MA
Mastercard Inc
Technology • CIK: 0001141391
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Market Cap
$449.47B
P/E (TTM)
28.9x
Rev Growth (TTM)
+16.8%
Net Margin (TTM)
45.9%
FCF Yield (TTM)
4.0%
FCF Margin (TTM)
52.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$17.8B
Q1 '26
$2.8B-42%
Q4 '25
$4.9B-11%
FCF Margin
TTM52.4%
Q1 '2633.9%-39%
Sector: 8.5%Top 10%
OCF Margin53.8%
OCF/NI1.17x
CapEx Coverage37.7x
FCF Yield4.0%
FCF Growth (2Y)+18%
Cash Conversion Cycle
47 days
DSO: 47+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.6%
Div Yield0.6%
+Buyback (TTM)2.9%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.6%
FCF Payout Ratio16.0%
Free Cash Flow (TTM)$17.8B
Stock Repurchases (TTM)$13.2B
Capital Return / FCF90.3%
Est. Dividends Paid (TTM)$2.8B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
59.6%
Stable
+0.0% YoY+5.4%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
46.6%
8Q: 46.5%
Asset Turnover
0.65x
8Q: 0.65x
Leverage (1+D/E)
3.82x
D/E: 2.82x
DuPont: 115.4% ≈ 59.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
14.94x
8Q:14.16x
+187.6%
Invested Cap Turn
1.75x
8Q:1.69x
+13.6%
CapEx Intensity
2.5%
8Q:2.7%
CapEx/Depreciation
0.41x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $33.9B | $8.4B↓4.6% | $8.8B↑2.4% | $8.6B↑5.8% | $8.1B↑12.2% | $7.3B↓3.2% | $7.5B↑1.6% | $7.4B↑5.9% | $7.0B |
Operating Income | $19.7B | $4.9B↓0.1% | $4.9B↓3.0% | $5.1B↑5.9% | $4.8B↑15.1% | $4.1B↑5.4% | $3.9B↓1.6% | $4.0B↓0.8% | $4.0B |
Net Income | $15.6B | $3.9B↓4.4% | $4.1B↑3.4% | $3.9B↑6.1% | $3.7B↑12.8% | $3.3B↓1.9% | $3.3B↑2.4% | $3.3B↑0.2% | $3.3B |
Operating Cash Flow | $18.3B | $3.0B↓40.0% | $5.0B↓11.7% | $5.7B↑23.0% | $4.6B↑93.4% | $2.4B↓50.8% | $4.8B↓5.9% | $5.1B↑63.7% | $3.1B |
Free Cash Flow | $17.8B | $2.8B↓41.8% | $4.9B↓10.8% | $5.5B↑20.2% | $4.6B↑105.4% | $2.2B↓53.1% | $4.7B↓5.8% | $5.0B↑66.4% | $3.0B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
28.9x
Volatile
8Q: 134.2x-1662%
Valuation Lenses
Earnings
28.9x
vs – sector
Cash Flow
25.7x
EV/FCF vs –
Growth-Adj
1.4xPEG
Fair for growth
Quality-Adj
0.5P/E per %ROIC
ROIC: 59.6%
Shareholder Returns
Dividend
0.6%
Buyback
2.9%
Total Yield
3.6%
Market Cap$449.47B
EV$456.42B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
96/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
2.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
59.6%
8Q:–
+5.4%
vs Sector:0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 46.6%
Asset Turnover: 0.65x
Earnings Quality
Cash Conversion
1.17x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover1.75x
Working Capital
Cash Conversion Cycle47 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
76/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
16.8%
OpInc Growth YoY
18.3%
EPS Growth YoY
21.2%
FCF 3Y CAGR
17.6%
Growth Quality Analysis
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
—
Operating
57.9%
Top 25% in sector
Net
45.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+6.5 pts
FCF: 52.4% | Net: 45.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $8.20B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.82x
Balance sheet risk & solvency analysis