# Mastercard Incorporated (MA)

> Source: Nexqual · https://nexqual.com/MA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Mastercard Incorporated (MA), nexqual.com/MA" · informational, not investment advice.

**Price:** USD 633.21 (+1.70% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 622.62 · day 623.88–633.29 · 52w 464.52–633.29 · market cap $555B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.1B, net income $16.3B (46.3% margin), free cash flow $16.7B (SEC filings).
- 22 of 80 tracked superinvestors hold MA (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 5 added, 10 reduced, 5 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $65.3M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 5 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (40 analysts), mean target USD 674.93 (range 550–765).
- Total return with dividends: 1Y +11.1% vs S&P 500 +14.9%; 5Y +81.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 5.17, revenue estimate $9.65B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $29.8B | $22.2B | $25.1B | $28.2B | $32.8B | $35.1B |
| Operating income | $10.1B | $12.3B | $14.0B | $15.6B | $18.9B | $20.5B |
| Net income | $8.69B | $9.93B | $11.2B | $12.9B | $15.0B | $16.3B |
| EPS (diluted) | $8.76 | $10.22 | $11.83 | $13.89 | $16.52 | — |
| Free cash flow | $9.06B | $10.8B | $11.6B | $14.3B | $17.2B | $16.7B |
| Operating margin | 33.8% | 55.2% | 55.8% | 55.3% | 57.6% | 58.3% |
| Net margin | 29.1% | 44.7% | 44.6% | 45.7% | 45.6% | 46.3% |
| Revenue growth | +26.4% | -25.5% | +12.9% | +12.2% | +16.4% | — |
| Cash + short-term investments | $7.42B | $7.01B | $8.59B | $8.44B | $10.6B | — |
| Total debt | $13.9B | $14.0B | $15.7B | $18.2B | $19.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 34.6x, Dec 2024 37.9x, Dec 2023 36.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
22 of 80 tracked investors hold MA (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Chuck Akre | Akre Capital Management | 20.01% | $1.02B | Reduced -12.8% | Q2 2026 |
| Valley Forge Capital | Valley Forge Capital Management | 17.57% | $547M | Reduced -28.3% | Q2 2026 |
| Guy Spier | Aquamarine Capital | 14.26% | $20.5M | Unchanged | Q2 2026 |
| AltaRock Partners |  | 9.26% | $393M | Added +46.2% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 8.76% | $782M | Reduced -2.1% | Q2 2026 |
| Triple Frond Partners |  | 8.04% | $90.1M | Unchanged | Q2 2026 |
| Vulcan Value Partners |  | 7.86% | $258M | Added +31.3% | Q2 2026 |
| Bill Ackman | Pershing Square | 5.61% | $1.09B | New position | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 5.17% | $74.7M | Reduced -1.1% | Q2 2026 |
| Polen Capital | Polen Capital Management | 5.05% | $587M | Reduced -25.9% | Q2 2026 |
| Terry Smith | Fundsmith | 4.69% | $639M | New position | Q2 2026 |
| Jensen Investment Management |  | 4.33% | $179M | Reduced -29.2% | Q2 2026 |
| AKO Capital |  | 2.27% | $97.6M | Added +22.1% | Q2 2026 |
| John Armitage | Egerton Capital | 1.95% | $192M | Reduced -4.3% | Q3 2026 |
| Thomas Gayner | Markel Group | 0.81% | $107M | Unchanged | Q2 2026 |
| Francois Rochon | Giverny Capital | 0.50% | $14.8M | Added +2.7% | Q2 2026 |
| Van Den Berg Management I |  | 0.17% | $798K | Reduced -2.2% | Q2 2026 |
| Yacktman Asset Management |  | 0.07% | $6.0M | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.07% | $51.9M | Reduced -14.9% | Q2 2026 |
| Christopher Bloomstran | Semper Augustus | 0.04% | $338K | Unchanged | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $602K | Added +177.7% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | <0.01% | $203K | Reduced -24.0% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
15 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Ling Hai | Chief Financial Officer | 4,317 | $2.7M | 10.8% | Yes | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-10-09…2026-10-12 | Genachowski Julius | Director | 741 | $435K | 6.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-02 | Sachin J. Mehra | Chief Business Officer | 3,266 | $1.9M | 8.2% | Yes | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-08-31 | Kirkpatrick Linda Pistecchia | Chief Services Officer | 923 | $548K | 3.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19…2026-08-20 | Sachin J. Mehra | Chief Business Officer | 8,444 | $4.9M | 17.5% | Yes | Routine (sold in Aug each year 2023–2025) |
| 2026-08-17 | Kirkpatrick Linda Pistecchia | Chief Services Officer | 1,191 | $673K | 3.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-05 | Sachin J. Mehra | Chief Business Officer | 3,000 | $1.7M | 6.8% | Yes | Routine (sold in Aug each year 2023–2025) |
| 2026-08-05 | Miebach Michael | President & CEO | 15,372 | $8.8M | 14.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Kirkpatrick Linda Pistecchia | Chief Services Officer | 4,280 | $2.4M | 12.1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-31…2026-08-03 | Miebach Michael | President & CEO | 33,256 | $19.1M | 23.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | McLaughlin Edward Grunde | President & CTO, MA Tech | 19,800 | $10.6M | 33.8% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-14…2026-07-15 | Arkell Sandra A | Controller | 344 | $186K | 11% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-06…2026-07-07 | Arkell Sandra A | Controller | 400 | $216K | 11.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-01…2026-07-02 | Seshadri Raj | Chief Commercial Pmts Officer | 6,805 | $3.6M | 29.3% | Yes | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-07-01 | McLaughlin Edward Grunde | President & CTO, MA Tech | 14,260 | $7.5M | 26.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 40 analysts; mean target USD 674.93 (low 550, high 765).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Baird | Target raised | Outperform | $660 → $710 |
| 2026-08-31 | RBC Capital | Target raised | Outperform | $642 → $696 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $680 → $740 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $554 → $633 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Overweight | $650 → $695 |
| 2026-07-31 | UBS | Target raised | Buy | $640 → $670 |
| 2026-07-31 | Macquarie | Target raised | Outperform | $665 → $670 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $629 → $642 |
| 2026-07-31 | Morgan Stanley | Target raised | Overweight | $679 → $681 |
| 2026-07-31 | TD Cowen | Target raised | Buy | $664 → $667 |
| 2026-07-31 | Barclays | Target raised | Overweight | $640 → $660 |
| 2026-07-31 | Keybanc | Target raised | Overweight | $670 → $680 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.1% | +81.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.1% | +12.7% |
| Volatility (annualized) | 22.6% | 22.4% |
| Max drawdown | -18.5% (Jan 2026→Jun 2026) | -25.4% (Jan 2022→Sep 2022) |

## Peers
V (Visa Inc.) USD 414.34 +1.59% · AXP (American Express Company) USD 325.17 +0.48% · PYPL (PayPal Holdings, Inc.) USD 57.54 +0.59% · CRM (Salesforce, Inc.) USD 250.29 +3.52% · GS (Goldman Sachs Group, Inc. (The)) USD 891.3 -1.48%

## More
Full page: https://nexqual.com/MA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MA's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Visa (V) | "We compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others." |

Other companies that name MA in their own reports (relationship from MA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BILL Holdings, Inc. (BILL) | 10-K 2026-08-20 | "We are contractually obligated to comply with consumer protection laws and regulations applicable to our product offerings and customer base, as well as with Visa, Mastercard, and American Express rul…" |
| competitor | Wise Group plc (WSE) | 20-F 2026-06-25 | "We also compete with payment networks, such as Visa and Mastercard, and legacy foreign exchange businesses." |
| partner | PicS N.V. (PICS) | 20-F 2026-04-30 | "and processed under the Strategic Alliance and Incentive Program Agreement entered into with Mastercard Brazil." |
| partner | TURKCELL ILETISIM HIZMETLERI A S (TKC) | 20-F 2026-04-17 | "To bolster its card issuance capabilities, Paycell has established long-term strategic partnerships with Visa, Mastercard, and TROY (by the Interbank Card Center)." |
| supplier | Banco BBVA Argentina S.A. (BBAR) | 20-F 2026-04-09 | "This means that customers can register their Visa and/or Mastercard cards with Apple Pay or Google Pay directly from Glomo." |
| partner | Nu Holdings Ltd. (NU) | 20-F 2026-04-08 | "Our alliances with Arcus, by Mastercard, which began on March 12, 2024, represent significant" |
| supplier | Navan, Inc. (NAVN) | 10-K 2026-04-02 | "This ultimately underpinned the launch of Navan Connect, which allows customers and travelers to port any enrolled corporate Mastercard® or Visa® card into our Expense Management offering, including t…" |
| partner | ALPHA MODUS HOLDINGS, INC. (AMOD) | 10-K 2026-03-31 | "- In 2026, Alpha Modus announced a collaboration with Mastercard to support elements of its financial services infrastructure through" |
| partner | Gemini Space Station, Inc. (GEMI) | 10-K 2026-03-31 | "And in 2022, we launched the Gemini Credit Card® in partnership with Mastercard to offer instantaneous crypto rewards with no annual or exchange fees—one of the only credit cards of its kind." |
| partner | XBP Global Holdings, Inc. (XBPEW) | 10-K 2026-03-31 | "This product was developed in cooperation with a key partner, Mastercard, and was approved in 2020 by Pay.UK, the operator and standards body for the U.K.'s interbank retail payment systems." |
| partner | T Stamp Inc (IDAI) | 10-K 2026-03-31 | "•The global market for Microfinance is estimated at $250.4 billion in the year 2024, and is projected to reach $506 billion by 2030 according to the 2025 report titled "Microfinance - Global Market Tr…" |
| partner | DILLARD'S, INC. (DDS) | 10-K 2026-03-27 | "Under the Citibank Alliance, Citi establishes, owns and manages Dillard's private label credit cards, including a new co-branded Mastercard Incorporated card ("Mastercard," collectively, the "private …" |
| partner | Finwise Bancorp (FINW) | 10-K 2026-03-23 | "As a result of this partnership, FinWise issued two Mastercard co-branded credit cards and purchased an existing credit card portfolio." |
| supplier | Usio, Inc. (USIO) | 10-K 2026-03-18 | "If we are unable to find a replacement financial institution to provide sponsorship or become a member of the association, we may no longer be able to provide prepaid processing services to our Master…" |
| supplier | Joint Stock Co Kaspi.kz (KSPI) | 20-F 2026-03-16 | "When using third-party payments platforms or networks (e.g., Visa/Mastercard), the Group is an agent for the payment processing services to retail customers (debit card holders) and, therefore, revenu…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Payment network | $5.45B | 58.8% | +10.2% |
| Value-added services and solutions | $3.83B | 41.2% | +20.0% |
| Total revenue | $9.28B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific, Europe, Middle East and Africa | $5.28B | 56.9% | +11.7% |
| Americas 1 | $4.00B | 43.1% | +17.4% |
| Total revenue | $9.28B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.17 | $5.11 | +1.2% | $9.65B | 31 |
| Next quarter (ends 2026-12-31) | $5.18 | $5.21 | -0.6% | $9.97B | 30 |
| Current fiscal year (ends 2026-12-31) | $19.95 | $19.66 | +1.5% | $37.28B | 38 |
| Next fiscal year (ends 2027-12-31) | $23.07 | $22.79 | +1.2% | $41.98B | 39 |