Mastercard (MA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $509.9B, Mastercard's free cash flow of $17.2B (fiscal 2025) would need to grow about 10% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Mastercard's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from MA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Mastercard's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $18.9B | $22.2B | $25.1B | $28.2B | $32.8B |
| Net income | $8.7B | $9.9B | $11.2B | $12.9B | $15.0B |
| Free cash flow | $9.1B | $10.8B | $11.6B | $14.3B | $17.2B |
| EPS (diluted) | $8.76 | $10.22 | $11.83 | $13.89 | $16.52 |
| Operating margin | 53.4% | 55.2% | 55.8% | 55.3% | 57.6% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own MA
From each investor's latest 13F filing (what a 13F shows). 19 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Boykin Curry Eagle Capital Management |
Added | $1.4B | 4.2% | Q2 2026 |
| Chuck Akre Akre Capital Management |
Trimmed | $1.0B | 20.0% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $498M | 0.17% | Q2 2026 |
| Mark Massey AltaRock Partners LP |
Added | $393M | 9.3% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Added | $336M | 0.20% | Q2 2026 |
| C.T. Fitzpatrick Vulcan Value Partners |
Added | $258M | 7.9% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $107M | 0.81% | Q2 2026 |
| Sean Stannard-Stockton Ensemble Capital Management |
Trimmed | $94M | 8.0% | Q3 2024 |
| Wallace Weitz Weitz Investment Management |
Trimmed | $75M | 5.2% | Q2 2026 |
| Bill Nygren Harris Associates LP |
Trimmed | $52M | 0.07% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $45M | 0.10% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Trimmed | $41M | 0.06% | Q2 2026 |
Insider buying
Open-market purchases by Mastercard's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 28, 2026 | Shelley Moore Capito |
0 | $483.92 | — |
| Mar 28, 2026 | Shelley Moore Capito |
0 | $483.92 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $514.41 | — |
| Mar 10, 2026 | Ro Khanna |
0 | $514.41 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $498.14 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $498.14 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $521.51 | — |
| Feb 17, 2026 | Ro Khanna |
0 | $521.51 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $551.99 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $551.99 | — |
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In the full deep dive
Questions
What growth does Mastercard's stock price imply?
At a market value of $509.9B, Mastercard would need its free cash flow to grow about 10% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 16% a year.
Are Mastercard insiders buying the stock?
10 open-market insider purchases of MA in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Mastercard?
19 of the superinvestors Investingly tracks hold MA in their latest 13F, including Boykin Curry, Chuck Akre, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.