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Mastercard MA Return on invested capital

Return on invested capital at other companies

American Express logo
American ExpressAXP
49.1%-10.0pp
Visa logo
VisaV
51.3%+5.0pp
PayPal Holdings, Inc. logo
PayPal Holdings, Inc.PYPL
35.9%+12.6pp
U.S. Bancorp logo
U.S. BancorpUSB
21.1%-6.5pp
Capital One Financial logo
Capital One FinancialCOF
24.3%-4.8pp
Fidelity National Information Services logo
Fidelity National Information ServicesFIS
4.6%-0.3pp

Other financials

Income statement

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Revenue$8.4B+15.8%
Operating income$4.9B+18.3%
Net income$3.9B+18.4%
EPS (diluted)$4.35+21.2%

Balance sheet

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Cash & equivalents$7.9B+4.4%
Total debt$19.0B+0.8%
Total equity$6.7B+0.7%
Total assets$52.4B+8.2%

Cash flow

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Operating cash flow$3.0B+26.0%
CapEx$154.0M-3.1%
Free cash flow$2.8B+28.1%

Valuation

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Market cap$435.6B-10.8%
Enterprise value$446.65B-10.6%
P/E28×-9.2×
P/S12.8×-4.0×

Profitability

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Operating margin57.9%+2.4pp
Net margin45.9%+0.7pp

Returns & leverage

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Return on equity232.6%+43.6pp
Debt / equity2.8×0.0×
Current ratio-0.1×

Where this comes from

Calculated from Mastercard’s reported figures.

Based on trailing twelve months.

The official record: Mastercard’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Mastercard's return on invested capital?
Mastercard (MA) reported return on invested capital of 88.6% in Q1 2026.
How has Mastercard's return on invested capital changed year-over-year?
Mastercard's return on invested capital increased by 10.6% year-over-year, from 80.1% to 88.6%.
What is the long-term trend for Mastercard's return on invested capital?
Over 4 years (2021 to 2025), Mastercard's return on invested capital has grown at a 1.9% compound annual growth rate (CAGR), from 324.4% to 350%.
What does return on invested capital mean?
The after-tax return the business earns on all the capital — debt and equity — invested in it.
How do you interpret return on invested capital?
The cleanest measure of business quality: ROIC sustained above the cost of capital creates value, below it destroys value. Compare against WACC, not against zero.
How does return on invested capital compare across companies?
Highly comparable across companies as a quality screen. Sector-sensitive definitions of invested capital mean banks/insurers are best excluded.