVCI Global-56.9%-99.1%
9YYGHYY-56.6%-78.5%
10XAGELongevity Health-55.5%-86.1%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Mastercard

Financials

MAVAXPCOFPYPLMedian
NameMasterca.Visa American.Capital .PayPal  
Mkt Price586.42340.03327.04224.4166.85327.04
Mkt Cap534.8626.7228.386.064.8228.3
Rev LTM29,06938,89368,63839,71032,29238,893
Op Inc LTM16,87025,864--6,16116,870
FCF LTM14,31522,08311,09518,5115,29214,315
FCF 3Y Avg11,70419,89916,39918,0245,21616,399
CFO LTM15,48823,48513,09419,8166,06615,488
CFO 3Y Avg12,85121,13418,22619,0965,89918,226

Growth & Margins

MAVAXPCOFPYPLMedian
NameMasterca.Visa American.Capital .PayPal  
Rev Chg LTM13.1%11.4%8.4%6.5%4.1%8.4%
Rev Chg 3Y Avg13.5%11.5%12.5%8.1%7.0%11.5%
Rev Chg Q14.2%14.3%9.3%6.4%5.1%9.3%
QoQ Delta Rev Chg LTM3.2%3.4%2.3%1.5%1.3%2.3%
Op Mgn LTM58.0%66.5%--19.1%58.0%
Op Mgn 3Y Avg58.0%66.8%--17.8%58.0%
QoQ Delta Op Mgn LTM0.1%-0.0%--0.3%0.1%
CFO/Rev LTM53.3%60.4%19.1%49.9%18.8%49.9%
CFO/Rev 3Y Avg49.5%60.1%29.2%51.1%19.2%49.5%
FCF/Rev LTM49.2%56.8%16.2%46.6%16.4%46.6%
FCF/Rev 3Y Avg45.1%56.6%26.3%48.3%16.9%45.1%

Valuation

MAVAXPCOFPYPLMedian
NameMasterca.Visa American.Capital .PayPal  
Mkt Cap534.8626.7228.386.064.8228.3
P/S18.416.13.32.22.03.3
P/EBIT32.625.2--10.325.2
P/E40.730.922.517.613.822.5
P/CFO34.526.717.44.310.717.4
Total Yield2.5%3.8%4.9%6.8%7.2%4.9%
Dividend Yield0.0%0.6%0.5%1.1%0.0%0.5%
FCF Yield 3Y Avg2.7%4.1%10.2%32.6%7.8%7.8%
D/E0.00.00.30.50.20.2
Net D/E0.00.00.0-0.10.00.0

Returns

MAVAXPCOFPYPLMedian
NameMasterca.Visa American.Capital .PayPal  
1M Rtn0.8%-1.3%7.1%4.2%-3.4%0.8%
3M Rtn3.1%-4.8%11.7%16.0%-5.4%3.1%
6M Rtn10.9%1.9%24.9%33.7%-2.9%10.9%
12M Rtn18.5%17.9%26.3%61.2%-5.9%18.5%
3Y Rtn89.4%80.4%121.5%134.2%-28.9%89.4%
1M Excs Rtn-1.6%-3.7%4.6%1.7%-5.9%-1.6%
3M Excs Rtn-6.2%-13.7%1.6%4.4%-17.0%-6.2%
6M Excs Rtn-5.9%-14.4%7.7%20.2%-20.4%-5.9%
12M Excs Rtn1.8%1.9%11.2%47.1%-23.1%1.9%
3Y Excs Rtn15.3%7.5%51.6%57.4%-93.0%15.3%

Comparison Analyses

Title
0MA Could Deliver 33% Returns And Outperform PYPL
1V or MA - With 33% Return Forecast, MA Probably Deserves Your Money
2Mastercard vs. Thermo Fisher Scientific: With Return Forecast Of 46%, Mastercard Is A Better Bet
3Mastercard vs. NVIDIA: With Return Forecast Of 46%-48%, Both Seem Like Good Bets
4Mastercard vs. Cisco: With Return Forecast Of 47%, Mastercard Is A Better Bet
5Mastercard vs. Walmart: With Return Forecast Of 35%, Mastercard Is A Better Bet
6Mastercard vs. PepsiCo: With Return Forecast Of 35%, Mastercard Is A Better Bet
7Mastercard vs. NextEra Energy: With Return Forecast Of 33%, Mastercard Is A Better Bet
8Mastercard vs. Texas Instruments: With Return Forecast Of 33%, Mastercard Is A Better Bet
9Mastercard vs. Advanced Micro Devices: With Return Forecast Of 109%, Advanced Micro Devices Is A Better Bet

Financials

$ Mil | FY: 12/312025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q32022Q2
Period End3/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/20226/30/2022
Filing Date5/1/20252/12/202510/31/20247/31/20245/1/20242/13/202410/26/20237/27/20234/27/20232/14/202310/27/20227/28/2022
Key Financials Quarterly            
Total Revenue7,2507,4897,3696,9616,3486,5486,5336,2695,7485,8175,7565,497
Ebitda4,4884,3064,2504,3173,9243,6744,1234,0403,1763,4003,3773,101
Operating Income4,3014,2344,1964,1393,7583,6983,8693,7003,3633,1923,3583,186
Net Income3,2803,3423,2633,2583,0112,7913,1982,8452,3612,5252,4992,275
EPS3.603.643.543.513.232.983.403.012.482.632.592.34
Key Financials TTM            
Total Revenue TTM29,06928,16727,22626,39025,69825,09824,36723,59022,81822,23721,63620,865
Ebitda TTM17,36116,79716,16516,03815,76115,01314,73913,99313,05412,95312,67312,410
Operating Income TTM16,87016,32715,79115,46415,02514,63014,12413,61313,09912,72212,37311,778
Net Income TTM13,14312,87412,32312,25811,84511,19510,92910,2309,6609,9309,7849,699
Growth Rates Quarterly            
Total Revenue Growth14.2%14.4%12.8%11.0%10.4%12.6%13.5%14.0%11.2%11.5%15.5%21.4%
EBITDA Growth14.4%17.2%3.1%6.9%23.6%8.1%22.1%30.3%3.3%9.0%8.4%11.9%
Operating Income Growth14.4%14.5%8.5%11.9%11.7%15.9%15.2%16.1%12.6%12.3%21.5%31.9%
Net Income Growth8.9%19.7%2.0%14.5%27.5%10.5%28.0%25.1%-10.3%6.1%3.5%10.1%
Margins Quarterly            
EBITDA Margin61.9%57.5%57.7%62.0%61.8%56.1%63.1%64.4%55.3%58.4%58.7%56.4%
Operating Income Margin59.3%56.5%56.9%59.5%59.2%56.5%59.2%59.0%58.5%54.9%58.3%58.0%
Net Income Margin45.2%44.6%44.3%46.8%47.4%42.6%49.0%45.4%41.1%43.4%43.4%41.4%
Cash & Debt            
Total Cash7,8948,77211,4017,3587,6579,1807,4926,5146,9687,4088,0456,359
Total Debt18,80218,22618,35815,60515,62915,68115,56615,62015,56814,02314,53414,481
Net Debt / (Cash)10,9089,4546,9578,2477,9726,5018,0749,1068,6006,6156,4898,122
Cash Flows Quarterly            
FCF from Operations2,3804,8345,1363,1381,6724,1303,2332,6981,9193,1003,8562,457
Cash Flows TTM            
FCF from Operations TTM15,48814,78014,07612,17311,73311,98010,95011,57311,33211,19511,2849,971
Returns to Shareholders Quarterly            
Dividends694606611615616534538541545473474477
Share Repurchases2,5493,4702,9342,6391,9921,8321,9062,4162,8782,4141,5512,380
Return on Invested Capital (ROIC) Quarterly            
ROIC128.3%153.9%203.6%166.0%159.6%191.2%163.0%124.8%129.4%157.8%168.4%127.6%
Return on Invested Capital (ROIC) TTM            
ROIC TTM129.2%145.8%190.5%157.7%155.6%184.7%142.6%120.2%124.6%162.8%162.7%125.5%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Payment Solutions25,09822,237   
Payment network  11,943  
Value-added services and solutions  6,941  
Cross-border volume fees   3,5125,606
Domestic assessments   6,6566,781
Other revenues   4,7174,124
Rebates and incentives (contra-revenue)   -8,315-8,097
Transaction processing   8,7318,469
Total25,09822,23718,88415,30116,883


Price Behavior

MA Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.740.771.090.820.770.85
Up Beta0.760.761.200.740.760.90
Down Beta0.550.320.720.890.830.89
Up Capture102%94%87%78%69%57%
Bmk +ve Days10223571142415
Stock +ve Days11233672141412
Down Capture44%95%158%94%76%92%
Bmk -ve Days11192754106334
Stock -ve Days10192754108339

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity5,938,888
Short Interest: % Change Since 81520252.0%
Average Daily Volume2,428,101
Days-to-Cover Short Interest2.45
Basic Shares Quantity912,000,000
Short % of Basic Shares0.7%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/20251.3%1.8%5.6%
5/1/2025-0.3%3.3%6.8%
1/30/20253.1%3.2%5.0%
10/31/2024-2.7%1.4%3.7%
7/31/20243.6%0.2%5.4%
5/1/2024-2.0%0.4%-2.0%
1/31/20240.9%3.4%6.6%
10/26/2023-5.6%-2.2%6.8%
...
SUMMARY STATS   
# Positive121716
# Negative1278
Median Positive2.3%2.8%6.7%
Median Negative-1.5%-3.1%-5.5%
Max Positive7.2%15.1%15.1%
Max Negative-8.1%-6.8%-10.8%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025501202510-Q 3/31/2025
12312024212202510-K 12/31/2024
93020241031202410-Q 9/30/2024
6302024731202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023213202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022214202310-K 12/31/2022
93020221027202210-Q 9/30/2022
6302022728202210-Q 6/30/2022
3312022428202210-Q 3/31/2022
12312021211202210-K 12/31/2021
93020211028202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0SACHIN J. MEHRAChief Financial Officer8062025Sell563.57500281,78321,128,989Form
1GENACHOWSKI JULIUS 6262025Sell561.00310173,9104,669,203Form
2Kirkpatrick Linda PistecchiaPresident, Americas6262025Sell560.00958536,48013,765,949Form
3Seshadri RajChief Commercial Pmts Officer6232025Sell535.80949508,4747,512,629Form
4Seshadri RajChief Commercial Pmts Officer6172025Sell555.73200111,1469,948,862Form

Industry Resources

External Quote Links


Prefer one of these to Trefis? Tell us why.