MQMarqeta, Inc.

Services-Prepackaged Software

Revenue: $625M; 23% YoY
Operating margin: -7.4%; 54% YoY
EBITDA: −$19M; 175% YoY
Market cap: $1.9B
Employees: 938; $666K revenue each
Net debt / EBITDA: —
AI in 10-K: 4.8; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 4 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
17% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
241% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
11% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$666K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.8 per 10K words · 82nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$517M	$748M	$676M	$507M	$625M	23%
Operating income	−$162M	−$210M	−$283M	−$24M	−$46M	90%
Net income	−$164M	−$185M	−$223M	$27M	−$14M	151%
Operating cash flow	$57M	−$13M	$21M	$58M	$163M	180%
Capex	$3M	$2M	$762K	$2M	$2M	24%
Stock-based comp	$143M	$108M	$128M	$137M	$105M	23%
Buybacks	$0	$78M	$190M	$154M	$391M	153%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100K · 1
Open-market sells, 12 mo: $2M · 35
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	16	240
FY2024	—	—	12	193
FY2023	—	—	23	142
FY2022	—	—	20	90
FY2021	—	—	56	125