VISA INC.
$425.76
+5.45 (+1.30%) · delayed · Nov 13, 2026
Five-year price
52w $293.89 to $442.23
- Market cap
- —
- Enterprise value
- —
- P/E
- —
- EV / EBIT
- —
- FCF yield
- —
- ROIC
- 52.0%
- Debt / equity
- 0.61
- Piotroski F
- 5/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 42.5%
- ●ROE > 15% (5y avg)5y avg ROE 51.0%
- ●Stable operating marginsMargin volatility 2.1% (σ, 5y)
- ●Earnings convert to cashFCF / net income 106% (5y avg)
- ●Growing revenueRevenue CAGR 5y 13.7%
- –Shrinking share countDiluted shares n/a over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- –FCF yield above 6%FCF yield n/a
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
40
- ○Debt / equity below 0.5D/E 0.61
- ●Debt payable in < 4 yrs of earningsNet debt $9.1B
- ●Interest coverage > 8xCoverage 37.1x
- ○Current ratio > 1.5Current ratio 0.97
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
75
- ●Adequate size (revenue > $2B)Revenue $45.9B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.97
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
A cash-flow valuation isn’t meaningful here: free cash flow is negative or not reported (common for banks, insurers and early-stage companies). Use book value and earnings power instead.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 18,358 | 20,609 | 22,977 | 21,846 | 24,105 | 29,310 | 32,653 | 35,926 | 40,000 | 45,903 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 12,144 | 12,954 | 15,001 | 14,081 | 15,804 | 18,813 | 21,000 | 23,595 | 23,994 | 28,110 |
| Operating margin | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% | 61.2% |
| Pre-tax income | 11,694 | 12,806 | 14,884 | 13,790 | 16,063 | 18,136 | 21,037 | 23,916 | 24,194 | 28,093 |
| Income tax | 4,995 | 2,505 | 2,804 | 2,924 | 3,752 | 3,179 | 3,764 | 4,173 | 4,136 | 4,589 |
| Net income | 6,699 | 10,301 | 12,080 | 10,866 | 12,311 | 14,957 | 17,273 | 19,743 | 20,058 | 23,504 |
| EPS (diluted) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | — | — | — | — | — | — |
Who owns it