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Runs a global card payments network linking banks, merchants and consumers, plus data and cyber services.
Runs a global card payments network linking banks, merchants and consumers, plus data and cyber services.
Does not lend: it earns fees on each card payment it processes, based on the amount spent and the number of transactions, with extra fees on cross-border payments. Data analytics, fraud and cybersecurity services are sold on top of the network.
Moat: wide (network effects, scale, brand). Two-sided global network; high switching costs for issuers and merchants alike.
Headquarters: Purchase, New York, US · Founded: 1966 · Employees: 39,800
Size Mastercard (MA) is a United States Financials company (Finance/Rental/Leasing) with a market value of $569B, the 20th largest of 3,117 United States companies the cockpit tracks. Shares closed at $652.70 on 6 Nov 2026.
Performance Over six months the shares gained 31.7%, against +2.7% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +15.9%); the operating margin is 59.2% (peer median 29.4%).
Valuation It trades at 84.38× book value against a peer median of 1.94× (most expensive of 21).
Price implies The share price implies a return on equity of about 489.1%; Mastercard delivers 231.4%, so the price asks more than the business earns today.
Credit Mastercard has 29 bonds outstanding ($24.0B), rated A+ by the agencies and trading like AA at a weighted spread of 48 bp.
Short interest Short interest is 0.8% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $36.3B | $32.8B | $28.2B | $25.1B | $22.2B |
| Revenue growth | — | +17% | +12% | +13% | — |
| Gross profit | $35.1B | $31.5B | $27.1B | $24.2B | $21.3B |
| EBITDA | $22.7B | $21.0B | $17.1B | $15.5B | $13.5B |
| Net income | $17.0B | $15.0B | $12.9B | $11.2B | $9.93B |
| Free cash flow | $15.9B | $16.9B | $14.3B | $11.3B | $11.1B |
| Capital expenditure | $1.43B | $1.22B | $1.19B | $1.09B | $1.10B |
| Total debt | $23.9B | $19.7B | $19.0B | $16.5B | $14.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mastercard MA | $569B | +32% | +15% | 231% | 84.38× | 489.1% |
| Visa V | $810B | +33% | +15% | 63% | 22.74× | 136.1% |
| American Express AXP | $215B | +2% | +10% | 36% | 6.02× | 47.1% |
| PayPal PYPL | $49.2B | +31% | +5% | 24% | 2.54× | 24.8% |
| Capital One COF | $121B | +7% | +26% | 9% | 1.11× | 11.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.6% | +4.0% | 5th highest of 21 |
| 6-month return | +31.7% | +2.7% | 4th highest of 21 |
| Return on equity | 231.4% | 15.9% | highest of 21 |
| Price / book | 84.38× | 1.94× | most expensive of 21 |
| Trailing P/E | 34.1× | 15.1× | 3rd most expensive of 21 |
| ROE the price implies | 489.1% | 27.6% | most demanding of 21 |
| ROE delivered | 231.4% | 14.7% | highest of 20 |
| Bond spread | 48 bp | 108 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mastercard MA | United States | $569B | +32% | +15% | 231% | 84.38× | 489.1% | 231.4% |
| Visa V | United States | $810B | +33% | +15% | 63% | 22.74× | 136.1% | 63.1% |
| American Express AXP | United States | $215B | +2% | +10% | 36% | 6.02× | 47.1% | 35.7% |
| Bajaj Finance BAJFINANCE.NS | India | $71.6B | +12% | +19% | 19% | 5.50× | 77.1% | 19.2% |
| Rocket Companies RKT | United States | $42.7B | -4% | +88% | 8% | 1.76× | 26.3% | 7.9% |
| Orix 8591.T | Japan | $35.7B | +2% | +17% | 14% | 1.26× | 12.4% | 13.9% |
| AerCap AER | United States | $26.2B | +13% | 0% | 17% | 1.38× | 12.4% | 17.0% |
| Global Payments GPN | United States | $25.8B | +41% | +7% | 2% | 1.12× | 9.8% | 2.2% |
| Shriram Finance SHRIRAMFIN.NS | India | $23.9B | -5% | +10% | 15% | 2.03× | 27.6% | 14.7% |
| Affirm AFRM | United States | $23.1B | +6% | +32% | 45% | 4.19× | 73.6% | 45.1% |
| Synchrony Financial SYF | United States | $23.0B | +1% | -2% | 20% | 1.55× | 16.7% | 19.8% |
| SOFI SOFI | United States | $21.0B | +3% | +38% | 7% | 1.86× | 27.5% | 7.4% |
| Kaspi.kz Joint Stock Company Sponsored ADR RegS KSPI | United States | $17.7B | +7% | +39% | 45% | 3.15× | 13.6% | 45.4% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | India | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% | 20.6% |
| Tata Capital TATACAP.NS | India | $16.0B | +10% | +18% | 14% | 3.08× | 41.2% | 14.0% |
| One 97 Communications PAYTM.NS | India | $12.2B | +50% | +24% | 5% | 6.92× | 47.0% | 5.4% |
| Muthoot Finance MUTHOOTFIN.NS | India | $12.2B | -20% | +47% | 32% | 2.62× | 32.0% | 31.8% |
| Mitsubishi HC Capital 8593.T | Japan | $11.9B | -9% | +1% | 7% | 0.93× | 5.9% | 7.2% |
| Power Finance PFC.NS | India | $11.5B | -28% | +4% | 21% | 0.76× | 14.4% | n/a |
| Ally Financial ALLY | United States | $11.5B | -14% | +5% | 10% | 0.88× | 9.8% | 9.9% |
| Indian Railway Finance IRFC.NS | India | $11.1B | -25% | +13% | 13% | 1.74× | 28.2% | 12.6% |
Mastercard has 29 bonds outstanding with $24.0B face value. The agencies rate it A+; its bonds trade like AA. Weighted yield 5.05%, a spread of 48 bp over government bonds.