Visa
V on NYSE. Visa sells payment processing services to banks, merchants, and consumers. Market value $601.1bn.
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.
The filings do not give us enough to work this out.
Five years of cash, in billions
| Revenue | $15.1bn | $18.4bn | $20.6bn | $23.0bn | $21.8bn |
| Operating margin | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% |
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| 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)5 of 9
- Profit backed by cash (accruals)Yes
- Debt0.74× equity
- Revenue growth, five yearsSlow, 9.7% a year
Dates
Funds that own it
| Manager | Value | Change |
|---|---|---|
| TCI Fund Management | $10.5bn | Held |
| Dodge & Cox | $1.9bn | Added 6307× |
| Egerton Capital | $1.5bn | Added 4% |
| GMO Asset Management | $1.1bn | Added 9% |
| Polen Capital | $619m | Cut 26% |
| Akre Capital Management | $381m | Cut 32% |
| Markel Group | $348m | Held |
| AKO Capital | $338m | Cut 17% |
| Harris Associates | $244m | Held |
| Baupost Group | $241m | Held |
| Vulcan Value Partners | $159m | Cut 28% |
| Giverny Capital | $134m | Held |
| Lone Pine Capital | $57m | Added 79% |
| Aristotle Atlantic Partners | $52m | Held |
| Gotham Asset Management | $46m | Cut 9% |
| Wedgewood Partners | $31m | Added 7% |
| Bridgewater Associates | $28m | Added 3× |
| Lindsell Train | $4m | Held |
| Eagle Capital Management | $397,984 | Cut 68% |
| Yacktman Asset Management | $251,142 | New position |
| Brave Warrior Advisors | $212,030 | New position |
| Weitz Investment Management | $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.