NYSE · Financial Services

Mastercard Incorporated

MA · Credit Services

$504.74

▲ 9.28 (1.87%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Mastercard Incorporated at $504.74.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 77.9%

Operating Margin 59.5%

Net Income Margin 45.6%

Fin. Health C

Years to Pay Off Debt 1.3 yrs

Working Capital vs Long-Term Debt -$17.5B

Working Capital $796M

Valuation F

Margin of Safety 0.0%

Price-to-Book 57.19x

Cash Flow A

Free Cash Flow $16.4B

CapEx % of Net Income 8.1%

Owner Earnings $17.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $445.8B

Enterprise Value $448.5B

P/E (TTM) 29.19

Dividend Yield 0.66%

Exchange NYSE

Key Margins

Gross Profit 77.9%

Operating Margin 59.5%

Net Margin 45.6%

Company Info

Sector Financial Services

Industry Credit Services

Employees 39800

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Mastercard Incorporated at $504.74.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $504.74, the stock trades at a 781% premium to its Graham Number of $57.27. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Mastercard Incorporated

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	77.9% ▲	76.3%	76.0%	76.3%
Operating Margin %	59.5% ▲	58.0%	58.3%	57.2%
Net Income %	45.6% ▼	45.7%	44.6%	44.7%
Diluted EPS	16.52 ▲	13.89	11.83	10.22

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$54.2B	$48.1B	$42.4B	$38.7B	N/A
Total Debt	$19.0B ↑	$18.2B	$15.7B	$14.0B	N/A
Working Capital	$796M ▲	$504M	$2.7B	$2.4B	N/A
Years to Pay Debt	1.27	1.42	1.40	1.41	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$16.4B ▲	$13.6B	$10.9B	$10.1B
Owner Earnings	$17.3B	$15.0B	$13.1B	$11.8B
CapEx % of Net Income	8.1%	9.3%	9.7%	11.0%

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-73,840	-69,743	-73,211	-83,468
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	20,823,000	17,244,000	15,422,000	13,495,000
Total Unusual Items	-380,000	-447,000	-409,000	-542,000
Total Unusual Items Excluding Goodwill	-380,000	-447,000	-409,000	-542,000
Net Income From Continuing Operation Net Minority Interest	14,968,000	12,874,000	11,195,000	9,930,000
Reconciled Depreciation	1,143,000	897,000	799,000	750,000
Reconciled Cost Of Revenue	7,251,000	6,673,000	6,022,000	5,263,000
EBITDA	20,443,000	16,797,000	15,013,000	12,953,000
EBIT	19,300,000	15,900,000	14,214,000	12,203,000
Net Interest Income	-722,000	-646,000	-575,000	-471,000
Interest Expense	722,000	646,000	575,000	471,000
Normalized Income	15,274,160	13,251,257	11,530,789	10,388,532
Net Income From Continuing And Discontinued Operation	14,968,000	12,874,000	11,195,000	9,930,000
Total Expenses	13,277,000	11,840,000	10,468,000	9,515,000
Total Operating Income As Reported	18,897,000	15,582,000	14,008,000	12,264,000
Diluted Average Shares	906,000	927,000	946,000	971,000
Basic Average Shares	905,000	925,000	944,000	968,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	14,968,000	12,874,000	11,195,000	9,930,000
Net Income Common Stockholders	14,968,000	12,874,000	11,195,000	9,930,000
Net Income	14,968,000	12,874,000	11,195,000	9,930,000
Net Income Including Noncontrolling Interests	14,968,000	12,874,000	11,195,000	9,930,000
Net Income Continuous Operations	14,968,000	12,874,000	11,195,000	9,930,000
Tax Provision	3,610,000	2,380,000	2,444,000	1,802,000
Pretax Income	18,578,000	15,254,000	13,639,000	11,732,000
Other Income Expense	-214,000	-427,000	-416,000	-519,000
Other Non Operating Income Expenses	166,000	20,000	-7,000	23,000
Special Income Charges	-504,000	-680,000	-539,000	-356,000
Other Special Charges	504,000	680,000	539,000	356,000
Gain On Sale Of Security	124,000	233,000	130,000	-186,000
Net Non Operating Interest Income Expense	-722,000	-646,000	-575,000	-471,000
Interest Expense Non Operating	722,000	646,000	575,000	471,000
Operating Income	19,514,000	16,327,000	14,630,000	12,722,000
Operating Expense	6,026,000	5,167,000	4,446,000	4,252,000
Depreciation Amortization Depletion Income Statement	1,143,000	897,000	799,000	750,000
Depreciation And Amortization In Income Statement	1,143,000	897,000	799,000	750,000
Selling General And Administration	4,883,000	4,270,000	3,647,000	3,502,000
Selling And Marketing Expense	929,000	815,000	825,000	789,000
General And Administrative Expense	3,954,000	3,455,000	2,822,000	2,713,000
Other Gand A	3,954,000	3,455,000	2,822,000	2,713,000
Gross Profit	25,540,000	21,494,000	19,076,000	16,974,000
Cost Of Revenue	7,251,000	6,673,000	6,022,000	5,263,000
Total Revenue	32,791,000	28,167,000	25,098,000	22,237,000
Operating Revenue	32,791,000	28,167,000	25,098,000	22,237,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	518,000	497,000	475,000	451,000
Ordinary Shares Number	893,738	913,800	934,000	956,000
Share Issued	1,411,738	1,410,800	1,409,000	1,407,000
Net Debt	8,434,000	9,784,000	7,093,000	7,015,000
Total Debt	19,000,000	18,226,000	15,681,000	14,023,000
Tangible Book Value	-7,377,000	-8,161,000	-4,817,000	-5,083,000
Invested Capital	26,737,000	24,711,000	22,610,000	20,321,000
Working Capital	796,000	504,000	2,697,000	2,435,000
Net Tangible Assets	-7,377,000	-8,161,000	-4,817,000	-5,083,000
Common Stock Equity	7,737,000	6,485,000	6,929,000	6,298,000
Total Capitalization	25,988,000	23,961,000	21,273,000	20,047,000
Total Equity Gross Minority Interest	7,746,000	6,515,000	6,997,000	6,377,000
Minority Interest	9,000	30,000	68,000	79,000
Stockholders Equity	7,737,000	6,485,000	6,929,000	6,298,000
Gains Losses Not Affecting Retained Earnings	-981,000	-1,433,000	-1,099,000	-1,253,000
Other Equity Adjustments	-981,000	-1,433,000	-1,099,000	-1,253,000
Treasury Stock	83,224,000	71,431,000	60,429,000	51,354,000
Retained Earnings	85,035,000	72,907,000	62,564,000	53,607,000
Additional Paid In Capital	6,907,000	6,442,000	5,893,000	5,298,000
Total Liabilities Net Minority Interest	46,411,000	41,566,000	35,451,000	32,347,000
Total Non Current Liabilities Net Minority Interest	23,649,000	22,346,000	19,187,000	18,176,000
Other Non Current Liabilities	5,091,000	4,553,000	4,474,000	4,034,000
Preferred Securities Outside Stock Equity					29,000
Non Current Deferred Liabilities	307,000	317,000	369,000	393,000
Non Current Deferred Taxes Liabilities	307,000	317,000	369,000	393,000
Long Term Debt And Capital Lease Obligation	18,251,000	17,476,000	14,344,000	13,749,000
Long Term Debt	18,251,000	17,476,000	14,344,000	13,749,000
Current Liabilities	22,762,000	19,220,000	16,264,000	14,171,000
Other Current Liabilities	6,942,000	6,218,000	4,853,000	4,076,000
Current Debt And Capital Lease Obligation	749,000	750,000	1,337,000	274,000
Current Debt	749,000	750,000	1,337,000	274,000
Other Current Borrowings	749,000	750,000			792,000
Payables And Accrued Expenses	15,071,000	12,252,000	10,074,000	9,821,000
Current Accrued Expenses	13,158,000	10,869,000	8,754,000	8,616,000
Payables	1,913,000	1,383,000	1,320,000	1,205,000
Other Payable					913,000
Total Tax Payable	914,000	454,000	486,000	279,000
Accounts Payable	999,000	929,000	834,000	926,000
Total Assets	54,157,000	48,081,000	42,448,000	38,724,000
Total Non Current Assets	30,599,000	28,357,000	23,487,000	22,118,000
Other Non Current Assets	8,809,000	7,350,000	5,813,000	5,217,000
Non Current Deferred Assets	1,567,000	1,614,000	1,355,000	1,151,000
Non Current Deferred Taxes Assets	1,567,000	1,614,000	1,355,000	1,151,000
Non Current Accounts Receivable	1,101,000	1,002,000	783,000	633,000
Investments And Advances	1,705,000	1,607,000	1,729,000	1,730,000
Investmentin Financial Assets	1,705,000	1,607,000	1,729,000	1,730,000
Available For Sale Securities	1,705,000	1,607,000	1,729,000	1,730,000
Goodwill And Other Intangible Assets	15,114,000	14,646,000	11,746,000	11,381,000
Other Intangible Assets	5,554,000	5,453,000	4,086,000	3,859,000
Goodwill	9,560,000	9,193,000	7,660,000	7,522,000
Net PPE	2,303,000	2,138,000	2,061,000	2,006,000
Accumulated Depreciation	-2,756,000	-2,393,000	-2,237,000	-1,904,000
Gross PPE	5,059,000	4,531,000	4,298,000	3,910,000
Leases	497,000	436,000	398,000	376,000
Other Properties	3,713,000	3,285,000	3,132,000	2,786,000
Machinery Furniture Equipment	105,000	101,000	90,000	96,000
Buildings And Improvements	744,000	709,000	678,000	652,000
Current Assets	23,558,000	19,724,000	18,961,000	16,606,000
Other Current Assets	5,369,000	4,813,000	3,844,000	3,616,000
Restricted Cash	2,682,000	2,366,000	1,877,000	2,157,000
Prepaid Assets				34,000	92,000
Receivables	4,609,000	3,773,000	4,060,000	3,425,000
Other Receivables					1,319,000
Accounts Receivable	4,609,000	3,773,000	4,060,000	3,425,000
Cash Cash Equivalents And Short Term Investments	10,898,000	8,772,000	9,180,000	7,408,000
Other Short Term Investments	332,000	330,000	592,000	400,000
Cash And Cash Equivalents	10,566,000	8,442,000	8,588,000	7,008,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	16,433,000	13,586,000	10,892,000	10,098,000
Repurchase Of Capital Stock	-11,727,000	-10,954,000	-9,032,000	-8,753,000
Repayment Of Debt	-750,000	-1,336,000	0	-724,000
Issuance Of Debt	1,242,000	3,960,000	1,554,000	1,123,000
Capital Expenditure	-1,215,000	-1,194,000	-1,088,000	-1,097,000
Interest Paid Supplemental Data	680,000	571,000	477,000	414,000
Income Tax Paid Supplemental Data	3,020,000	3,252,000	2,746,000	2,506,000
End Cash Position	13,248,000	10,808,000	10,465,000	9,196,000
Beginning Cash Position	10,808,000	10,465,000	9,196,000	9,902,000
Effect Of Exchange Rate Changes	333,000	-199,000	128,000	-103,000
Changes In Cash	2,107,000	542,000	1,141,000	-603,000
Financing Cash Flow	-14,179,000	-10,836,000	-9,488,000	-10,328,000
Cash Flow From Continuing Financing Activities	-14,179,000	-10,836,000	-9,488,000	-10,328,000
Net Other Financing Charges	-391,000	-282,000	-89,000	-161,000
Proceeds From Stock Option Exercised	203,000	224,000	237,000	90,000
Cash Dividends Paid	-2,756,000	-2,448,000	-2,158,000	-1,903,000
Common Stock Dividend Paid	-2,756,000	-2,448,000	-2,158,000	-1,903,000
Net Common Stock Issuance	-11,727,000	-10,954,000	-9,032,000	-8,753,000
Common Stock Payments	-11,727,000	-10,954,000	-9,032,000	-8,753,000
Net Issuance Payments Of Debt	492,000	2,624,000	1,554,000	399,000
Net Long Term Debt Issuance	492,000	2,624,000	1,554,000	399,000
Long Term Debt Payments	-750,000	-1,336,000	0	-724,000
Long Term Debt Issuance	1,242,000	3,960,000	1,554,000	1,123,000
Investing Cash Flow	-1,362,000	-3,402,000	-1,351,000	-1,470,000
Cash Flow From Continuing Investing Activities	-1,362,000	-3,402,000	-1,351,000	-1,470,000
Net Other Investing Changes	2,000	-3,000	-6,000	-3,000
Net Investment Purchase And Sale	-149,000	306,000	-257,000	-57,000
Sale Of Investment	719,000	964,000	479,000	537,000
Purchase Of Investment	-868,000	-658,000	-736,000	-594,000
Net Business Purchase And Sale	0	-2,511,000	0	-313,000
Purchase Of Business	0	-2,511,000	0	-313,000
Net PPE Purchase And Sale	-489,000	-474,000	-371,000	-442,000
Purchase Of PPE	-489,000	-474,000	-371,000	-442,000
Capital Expenditure Reported	-726,000	-720,000	-717,000	-655,000
Operating Cash Flow	17,648,000	14,780,000	11,980,000	11,195,000
Cash Flow From Continuing Operating Activities	17,648,000	14,780,000	11,980,000	11,195,000
Change In Working Capital	-1,442,000	-1,040,000	-1,943,000	-904,000
Change In Other Working Capital	834,000	131,000	922,000	-6,000
Change In Other Current Liabilities	89,000	922,000	282,000	201,000
Change In Other Current Assets	202,000	-593,000	40,000	48,000
Change In Payables And Accrued Expense	1,554,000	1,704,000	-32,000	1,497,000
Change In Accrued Expense	1,694,000	1,792,000	196,000	1,428,000
Change In Payable	-140,000	-88,000	-228,000	69,000
Change In Account Payable	45,000	75,000	-99,000	190,000
Change In Tax Payable	-185,000	-163,000	-129,000	-121,000
Change In Income Tax Payable	-185,000	-163,000	-129,000	-121,000
Change In Prepaid Assets	-3,388,000	-3,225,000	-2,438,000	-2,175,000
Change In Receivables	-733,000	21,000	-717,000	-469,000
Changes In Account Receivables	-642,000	186,000	-546,000	-481,000
Other Non Cash Items	2,237,000	2,021,000	1,644,000	1,630,000
Stock Based Compensation	597,000	526,000	460,000	295,000
Deferred Tax	57,000	-527,000	-236,000	-651,000
Deferred Income Tax	57,000	-527,000	-236,000	-651,000
Depreciation Amortization Depletion	1,143,000	897,000	799,000	750,000
Depreciation And Amortization	1,143,000	897,000	799,000	750,000
Operating Gains Losses	88,000	29,000	61,000	145,000
Gain Loss On Investment Securities	88,000	29,000	61,000	145,000
Net Income From Continuing Operations	14,968,000	12,874,000	11,195,000	9,930,000

These metrics estimate what Mastercard Incorporated is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$57.27

Margin of Safety

Market Cap ÷ Company Value

3.36

P/B Ratio

57.19

Warren's Owner Earnings

$17.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$32.8B

vs > $1.5B revenue

❌ Strong Financial Condition

1.03x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.66%

vs Uninterrupted dividends

✅ Earnings Growth

+61.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

29.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

57.19x P/B (P/E×P/B: 1669.6)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-26.07

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$247.32

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	8.1%	9.3%	9.7%	11.0%
Repurchase of Capital Stock	-$11.7B	-$11.0B	-$9.0B	-$8.8B
Free Cash Flow	$16.4B ▲	$13.6B ▲	$10.9B ▲	$10.1B •
Warren's Owner Earnings	$17.3B	$15.0B	$13.1B	$11.8B

Peers & Industry

No auto-detected peers for Credit Services. You can manually compare MA against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.59%

Low — management has little skin in the game

Return on Equity (ROE)

193.5%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

27.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$11.7B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+4.2% YoY

Debt is roughly stable

Leadership Team

Michael Miebach

CEO, President & Director

Age 57

Pay: $9,761,053

0.065% of net income

Sachin Mehra

Chief Financial Officer

Age 54

Pay: $3,326,275

0.022% of net income

Edward Grunde McLaughlin

President & CTO of Mastercard Technology

Age 59

Pay: $2,064,752

0.014% of net income

Linda Pistecchia Kirkpatrick

President of the Americas

Age 48

Pay: $2,297,718

0.015% of net income

Devin Corr

Executive Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.10%	79,897,854
Blackrock Inc.	7.78%	68,304,200
Mastercard Foundation Asset Management Corp	7.43%	65,234,702
State Street Corporation	4.17%	36,611,476
JPMORGAN CHASE & CO	3.56%	31,214,224
FMR, LLC	2.87%	25,177,655
Geode Capital Management, LLC	2.36%	20,686,605
Price (T.Rowe) Associates Inc	2.17%	19,041,495

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.76

Low volatility — more stable than the market

Short Interest

0.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

2.82x

High leverage — significant financial risk

Current Ratio

0.98x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $480.50 Current: $504.74 High: $601.77

Currently at 20% of 52-week range

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