V
Visa Inc.
Platform / Network
★ Quality 76/100Price today
$375.07
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What this business is made of
The business
Visa charges pennies on every card swipe on the planet.
Visa runs the world's largest payments network: 4.3B cards, 130M+ merchants, 200 countries. It takes a toll (pennies per transaction) every time someone swipes a card. It doesn't lend, doesn't take credit risk — it just charges to move bits.
Two-sided network effect: merchants accept Visa because everyone carries it, and everyone carries it because everyone accepts it. Replicating this takes decades and billions — Meta tried with Libra and died trying. ROE 52.9% is no accident.
Revenue history
From $24.1B to $39.1B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $40.0B · FY2025
Of every $100 in sales, $50 goes to costs and operations; $50 is left as net profit (50% margin).
Catalysts and risks
Buybacks of $18.3B/year compress the share count ~2-3% annually.
Cross-border payment volume growing double digits post-pandemic.
Visa Direct and value-added services already make up ~25% of revenue, growing 20%+.
The Credit Card Competition Act (CCCA) could force alternative routing on debit and compress the take rate.
Stablecoins on public rails (USDC, PYUSD) threaten the toll on remittances and B2B.
Open banking and account-to-account payments (Pix in Brazil, UPI in India) bypassing the network entirely.
Charlie's note
“Paying 20.2x for a toll with 60% gross margin and a moat that killed even Meta's attempt is one of the reasonable things you come across; 11% growth isn't heroic, but you don't need it when you charge pennies from the whole world. Patience.”
Analysis · May 2026
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