Mastercard Incorporated (MA) 10-Year Financial Performance & Capital Metrics

MA • • Banking & Credit

Financial ServicesCredit ServicesPayment Processing & Digital PaymentsPayment Networks & Processors

AboutMastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers other payment-related products and services. The company offers integrated products and value-added services for account holders, merchants, financial institutions, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; prepaid programs and management services; commercial credit and debit payment products and solutions; and payment products and solutions that allow its customers to access funds in deposit and other accounts. It also provides value-added products and services comprising cyber and intelligence solutions for parties to transact, as well as proprietary insights, drawing on principled use of consumer, and merchant data services. In addition, the company offers analytics, test and learn, consulting, managed services, loyalty, processing, and payment gateway solutions for e-commerce merchants. Further, it provides open banking and digital identity platforms services. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.Show more

Net Interest Income -$646M -12.3%
Total Revenue $28.17B +12.2%
Net Income $12.87B +15.0%
Return on Equity 190.56% +13.8%
Net Interest Margin -1.34% +0.8%
Efficiency Ratio 20.99% +3.9%
ROA 28.44% +3.1%
Equity / Assets 13.55% -17.8%
Book Value per Share 7.03 -5.0%
Tangible BV/Share -8.77 -74.7%
Debt/Equity 2.80 +24.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 167.3%
✓Efficient operations: 21.0% efficiency ratio
✓13 consecutive years of dividend growth
✓Well capitalized: 13.6% equity/assets
✓Share count reduced 2.0% through buybacks
✓Diversified revenue: 100.0% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Weak NIM of -1.3%
✗Expensive at 77.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.55%

5Y10.78%

3Y14.26%

TTM-

Profit (Net Income) CAGR

10Y13.54%

5Y9.66%

3Y14.01%

TTM15.64%

EPS CAGR

10Y16.18%

5Y11.83%

3Y16.61%

TTM18.31%

ROCE

10Y Avg52.85%

5Y Avg49.36%

3Y Avg53.94%

Latest56.62%

Peer Comparison

Payment Networks & Processors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MAMastercard Incorporated	485.73B	544.99	39.24	12.23%	45.71%	179.61%	2.95%	2.80
VVisa Inc.	552.73B	327.88	32.15	11.34%	50.14%	52.91%	3.9%	0.66
PMTSCPI Card Group Inc.	155.1M	13.62	8.30	8.11%	4.06%		21.96%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-61M	-95M	-154M	-186M	-224M	-380M	-431M	-471M	-575M	-646M
NII Growth %	-1.77%	-0.56%	-0.62%	-0.21%	-0.2%	-0.7%	-0.13%	-0.09%	-0.22%	-0.12%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	61M	95M	154M	186M	224M	380M	431M	471M	575M	646M
Loan Loss Provision	2.04B	2.13B	2.53B	3.03B	3.31B	3.41B	4.06B	4.79B	5.45B	6.03B
Non-Interest Income+	9.67B	10.78B	12.5B	14.95B	16.88B	15.3B	18.88B	22.24B	25.1B	28.17B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	9.67B	10.78B	12.5B	14.95B	16.88B	15.3B	18.88B	22.24B	25.1B	28.17B
Revenue Growth %	0.02%	0.11%	0.16%	0.2%	0.13%	-0.09%	0.23%	0.18%	0.13%	0.12%
Non-Interest Expense	2.48B	2.79B	3.19B	4.45B	3.68B	3.43B	4.31B	4.71B	5.07B	5.91B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	5.08B	5.76B	6.62B	7.28B	9.66B	8.08B	10.08B	12.26B	14.01B	15.58B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.01%	0.13%	0.15%	0.1%	0.33%	-0.16%	0.25%	0.22%	0.14%	0.11%
Pretax Income+	4.96B	5.65B	6.52B	7.2B	9.73B	7.76B	10.31B	11.73B	13.64B	15.25B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	1.15B	1.59B	2.61B	1.34B	1.61B	1.35B	1.62B	1.8B	2.44B	2.38B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	3.81B	4.06B	3.92B	5.86B	8.12B	6.41B	8.69B	9.93B	11.2B	12.87B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.05%	0.07%	-0.04%	0.5%	0.39%	-0.21%	0.36%	0.14%	0.13%	0.15%
Net Income (Continuing)	3.81B	4.06B	3.92B	5.86B	8.12B	6.41B	8.69B	9.93B	11.2B	12.87B
EPS (Diluted)+	3.35	3.69	3.65	5.60	7.94	6.37	8.76	10.23	11.83	13.89
EPS Growth %	0.08%	0.1%	-0.01%	0.53%	0.42%	-0.2%	0.38%	0.17%	0.16%	0.17%
EPS (Basic)	3.36	3.70	3.67	5.63	7.98	6.40	8.79	10.26	11.86	13.92
Diluted Shares Outstanding	1.14B	1.1B	1.07B	1.05B	1.02B	1.01B	992M	971M	946M	927M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	5.75B	6.72B	5.93B	6.68B	6.99B	10.11B	7.42B	7.01B	8.59B	8.44B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	1.16B	1.75B	2.1B	2.03B	1.6B	1.66B	2.31B	2.13B	2.32B	1.94B
Investments Growth %	-0.22%	0.51%	0.2%	-0.03%	-0.21%	0.03%	0.39%	-0.08%	0.09%	-0.17%
Long-Term Investments	166M	132M	249M	337M	914M	1.17B	1.83B	1.73B	1.73B	1.61B
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	1.89B	1.76B	3.04B	2.9B	4.02B	4.96B	7.66B	7.52B	7.66B	9.19B
Intangible Assets	803M	722M	1.12B	991M	1.42B	1.75B	3.67B	3.86B	4.09B	5.45B
PP&E (Net)	675M	733M	829M	921M	1.83B	1.9B	1.91B	2.01B	2.06B	2.14B
Other Assets	1.41B	1.8B	2.05B	2.97B	3.61B	4.19B	5.16B	5.85B	6.6B	8.35B
Total Current Assets	10.98B	13.23B	13.8B	16.17B	16.9B	19.11B	16.95B	16.61B	18.96B	19.72B
Total Non-Current Assets	5.27B	5.45B	7.53B	8.69B	12.33B	14.47B	20.72B	22.12B	23.49B	28.36B
Total Assets+	16.25B	18.68B	21.33B	24.86B	29.24B	33.58B	37.67B	38.72B	42.45B	48.08B
Asset Growth %	0.06%	0.15%	0.14%	0.17%	0.18%	0.15%	0.12%	0.03%	0.1%	0.13%
Return on Assets (ROA)	0.24%	0.23%	0.2%	0.25%	0.3%	0.2%	0.24%	0.26%	0.28%	0.28%
Accounts Payable	472M	609M	933M	537M	489M	527M	738M	926M	834M	929M
Total Debt+	3.27B	5.18B	5.42B	6.33B	8.53B	12.67B	13.9B	14.02B	15.68B	18.23B
Net Debt	-2.48B	-1.54B	-509M	-348M	1.54B	2.56B	6.48B	7.01B	7.09B	9.78B
Long-Term Debt	3.27B	5.18B	5.42B	5.83B	8.53B	12.02B	13.11B	13.75B	14.34B	17.48B
Short-Term Debt	0	0	0	500M	0	649M	792M	274M	1.34B	750M
Other Liabilities	572M	524M	1.44B	1.88B	2.73B	3.11B	3.59B	4.03B	4.47B	4.55B
Total Current Liabilities	6.27B	7.21B	8.79B	11.59B	11.9B	11.85B	13.16B	14.17B	16.26B	19.22B
Total Non-Current Liabilities	3.92B	5.79B	6.97B	7.78B	11.34B	15.22B	17.09B	18.18B	19.19B	22.35B
Total Liabilities	10.19B	12.99B	15.76B	19.37B	23.25B	27.07B	30.26B	32.35B	35.45B	41.57B
Total Equity+	6.06B	5.68B	5.57B	5.49B	5.99B	6.52B	7.41B	6.38B	7B	6.51B
Equity Growth %	-0.11%	-0.06%	-0.02%	-0.01%	0.09%	0.09%	0.14%	-0.14%	0.1%	-0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.59%	0.69%	0.7%	1.06%	1.41%	1.03%	1.25%	1.44%	1.67%	1.91%
Book Value per Share	5.33	5.16	5.19	5.24	5.86	6.48	7.47	6.57	7.40	7.03
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	0	0	0	0	0	0	0	0	0	0
Additional Paid-in Capital	4B	4.18B	4.37B	4.58B	4.79B	4.98B	5.06B	5.3B	5.89B	6.44B
Retained Earnings	16.22B	19.42B	22.36B	27.28B	33.98B	38.75B	45.65B	53.61B	62.56B	72.91B
Accumulated OCI	-676M	-924M	-497M	-718M	-673M	-680M	-809M	-1.25B	-1.1B	-1.43B
Treasury Stock	-13.52B	-17.02B	-20.76B	-25.75B	-32.2B	-36.66B	-42.59B	-51.35B	-60.43B	-71.43B
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.04B	4.48B	5.55B	6.22B	8.18B	7.22B	9.46B	11.2B	11.98B	14.78B
Operating CF Growth %	0.19%	0.11%	0.24%	0.12%	0.31%	-0.12%	0.31%	0.18%	0.07%	0.23%
Net Income	3.81B	4.06B	3.92B	5.86B	8.12B	6.41B	8.69B	9.93B	11.2B	12.87B
Depreciation & Amortization	366M	373M	437M	459M	522M	580M	726M	750M	799M	897M
Deferred Taxes	-16M	-20M	86M	-244M	-7M	73M	-69M	-651M	-236M	-527M
Other Non-Cash Items	683M	889M	1.23B	1.27B	998M	1.06B	762M	1.77B	1.71B	2.05B
Working Capital Changes	-820M	-867M	-286M	-1.31B	-1.7B	-1.15B	-916M	-904M	-1.94B	-1.04B
Cash from Investing+	-715M	-1.17B	-1.78B	-506M	-1.64B	-1.88B	-5.27B	-1.47B	-1.35B	-3.4B
Purchase of Investments	-1.89B	-1.82B	-2.01B	-1.9B	-1.32B	-807M	-911M	-594M	-736M	-658M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-584M	-167M	-1.18B	174M	-1.44B	-989M	-4.44B	-313M	0	-2.51B
Other Investing	1M	134M	1M	-188M	-4M	3M	33M	-3M	-723M	-345M
Cash from Financing+	-2.46B	-2.29B	-4.76B	-4.97B	-5.87B	-2.15B	-6.55B	-10.33B	-9.49B	-10.84B
Dividends Paid	-727M	-837M	-942M	-1.04B	-1.34B	-1.6B	-1.74B	-1.9B	-2.16B	-2.45B
Share Repurchases	-3.52B	-3.51B	-3.76B	-4.93B	-6.5B	-4.47B	-5.9B	-8.75B	-9.03B	-11.04B
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Financing	110M	134M	-53M	100M	-375M	117M	-345M	70M	237M	-201M
Net Change in Cash+	610M	974M	-788M	745M	632M	3.45B	-2.52B	-706M	1.27B	343M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	5.14B	5.75B	6.72B	7.59B	8.34B	8.97B	12.42B	9.9B	9.2B	10.46B
Cash at End	5.75B	6.72B	5.93B	8.34B	8.97B	12.42B	9.9B	9.2B	10.46B	10.81B
Interest Paid	0	0	0	0	0	0	0	414M	477M	571M
Income Taxes Paid	0	0	0	0	0	0	0	2.51B	2.75B	3.25B
Free Cash Flow+	3.7B	4.1B	5.13B	5.72B	7.46B	6.52B	8.65B	10.1B	11.61B	14.31B
FCF Growth %	0.2%	0.11%	0.25%	0.11%	0.3%	-0.13%	0.33%	0.17%	0.15%	0.23%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	59.1%	69.11%	69.59%	105.98%	141.43%	102.51%	124.73%	144.03%	167.41%	190.56%
Return on Assets (ROA)	24.12%	23.24%	19.57%	25.37%	30.01%	20.41%	24.38%	26%	27.58%	28.44%
Net Interest Margin	-0.38%	-0.51%	-0.72%	-0.75%	-0.77%	-1.13%	-1.14%	-1.22%	-1.35%	-1.34%
Efficiency Ratio	25.7%	25.89%	25.51%	29.79%	21.81%	22.44%	22.84%	21.18%	20.19%	20.99%
Equity / Assets	37.3%	30.44%	26.11%	22.08%	20.49%	19.41%	19.68%	16.47%	16.48%	13.55%
Book Value / Share	5.33	5.16	5.19	5.24	5.86	6.48	7.47	6.57	7.4	7.03
NII Growth	-177.27%	-55.74%	-62.11%	-20.78%	-20.43%	-69.64%	-13.42%	-9.28%	-22.08%	-12.35%
Dividend Payout	19.09%	20.62%	24.06%	17.82%	16.57%	25.04%	20.04%	19.16%	19.28%	19.02%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Payment Network	-	-	-	-	14.36B	15.82B	17.34B
Payment Network Growth	-	-	-	-	-	10.21%	9.55%
Value-Added Services And Solutions	-	-	-	-	7.88B	9.27B	10.83B
Value-Added Services And Solutions Growth	-	-	-	-	-	17.71%	16.80%
Transaction Processing	7.39B	8.47B	8.73B	10.8B	-	-	-
Transaction Processing Growth	-	14.59%	3.09%	23.69%	-	-	-
Domestic Assessments	6.14B	6.78B	6.66B	8.16B	-	-	-
Domestic Assessments Growth	-	10.48%	-1.84%	22.57%	-	-	-
Other Revenues	3.35B	4.12B	4.72B	6.22B	-	-	-
Other Revenues Growth	-	23.18%	14.38%	31.95%	-	-	-
Cross-border Volume Fees	4.95B	5.61B	3.51B	4.66B	-	-	-
Cross-border Volume Fees Growth	-	13.16%	-37.35%	32.80%	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
International Markets	9.44B	10.87B	9.7B	12.07B	14.43B	16.74B	15.79B
International Markets Growth	-	15.13%	-10.75%	24.40%	19.56%	16.02%	-5.66%
North America	5.31B	5.84B	5.42B	6.59B	7.81B	8.36B	12.38B
North America Growth	-	10.02%	-7.17%	21.57%	18.43%	7.04%	48.04%

Frequently Asked Questions

Valuation & Price

Mastercard Incorporated (MA) has a price-to-earnings (P/E) ratio of 39.2x. This suggests investors expect higher future growth.

Growth & Financials

Mastercard Incorporated (MA) grew revenue by 12.2% over the past year. This is steady growth.

Yes, Mastercard Incorporated (MA) is profitable, generating $14.25B in net income for fiscal year 2024 (45.7% net margin).

Dividend & Returns

Yes, Mastercard Incorporated (MA) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

Mastercard Incorporated (MA) has a return on equity (ROE) of 190.6%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Mastercard Incorporated (MA) has a net interest margin (NIM) of -1.3%. NIM has been under pressure due to interest rate environment.

Mastercard Incorporated (MA) has an efficiency ratio of 21.0%. This is excellent, indicating strong cost control.

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