Loading…
Loading…
$589.41
Market Capi
$503B
Growth-adj P/E (3-yr hist)i
2.4x
Growth-adj P/E (3-yr proj)i
1.6x
P/S 26Ei
14x
P/S 28Ei
11x
EV/EBIT 26Ei
23x
EV/EBIT 28Ei
18x
P/E 26Ei
29x
P/E 28Ei
22x
P/S 26Ei
14x
EV/EBIT 26Ei
23x
P/E 26Ei
29x
P/S 28Ei
11x
EV/EBIT 28Ei
18x
P/E 28Ei
22x
Revenue
2026E
$37B
Gross Margini
100%
Hist. CAGRi
14%
Proj. CAGRi
13%
EBIT
2026E
$22B
Op. Margini
59%
Hist. CAGRi
15%
Proj. CAGRi
14%
Net profit
2026E
$17B
Net Margini
46%
Hist. CAGRi
15%
Proj. CAGRi
14%
Business Model
Recent Developments
Average Targeti
$666.71+21%
Consensusi
Buy
40 analysts covering
Net debti
$10.0B
Div. Yieldi
0.6%
Buyback Yldi
2.2%
Market Capi
$503B
P/E 26Ei
29x
Adj. P/E (fwd.)i
1.6x
Revenue 26E
$37B
Proj. CAGRi
13%
Gross Margini
100%
EBIT 26E
$22B
Proj. CAGRi
14%
Op. Margini
59%
Net Profit 26E
$17B
Proj. CAGRi
14%
Net Margini
46%
Average Targeti
$666.71+21%
Consensusi
Buy
40 analysts covering
Profile
Mastercard operates a two-sided global payments network connecting cardholders, merchants, and financial institutions across more than 210 countries. Revenue is generated by charging fees on transaction volume flowing through the network rather than by extending credit — Mastercard bears no credit risk. The two reporting segments are:
Industry
Mastercard sells primarily to financial institutions (banks, credit unions, fintechs) that issue Mastercard-branded cards, and to merchants and acquirers on the acceptance side. Governments and large enterprises are also customers of its data and security services. International markets represent roughly 57% of revenue, with the business most exposed to cross-border travel and commerce — a high-margin revenue stream that recovers strongly post-pandemic. The payments industry is a mature oligopoly dominated by Mastercard and Visa, with intense competition from alternative rails (real-time payments, account-to-account, digital wallets) at the margin.
Key metrics
Economic moat
Mastercard's durability rests on a two-sided network effect: more cardholders attract more merchants, and more merchant acceptance drives cardholder preference, creating a self-reinforcing loop that is extremely difficult to disrupt at scale. The network took decades to build and is embedded in global banking infrastructure through long-term contracts with issuers. Switching costs are high on both sides — banks spend years co-branding and integrating card programs, while merchants rarely replace their acquiring relationships. Brand trust and global interoperability add further barriers. The result is a business with structurally high operating leverage: incremental volume flows through at minimal marginal cost.
Michael Miebach
Miebach has served as Chief Executive Officer since January 2021, having previously been President and Chief Product Officer. He joined Mastercard in 2010 after senior roles at Barclays and has spent his career in payments and financial services. His strategic priorities have centered on expanding value-added services and digital-asset infrastructure, including the completed acquisition of stablecoin infrastructure provider BVNK in August 2026.
Ling Hai
Hai became Chief Financial Officer effective August 3, 2026, succeeding Sachin Mehra as part of a broader leadership reshuffle. He joined Mastercard in 2010 and built his career running the company's international operations — leading Greater China, then Asia Pacific, and most recently the combined Europe, Middle East, Africa and Asia Pacific region — after earlier roles at HSBC and Bank of America.
Edward McLaughlin
McLaughlin moved from Chief Operating Officer to President and Chief Technology Officer of Mastercard Technology in the August 2026 leadership reorganization. He joined Mastercard in 2005, previously served as Chief Information Officer, and now oversees the company's payments network, enterprise platforms, technology infrastructure and information security — the backbone of a system that processes billions of transactions annually.
Other key figures
Sachin Mehra, the former CFO, moved into a newly created Chief Business Officer role spanning country operations, sales enablement and global partnerships. Greg Ulrich, previously Chief Technology Officer, now serves as Chief AI and Data Officer, leading Mastercard's AI and data strategy across the business. Richard Verma (Chief Administrative Officer since April 2025) — a former U.S. Ambassador to India and Deputy Secretary of State — adds government relations depth relevant to Mastercard's regulatory environment and cross-border policy exposure.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Mastercard's second-quarter 2026 results, reported July 30, 2026, showed revenue of $9.3 billion, up 14% year-over-year and ahead of analyst expectations.
Adjusted earnings per share came in at $5.04, up roughly 21% year-over-year and above consensus estimates.
The standout driver was cross-border activity: cross-border volume growth of 12%, alongside value-added services and solutions revenue up 18%, reinforcing the shift toward higher-margin, non-transactional revenue streams.
Management raised its full-year 2026 outlook, now guiding to net revenue growth in the low teens, up from a prior high-single-digit-to-low-double-digit range, citing steady switched-transaction growth of about 9% through July and a swing from an FX headwind to a modest tailwind.
Recent developments
Mastercard agreed to acquire stablecoin infrastructure provider BVNK for up to $1.8 billion, a deal expected to close in the third quarter of 2026.
In early July 2026, the company joined Open USD, a newly launched stablecoin consortium with Visa, Coinbase, BlackRock, Stripe and more than 140 other firms formed to issue a dollar-pegged token.
In June 2026, Mastercard expanded its settlement capabilities to support intraday, weekend and holiday settlement using regulated stablecoins alongside fiat currencies, with early participants including ARQ, CBW Bank, Cross River, Lead Bank and Nuvei.
Mastercard also joined a Eurosystem-led pilot on the TARGET Instant Payment Settlement (TIPS) platform, testing instant cross-currency payments between euros and Danish kroner with Danmarks Nationalbank and Sveriges Riksbank.
Debate & sentiment
Bulls argue Mastercard is positioning itself to own the stablecoin layer rather than be disrupted by it, pairing its core card network with Mastercard Move, open banking, identity and cybersecurity services as newer growth engines.
Bears counter that blockchain-based settlement and bank-led debit initiatives could let merchants, and eventually AI-driven purchasing agents, route payments around traditional card rails and their interchange fees entirely.
Reports that Fiserv is exploring alternative debit-network routing have renewed questions about how durable Mastercard's share of U.S. debit volume really is over the next several years.
Valuation is itself part of the debate: shares trade at multiples below Mastercard's own historical average, with bulls framing that gap as underappreciation of the raised guidance and bears reading it as the market pricing in slower long-term growth as alternative payment rails scale.
Consensusi
Buy
Average targeti
$666.71+21%
Highest targeti
$740.00+34%
Lowest targeti
$550.00-0%
Nice, you made it all the way through!
Free for 14 days, then $9/month for every report, every metric, and every feature. Straightforward, as it should be. Future additions included. Cancel anytime.