V

VISA INC.

Technology • CIK: 0001403161

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Market Cap
$583.29B
P/E (TTM)
26.2x
Rev Growth (TTM)
+14.4%
Net Margin (TTM)
51.7%
FCF Yield (TTM)
3.6%
FCF Margin (TTM)
49.2%

LATEST EARNINGS

Q2 FY2026
20 days ago
View source
Revenue
$11.23B
+17.0%
Net Income
$6.02B
+32.0%
EPS
N/A
Operating
64.4% +7.8%
Net
53.6% +5.9%
  • Net revenue of $11.2B increased 17% YoY, the highest growth rate since 2022.
  • GAAP net income increased 32% YoY to $6.0B, and GAAP EPS increased 36% YoY to $3.14.
  • Non-GAAP net income increased 17% YoY to $6.3B, and non-GAAP EPS increased 20% YoY to $3.31.
  • Board authorized a new $20.0 billion multi-year share repurchase program.

Cash Flow Health

Free Cash Flow8/8 positive
TTM$21.2B
Q2 '26
$2.6B-59%
Q1 '26
$6.4B+9%
FCF Margin
TTM49.2%
Q2 '2623.4%-60%
Sector: 8.6%Top 10%
OCF Margin52.9%
OCF/NI1.02x
CapEx Coverage14.5x
FCF Yield3.6%
FCF Growth (2Y)+5%
Cash Conversion Cycle
26 days
DSO: 26+DIO: DPO:

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM4.3%
Div Yield0.6%
+
Buyback (TTM)3.7%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)0.6%
FCF Payout Ratio17.6%
Free Cash Flow (TTM)$21.2B
Stock Repurchases (TTM)$21.3B
Capital Return / FCF123.7%
Est. Dividends Paid (TTM)$3.7B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
40.1%
Stable
+0.0% YoY+8.3%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
51.4%
8Q: 53.9%
Asset Turnover
0.44x
8Q: 0.42x
Leverage (1+D/E)
Asset & CapEx Efficiency
Fixed Asset Turn
10.09x
8Q:9.94x
+36.9%
Invested Cap Turn
0.78x
8Q:0.74x
+18.5%
CapEx Intensity
2.8%
8Q:2.7%
CapEx/Depreciation
1.22x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024
Revenue
$43.0B
$11.2B3.0%
$10.9B1.7%
$10.7B5.4%
$10.2B6.0%
$9.6B0.9%
$9.5B1.1%
$9.6B8.1%
$8.9B
Operating Income
$26.3B
$7.2B7.4%
$6.7B9.6%
$6.1B0.5%
$6.2B13.7%
$5.4B12.8%
$6.2B1.8%
$6.3B6.9%
$5.9B
Net Income
$22.2B
$6.0B2.9%
$5.9B15.0%
$5.1B3.5%
$5.3B15.2%
$4.6B10.6%
$5.1B3.7%
$5.3B9.2%
$4.9B
Operating Cash Flow
$22.8B
$3.0B55.6%
$6.8B8.7%
$6.2B7.3%
$6.7B43.3%
$4.7B13.0%
$5.4B19.0%
$6.7B29.8%
$5.1B
Free Cash Flow
$21.2B
$2.6B59.0%
$6.4B9.5%
$5.8B7.3%
$6.3B44.4%
$4.4B13.5%
$5.1B20.5%
$6.4B34.2%
$4.7B
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
26.2x
Volatile
8Q: 118.7x-211%
Valuation Lenses
Earnings
26.2x
vs sector
Cash Flow
27.6x
EV/FCF vs
Growth-Adj
1.7xPEG
Fair for growth
Quality-Adj
0.7P/E per %ROIC
ROIC: 40.1%
Shareholder Returns
Dividend
0.6%
Buyback
3.7%
Total Yield
4.3%
Market Cap$583.29B
EV$583.87B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
95/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)
8Q:
Return on Invested Capital (ROIC)Top 25%
40.1%
8Q:
+8.3%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 51.4%
Asset Turnover: 0.44x

Earnings Quality

Cash Conversion

1.02x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin

Capital Efficiency

Invested Capital Turnover0.78x

Working Capital

Cash Conversion Cycle26 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
14.4%
OpInc Growth YoY
33.1%
EPS Growth YoY
15.2%
FCF 3Y CAGR
5.3%

Margin Quality & Sustainability

High Quality
Profitability Cascade
Gross
Operating
61.1%
Top 25% in sector
Net
51.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
-2.4 pts
FCF: 49.2% | Net: 51.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Net Debt / EBITDA
Net Debt: $5.27B
Interest Coverage
Leverage Metrics
Debt-to-Equity
x
Balance sheet risk & solvency analysis