Mastercard Incorporated

M4I.F · Financial Services · Credit Services · Valued as of 2026-11-05 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

213.99B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

159.84B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

440.07B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

271.30B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

484.25B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.56×

the ratio the screener ranks by

Margin of Safety

-78.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 213.99B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)184.50B USD
−②Net Debt Today0 USD
+③Growth Value29.50B USD
=Value213.99B USD

EPV of the Operations (NOPAT over WACC)

184.50B USD

Net debt today

0 USD

Growth Value

+29.50B USD

Value

213.99B USD

①EPV (Earnings Power Value)

184.50B USD

②Net Debt Today

0 USD

③Growth Value

29.50B USD

Market value

Market Cap484.25B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-126.3%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 159.84B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE146.61B USD
+②Equity at Year 15, Today13.23B USD
=Value159.84B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

146.61B USD

②Equity at Year 15, Today

13.23B USD

Market value

Market Cap484.25B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-203.0%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 440.07B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF383.60B USD
+②Invested Capital at Year 15, Today56.47B USD
−③Net Debt Today0 USD
=Value440.07B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

383.60B USD

②Invested Capital at Year 15, Today

56.47B USD

③Net Debt Today

0 USD

Market value

Market Cap484.25B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-10.0%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 8.59%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.73×Market Risk Premium 6.00%= 8.91%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 3.61B USDPretax Income 18.60B USD= 19.43%

The tax the interest saves.

Interest Expense =EBIT 19,319.30M USD−Pretax Income 18,596.58M USD= 722.72M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 722.72M USDTotal Debt 24.67B USD×(1 − Tax Rate for WACC 19.43%)= 2.36%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 24.67B USDMarket Cap + Total Debt 484.25B USD + 24.67B USD= 4.85%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 95.15%×Cost of Equity 8.91%+Debt Weight 4.85%×Cost of Debt 2.36%= 8.59%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 57.75B USD − Total Liabilities 52.14B USD = Book Value Today 5.61B USD

Net debt today 0: a bank's debt is the money it lends on, not how the business is financed.

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-6.0%at most 5%passes878,000,000 / 934,000,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets4.6%at least -10.0%passes(17.67B USD − 14.98B USD) ÷ 57.75B USD
Price to bookMarket Cap ÷ Book Value Today86.29×at most 3×does not pass484.25B USD ÷ 5.61B USD
Operating marginOperating Income ÷ Revenue59.5%above 10.0%passes19.53B USD ÷ 32.82B USD
Revenue growthRevenue ÷ Revenue a Year Before − 116.4%above 10.0%passes32.82B USD / 28.20B USD
Net cash(Cash − Total Debt) ÷ Market Cap-2.8%above -30%passes(11.30B USD − 24.67B USD) ÷ 484.25B USD
Operating efficiencyOperating Income ÷ Gross Profit76.4%above 25.0%passes19.53B USD ÷ 25.57B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

492.09 EUR

Enterprise value

440.87B EUR

the provider's own figure

EV / EBITDA

19.84×

Price / book

89.26×

the provider's book

Price / earnings

30.94×

Return on equity

241.2%

the provider's figure, not this page's

Profit margin

46.3%

Revenue growth

14.1%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

22.26B25.12B28.20B32.82B

Gross profit

16.99B19.10B21.52B25.57B

Operating income

12.73B14.64B16.34B19.53B

EBITDA

operating income before depreciation and amortisation

12.97B15.03B16.81B20.46B

Pretax income

11.74B13.65B15.27B18.60B

Net income

9.94B11.21B12.89B14.98B

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

10.40B11.54B13.26B15.29B

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

38.76B42.49B48.13B54.21B

Total liabilities

32.38B35.49B41.61B46.46B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

6.30B6.94B6.49B7.74B

Total debt

14.04B15.70B18.24B19.02B

Cash and equivalents

7.02B8.60B8.45B10.58B

Net PP&E

fixed assets after depreciation

2.01B2.06B2.14B2.31B

Working capital

current assets less current liabilities

2.44B2.70B504.50M796.80M
Cash flow (USD)2022202320242025

Operating cash flow

11.21B11.99B14.79B17.67B

Capital expenditure

paid out, so below zero

-1.10B-1.09B-1.20B-1.22B

Depreciation and amortisation

750.75M799.80M897.90M1.14B

Free cash flow

operating cash flow plus capital expenditure

10.11B10.90B13.60B16.45B