Mastercard
MA on NYSE. Mastercard sells payment processing and network services to consumers, banks, merchants, governments, and businesses. Market value $505.0bn.
Not on tonight’s list. It failed one of the two tests; the numbers are below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 51 cents a year. Above 10 is good.
Five years of cash, in billions
| Revenue | $18.9bn | $22.2bn | $25.1bn | $28.2bn | $32.8bn |
| Operating margin | 53.4% | 55.2% | 55.8% | 55.3% | 57.6% |
| Debt to equity | 1.79 | 2.18 | 2.07 | 2.69 | 2.36 |
| Shares outstanding | n/a | n/a | n/a | n/a | n/a |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Not enough data
- Debt2.36× equity
- Revenue growth, five yearsStrong, 14.8% a year
Dates
Funds that own it
| Manager | Value | Change |
|---|---|---|
| Eagle Capital Management | $1.4bn | Added 4× |
| Akre Capital Management | $1.0bn | Cut 13% |
| GMO Asset Management | $934m | Added 91% |
| Polen Capital | $587m | Cut 26% |
| Vulcan Value Partners | $258m | Added 31% |
| Egerton Capital | $187m | Cut 21% |
| Jensen Investment Management | $179m | Cut 29% |
| Markel Group | $107m | Held |
| AKO Capital | $98m | Added 22% |
| Triple Frond Partners | $90m | Held |
| Harris Associates | $52m | Cut 15% |
| Gotham Asset Management | $45m | Added 11% |
| Giverny Capital | $15m | Added 3% |
| Yacktman Asset Management | $6m | New position |
| Brave Warrior Advisors | $601,939 | Added 178% |
| Semper Augustus | $338,038 | Held |
| Bridgewater Associates | $0 | Exited |
| Weitz Investment Management | $0 | Exited |
| Lone Pine Capital | $0 | Exited |
From 13F filings for the quarter ending 30 June 2026. These are reported 45 days late and only show long positions.
Insiders
We do not track insider filings for this company yet.
What could go wrong
Cheap for a reason is the question the numbers cannot answer. Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; the five-year figures are rounded.