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Operates the world's largest card payments network, routing transactions between banks, merchants and consumers.
Operates the world's largest card payments network, routing transactions between banks, merchants and consumers.
Does not lend or issue cards: it earns fees from banks and merchants for each payment it routes, authorises and settles, plus charges for services such as fraud tools and data. Revenue scales with the total spent on its cards and the number of transactions, including cross-border payments that carry extra fees.
Moat: wide (network effects, scale, brand). Two-sided network of banks and merchants with unmatched global acceptance scale.
Headquarters: San Francisco, California, US · Founded: 1958
Size Visa (V) is a United States Financials company (Finance/Rental/Leasing) with a market value of $810B, the 15th largest of 3,117 United States companies the cockpit tracks. Shares closed at $422.65 on 6 Nov 2026.
Performance Over six months the shares gained 32.9%, against +2.7% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +16.2%); the operating margin is 66.4% (peer median 29.4%).
Valuation It trades at 22.74× book value against a peer median of 1.94× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 136.1%; Visa delivers 63.1%, so the price asks more than the business earns today.
Backlog Backlog (remaining performance obligations) was $5.60B at 30 Sep 2026, up 14% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Visa has 20 bonds outstanding ($22.5B), rated AA- by the agencies and trading like AA+ at a weighted spread of 54 bp.
Short interest Short interest is 1.2% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $45.9B | $45.9B | $40.0B | $35.9B | $32.7B |
| Revenue growth | — | +15% | +11% | +10% | — |
| Gross profit | $35.5B | $35.5B | $30.9B | $27.9B | $25.1B |
| EBITDA | $31.9B | $31.3B | $28.1B | $25.2B | $23.0B |
| Net income | $23.4B | $23.5B | $19.9B | $19.5B | $17.0B |
| Free cash flow | $22.1B | $22.1B | $21.6B | $18.7B | $19.7B |
| Capital expenditure | $1.67B | $1.67B | $1.48B | $1.26B | $1.06B |
| Total debt | $22.1B | $22.1B | $26.1B | $21.7B | $21.0B |
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 |
|---|---|---|---|---|---|---|
| Visa V | $810B | +33% | +15% | 63% | 22.74× | 136.1% |
| Mastercard MA | $569B | +32% | +15% | 231% | 84.38× | 489.1% |
| 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 | V | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.7% | +4.0% | 7th highest of 21 |
| 6-month return | +32.9% | +2.7% | 3rd highest of 21 |
| Return on equity | 63.1% | 15.9% | 2nd highest of 21 |
| Price / book | 22.74× | 1.94× | 2nd most expensive of 21 |
| Trailing P/E | 35.2× | 15.1× | 2nd most expensive of 21 |
| ROE the price implies | 136.1% | 27.6% | 2nd most demanding of 21 |
| ROE delivered | 63.1% | 14.7% | 2nd highest of 20 |
| Bond spread | 54 bp | 108 bp | 2nd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Visa V | United States | $810B | +33% | +15% | 63% | 22.74× | 136.1% | 63.1% |
| Mastercard MA | United States | $569B | +32% | +15% | 231% | 84.38× | 489.1% | 231.4% |
| 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% |
Visa has 20 bonds outstanding with $22.5B face value. The agencies rate it AA-; its bonds trade like AA+. Weighted yield 4.95%, a spread of 54 bp over government bonds.
Visa reported $5.60B of remaining performance obligations at 30 Sep 2026, up 14% from a year earlier. That is 0.1 years of trailing revenue already under contract.