Visa (V)
Financials · $689B market cap · SEC CIK 0001403161
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $3.50 in earnings per share.
The case for V
- Earns 61% on shareholder equity.
- 51% of revenue drops through to net profit.
- Revenue growing 14.4% year over year.
- Has compounded revenue at 12.9% a year over five years.
- Gross margin of 80% absorbs cost shocks.
The case against
- Pricey at 30.5× earnings, against a long-run market average nearer 20×.
- Priced at 15.5× sales, which leaves no room for a stumble.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 21 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 68 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 94 |
| Momentumhow the price has behaved lately | 69 |
| Stabilityhow violently it moves, what it owes and what it pays you | 62 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 30.5× |
|---|---|
| Price / book | 18.38× |
| Price / sales | 15.5× |
| Revenue growth (YoY) | +14.4% |
| EPS growth (YoY) | +14.7% |
| Gross margin | 80% |
| Operating margin | 61% |
| Net margin | 51% |
| Return on equity | 61% |
| Debt / equity | 0.68× |
| Current ratio | 0.99 |
| Dividend yield | 0.82% |
| Beta | 0.83 |
| 52-week range | $293.89 – $385.57 |
| Position in that range | 74% of the way up |
| 3-month return | +13.1% |
| 1-year return | +8.3% |
Five years of financials, as filed
Pulled from Visa's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $40.0B | $35.9B | $32.7B | $29.3B | $24.1B |
| Operating income | $24.0B | $23.6B | $21.0B | $18.8B | $15.8B |
| Net income | $20.1B | $19.7B | $17.3B | $15.0B | $12.3B |
| Operating cash flow | $23.1B | $19.9B | $20.8B | $18.8B | $15.2B |
| Capital expenditure | $1.5B | $1.3B | $1.1B | $970M | $705M |
| Total assets | $96.8B | $91.9B | $91.4B | $85.4B | $81.9B |
| Total liabilities | $58.0B | $53.6B | $51.7B | $48.5B | $45.7B |
| Cash | $14.8B | $12.4B | $13.6B | $13.3B | $14.7B |
| Long-term debt | $19.6B | $16.7B | $20.7B | $20.5B | $17.7B |
| Free cash flow | $21.6B | $18.7B | $19.7B | $17.9B | $14.5B |
| Operating margin | 60.0% | 65.7% | 64.3% | 64.2% | 65.6% |
| Net margin | 50.1% | 55.0% | 52.9% | 51.0% | 51.1% |
What Visa says it does
OVERVIEW Visa is one of the world’s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa’s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the "four-party" model. Please see Our Core Business discussion below. As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets, a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for…
Risk factors V lists in its 10-K
- We are subject to complex and evolving global regulations that could harm our business and financial results
- Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India
- Laws and regulations regarding the handling of personal data, including laws and regulations related to privacy, cybersecurity and AI, may impede our services or result in increased costs, legal claims or fines against us
- We may be subject to tax examinations or disputes, or changes in tax laws
- We may be adversely affected by the outcome of litigation or investigations
- Note 5—U.S. and Europe Retrospective Responsibility Plans
- We face intense competition in our industry
- Our net revenue and profits are dependent on our client and seller base, which may be costly to win, retain and develop
- Sellers’ and processors’ continued push to lower acceptance costs and challenge industry practices could harm our business
- We depend on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties
- Our business could be harmed if we are not able to maintain and enhance our brand, if events occur that have the potential to damage our brand or reputation, or if we experience brand disintermediation
- Global economic, political, market, health and social events or conditions may harm our business
- Our ability to adjust to evolving corporate responsibility and sustainability (CRS) matters and related regulations could adversely affect our business and financial results or negatively impact our reputation
- Our indemnification obligation to fund settlement losses of our clients exposes us to significant risk of loss and may reduce our liquidity