Mastercard Incorporated +

Mastercard Incorporated

Company

Ticker

AXP

PYPL

Headquarter

Purchase ,NY

San Francisco ,CA

New York City ,NY

San Jose ,CA

CEO

Michael Miebach

Ryan McInerney

Stephen Joseph Squeri

Jamie S. Miller

Industry

Financial - Credit Services

Stock Price

Market Cap

$461.58 B

$617.24 B

$212.79 B

$43.24 B

Employees

Years

2024
2025
2026

2023
2024
2025

2024
2025
2026

2024
2025
2026

Employees

33.40 K
35.30 K
39.80 K

28.80 K
31.60 K
34.10 K

74.60 K
75.10 K
76.80 K

27.20 K
24.40 K
23.80 K

Y/Y

11.71%

5.69%

12.75%

8.68%

9.72%

7.91%

3.49%

0.67%

2.26%

9.03%

10.29%

2.46%

Income Statement

Revenue

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Revenue

$25.10 B
$28.17 B
$32.79 B

$32.65 B
$35.93 B
$40.00 B

$67.36 B
$74.20 B
$80.46 B

$29.77 B
$31.80 B
$33.34 B

Y/Y

12.87%

12.23%

16.42%

11.41%

10.02%

11.34%

21.1%

10.15%

8.44%

8.19%

6.81%

4.85%

Revenue by Products / Services

Years

2025

2025

2025

2025

Revenue by Geography

Years

2025

2025

2025

2025

Research and Development

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Research and Development

$2.97 B
$2.98 B
$3.10 B

Y/Y

8.61%

0.2%

4.06%

Operating Income

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income

$14.01 B
$15.58 B
$19.40 B

$21.00 B
$23.60 B
$26.56 B

$10.51 B
$12.90 B
$16.60 B

$5.03 B
$5.33 B
$6.57 B

Y/Y

14.22%

11.24%

24.51%

11.62%

12.36%

12.55%

9.68%

22.66%

28.76%

31.04%

5.91%

23.34%

Tax Rate (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Tax Rate (%)

17.92%
15.60%
19.43%

17.89%
17.45%
17.10%

20.35%
21.45%
21.47%

21.53%
22.18%
16.83%

Y/Y

16.66%

12.93%

24.54%

2.07%

2.48%

2.03%

5.83%

5.43%

0.1%

23.47%

3.02%

24.12%

Net Income

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income

$11.20 B
$12.87 B
$14.97 B

$17.27 B
$19.74 B
$20.06 B

$8.37 B
$10.13 B
$10.78 B

$4.25 B
$4.15 B
$5.23 B

Y/Y

12.74%

15%

16.27%

15.48%

14.3%

1.6%

11.45%

20.96%

6.38%

75.53%

2.33%

26.19%

Revenue Per Employee

Years

2024
2025
2026

2023
2024
2025

2024
2025
2026

2024
2025
2026

Revenue Per Employee

$843.32 K
$928.92 K
-

$1.13 M
$1.14 M
$1.17 M

$994.65 K
$1.07 M
-

$1.17 M
$1.37 M
-

Y/Y

0.47%

10.15%

100%

2.51%

0.27%

3.18%

14.14%

7.72%

100%

17.41%

16.88%

100%

Net Income Per Employee

Years

2024
2025
2026

2023
2024
2025

2024
2025
2026

2024
2025
2026

Net Income Per Employee

$385.45 K
$424.02 K
-

$599.76 K
$624.78 K
$588.21 K

$135.78 K
$143.48 K
-

$152.46 K
$214.47 K
-

Y/Y

2.95%

10.01%

100%

6.26%

4.17%

5.85%

25.34%

5.67%

100%

7.36%

40.67%

100%

Assets & Liabilities | Cash Flow

Total Assets

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Assets

$42.45 B
$48.08 B
$54.16 B

$90.50 B
$94.51 B
$99.63 B

$261.11 B
$271.46 B
$300.05 B

$82.17 B
$81.61 B
$80.17 B

Y/Y

9.62%

13.27%

12.64%

5.85%

4.43%

5.41%

14.34%

3.97%

10.53%

4.5%

0.68%

1.76%

Total Liabilities

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Total Liabilities

$35.45 B
$41.57 B
$46.41 B

$51.77 B
$55.37 B
$61.72 B

$233.05 B
$241.20 B
$266.58 B

$61.12 B
$61.19 B
$59.92 B

Y/Y

9.6%

17.25%

11.66%

3.7%

6.97%

11.46%

14.44%

3.5%

10.52%

4.74%

0.13%

2.09%

Capital Expenditures (Capex)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Capital Expenditures (Capex)

-$371.00 M
-$474.00 M
-$489.00 M

-$1.06 B
-$1.26 B
-$1.48 B

-$1.56 B
-$1.91 B
-

-$623.00 M
-$683.00 M
-$852.00 M

Y/Y

66.18%

27.76%

3.16%

9.18%

18.7%

17.9%

15.74%

22.26%

100%

11.76%

9.63%

24.74%

Profitability

Operating Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Operating Income Margin (%)

55.81%
55.32%
59.17%

64.31%
65.68%
59.99%

15.61%
17.38%
20.64%

16.89%
16.75%
19.70%

Y/Y

1.2%

0.88%

6.95%

0.2%

2.12%

8.67%

9.43%

11.36%

18.74%

21.12%

0.84%

17.64%

Net Income Margin (%)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Net Income Margin (%)

44.61%
45.71%
45.65%

52.90%
54.95%
50.15%

12.43%
13.65%
13.39%

14.26%
13.04%
15.70%

Y/Y

0.11%

2.47%

0.13%

3.66%

3.89%

8.75%

7.98%

9.81%

1.9%

62.24%

8.55%

20.35%

EBITDA

2022	12953000000.00
2023	15013000000.00
2024	16797000000.00
2025	20443000000.00

2022	19535000000.00
2023	22624000000.00
2024	25591000000.00
2025	26003000000.00

2022	11211000000.00
2023	12164000000.00
2024	14571000000.00
2025	16604000000.00

2022	4987000000.00
2023	6830000000.00
2024	6743000000.00
2025	7696000000.00

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

EBITDA

$15.01 B
$16.80 B
$20.44 B

$22.62 B
$25.59 B
$26.00 B

$12.16 B
$14.57 B
$16.60 B

$6.83 B
$6.74 B
$7.70 B

Y/Y

15.9%

11.88%

21.71%

15.81%

13.11%

1.61%

8.5%

19.79%

13.95%

36.96%

1.27%

14.13%

Free Cash Flow (FCF)

2022	10098000000.00
2023	11609000000.00
2024	14306000000.00
2025	17159000000.00

2022	17879000000.00
2023	19696000000.00
2024	18693000000.00
2025	21577000000.00

2022	19224000000.00
2023	16996000000.00
2024	12139000000.00
2025	18428000000.00

2022	5107000000.00
2023	4220000000.00
2024	6767000000.00
2025	5564000000.00

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Free Cash Flow (FCF)

$11.61 B
$14.31 B
$17.16 B

$19.70 B
$18.69 B
$21.58 B

$17.00 B
$12.14 B
$18.43 B

$4.22 B
$6.77 B
$5.56 B

Y/Y

14.96%

23.23%

19.94%

10.16%

5.09%

15.43%

11.59%

28.58%

51.81%

17.37%

60.36%

17.78%

Ratios

Return on Equity (ROE)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Equity (ROE)

161.57%
198.52%
0.00%

44.60%
50.45%
52.91%

29.85%
33.47%
32.19%

20.17%
20.31%
25.83%

Y/Y

2.47%

22.87%

100%

6.09%

13.12%

4.89%

1.85%

12.14%

3.82%

69.05%

0.7%

27.19%

Return on Assets (ROA)

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Return on Assets (ROA)

26.37%
26.78%
0.00%

19.09%
20.89%
20.13%

3.21%
3.73%
3.59%

5.17%
5.08%
6.53%

Y/Y

2.85%

1.53%

100%

9.11%

9.45%

3.62%

2.53%

16.34%

3.76%

67.96%

1.67%

28.45%

Debt to Equity

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Debt to Equity

226.31%
281.05%
245.57%

52.83%
53.24%
66.40%

175.21%
168.81%
172.55%

45.96%
48.39%
49.30%

Y/Y

1.64%

24.19%

12.62%

16.27%

0.77%

24.72%

1.42%

3.65%

2.21%

10.54%

5.27%

1.9%

Valuation

Enterprise Value

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value

$409.72 B
$496.86 B
$0.00

$484.27 B
$566.73 B
$666.24 B

$140.32 B
$222.15 B
$267.08 B

$68.33 B
$93.12 B
$57.92 B

Y/Y

19.24%

21.27%

100%

25.39%

17.03%

17.56%

15.64%

58.31%

20.23%

19.45%

36.28%

37.8%

Enterprise value to Revenue

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to Revenue

16.32
17.64
0.00

14.83
15.78
16.66

2.08
2.99
3.32

2.30
2.93
1.75

Y/Y

5.64%

8.06%

100%

12.55%

6.37%

5.58%

4.51%

43.72%

10.87%

25.55%

27.6%

40.38%

Enterprise value to EBITDA

Years

2023
2024
2025

2023
2024
2025

2023
2024
2025

2023
2024
2025

Enterprise value to EBITDA

27.29
29.58
0.00

21.40
22.15
25.62

11.54
15.25
16.09

10.00
13.81
9.55

Y/Y

2.88%

8.39%

100%

8.27%

3.46%

15.69%

6.58%

32.16%

5.51%

41.19%

38.04%

30.84%

Mastercard Incorporated Competitors & Alternatives

Income Statement

Assets & Liabilities | Cash Flow

Profitability

Ratios

Valuation

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