Mastercard Inc
$661.19
+8.59 (+1.32%) · delayed · Nov 13, 2026
Five-year price
52w $464.52 to $681.99
- Market cap
- $599.0B
- Enterprise value
- $607.5B
- P/E
- 40.0×
- 47.0× on 3y avg EPS
- EV / EBIT
- 32.1×
- FCF yield
- 2.9%
- ROIC
- 94.2%
- Debt / equity
- 2.46
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 79.3%
- ●ROE > 15% (5y avg)5y avg ROE 166.0%
- ○Stable operating marginsMargin volatility 8.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 108% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.8%
- ●Shrinking share countDiluted shares -9.9% over 5y
Value
0
- ○P/E below 15P/E 40.0
- ○EV/EBIT below 12EV/EBIT 32.1
- ○FCF yield above 6%FCF yield 2.9%
- ○Price below Graham NumberGraham Number $56.34
- ○P/B below 3P/B 77.4
Safety
60
- ○Debt / equity below 0.5D/E 2.46
- ●Debt payable in < 4 yrs of earningsNet debt $8.4B
- ●Interest coverage > 8xCoverage 26.2x
- ○Current ratio > 1.5Current ratio 1.03
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $32.8B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.03
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 226%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 47.0
- ○P/E × P/B ≤ 22.5Product 3635.8
Valuation lab
What do you have to believe?
At $661.19, the market is pricing in about 13.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $8.4B · 906M shares · 5y revenue CAGR 6.8%
Intrinsic value
$410.15
Price
$661.19
Premium paid
61%
What the price implies
The market is paying for 13.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,776 | 12,497 | 21,831 | 24,980 | 23,616 | 29,845 | 22,237 | 25,098 | 28,167 | 32,791 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 5,761 | 6,622 | 7,282 | 9,664 | 8,081 | 10,082 | 12,264 | 14,008 | 15,582 | 18,897 |
| Operating margin | 53.5% | 53.0% | 33.4% | 38.7% | 34.2% | 33.8% | 55.2% | 55.8% | 55.3% | 57.6% |
| Pre-tax income | 5,646 | 6,522 | 7,204 | 9,731 | 7,760 | 10,307 | 11,732 | 13,639 | 15,254 | 18,578 |
| Income tax | 1,587 | 2,607 | 1,345 | 1,613 | 1,349 | 1,620 | 1,802 | 2,444 | 2,380 | 3,610 |
| Net income | 4,059 | 3,915 | 5,859 | 8,118 | 6,411 | 8,687 | 9,930 | 11,195 | 12,874 | 14,968 |
| EPS (diluted) | 3.69 | 3.65 | 5.60 | 7.94 | 6.37 | 8.76 | 10.22 | 11.83 | 13.89 | 16.52 |
| Diluted shares | 1,101 | 1,072 | 1,047 | 1,022 | 1,006 | 992 | 971 | 946 | 927 | 906 |
Who owns it