Debt burden is moderate, so it can be affected by the economic cycle.
Metrics · D/E ~68% · Current Ratio 0.99
💲Is the price expensive now?
On the expensive side
Even accounting for growth expectations, the price is set high.
Metrics · P/E 32.0 · P/B 19.7
💡The #1 global payment network, a 'digital toll' business: 66% operating margin, 51% net margin, 61% ROE, low debt. But P/E 32x and P/B 20x are a steep premium.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis (margins, debt, liquidity, P/B are TTM), as of 2026-07-28
Business Summary · Key Value Metrics
The world's #1 card payment network, operating in 200-plus countries. An asset-light model that collects transaction fees without taking on credit risk. VisaNet connects cardholders, merchants, and banks. TTM revenue $44.5B with a 66.2% operating margin.
Visa is the world's #1 payment network, operating in 200-plus countries, and its core moat is a two-sided network effect in which merchants and cardholders draw each other in. Its asset-light model collects a transaction toll without bearing credit risk, delivering a 66.2% operating margin (TTM). It shares a global duopoly with Mastercard (source: company IR, stockanalysis).
Network Effect
A two-sided network linking merchants and cardholders; value reinforces itself as it scales.
Brand Trust
The Visa logo pays in 200-plus countries — irreplaceable global infrastructure.
Switching Costs
Replacing payment infrastructure is realistically very hard for banks and merchants.
Asset-Light Model
No credit risk, a pure network — maximizing capital efficiency.
10-Year Financial Trends
Revenue has grown at a 9-year CAGR of +11.4%, two to three times global GDP, while operating income (+13.2%) and net income (+14.3%) rose faster on operating leverage. In 2025 revenue was $40.0B and operating income $24.0B (about a 60% operating margin). In fiscal Q3 2026 (reported July 28) net revenue was $11.6B (+14%), adjusted EPS $3.32 (+11%), and payments volume grew 10% in constant dollars, extending the double-digit streak. The cash-to-digital shift, emerging markets, and B2B payments are the long-term growth drivers (source: SEC EDGAR 10-K, company IR).
10-Year Growth
Revenue$40.0B · CAGR +11.4%
Operating Income$24.0B · CAGR +13.1%
EPS$10.10 · CAGR +17.0%
10-Year Valuation
P/E (year-end)33.5x · avg 30.9x
ROE52.1% · avg 44.7%
Operating Margin60.0% · avg 63.1%
📊 Annual Data Table (V) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2016
15.1
7.9
2.46
—
—
52.3
2017
18.4
12.1
2.7
—
—
65.8
2018
20.6
13
4.27
—
—
63.1
2019
23
15
5.13
—
—
65.2
2020
21.8
14.1
4.71
—
—
64.7
2021
24.1
15.8
5.49
39.6
33.4
65.6
2022
29.3
18.8
6.85
25.4
40.9
64.2
2023
32.7
21
8.15
27.8
46.5
64.2
2024
35.9
23.6
9.59
28.3
50.7
65.7
2025
40
24
10.1
33.5
52.1
60
— = no data for that year/metric (P/E omitted before EPS turned positive)
9-Year CAGR: Revenue +11.4% · Operating Income +13.2% · Net Income +14.3% · EPS +16.9%
Source: SEC EDGAR 10-K, stockanalysis, TradingView, company IR. Fiscal year (September year-end) GAAP basis; EPS is TradingView diluted. P/E and ROE cover the last 5 years (stockanalysis), while revenue, operating income, operating margin, and EPS cover 10 years.
Mega-Cap Value Metric Comparison
Visa and Mastercard split the global payment network in a duopoly (90%-plus combined share), making them more symbiotic than competitive. Visa's 66.2% operating margin tops Mastercard's (59.6%), and its model differs from American Express, which carries credit risk (source: stockanalysis, company filings).
Metric
★ V
MA
AXP
Operating Margin
66.2%
59.6%
~25%
P/E (TTM)
32.0
32.6
~18
Model
Pure network
Pure network
Carries credit risk
P/E and operating margin = TTM · Source: stockanalysis, company filings, 2026-07-28.
Key Risk Factors (from 10-K)
●
Regulation and Antitrust Litigation— Ongoing DOJ antitrust probes and pressure to cut merchant fees; changes to the fee structure could dent revenue.Source: Regulators
●
Rising Incentive Costs— Competition to win banks and partners is pushing client incentive costs higher.Source: Company IR
●
Fintech and the Economy— Rivals like Stripe and PayPal (limited near-term threat), and payment volumes fall in a recession.Source: Company 10-K
✦ ValueCrab Dashboard PreviewV $366.59 +1.12% · as of 2026-07-28
Q. What are Visa's (V) key value-investing metrics?P/E (TTM) 32.0, operating margin 66.2%, net margin 50.8%, ROE 61.2%, TTM revenue +14.4%, and a 9-year revenue CAGR of +11.4% (source: stockanalysis, company IR, as of 2026-07-28).
Q. How does Visa make money?It doesn't lend money; it collects a 'toll' on every payment transaction. It's an asset-light model whose revenue rises automatically with inflation, economic growth, and the spread of electronic payments.
Q. How is it different from Mastercard?Both are pure payment networks in a global duopoly. Visa leads slightly on share and operating margin, and the two are more symbiotic than competitive.