Visa Inc. (V) Stock Analysis — Graham Number, Scorecard & Financials

NYSE · Financial Services

Visa Inc.

V · Credit Services

$328.18

▲ 0.15 (0.05%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Visa Inc. at $328.18.

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

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 80.4%

Operating Margin 66.4%

Net Income Margin 50.1%

Fin. Health C

Years to Pay Off Debt 1.3 yrs

Working Capital vs Long-Term Debt -$16.9B

Working Capital $2.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 14.66x

Cash Flow A

Free Cash Flow $21.6B

CapEx % of Net Income 7.4%

Owner Earnings $22.8B

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 $624.1B

Enterprise Value $628.7B

P/E (TTM) 28.59

Dividend Yield 0.79%

Exchange NYSE

Key Margins

Gross Profit 80.4%

Operating Margin 66.4%

Net Margin 50.1%

Company Info

Sector Financial Services

Industry Credit Services

Employees 34100

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Visa Inc. at $328.18.

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

At $328.18, the stock trades at a 358% premium to its Graham Number of $71.69. 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 Visa Inc.

Visa Inc. operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a platform which facilitates money movement, enabling clients to collect, hold, convert, and send funds across its network; and issuing solutions, such as airport lounge access, dining reservations, shopping experiences, event tickets, and seller offers. In addition, the company provides acceptance solutions, an omnichannel payment integration with e-commerce platforms; risk detection and prevention solutions; and advisory and other services comprising consulting practice, proprietary analytics models, data scientists and economists, marketing services, and managed services. It provides its services under the Visa, Visa Electron, V PAY, Interlink, and PLUS brands. The company serves consumers, sellers, financial institutions, and government entities. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	80.4% ▼	80.4%	79.9%	80.4%
Operating Margin %	66.4% ▼	67.0%	67.2%	67.1%
Net Income %	50.1% ▼	55.0%	52.9%	51.0%
Diluted EPS	10.20 ▲	9.73	8.28	7.00

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$99.6B	$94.5B	$90.5B	$85.5B	N/A
Total Debt	$25.2B ↑	$20.8B	$20.5B	$22.4B	N/A
Working Capital	$2.7B ▼	$7.5B	$10.4B	$9.4B	N/A
Years to Pay Debt	1.25	1.06	1.18	1.50	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$21.6B ▲	$18.7B	$19.7B	$17.9B	N/A
Owner Earnings	$22.8B	$22.0B	$19.3B	$16.8B	N/A
CapEx % of Net Income	7.4%	6.4%	6.1%	6.5%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-303,097	87,243	-44,034	-176,225
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	27,776,000	25,091,000	22,870,000	20,542,000
Total Unusual Items	-1,773,000	500,000	-246,000	-1,007,000
Total Unusual Items Excluding Goodwill	-1,773,000	500,000	-246,000	-1,007,000
Net Income From Continuing Operation Net Minority Interest	20,058,000	19,743,000	17,273,000	14,957,000
Reconciled Depreciation	1,220,000	1,034,000	943,000	861,000
Reconciled Cost Of Revenue	7,855,000	7,042,000	6,567,000	5,733,000
EBITDA	26,003,000	25,591,000	22,624,000	19,535,000
Net Interest Income	-589,000	-641,000	-644,000	-538,000
Interest Expense	589,000	641,000	644,000	538,000
Normalized Income	21,527,903	19,330,243	17,474,966	15,787,775
Net Income From Continuing And Discontinued Operation	20,058,000	19,743,000	17,273,000	14,957,000
Total Expenses	13,444,000	11,869,000	10,726,000	9,629,000
Total Operating Income As Reported	23,994,000	23,595,000	21,000,000	18,813,000
Diluted Average Shares	2,194,000	2,399,000	2,507,000	2,558,000
Basic Average Shares	1,942,000	1,991,000	2,040,000	2,073,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	19,853,000	19,457,000	16,989,000	14,630,000
Net Income Common Stockholders	19,853,000	19,457,000	16,989,000	14,630,000
Otherunder Preferred Stock Dividend	205,000	286,000	284,000	327,000
Net Income	20,058,000	19,743,000	17,273,000	14,957,000
Net Income Including Noncontrolling Interests	20,058,000	19,743,000	17,273,000	14,957,000
Net Income Continuous Operations	20,058,000	19,743,000	17,273,000	14,957,000
Tax Provision	4,136,000	4,173,000	3,764,000	3,179,000
Pretax Income	24,194,000	23,916,000	21,037,000	18,136,000
Other Income Expense	-1,773,000	500,000	-246,000	-1,007,000
Special Income Charges	-2,562,000	-462,000	-927,000	-868,000
Other Special Charges	2,562,000	462,000	927,000	868,000
Gain On Sale Of Security	789,000	962,000	681,000	-139,000
Net Non Operating Interest Income Expense	-589,000	-641,000	-644,000	-538,000
Interest Expense Non Operating	589,000	641,000	644,000	538,000
Operating Income	26,556,000	24,057,000	21,927,000	19,681,000
Operating Expense	5,589,000	4,827,000	4,159,000	3,896,000
Depreciation Amortization Depletion Income Statement	1,220,000	1,034,000	943,000	861,000
Depreciation And Amortization In Income Statement	1,220,000	1,034,000	943,000	861,000
Selling General And Administration	4,369,000	3,793,000	3,216,000	3,035,000
Selling And Marketing Expense	1,684,000	1,560,000	1,341,000	1,336,000
General And Administrative Expense	2,685,000	2,233,000	1,875,000	1,699,000
Other Gand A	2,685,000	2,233,000	1,875,000	1,699,000
Gross Profit	32,145,000	28,884,000	26,086,000	23,577,000
Cost Of Revenue	7,855,000	7,042,000	6,567,000	5,733,000
Total Revenue	40,000,000	35,926,000	32,653,000	29,310,000
Operating Revenue	51,698,000	46,493,000	42,471,000	37,614,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	1,933,259	1,980,513	2,031,762	2,086,435
Share Issued	1,933,259	1,980,513	2,031,762	2,086,435
Net Debt	8,007,000	8,861,000	4,177,000	6,761,000
Total Debt	25,171,000	20,836,000	20,463,000	22,450,000
Tangible Book Value	-10,361,000	-7,724,000	-7,066,000	-9,595,000
Invested Capital	62,335,000	58,942,000	57,498,000	55,707,000
Working Capital	2,718,000	7,516,000	10,434,000	9,352,000
Net Tangible Assets	-9,616,000	-6,693,000	-5,368,000	-7,271,000
Common Stock Equity	37,164,000	38,106,000	37,035,000	33,257,000
Preferred Stock Equity	745,000	1,031,000	1,698,000	2,324,000
Total Capitalization	57,511,000	59,973,000	59,196,000	55,781,000
Total Equity Gross Minority Interest	37,909,000	39,137,000	38,733,000	35,581,000
Stockholders Equity	37,909,000	39,137,000	38,733,000	35,581,000
Other Equity Interest	-124,000	-104,000	-140,000	-35,000
Gains Losses Not Affecting Retained Earnings	248,000	-308,000	-1,317,000	-2,369,000
Other Equity Adjustments	-307,000	-213,000	-177,000	418,000
Foreign Currency Translation Adjustments	575,000	-109,000	-921,000	-2,512,000
Minimum Pension Liabilities	-32,000	-16,000	-155,000	-169,000
Unrealized Gain Loss	12,000	30,000	-64,000	-106,000
Retained Earnings	15,106,000	17,289,000	18,040,000	16,116,000
Additional Paid In Capital	21,934,000	21,229,000	20,452,000	19,545,000
Capital Stock	745,000	1,031,000	1,698,000	2,324,000
Preferred Stock	745,000	1,031,000	1,698,000	2,324,000
Total Liabilities Net Minority Interest	61,718,000	55,374,000	51,766,000	49,920,000
Total Non Current Liabilities Net Minority Interest	26,670,000	28,857,000	28,668,000	29,067,000
Other Non Current Liabilities	1,519,000	2,720,000	3,091,000	3,535,000
Non Current Deferred Liabilities	5,549,000	5,301,000	5,114,000	5,332,000
Non Current Deferred Taxes Liabilities	5,549,000	5,301,000	5,114,000	5,332,000
Long Term Debt And Capital Lease Obligation	19,602,000	20,836,000	20,463,000	20,200,000
Long Term Debt	19,602,000	20,836,000	20,463,000	20,200,000
Current Liabilities	35,048,000	26,517,000	23,098,000	20,853,000
Other Current Liabilities	13,994,000	12,599,000	11,182,000	8,441,000
Current Debt And Capital Lease Obligation	5,569,000			2,250,000	999,000
Current Debt	5,569,000			2,250,000	999,000
Other Current Borrowings	5,569,000			2,250,000	999,000
Pensionand Other Post Retirement Benefit Plans Current	1,863,000	1,538,000	1,506,000	1,359,000
Payables And Accrued Expenses	13,622,000	12,380,000	10,410,000	8,803,000
Current Accrued Expenses	8,499,000	6,636,000	6,766,000	5,182,000
Payables	5,123,000	5,744,000	3,644,000	3,621,000
Other Payable	4,568,000	5,265,000	3,269,000	3,281,000
Accounts Payable	555,000	479,000	375,000	340,000
Total Assets	99,627,000	94,511,000	90,499,000	85,501,000
Total Non Current Assets	61,861,000	60,478,000	56,967,000	55,296,000
Other Non Current Assets	9,101,000	8,279,000	7,520,000	7,085,000
Investments And Advances	999,000	2,545,000	1,921,000	2,136,000
Investmentin Financial Assets	999,000	2,545,000	1,921,000	2,136,000
Goodwill And Other Intangible Assets	47,525,000	45,830,000	44,101,000	42,852,000
Other Intangible Assets	27,646,000	26,889,000	26,104,000	25,065,000
Goodwill	19,879,000	18,941,000	17,997,000	17,787,000
Net PPE	4,236,000	3,824,000	3,425,000	3,223,000
Accumulated Depreciation	-5,870,000	-5,473,000	-5,355,000	-5,658,000
Gross PPE	10,106,000	9,297,000	8,780,000	8,881,000
Construction In Progress	191,000	222,000	344,000	285,000
Machinery Furniture Equipment	8,839,000	7,961,000	7,343,000	7,521,000
Buildings And Improvements	1,004,000	1,042,000	1,022,000	1,003,000
Land And Improvements	72,000	72,000	71,000	72,000
Current Assets	37,766,000	34,033,000	33,532,000	30,205,000
Other Current Assets	4,837,000	5,230,000	4,161,000	3,940,000
Restricted Cash	6,615,000	6,613,000	4,769,000	3,791,000
Prepaid Assets				2,668,000	856,000
Receivables	7,317,000	7,015,000	4,474,000	3,952,000
Other Receivables	4,191,000	4,454,000	2,183,000	1,932,000
Accounts Receivable	3,126,000	2,561,000	2,291,000	2,020,000
Cash Cash Equivalents And Short Term Investments	18,997,000	15,175,000	20,128,000	18,522,000
Other Short Term Investments	1,833,000	3,200,000	3,842,000	2,833,000
Cash And Cash Equivalents	17,164,000	11,975,000	16,286,000	15,689,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	21,577,000	18,693,000	19,696,000	17,879,000
Repurchase Of Capital Stock	-18,316,000	-16,713,000	-12,101,000	-11,589,000
Repayment Of Debt	0	0	-2,250,000	-1,000,000
Issuance Of Debt	3,924,000	0	0	3,218,000
Capital Expenditure	-1,482,000	-1,257,000	-1,059,000	-970,000
Interest Paid Supplemental Data	587,000	583,000	617,000	607,000
Income Tax Paid Supplemental Data	4,541,000	5,775,000	3,433,000	3,741,000
End Cash Position	24,987,000	19,763,000	21,990,000	20,377,000
Beginning Cash Position	19,763,000	21,990,000	20,377,000	19,799,000
Effect Of Exchange Rate Changes	420,000	382,000	636,000	-1,287,000
Changes In Cash	4,804,000	-2,609,000	977,000	1,865,000
Financing Cash Flow	-18,963,000	-20,633,000	-17,772,000	-12,696,000
Cash Flow From Continuing Financing Activities	-18,963,000	-20,633,000	-17,772,000	-12,696,000
Net Other Financing Charges	-333,000	-38,000	70,000	-318,000
Proceeds From Stock Option Exercised	396,000	335,000	260,000	196,000
Cash Dividends Paid	-4,634,000	-4,217,000	-3,751,000	-3,203,000
Common Stock Dividend Paid			-3,751,000	-3,203,000	-2,798,000
Net Common Stock Issuance	-18,316,000	-16,713,000	-12,101,000	-11,589,000
Common Stock Payments	-18,316,000	-16,713,000	-12,101,000	-11,589,000
Net Issuance Payments Of Debt	3,924,000	0	-2,250,000	2,218,000
Net Long Term Debt Issuance	3,924,000	0	-2,250,000	2,218,000
Long Term Debt Payments	0	0	-2,250,000	-1,000,000
Long Term Debt Issuance	3,924,000	0	0	3,218,000
Investing Cash Flow	708,000	-1,926,000	-2,006,000	-4,288,000
Cash Flow From Continuing Investing Activities	708,000	-1,926,000	-2,006,000	-4,288,000
Net Other Investing Changes	121,000	-93,000	-25,000	128,000
Net Investment Purchase And Sale	2,956,000	339,000	-922,000	-1,498,000
Sale Of Investment	3,024,000	5,013,000	3,562,000	4,585,000
Purchase Of Investment	-68,000	-4,674,000	-4,484,000	-6,083,000
Net Business Purchase And Sale	-887,000	-915,000	0	-1,948,000
Purchase Of Business	-887,000	-915,000	0	-1,948,000
Net PPE Purchase And Sale	-1,482,000	-1,257,000	-1,059,000	-970,000
Purchase Of PPE	-1,482,000	-1,257,000	-1,059,000	-970,000
Operating Cash Flow	23,059,000	19,950,000	20,755,000	18,849,000
Cash Flow From Continuing Operating Activities	23,059,000	19,950,000	20,755,000	18,849,000
Change In Working Capital	-15,172,000	-15,432,000	-10,022,000	-7,657,000
Change In Other Working Capital	-15,314,000	-14,067,000	-11,014,000	-9,351,000
Change In Other Current Assets	160,000	-199,000	-24,000	-666,000
Change In Payables And Accrued Expense	150,000	1,246,000	1,426,000	2,854,000
Change In Accrued Expense	930,000	-704,000	1,586,000	1,531,000
Change In Payable	-780,000	1,950,000	-160,000	1,323,000
Change In Account Payable	67,000	109,000	34,000	67,000
Change In Receivables	-168,000	-2,412,000	-410,000	-494,000
Changes In Account Receivables	-542,000	-237,000	-250,000	-97,000
Other Non Cash Items	15,817,000	13,761,000	12,175,000	10,158,000
Stock Based Compensation	897,000	850,000	765,000	602,000
Deferred Tax	152,000	-100,000	-483,000	-336,000
Deferred Income Tax	152,000	-100,000	-483,000	-336,000
Depreciation Amortization Depletion	1,220,000	1,034,000	943,000	861,000
Depreciation And Amortization	1,220,000	1,034,000	943,000	861,000
Amortization Cash Flow		79,000	76,000	90,000
Amortization Of Intangibles		79,000	76,000	90,000
Depreciation		955,000	867,000	771,000
Operating Gains Losses	87,000	94,000	104,000	264,000
Earnings Losses From Equity Investments	87,000	94,000	104,000	264,000
Net Income From Continuing Operations	20,058,000	19,743,000	17,273,000	14,957,000

These metrics estimate what Visa Inc. 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

$71.69

Margin of Safety

Market Cap ÷ Company Value

1.52

P/B Ratio

14.66

Warren's Owner Earnings

$22.8B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$40.0B

vs > $1.5B revenue

❌ Strong Financial Condition

1.08x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.79%

vs Uninterrupted dividends

✅ Earnings Growth

+45.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

28.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

14.66x P/B (P/E×P/B: 419.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-14.43

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

$177.78

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

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	7.4%	6.4%	6.1%	6.5%	N/A
Repurchase of Capital Stock	-$18.3B	-$16.7B	-$12.1B	-$11.6B	N/A
Free Cash Flow	$21.6B ▲	$18.7B ▼	$19.7B ▲	$17.9B •	N/A •
Warren's Owner Earnings	$22.8B	$22.0B	$19.3B	$16.8B	N/A

Peers & Industry

No auto-detected peers for Credit Services. You can manually compare V 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)

54.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

20.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$18.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+20.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Ryan McInerney

CEO & Director

Age 50

Pay: $7,129,213

0.036% of net income

Christopher Suh

Chief Financial Officer

Age 55

Pay: $3,148,478

0.016% of net income

Rajat Taneja

President of Technology

Age 61

Pay: $4,600,880

0.023% of net income

Oliver Jenkyn

Group President of Global Markets

Age 52

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.70%	160,975,832
Blackrock Inc.	8.44%	140,150,489
State Street Corporation	4.99%	82,798,151
Morgan Stanley	2.82%	46,863,081
FMR, LLC	2.81%	46,710,505
Geode Capital Management, LLC	2.65%	44,042,586
Price (T.Rowe) Associates Inc	2.48%	41,092,294
TCI Fund Management Ltd	1.67%	27,724,233

Risk Analysis

Beta (Market Risk)

0.78

Low volatility — more stable than the market

Short Interest

1.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.67x

Conservative balance sheet — low financial risk

Current Ratio

1.09x

Adequate liquidity

52-Week Price Range

Low: $293.89 Current: $328.18 High: $375.51

Currently at 42% of 52-week range

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