NYSE · Financial Services

Visa Inc.

V · Credit Services

$327.24

▼ -3.14 (-0.95%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 81.3%

Operating Margin 67.3%

Net Income Margin 53.6%

Fin. Health

C⤢

Years to Pay Off Debt 4.0 yrs

Working Capital vs Long-Term Debt -$19.9B

Working Capital $2.5B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 15.46x

Cash Flow

A⤢

Free Cash Flow $2.6B

CapEx % of Net Income 6.4%

Owner Earnings $6.7B

Profitability

Gross Profit Margin 81.3%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 67.3%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 53.6%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 4.0 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$19.9B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $2.5B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $2.6B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 6.4%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $6.7B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $622.3B

Enterprise Value $638.3B

P/E (TTM) 28.55

Dividend Yield 0.79%

Exchange NYSE

Key Margins

Gross Profit 81.3%

Operating Margin 67.3%

Net Margin 53.6%

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 $327.24.

The business passes only 2 of 6 of Graham's defensive criteria — well below his required standard.

At $327.24, the stock trades at a 746% premium to its Graham Number of $38.67. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025
Gross Profit %	81.3%▼	81.7%
Operating Margin %	67.3%▼	68.3%
Net Income %	53.6%▼	53.7%
Diluted EPS	3.14▲	3.03

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q3 2024
Total Assets	$95.0B	$96.8B	N/A
Total Debt	$24.0B▲	$21.2B•	N/A
Working Capital	$2.5B▼	$3.5B•	N/A
Years to Pay Debt	3.98	3.62	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$2.6B▼	$6.4B•	N/A
Owner Earnings	$6.7B	$6.6B	N/A
CapEx % of Net Income	6.4%	6.5%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items	-33,912	-68,250
Tax Rate For Calcs	0	0
Normalized EBITDA	7,896,000	7,771,000
Total Unusual Items	-211,000	-525,000
Total Unusual Items Excluding Goodwill	-211,000	-525,000
Net Income From Continuing Operation Net Minority Interest	6,021,000	5,853,000
Reconciled Depreciation	333,000	326,000
Reconciled Cost Of Revenue	2,101,000	1,997,000
EBITDA	7,685,000	7,246,000
EBIT	7,352,000	6,920,000
Net Interest Income	-178,000	-194,000
Interest Expense	178,000	194,000
Normalized Income	6,198,088	6,309,750
Net Income From Continuing And Discontinued Operation	6,021,000	5,853,000
Total Expenses	3,667,000	3,456,000
Total Operating Income As Reported	7,234,000	6,737,000
Diluted Average Shares	2,141,042	2,159,451
Basic Average Shares	1,899,042	1,913,451
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	5,972,000
Net Income Common Stockholders	5,972,000	5,803,000
Otherunder Preferred Stock Dividend	49,000	50,000
Net Income	6,021,000	5,853,000
Net Income Including Noncontrolling Interests	6,021,000	5,853,000
Net Income Continuous Operations	6,021,000	5,853,000
Tax Provision	1,153,000	873,000
Pretax Income	7,174,000	6,726,000
Other Income Expense	-211,000	-525,000
Special Income Charges	-329,000	-708,000
Other Special Charges	329,000	708,000
Gain On Sale Of Security	118,000	183,000
Net Non Operating Interest Income Expense	-178,000	-194,000
Interest Expense Non Operating	178,000	194,000
Operating Income	7,563,000	7,445,000
Operating Expense	1,566,000	1,459,000
Depreciation Amortization Depletion Income Statement	333,000	326,000
Depreciation And Amortization In Income Statement	333,000	326,000
Selling General And Administration	1,233,000	1,133,000
Selling And Marketing Expense	545,000	410,000
General And Administrative Expense	688,000	723,000
Other Gand A	688,000	723,000
Gross Profit	9,129,000	8,904,000
Cost Of Revenue	2,101,000	1,997,000
Total Revenue	11,230,000	10,901,000
Operating Revenue	14,155,000	13,956,000

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	1,902,129	1,925,267
Share Issued	1,902,129	1,925,267
Net Debt	11,572,000	6,421,000
Total Debt	23,976,000	21,177,000
Tangible Book Value	-13,508,000	-9,323,000
Invested Capital	59,109,000	59,403,000
Working Capital	2,549,000	3,506,000
Net Tangible Assets	-12,980,000	-8,772,000
Common Stock Equity	35,133,000	38,226,000
Preferred Stock Equity	528,000	551,000
Total Capitalization	58,078,000	58,365,000
Total Equity Gross Minority Interest	35,661,000	38,777,000
Stockholders Equity	35,661,000	38,777,000
Other Equity Interest	-44,000	-19,000
Gains Losses Not Affecting Retained Earnings	22,000	247,000
Other Equity Adjustments	-162,000	-245,000
Foreign Currency Translation Adjustments	203,000	512,000
Minimum Pension Liabilities	-24,000	-30,000
Unrealized Gain Loss	5,000	10,000
Retained Earnings	13,122,000	16,018,000
Additional Paid In Capital	22,033,000	21,980,000
Capital Stock	528,000	551,000
Preferred Stock	528,000	551,000
Total Liabilities Net Minority Interest	59,388,000	58,037,000
Total Non Current Liabilities Net Minority Interest	30,312,000	26,546,000
Other Non Current Liabilities	2,002,000	1,717,000
Non Current Deferred Liabilities	5,893,000	5,241,000
Non Current Deferred Taxes Liabilities	5,893,000	5,241,000
Long Term Debt And Capital Lease Obligation	22,417,000	19,588,000
Long Term Debt	22,417,000	19,588,000
Current Liabilities	29,076,000	31,491,000
Other Current Liabilities	15,869,000	14,992,000
Current Debt And Capital Lease Obligation	1,559,000	1,589,000
Current Debt	1,559,000	1,589,000
Other Current Borrowings	1,559,000	1,589,000
Pensionand Other Post Retirement Benefit Plans Current	1,392,000	1,158,000
Payables And Accrued Expenses	10,256,000	13,752,000
Current Accrued Expenses	6,651,000	8,982,000
Payables	3,605,000	4,770,000
Other Payable	3,048,000	4,337,000
Accounts Payable	557,000	433,000
Total Assets	95,049,000	96,814,000
Total Non Current Assets	63,424,000	61,817,000
Other Non Current Assets	9,697,000	9,508,000
Investments And Advances	308,000	484,000
Investmentin Financial Assets	308,000	484,000
Goodwill And Other Intangible Assets	48,641,000	47,549,000
Other Intangible Assets	27,750,000	27,664,000
Goodwill	20,891,000	19,885,000
Net PPE	4,778,000	4,276,000
Accumulated Depreciation			-5,473,000
Gross PPE			9,297,000
Construction In Progress			222,000
Machinery Furniture Equipment			7,961,000
Buildings And Improvements			1,042,000
Land And Improvements			72,000
Current Assets	31,625,000	34,997,000
Other Current Assets	7,214,000	5,145,000
Restricted Cash	4,957,000	7,012,000
Receivables	5,541,000	6,443,000
Other Receivables	2,136,000	3,212,000
Accounts Receivable	3,405,000	3,231,000
Cash Cash Equivalents And Short Term Investments	13,913,000	16,397,000
Other Short Term Investments	1,509,000	1,641,000
Cash And Cash Equivalents	12,404,000	14,756,000

Cash Flow

	2026	2025	2024
Free Cash Flow	2,625,000	6,402,000
Repurchase Of Capital Stock	-7,900,000	-3,725,000
Repayment Of Debt	0	-4,000,000	0
Issuance Of Debt
Capital Expenditure	-383,000	-378,000
Interest Paid Supplemental Data	48,000	213,000
Income Tax Paid Supplemental Data	2,694,000	1,290,000
End Cash Position	18,706,000	23,176,000
Beginning Cash Position	23,176,000	24,987,000
Effect Of Exchange Rate Changes	-190,000	34,000
Changes In Cash	-4,280,000	-1,845,000
Financing Cash Flow	-6,410,000	-8,986,000
Cash Flow From Continuing Financing Activities	-6,410,000	-8,986,000
Net Other Financing Charges	-274,000	-46,000
Proceeds From Stock Option Exercised	55,000	78,000
Cash Dividends Paid	-1,286,000	-1,293,000
Common Stock Dividend Paid	-1,286,000	-1,293,000	-1,170,000
Net Common Stock Issuance	-7,900,000	-3,725,000
Common Stock Payments	-7,900,000	-3,725,000
Net Issuance Payments Of Debt	2,995,000	-4,000,000
Net Long Term Debt Issuance	2,995,000	-4,000,000
Long Term Debt Payments	0	-4,000,000	0
Long Term Debt Issuance
Investing Cash Flow	-878,000	361,000
Cash Flow From Continuing Investing Activities	-878,000	361,000
Net Other Investing Changes	-17,000	19,000
Net Investment Purchase And Sale	227,000	720,000
Sale Of Investment	300,000	725,000
Purchase Of Investment	-73,000	-5,000
Net Business Purchase And Sale	-705,000	0
Purchase Of Business	-705,000	0
Net PPE Purchase And Sale	-383,000	-378,000
Purchase Of PPE	-383,000	-378,000
Operating Cash Flow	3,008,000	6,780,000
Cash Flow From Continuing Operating Activities	3,008,000	6,780,000
Change In Working Capital	-8,313,000	-3,486,000
Change In Other Working Capital	-3,954,000	-3,808,000
Change In Other Current Assets	-1,886,000	35,000
Change In Payables And Accrued Expense	-3,402,000	-585,000
Change In Accrued Expense	-2,028,000	-238,000
Change In Payable	-1,374,000	-347,000
Change In Account Payable	89,000	-114,000
Change In Receivables	929,000	872,000
Changes In Account Receivables	-128,000	-109,000
Other Non Cash Items	4,224,000	4,284,000
Stock Based Compensation	275,000	231,000
Deferred Tax	453,000	-435,000
Deferred Income Tax	453,000	-435,000
Depreciation Amortization Depletion	333,000	326,000
Depreciation And Amortization	333,000	326,000
Operating Gains Losses	15,000	7,000
Earnings Losses From Equity Investments	15,000	7,000
Net Income From Continuing Operations	6,021,000	5,853,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $9.6B ▲ $11.2B +17.1%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 80.4% ▲ 81.3% +0.9pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 78.8% ▲ 67.3% -11.5pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 47.7% ▲ 53.6% +5.9pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$11.2B/qtr (≈$44.9B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.09x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$2.6B

vs Positive

Operating Cash Flow

$3.0B

Latest quarter · Buffett's cash reality check

ROIC

9.1%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

15.2x

Net Assets: $35.7B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

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

0.08%

Low — management has little skin in the game

Return on Equity (ROE)

17.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

6.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$18.3B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+13.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Ryan McInerney

CEO & Director

Age 50

Pay: $7,129,213

0.118% of net income

Christopher Suh

Chief Financial Officer

Age 55

Pay: $3,148,478

0.052% of net income

Rajat Taneja

President of Technology

Age 61

Pay: $4,600,880

0.076% of net income

Oliver Jenkyn

Group President of Global Markets

Age 52

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	8.21%	136,190,947
Vanguard Capital Management LLC	6.45%	107,005,168
State Street Corporation	4.96%	82,306,015
Morgan Stanley	2.77%	45,979,950
FMR, LLC	2.71%	44,908,229
Geode Capital Management, LLC	2.70%	44,883,639
Price (T.Rowe) Associates Inc	2.47%	41,075,869
Vanguard Portfolio Management LLC	2.27%	37,604,815

Risk Analysis

Beta (Market Risk)

0.77

Low volatility — more stable than the market

Short Interest

1.3% 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: $327.24 High: $359.66

Currently at 51% of 52-week range

Visa Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis