MA
Mastercard Inc
Technology • CIK: 0001141391
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Market Cap
$517.48B
P/E (TTM)
36.3x
Rev Growth (TTM)
+15.6%
Net Margin (TTM)
45.3%
FCF Yield (TTM)
3.3%
FCF Margin (TTM)
54.0%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$17.0B
Q3 '25
$5.5B+20%
Q2 '25
$4.6B+105%
FCF Margin
TTM54.0%
Q3 '2563.8%+14%
Sector: 14.5%Top 10%
OCF Margin55.5%
OCF/NI1.23x
CapEx Coverage37.0x
FCF Yield3.3%
FCF Growth (2Y)+16%
Cash Conversion Cycle
47 days
DSO: 47+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.8%
Div Yield0.5%
+Buyback (TTM)2.2%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.5%
FCF Payout Ratio16.3%
Free Cash Flow (TTM)$17.0B
Stock Repurchases (TTM)$11.6B
Capital Return / FCF84.2%
Est. Dividends Paid (TTM)$2.8B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
100.0%
Stable
-0.0% YoY+10.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
46.1%
8Q: 46.4%
Asset Turnover
0.64x
8Q: 0.64x
Leverage (1+D/E)
3.40x
D/E: 2.40x
DuPont: 99.7% ≈ 100.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
14.35x
8Q:13.55x
+222.2%
Invested Cap Turn
2.17x
8Q:2.09x
+27.7%
CapEx Intensity
3.3%
8Q:3.2%
CapEx/Depreciation
0.44x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $31.5B | $8.6B↑5.8% | $8.1B↑12.2% | $7.3B↓3.2% | $7.5B↑1.6% | $7.4B↑5.9% | $7.0B↑9.7% | $6.3B↓3.1% | $6.5B |
Operating Income | $17.9B | $5.1B↑5.9% | $4.8B↑15.1% | $4.1B↑5.4% | $3.9B↓1.6% | $4.0B↓0.8% | $4.0B↑12.0% | $3.6B↑6.9% | $3.4B |
Net Income | $14.3B | $3.9B↑6.1% | $3.7B↑12.8% | $3.3B↓1.9% | $3.3B↑2.4% | $3.3B↑0.2% | $3.3B↑8.2% | $3.0B↑7.9% | $2.8B |
Operating Cash Flow | $17.5B | $5.7B↑23.0% | $4.6B↑93.4% | $2.4B↓50.8% | $4.8B↓5.9% | $5.1B↑63.7% | $3.1B↑87.7% | $1.7B↓59.5% | $4.1B |
Free Cash Flow | $17.0B | $5.5B↑20.2% | $4.6B↑105.4% | $2.2B↓53.1% | $4.7B↓5.8% | $5.0B↑66.4% | $3.0B↑99.5% | $1.5B↓62.6% | $4.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
36.3x
Valuation Lenses
Earnings
36.3x
vs – sector
Cash Flow
0.4x
EV/FCF vs –
Growth-Adj
2.0xPEG
Fair for growth
Quality-Adj
0.4P/E per %ROIC
ROIC: 100.0%
Shareholder Returns
Dividend
0.5%
Buyback
2.2%
Total Yield
2.8%
Market Cap$517.48B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
93/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
2.0%
8Q:–
Return on Invested Capital (ROIC)Top 25%
100.0%
8Q:–
+10.0%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 46.1%
Asset Turnover: 0.64x
Earnings Quality
Cash Conversion
1.23x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover2.17x
Working Capital
Cash Conversion Cycle47 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
74/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
15.6%
OpInc Growth YoY
26.4%
EPS Growth YoY
18.2%
FCF 3Y CAGR
16.2%
Growth Quality Analysis
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
100.0%
Operating
57.0%
Top 25% in sector
Net
45.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+8.8 pts
FCF: 54.0% | Net: 45.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $6.14B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.40x
Balance sheet risk & solvency analysis