Mastercard Inc. (MA) intrinsic value & 10-year financials
Mastercard Inc. (MA) has a Graham intrinsic value of $548.72 per share. At $617.42 on Oct 17, 2026, the stock trades 13% above that value. Over the last 10 fiscal years revenue grew 13.2% a year to $32.8B, with an average return on invested capital of 90.2%.
- Graham intrinsic value
- $548.72
- Share price (Oct 17, 2026)
- $617.42
- Price vs Graham value
- 13% above
- Market cap
- $559.4B
- Revenue (FY2025)
- $32.8B
- Revenue growth (10-yr CAGR)
- 13.2%
- ROIC (10-yr avg)
- 90.2%
- Free cash flow (FY2025)
- $17.2B
MA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $32.8B | $15.0B | $16.52 | $17.2B | 57.6% | 90.2% |
| FY2024 | $28.2B | $12.9B | $13.89 | $14.3B | 55.3% | 83.4% |
| FY2023 | $25.1B | $11.2B | $11.83 | $11.6B | 55.8% | 80.4% |
| FY2022 | $22.2B | $9.9B | $10.22 | $10.8B | 55.2% | 73.2% |
| FY2021 | $29.8B | $8.7B | $8.76 | $9.1B | 33.8% | 70.5% |
| FY2020 | $23.6B | $6.4B | $6.37 | $6.9B | 34.2% | 75.2% |
| FY2019 | $25.0B | $8.1B | $7.94 | $7.8B | 38.7% | 122.8% |
| FY2018 | $21.8B | $5.9B | $5.60 | $5.9B | 33.4% | 118.4% |
| FY2017 | $12.5B | $3.9B | $3.65 | $5.3B | 53.0% | 87.6% |
| FY2016 | $10.8B | $4.1B | $3.69 | $4.3B | 53.5% | 100.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Mastercard is a consistent compounder, expanding top-line revenue at 13.2% annually over the past decade.
Mastercard has earned high returns on invested capital, averaging 90.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Mastercard shows that management has aggressively returned capital to shareholders by retiring 17.7% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Mastercard is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $548.72 per share.