V
VISA INC.
Technology • CIK: 0001403161
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Market Cap
$682.04B
P/E (TTM)
32.8x
Rev Growth (TTM)
+12.5%
Net Margin (TTM)
50.2%
FCF Yield (TTM)
3.4%
FCF Margin (TTM)
55.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$22.9B
Q1 '26
$6.4B+9%
Q4 '25
$5.8B-7%
FCF Margin
TTM55.4%
Q1 '2658.7%+8%
Sector: 14.5%Top 10%
OCF Margin59.1%
OCF/NI1.18x
CapEx Coverage16.1x
FCF Yield3.4%
FCF Growth (2Y)+9%
Cash Conversion Cycle
26 days
DSO: 26+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.2%
Div Yield0.5%
+Buyback (TTM)2.6%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.5%
FCF Payout Ratio15.7%
Free Cash Flow (TTM)$22.9B
Stock Repurchases (TTM)$18.0B
Capital Return / FCF99.4%
Est. Dividends Paid (TTM)$3.6B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
37.8%
Stable
+0.1% YoY+7.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
49.8%
8Q: 52.7%
Asset Turnover
0.43x
8Q: 0.42x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
10.02x
8Q:9.92x
+40.9%
Invested Cap Turn
0.76x
8Q:0.71x
+19.7%
CapEx Intensity
2.8%
8Q:2.6%
CapEx/Depreciation
1.20x
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 | $41.4B | $10.9B↑1.7% | $10.7B↑5.4% | $10.2B↑6.0% | $9.6B↑0.9% | $9.5B↓1.1% | $9.6B↑8.1% | $8.9B↑1.4% | $8.8B |
Operating Income | $24.5B | $6.7B↑9.6% | $6.1B↓0.5% | $6.2B↑13.7% | $5.4B↓12.8% | $6.2B↓1.8% | $6.3B↑6.9% | $5.9B↑10.9% | $5.4B |
Net Income | $20.8B | $5.9B↑15.0% | $5.1B↓3.5% | $5.3B↑15.2% | $4.6B↓10.6% | $5.1B↓3.7% | $5.3B↑9.2% | $4.9B↑4.5% | $4.7B |
Operating Cash Flow | $24.4B | $6.8B↑8.7% | $6.2B↓7.3% | $6.7B↑43.3% | $4.7B↓13.0% | $5.4B↓19.0% | $6.7B↑29.8% | $5.1B↑13.1% | $4.5B |
Free Cash Flow | $22.9B | $6.4B↑9.5% | $5.8B↓7.3% | $6.3B↑44.4% | $4.4B↓13.5% | $5.1B↓20.5% | $6.4B↑34.2% | $4.7B↑11.2% | $4.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
32.8x
Volatile
8Q: 121.8x+1473%
High PEG ratio (4.5x) suggests expensive for growth
Valuation Lenses
Earnings
32.8x
vs – sector
Cash Flow
29.8x
EV/FCF vs –
Growth-Adj
4.5xPEG
Expensive for growth
Quality-Adj
0.9P/E per %ROIC
ROIC: 37.8%
Shareholder Returns
Dividend
0.5%
Buyback
2.6%
Total Yield
3.2%
Market Cap$682.04B
EV$682.50B
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%
37.8%
8Q:–
+7.8%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 49.8%
Asset Turnover: 0.43x
Earnings Quality
Cash Conversion
1.18x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.76x
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
12.5%
OpInc Growth YoY
8.1%
EPS Growth YoY
7.3%
FCF 3Y CAGR
8.9%
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
—
Operating
59.2%
Top 25% in sector
Net
50.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+5.2 pts
FCF: 55.4% | Net: 50.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $2.00B
Interest Coverage
–
+Net cash position: $2.00B
Leverage Metrics
Debt-to-Equity
–x
Balance sheet risk & solvency analysis