Financials · Transaction & Payment Processing Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$617.42
52-week range
$463.04 – $622.49
Market cap
$545.2B
P/E (trailing)
34.1×
EV / EBITDA
25.8×
Free-cash-flow yield
3.1%
Dividend yield
0.6%
Revenue (last 12 months)
$35.1B
Revenue growth (3y a year)
13.8%
Operating margin
58.3%
Return on invested capital
87.0%
Net debt / EBITDA
0.6×
Fair value
Blended fair value$516.84 range $315 – $475
Versus priceFair−16% to fair value
Peer multiples
$249.77
Fundamentals-adjusted multiple
$379.63
10-year DCF (market-scaled)
$921.13
Earnings power value (floor, not blended)
$241.03
Model uncertainty
High
X-Ray Score
60/ 100 · High confidence · ahead of 77% of sector peers
Valuation24
Growth73
Profitability75
Financial health74
Dividends56
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Mastercard runs a global payments network that connects consumers, merchants and banks. It does not issue cards or lend to cardholders; banks do that. The company earns money from fees charged on transaction volume, on currency conversion and cross-border activity, and from data, security and other services it sells to financial institutions. Its results follow consumer spending patterns and the growth of electronic payments.
Looking at the top line, revenue was $35.1 billion for the latest twelve months and it grew by 13.8% a year over three years. Operating margin was 58.3%, and return on invested capital is 87%. Its net debt to EBITDA ratio is 0.6 times. Shareholders receive a dividend with a yield of 0.6%.
StocksXray gives Mastercard Inc an X-Ray Score of 60 out of 100 (high confidence), ahead of 77% of the S&P 500 stocks in its sector. Its strongest lens is profitability (75) and its weakest is valuation (24).
Our fair value blend is $516.84 (range $314.70 to $475.31). At $617.42 the stock trades 19% above that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Mastercard Inc (MA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$348.75
$339.48
$418.93
$520.20
$567.23
$617.42
Market cap
$346.0B
$329.6B
$396.3B
$482.2B
$513.9B
$545.2B
P/E
39.8×
33.2×
35.4×
37.5×
34.3×
34.1×
EV / revenue
11.8×
15.1×
16.1×
17.5×
15.9×
15.9×
EV / EBITDA
32.6×
25.9×
27.2×
29.9×
26.1×
25.8×
Price / free cash flow
38.2×
30.7×
34.1×
33.7×
29.9×
32.6×
Free-cash-flow yield
2.6%
3.3%
2.9%
3.0%
3.3%
3.1%
Price / book
47.3×
52.3×
57.2×
74.4×
66.4×
97.2×
Dividend yield
–
0.60%
0.57%
0.53%
0.56%
0.56%
Fundamentals checklist ● 7 Good · ● 6 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.0%Good
Free-cash-flow yield3.1%Bad
Risk models
Altman Z score7.9×Good
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)17.4%Average
Free-cash-flow growth (3y)16.9%Average
Revenue growth (3y)13.8%Good
Growth consistency100%Good
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA0.6×Average
Interest cover27.4×Average
Valuation
Fair value vs price0.8×Average
EBIT / EV yield3.7%Bad
Profitability
Return on invested capital87.0%Good
Operating margin58.3%Good
XStocksXray
Mastercard Inc (MA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
29,845
22,237
25,098
28,167
32,791
35,083
Gross profit
–
–
–
–
–
–
Operating income
10,082
12,264
14,008
15,582
18,897
20,465
Net income
8,687
9,930
11,195
12,874
14,968
16,257
Diluted EPS ($)
8.76
10.22
11.83
13.89
16.52
18.13
Free cash flow
9,056
10,753
11,609
14,306
17,159
16,702
Gross margin
–
–
–
–
–
–
Operating margin
33.8%
55.2%
55.8%
55.3%
57.6%
58.3%
Net margin
29.1%
44.7%
44.6%
45.7%
45.6%
46.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
37,669
38,724
42,448
48,081
54,157
57,691
Cash
7,421
7,008
8,588
8,442
10,566
11,291
Total debt
13,901
14,023
15,681
18,226
19,000
24,643
Equity
7,312
6,298
6,929
6,485
7,737
5,611
Dividend per share ($)
–
2.04
2.37
2.74
3.15
3.37
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
7,250
8,133
8,602
8,806
8,398
9,277
Growth vs a year earlier
+14.2%
+16.8%
+16.7%
+17.6%
+15.8%
+14.1%
Net income ($M)
3,280
3,701
3,927
4,060
3,882
4,388
Diluted EPS ($)
3.59
4.07
4.34
–
4.35
4.97
XStocksXray
Mastercard Inc (MA)
Peers in Transaction & Payment Processing Services
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.