# Mastercard Incorporated (MA) — Stock CV

Mastercard Incorporated is a $516B financial services company. Revenue grew 16.0% over the last year, and it keeps 46¢ of every dollar of sales as profit. It trades at 31.7× earnings — in the cheapest third of its own history.

> Mastercard is the second-largest payment processor in the world, having processed close to $11 trillion in volume during 2025. Mastercard operates in over 200 countries and processes transactions in over 150 currencies.

## Identity

- **Ticker**: MA
- **Sector**: Financial Services
- **Industry**: Credit Services
- **Headquarters**: PURCHASE, NY
- **Employees**: 39 800
- **Website**: https://www.mastercard.com
- **Market cap**: $516B
- **Last price**: $589.50
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $35.1B
- **Net income**: $16.3B
- **Free cash flow**: $16.7B
- **Net debt**: $7.68B
- **P/E**: 31.7
- **Revenue growth (YoY)**: 16.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 85 |
| Profitability | 100 |
| Health | 49 |
| Quality | 100 |
| Moat | 100 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +16.0% YoY
- [x] Profitable — $16.3B TTM
- [x] Profit growing — +17.3% YoY
- [x] Generates cash — $16.7B TTM
- [x] Debt under control — ~0.5y of cash flow to repay
- [x] Established company — $516B market cap
- [x] Not printing shares — -9.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 37/100
- [x] Pays a dividend — yield 0.57%
- [x] Valuation not extreme — P/E 31.7

## Experience (career milestones)

- **2026** — Mastercard announced its biggest digital currencies deal through the $1.8 billion acquisition of…
- **FY2025** — Best year on record: $15.0B net income
- **2024** — Mastercard acquired cybersecurity company Recorded Future for $2.65 billion
- **2019** — Dropped the name from the logo: the two circles alone — a brand-fame milestone
- **2019** — Mastercard launched an offer to acquire part of the operations of Nets, a Scandinavian company, for…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $10.8B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — Mastercard acquired Australian rewards program manager company Pinpoint for an undisclosed amount
- **2010** — Mastercard Worldwide, as it had been rebranded, expanded its e-commerce offering with the…
- **May 25, 2006** — IPO on NYSE: went public at $39 per share
- **1985** — Mastercard acquired the Cirrus network of automated tellers in 1985
- **1983** — The company became the first card-issuer to use holograms as part of its credit card security
- **1979** — Renamed MasterCard
- **1969** — Master Charge: the interlocking-circles brand is born
- **1966** — Interbank Card Association: a bank consortium's answer to BankAmericard

## Strengths

- Strongly profitable — 46.3% net margin
- Revenue growing 16.0% year over year
- Strong cash conversion — FCF is 47.6% of revenue
- Interest covered 32.1× by operating earnings
- High returns on invested capital (ROIC 97.1%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $18.9B | $8.69B | $9.06B |
| FY2022 | $22.2B | $9.93B | $10.8B |
| FY2023 | $25.1B | $11.2B | $11.6B |
| FY2024 | $28.2B | $12.9B | $14.3B |
| FY2025 | $32.8B | $15.0B | $17.2B |

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Source: https://stockcv.com/MA — derived from company filings; may be delayed or incomplete. Information, not investment advice.