Last 48 quarters of trend data · Financial Services · Financial - Credit Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Mastercard Incorporated's quarterly P/E stands at 31.6x, down 12.7% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 23.0% YoY to 22.8x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 31.31 | 31.58 | 32.77 | 34.52 | 38.17 | 36.17 | 34.97 | 31.51 | 37.39 | 35.90 | 29.20 | 32.77 | 36.78 |
| — | -12.7% | -6.3% | +9.5% | +2.1% | +0.7% | +19.8% | -3.9% | +1.6% | +8.2% | +6.0% | -2.8% | +10.3% | |
| P/S Ratio | 13.96 | 14.55 | 14.96 | 15.70 | 17.28 | 16.15 | 15.50 | 14.73 | 17.73 | 15.29 | 14.29 | 14.88 | 15.11 |
| — | -9.9% | -3.5% | +6.6% | -2.6% | +5.6% | +8.5% | -1.0% | +17.4% | +6.2% | +19.5% | +6.5% | -10.9% | |
| P/B Ratio | 59.96 | 66.11 | 64.88 | 64.70 | 74.82 | 74.28 | 61.20 | 54.84 | 61.61 | 57.24 | 58.51 | 66.90 | 64.25 |
| — | -11.0% | +6.0% | +18.0% | +21.4% | +29.8% | +4.6% | -18.0% | -4.1% | +9.0% | +37.0% | +36.3% | +30.7% | |
| P/FCF | 26.68 | 26.57 | 23.46 | 27.99 | 56.39 | 25.53 | 23.47 | 36.09 | 86.99 | 24.70 | 29.83 | 35.64 | 48.01 |
| — | +4.1% | -0.0% | -22.5% | -35.2% | +3.3% | -21.3% | +1.3% | +81.2% | -18.5% | +55.1% | +5.3% | -18.5% | |
| EV / EBITDA | 22.67 | 22.79 | 24.46 | 25.74 | 28.94 | 29.61 | 27.43 | 24.58 | 30.01 | 28.49 | 23.55 | 24.86 | 26.78 |
| — | -23.0% | -10.9% | +4.7% | -3.6% | +3.9% | +16.5% | -1.2% | +12.1% | +12.3% | +10.1% | +1.0% | -6.1% | |
| EV / EBIT | 24.00 | 26.50 | 25.86 | 26.75 | 30.39 | 30.29 | 28.82 | 25.59 | 30.92 | 29.37 | 24.41 | 24.86 | 29.85 |
| — | -12.5% | -10.3% | +4.5% | -1.7% | +3.1% | +18.1% | +2.9% | +3.6% | +10.5% | +10.5% | -8.3% | -3.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Mastercard Incorporated's operating margin was 61.5% in Q4 2025, up 2.6 pp QoQ and up 8.9 pp YoY. The trailing four-quarter average of 59.1% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 28.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.4% | 100.0% | 78.0% | 77.2% | 76.7% | 77.9% | 74.2% | 76.9% | 76.1% | 76.7% | 75.9% | 76.2% | 75.2% |
| — | +28.3% | +5.1% | +0.4% | +0.7% | +1.6% | -2.2% | +1.0% | +1.3% | +0.5% | -0.1% | +0.2% | -2.5% | |
| Operating Margin | 59.2% | 61.5% | 58.8% | 58.7% | 57.2% | 52.6% | 54.3% | 58.0% | 56.8% | 51.5% | 58.8% | 58.3% | 54.6% |
| — | +16.9% | +8.3% | +1.3% | +0.8% | +2.1% | -7.7% | -0.6% | +4.1% | -5.9% | +8.8% | +6.2% | -4.4% | |
| Net Margin | 45.6% | 46.1% | 45.7% | 45.5% | 45.2% | 44.6% | 44.3% | 46.8% | 47.4% | 42.6% | 49.0% | 45.4% | 41.1% |
| — | +3.3% | +3.1% | -2.8% | -4.6% | +4.7% | -9.5% | +3.1% | +15.5% | -1.8% | +12.8% | +9.7% | -19.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 209.9% | 51.8% | 49.6% | 50.7% | 49.7% | 47.8% | 43.7% | 44.1% | 42.1% | 41.7% | 53.5% | 51.8% | 40.1% |
| — | +8.2% | +13.6% | +15.1% | +18.0% | +14.6% | -18.3% | -14.9% | +5.1% | +5.9% | +35.9% | +52.4% | +10.7% | |
| ROA | 29.3% | 7.6% | 7.5% | 7.4% | 6.8% | 7.0% | 7.3% | 7.7% | 7.1% | 6.8% | 8.1% | 7.3% | 6.1% |
| — | +7.8% | +2.9% | -3.4% | -4.0% | +3.2% | -10.4% | +5.1% | +16.4% | +2.7% | +20.1% | +17.8% | -13.5% | |
| ROIC | 56.5% | 15.1% | 14.1% | 13.7% | 12.4% | 11.7% | 12.3% | 13.2% | 11.9% | 11.3% | 13.4% | 13.0% | 11.4% |
| — | +29.5% | +14.9% | +4.0% | +4.5% | +3.1% | -8.1% | +1.2% | +4.2% | -1.8% | +19.4% | +22.1% | +10.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Mastercard Incorporated's Debt/EBITDA ratio is 3.3x, down from 3.5x last quarter — at a moderate level that warrants monitoring.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.45 | 2.45 | 2.39 | 2.40 | 2.81 | 2.80 | 2.46 | 2.09 | 2.14 | 2.24 | 2.44 | 2.80 | 2.88 |
| — | -12.4% | -2.7% | +15.2% | +31.3% | +24.8% | +0.8% | -25.5% | -25.7% | +1.9% | +8.1% | +21.1% | +40.2% | |
| Debt / EBITDA | 0.92 | 3.33 | 3.55 | 3.75 | 4.25 | 4.37 | 4.34 | 3.66 | 4.09 | 4.38 | 3.84 | 4.06 | 4.68 |
| — | -23.9% | -18.3% | +2.4% | +3.9% | -0.3% | +13.1% | -9.8% | -12.6% | +5.3% | -12.9% | -10.1% | +0.4% | |
| Current Ratio | 1.03 | 1.03 | 1.12 | 1.16 | 1.11 | 1.03 | 1.29 | 1.14 | 1.09 | 1.17 | 1.17 | 1.13 | 1.20 |
| — | +0.9% | -13.0% | +2.0% | +1.9% | -12.0% | +10.2% | +1.0% | -9.4% | -0.5% | -6.3% | -10.3% | -10.1% | |
| Quick Ratio | 1.03 | 1.03 | 1.12 | 1.16 | 1.11 | 1.03 | 1.29 | 1.14 | 1.09 | 1.17 | 1.17 | 1.13 | 1.20 |
| — | +0.9% | -13.0% | +2.0% | +1.9% | -12.0% | +10.2% | +1.0% | -9.4% | -0.5% | -6.3% | -10.3% | -10.1% | |
| Interest Coverage | 26.87 | 34.05 | 27.21 | 24.50 | 22.80 | 21.40 | 25.18 | 26.38 | 24.03 | 22.78 | 25.46 | 25.39 | 23.76 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonMastercard Incorporated's current P/E is 31.3x. The average P/E over the last 4 quarters is 34.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Mastercard Incorporated's current operating margin is 59.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Mastercard Incorporated's business trajectory between earnings reports.