MA
Mastercard Inc.
Platform / Network
★ Quality 76/100Price today
$579.21
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What this business is made of
The business
Charges a toll every time the world swipes a card.
Mastercard runs the world's second-largest payments network, charging a toll every time a card is swiped. It earns from processed volume, cross-border transactions (the most profitable) and value-added services like cybersecurity and analytics, which are already growing +22% YoY.
A two-sided network effect between 3.4 billion cardholders and 150 million merchants. Replicating it takes decades and billions, not just money. A 62% ROCE confirms it: the capital works as rarely seen.
Revenue history
From $15.3B to $28.2B in 4 years — nearly 1.8x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $32.8B · FY2025
Of every $100 in sales, $54 goes to costs and operations; $46 is left as net profit (46% margin).
Catalysts and risks
Value-added services growing +22% YoY, already ~37% of revenue.
Sustained recovery in cross-border volume, a margin driver.
Expansion in B2B payments and the CCCA case setting clear rules toward 2025-2026.
Capital One's migration to the Discover network removes meaningful domestic volume.
Stablecoins and alternative rails could erode the toll over the long term.
CCCA antitrust case and regulatory pressure on interchange fees globally.
Charlie's note
“Paying 21.2x for a toll that grows at 13% with a 58% gross margin and a network moat that would take decades to replicate isn't eccentricity; it's the sensible price for an exceptional business. The discipline here isn't in debating the quality, but in waiting for the moment without blinking.”
Analysis · May 2026
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