V

VISA INC. ↗ website

CIK: 0001403161 · Financial Services / Credit Services · 46d ago

$367.39 -1.25 (-0.34%)

Market Cap $686B P/E 31.2 P/B 19.5 Div Yield 0.73% 52W $294 – $386

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Growth

Compounded Sales Growth

10 Years	11%
5 Years	13%
3 Years	11%
TTM	14%

Compounded Profit Growth

10 Years	12%
5 Years	13%
3 Years	10%
TTM	12%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	34%
5 Years	43%
3 Years	49%
Last Year	51%

Return on Equity

10 Years	36%
5 Years	45%
3 Years	49%
Last Year	53%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	99%
5 Years	104%
3 Years	107%
Last Year	119%

Performance

Stock Price CAGR

10 Years	17%
5 Years	11%
3 Years	18%
1 Year	8%

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
Operating cash flow	6,584	5,574	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059
Reinvested in the business	5077.7%	9,605172.3%	1,00910.8%	9147.1%	1,45511.4%	8137.8%	7805.1%	2,91815.5%	1,0595.1%	2,17210.9%	2,36910.3%
−Capex	4146.3%	5239.4%	7077.6%	7185.5%	7565.9%	7367.0%	7054.6%	9705.1%	1,0595.1%	1,2576.3%	1,4826.4%
−Acquisitions	931.4%	9,082162.9%	3023.2%	1961.5%	6995.5%	770.7%	750.5%	1,94810.3%	00.0%	9154.6%	8873.8%
R&D expense (memo, in opex)	—	—	—	—	—	—	—	—	—	—	—
Free cash flow	6,170	5,051	8,610	12,223	12,028	9,704	14,522	17,879	19,696	18,693	21,577
Returned to shareholders	4,08766.2%	1,35026.7%	8,47098.4%	9,11074.5%	10,87690.4%	10,778111.1%	11,47479.0%	14,79282.7%	15,85280.5%	20,930112.0%	22,950106.4%
−Dividends	1,17719.1%	1,35026.7%	1,57918.3%	1,91815.7%	2,26918.9%	2,66427.5%	2,79819.3%	3,20317.9%	3,75119.0%	4,21722.6%	4,63421.5%
−Buybacks	2,91047.2%	—	6,89180.0%	7,19258.8%	8,60771.6%	8,11483.6%	8,67659.7%	11,58964.8%	12,10161.4%	16,71389.4%	18,31684.9%
Change in total debt	N/A	15,882	2,485	-1,737	99	10,340	-5,093	474	-1,987	373	4,335
Cash left over	N/A	10,501	2,323	1,180	552	9,189	-2,120	1,613	1,857	-2,779	2,075
NOPAT	6,377	5,895	6,957	10,420	12,175	11,095	12,112	15,515	17,243	19,478	19,892
Invested capital (ops)	2,608	2,988	3,206	3,497	4,081	4,181	4,417	4,903	5,341	5,906	6,807
Reinvestment rate %	N/A	6.4%	3.1%	2.8%	4.8%	0.9%	1.9%	3.1%	2.5%	2.9%	4.5%
ROIC (Ops) % ⓘ	244.5%	210.7%	224.6%	310.9%	321.3%	268.6%	281.8%	332.9%	336.6%	346.4%	312.9%
Invested capital (All-Capital)	23,893	37,899	35,634	36,210	40,581	44,108	39,766	37,654	37,206	40,210	38,093
ROIC (All-Capital) % ⓘ	26.7%	19.1%	18.9%	29.0%	31.7%	26.2%	28.9%	40.1%	46.1%	50.3%	50.8%
Capital return ratio %	N/A	23.1%	131.7%	90.0%	93.6%	99.4%	94.4%	99.5%	93.7%	108.1%	118.9%
Acquisition intensity %	0.2%	14.2%	0.4%	0.3%	1.0%	0.1%	0.1%	2.3%	0.0%	1.0%	0.9%
Profit & Loss (USD millions)
Revenue	13,880	15,082	18,358	20,609	22,977	21,846	24,105	29,310	32,653	35,926	40,000
Revenue growth %	N/A	8.7%	21.7%	12.3%	11.5%	-4.9%	10.3%	21.6%	11.4%	10.0%	11.3%
Gross profit	—	—	—	—	—	—	—	—	—	—	—
Gross margin %	—	—	—	—	—	—	—	—	—	—	—
Gross profit growth %	N/A	—	—	—	—	—	—	—	—	—	—
Operating income	9,064	7,883	12,144	12,954	15,001	14,081	15,804	18,813	21,000	23,595	23,994
Operating margin %	65.3%	52.3%	66.2%	62.9%	65.3%	64.5%	65.6%	64.2%	64.3%	65.7%	60.0%
Operating income growth %	N/A	-13.0%	54.1%	6.7%	15.8%	-6.1%	12.2%	19.0%	11.6%	12.4%	1.7%
EBITDA	9,558	8,385	12,700	13,567	15,657	14,848	16,608	19,674	21,943	24,629	25,214
EBITDA growth %	N/A	-12.3%	51.5%	6.8%	15.4%	-5.2%	11.9%	18.5%	11.5%	12.2%	2.4%
EBITDA margin %	68.9%	55.6%	69.2%	65.8%	68.1%	68.0%	68.9%	67.1%	67.2%	68.6%	63.0%
Interest expense	—	—	489	545	537	537	643	538	644	641	589
Interest coverage (x)	—	—	26.0x	24.9x	29.2x	27.6x	25.8x	36.6x	34.1x	38.4x	42.8x
Net income	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Net margin %	45.6%	39.7%	36.5%	50.0%	52.6%	49.7%	51.1%	51.0%	52.9%	55.0%	50.1%
Net income growth %	N/A	-5.3%	11.8%	53.8%	17.3%	-10.0%	13.3%	21.5%	15.5%	14.3%	1.6%
EPS (diluted, $)	—	—	—	—	—	—	—	—	—	—	—
EPS growth %	N/A	—	—	—	—	—	—	—	—	—	—
Balance Sheet (USD millions)
Total assets	39,367	64,035	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627
Total debt	0	15,882	18,367	16,630	16,729	27,069	21,976	22,450	20,463	20,836	25,171
Shareholders' equity	29,842	32,912	32,760	34,006	34,684	36,210	37,589	35,581	38,733	39,137	37,909
Cash & equivalents	5,949	10,895	15,493	14,426	10,832	19,171	19,799	20,377	21,990	19,763	24,987
Shares outstanding (M)	—	—	—	—	—	—	—	—	—	—	—
Cash Flow (USD millions)
Operating cash flow	6,584	5,574	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059
Capex	414	523	707	718	756	736	705	970	1,059	1,257	1,482
Free cash flow	6,170	5,051	8,610	12,223	12,028	9,704	14,522	17,879	19,696	18,693	21,577
FCF margin %	44.5%	33.5%	46.9%	59.3%	52.3%	44.4%	60.2%	61.0%	60.3%	52.0%	53.9%
FCF growth %	N/A	-18.1%	70.5%	42.0%	-1.6%	-19.3%	49.6%	23.1%	10.2%	-5.1%	15.4%
Owner Earnings	N/A	5,852	6,433	10,124	11,619	10,839	12,152	14,870	16,921	19,354	19,307
Owner Earnings margin %	N/A	38.8%	35.0%	49.1%	50.6%	49.6%	50.4%	50.7%	51.8%	53.9%	48.3%
Owner Earnings growth %	N/A	N/A	9.9%	57.4%	14.8%	-6.7%	12.1%	22.4%	13.8%	14.4%	-0.2%
Unlevered Owner Earnings	6,457	5,874	6,806	10,315	12,075	11,126	12,211	15,406	17,127	19,255	19,630
Investing cash flow	-1,435	-10,916	735	-3,084	-591	1,427	-152	-4,288	-2,006	-1,926	708
Financing cash flow	-3,603	7,477	-5,924	-10,790	-12,061	-3,968	-14,410	-12,696	-17,772	-20,633	-18,963
Dividends paid	1,177	1,350	1,579	1,918	2,269	2,664	2,798	3,203	3,751	4,217	4,634
Share buybacks	2,910	0	6,891	7,192	8,607	8,114	8,676	11,589	12,101	16,713	18,316
Buyback yield %	—	—	—	—	—	—	—	—	—	—	—
D&A	494	502	556	613	656	767	804	861	943	1,034	1,220
CFO / Op. Income %	72.6%	70.7%	76.7%	99.9%	85.2%	74.1%	96.3%	100.2%	98.8%	84.6%	96.1%
Working Capital (USD millions)
Accounts receivable	847	1,041	1,132	1,208	1,542	1,618	1,968	2,020	2,291	2,561	3,126
Inventory	0	0	0	0	0	0	0	0	0	0	0
Accounts payable	127	203	179	183	156	174	266	340	375	479	555
Net PPE	1,888	2,150	2,253	2,472	2,695	2,737	2,715	3,223	3,425	3,824	4,236
Key Ratios
ROE %	21.2%	18.2%	20.4%	30.3%	34.8%	30.0%	32.8%	42.0%	44.6%	50.4%	52.9%
ROA %	16.1%	9.4%	9.9%	14.9%	16.6%	13.4%	14.9%	17.5%	19.1%	20.9%	20.1%
ROCE %	26.6%	14.1%	20.9%	22.4%	25.4%	21.2%	23.5%	29.1%	31.2%	34.7%	37.2%
Debt / Equity	0.00	0.48	0.56	0.49	0.48	0.75	0.58	0.63	0.53	0.53	0.66
Net Debt / EBITDA (x)	-0.6x	0.6x	0.2x	0.2x	0.4x	0.5x	0.1x	0.1x	-0.1x	0.0x	0.0x
Debtor days	22	25	23	21	24	27	30	25	26	26	29
Inventory days	—	—	—	—	—	—	—	—	—	—	—
Days payable (DPO)	3	5	4	3	2	3	4	4	4	5	5
Cash conv. cycle	19	20	19	18	22	24	26	21	21	21	23

Metric	FY24 Q3 Jun 24	FY24 Q4 Sep 24	FY25 Q1 Dec 24	FY25 Q2 Mar 25	FY25 Q3 Jun 25	FY25 Q4 Sep 25	FY26 Q1 Dec 25	FY26 Q2 Mar 26
Profit & Loss (USD millions)
Revenue	8,900	9,617	9,510	9,594	10,172	10,724	10,901	11,230
Gross profit	—	—	—	—	—	—	—	—
Gross margin %	—	—	—	—	—	—	—	—
Operating income	5,938	6,349	6,234	5,435	6,177	6,148	6,737	7,234
Net income	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Net margin %	54.7%	55.3%	53.8%	47.7%	51.8%	47.5%	53.7%	53.6%
EPS (diluted, $)	—	—	—	—	—	—	—	—
Balance Sheet (USD millions, end of quarter)
Total assets	91,040	94,511	91,888	92,853	100,024	99,627	96,814	95,049
Total debt	20,602	20,836	20,609	20,762	25,138	25,171	21,177	23,976
Shareholders' equity	39,729	39,137	38,296	38,030	38,664	37,909	38,777	35,661
Cash & equivalents	19,276	19,763	19,966	19,136	24,441	24,987	23,176	18,706
Cash Flow (USD millions)
Operating cash flow	5,134	6,664	5,396	4,695	6,730	6,238	6,780	3,008
Capex	400	309	345	327	421	389	378	383
Free cash flow	4,734	6,355	5,051	4,368	6,309	5,849	6,402	2,625

Data Processing Revenues

Service

International Transaction Revenues

Value Added Services

Service Other

Client Incentives

Segment	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue ($M)
Client Incentives	-4,565 -25%	-5,491 -27%	-6,173 -27%	-6,664 -31%	-8,367 -35%	-10,295 -35%	-12,297 -38%	-13,764 -38%	-15,751 -39%
Data Processing Revenues	7,786 42%	9,027 44%+16%	10,333 45%+14%	10,975 50%+6%	12,792 53%+17%	14,438 49%+13%	16,007 49%+11%	17,714 49%+11%	19,993 50%+13%
International Transaction Revenues	6,321 34%	7,211 35%+14%	7,804 34%+8%	6,299 29%-19%	6,530 27%+4%	9,815 33%+50%	11,638 36%+19%	12,665 35%+9%	14,166 35%+12%
Service	7,975 43%	8,918 43%+12%	9,700 42%+9%	9,804 45%+1%	11,475 48%+17%	13,361 46%+16%	14,826 45%+11%	16,114 45%+9%	17,539 44%+9%
Service Other	841 5%	944 5%+12%	1,313 6%+39%	1,432 7%+9%	1,675 7%+17%	1,991 7%+19%	2,479 8%+25%	3,197 9%+29%	4,053 10%+27%
Value Added Services	—	—	—	—	—	—	7,200 22%	8,800 24%+22%	10,900 27%+24%
Total (check)	18,358	20,609	22,977	21,846	24,105	29,310	39,853	44,726	50,900

Source: SEC EDGAR XBRL · Full breakdown ↗

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