Where do Mastercard's ratios come from?

Every ratio is computed from Mastercard's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Mastercard MA Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25
Profitability
Operating margin	57.9%+2.4pp	57.6%+2.3pp	57%+1.8pp	55.8%-0.5pp	55.5%-0.9pp
Net margin	45.9%+0.7pp	45.6%-0.1pp	45.3%0.0pp	44.9%-1.5pp	45.2%-0.9pp
EBITDA margin	61.4%+2.6pp	61.1%+2.6pp	60.4%+2.0pp	59.1%-0.4pp	58.8%-0.8pp
Free cash flow margin	52.4%+0.8pp	52.3%+1.5pp	54%+4.0pp	54.7%+10.3pp	51.6%+7.6pp
Returns
Return on equity	232.6%+43.6pp	210.5%+18.5pp	185.7%+6.5pp	177.9%-11.8pp	188.9%+0.5pp
Return on assets	30.9%+2.0pp	29.3%+0.8pp	28.4%0.0pp	29%-1.2pp	28.9%-0.2pp
Return on invested capital	88.6%+8.5pp	89.5%+5.4pp	96.3%+6.5pp	84.1%-1.3pp	80.1%-4.9pp
Efficiency
Asset turnover	0.7×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×	0.6×0.0×
Liquidity
Current ratio	1×-0.1×	1×0.0×	1.1×-0.2×	1.2×0.0×	1.1×0.0×
Quick ratio	1×-0.1×	1×0.0×	1.1×-0.2×	1.2×0.0×	1.1×0.0×
Cash ratio	0.3×-0.1×	0.5×0.0×	0.5×-0.3×	0.5×-0.1×	0.4×-0.1×
Leverage
Debt-to-equity	2.8×0.0×	2.6×-0.4×	2.4×-0.2×	2.4×+0.2×	2.8×+0.4×
Debt-to-assets	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×	0.4×0.0×
Net debt / EBITDA	0.5×-0.1×	0.5×-0.2×	0.5×+0.1×	0.6×+0.1×	0.7×+0.1×
Interest coverage	27.1×+3.3×	26.2×+2.1×	24×-0.6×	23.4×-1.2×	23.8×-0.6×
Per Share
Book value per share	$7.52+3.1%	$8.54+22.1%	$8.73+8.6%	$8.64+8.3%	$7.30-5.8%
Valuation
Market capitalization	$445.6B-10.8%	$512.65B+6.1%	$514.21B+12.1%	$506.28B+23.5%	$499.73B+11.2%
Enterprise value	$456.66B-10.6%	$521.91B+5.7%	$522.88B+12.5%	$516.22B+23.6%	$510.95B+11.6%
Price / earnings	28.6×-9.4×	34.2×-3.3×	36.1×-1.1×	37.3×+3.8×	38×+0.1×
Price / sales	13.1×-4.1×	15.6×-1.5×	16.3×-0.5×	16.7×+1.2×	17.2×-0.3×
Price / book	66.3×-8.6×	66.3×-8.3×	65.1×+3.4×	64.5×+9.2×	74.9×+12.9×
EV / EBITDA	21.9×-8.0×	26×-3.9×	27.5×-1.7×	28.9×+2.3×	29.9×0.0×
EV / sales	13.5×-4.1×	15.9×-1.6×	16.6×-0.5×	17.1×+1.2×	17.6×-0.2×
Free cash flow yield	4%+1.0pp	3.3%+0.4pp	3.3%+0.3pp	3.3%+0.4pp	3%+0.5pp
Earnings yield	3.5%+0.9pp	2.9%+0.3pp	2.8%+0.1pp	2.7%-0.3pp	2.6%0.0pp
Dividend yield	0.6%+0.1pp	0.5%0.0pp	0.5%0.0pp	0.5%0.0pp	0.5%0.0pp
PEG ratio	1.5×-1.9×	2.1×-0.4×	2.3×-0.6×	3.4×+1.8×	3.5×+1.8×

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Questions, answered.

Where do Mastercard's ratios come from?: Every ratio is computed from Mastercard's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.