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Mastercard Incorporated MA

Financial ServicesFinancial - Credit ServicesNYSE📅 Scored March 7, 2026
Price at analysis: $502.76
Crucible Score
70.5
B
Quality × Value Composite
KQI — Quality
84.7
A
Fundamental Quality Index
KVI — Value
52.4
C-
Valuation Attractiveness Index
Crucible Verdict — MA

Mastercard Incorporated earns a solid B grade driven by exceptional quality metrics across financial strength and management execution, though the 52.4 value score reflects stretched valuation at current levels. MA trades below fair value by 10%, creating a modest entry opportunity for a dominant payments processor with unmatched moat durability. Watch for continued earnings consistency to justify premium multiples.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality
85.8
Growth Profile
74.3
Moat Durability⚠
78.9
Management Effectiveness
86.5
Diversification & Resilience
79.8
Market Position
85.0
Weakest dimension: Growth Profile (74.3)

◆ KVI Value Dimensions

DCF Margin of Safety
53.7
FCF Yield & Cash Returns
42.5
Relative Valuation
49.0
Growth-Adjusted Value
56.5
Historical Valuation
92.4
Macro Context
5.0

◆ DCF Valuation Scenarios

Bear Case
$390.12
Base Case
$555.40
Bull Case
$748.95
Price at Analysis
$502.76
ScenarioFair ValueRev CAGR (5yr)Terminal MarginWACC
🔴 Bear$390.128.0%53.0%9.2%
🟢 Base$555.4011.0%57.0%8.7%
🟢 Bull$748.9514.0%61.0%8.2%
Key Assumptions: Revenue growth anchored to 5-year historical CAGR of ~14.8%, with base case moderating to 11% reflecting maturation of core payment volumes and cross-border recovery normalization. Operating margins sustained in the 53-61% range reflecting MA's asset-light network model with high incremental margins; D&A remains low at ~1.5% of revenue. Tax rate normalized at 17% based on trailing average, and capex intensity kept at ~1.8% consistent with recent years, reflecting minimal capital requirements for a technology-driven payments network.

◆ Financial Snapshot

Profitability

Gross Margin83.4%
Operating Margin59.2%
Net Margin45.6%
ROIC47.8%
ROE1.3%

Balance Sheet

Balance SheetCR: 1.03
Cash ConversionFCF/EPS: 1.14x
Capital IntensityCapex/Rev: 1.5%
Altman Z-Score9.97 (Safe)
Piotroski F-Score8/9 (Strong)

Growth

Revenue CAGR14.8% CAGR
Earnings CAGR14.6% CAGR
Growth ConsistencyCV: 0.65
Segment Breadth6/7 growing (86%)
Quarterly TrendMargin↑, Exp↓
Earnings CredibilityConsistent Beater

◆ Revenue Breakdown — FY2025

By Segment

Payment Network59.4%
Value-Added Services And Solutions40.6%

By Geography

International Markets57.2%
Americas42.8%
Total Revenue
$32.8B
Fiscal Year 2025

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$654.92
Analysts Covering (Quarter)12
Avg Target (Last Year)$659.29
Analysts (Year)24

Leadership & Governance

CEOMichael Miebach · 5 years
CEO Ownership23.9%
Compensation97% performance-based
Insider ActivitySelling
Capital AllocationROIC 47.8% vs WACC 3.0%
Earnings Beat Rate100% (22/22)

◆ Company Profile

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers other payment-related products and services.

CEO
Michael Miebach
Employees
35300
Headquarters
Purchase, NY, US
IPO Date
May 25, 2006
Exchange
NYSE

◆ Related Companies in Our Universe

Other Financial Services companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+
MethodologyAll ScoresCrucible BriefsPerformance@KaladinCI

Analysis conducted March 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.

© 2026 Kaladin Capital Intelligence — Conviction Through Scrutiny