Mastercard IncorporatedMA
NYSE•Financial Services•Credit Services
Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers products and services for account holders, merchants, financial institutions, digital partners, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; payment products and solutions that allow its customers to access funds in deposit and other accounts; prepaid programs services; consumer bill payment services; and commercial credit, debit, and prepaid payment products and solutions. It also provides solutions that enable businesses or governments to make payments to businesses, including Virtual Card Number, which is generated dynamically from an existing account and leverages the credit limit of the funding account; and a platform to optimize supplier payment enablement campaigns for financial institutions. In addition, the company offers Mastercard Move, which partners with digital messaging and payment platforms to enable consumers to send money directly within applications to other consumers; and partners with central banks, fintechs, and financial institutions, as well as enables various cross-border payment flows. Further, it provides security solutions; marketing, personalization, and issuer and merchant loyalty services; business and operational intelligence, advanced analytics and AI, consulting and agentic solutions, and payments and portfolio optimization; digital and authentication; processing and gateway solutions; and other solutions. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus names. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.
Mastercard Incorporated (MA) reported trailing twelve months revenue of $33.94B as of March 2026, a 16.8% increase year-over-year. Quarterly revenue reached $8.40B, reflecting continued top-line momentum.
Mastercard Incorporated generated $15.57B in TTM net income, with quarterly EBITDA of $5.21B. The operating margin expanded from 57.2% to 58.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (58.4%) and net margin (46.2%) indicates moderate non-operating costs. Net margin has improved from 45.2% a year ago, signaling stronger bottom-line efficiency.
MA trades at a P/E of 28.3x (in line with broad market averages) and a P/S of 13.0x. The price-to-book ratio of 65.5x indicates a significant premium over book value.
The company generated $2.85B in free cash flow over the trailing twelve months, a 28.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $52.45B in total assets with $17.21B in long-term debt against $6.72B in stockholders equity for a debt-to-equity ratio of 2.6, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~56.7%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 188.1% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~57.9% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio of 2.6 is elevated. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.1% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation