MAMastercard Inc
Services-Business Services, NEC
- Revenue
- $32.8B
- 16% YoY
- Operating margin
- 57.6%
- 4.2% YoY
- EBITDA
- $20.0B
- 22% YoY
- Market cap
- $78.2B
- Employees
- —
- Net debt / EBITDA
- 0.7×
- $13.8B net debt
- AI in 10-K
- 8.4
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$35M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo118% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo82% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo19% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo8.4 per 10K words · 91st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.7× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$78.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$70M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $29.8B | $22.2B | $25.1B | $28.2B | $32.8B | 16% |
| Operating income | $10.1B | $12.3B | $14.0B | $15.6B | $18.9B | 21% |
| Net income | $8.7B | $9.9B | $11.2B | $12.9B | $15.0B | 16% |
| Operating cash flow | $9.5B | $11.2B | $12.0B | $14.8B | $17.6B | 19% |
| Capex | $407M | $442M | $371M | $474M | $489M | 3.2% |
| Stock-based comp | $273M | $295M | $460M | $526M | $597M | 13% |
| Buybacks | $5.9B | $8.8B | $9.0B | $11.0B | $11.7B | 7.1% |
| Dividends | $1.7B | $1.9B | $2.2B | $2.4B | $2.8B | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $70M · 74
- Net
- −$70M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $35M | $36M | 165 | 203 |
| FY2024 | — | $54M | 151 | 177 |
| FY2023 | — | $47M | 122 | 135 |
| FY2022 | — | $19M | 98 | 121 |
| FY2021 | — | $10M | 101 | 135 |