V
Visa Inc.Financials·Payment Processing
Current Price
$317.59
Market Cap
$666.9B
Net Debt
$2.4B
Shares OutstandingSource: AlphaQuery. Visa uses custom XBRL namespace for share data not captured by SEC EDGAR companyfacts API
2.10B
Financial Statements
| Metric | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM (Q1 FY2026) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9B | $8.1B | $9.2B | $10.4B | $11.8B | $12.7B | $13.9B | $15.1B | $18.4B | $20.6B | $23.0B | $21.8B | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B | $40.9B |
| Revenue Growth | — | 16.7% | 13.9% | 13.4% | 13.0% | 7.8% | 9.3% | 8.7% | 21.7% | 12.3% | 11.5% | -4.9% | 10.3% | 21.6% | 11.4% | 10.0% | 11.3% | 11.6% |
| Operating Income | $3.5B | $4.6B | $5.5B | $2.1B | $7.2B | $7.7B | $9.1B | $7.9B | $12.1B | $13.0B | $15.0B | $14.1B | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B | $24.3B |
| Operating Margin | 51.2% | 56.9% | 59.4% | 20.5% | 61.5% | 60.6% | 65.3% | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% | 59.4% |
| Net Income | $2.4B | $3.0B | $3.6B | $2.1B | $5.0B | $5.4B | $6.3B | $6.0B | $6.7B | $10.3B | $12.1B | $10.9B | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B | $20.3B |
| Net Margin | 34.0% | 36.8% | 39.7% | 20.6% | 42.3% | 42.8% | 45.6% | 39.7% | 36.5% | 50.0% | 52.6% | 49.7% | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% | 49.6% |
| EPS (Diluted)Source: Computed from AlphaQuery shares + SEC net income. Visa uses custom XBRL namespace for share data not captured by SEC EDGAR companyfacts API | $0.51 | $0.68 | $0.89 | $0.56 | $1.72 | $1.95 | $2.32 | $2.24 | $2.52 | $3.98 | $4.78 | $4.38 | $5.04 | $6.26 | $7.38 | $8.81 | $9.55 | $0.00 |
| Free Cash Flow | $252M | $2.5B | $3.5B | $4.6B | $2.6B | $6.7B | $6.2B | $5.1B | $8.5B | $12.0B | $12.0B | $9.7B | $14.5B | $17.9B | $19.7B | $18.7B | $21.6B | $23.3B |
| FCF Margin | 3.6% | 30.4% | 38.3% | 44.5% | 21.7% | 52.4% | 44.5% | 33.5% | 46.3% | 58.2% | 52.3% | 44.4% | 60.2% | 61.0% | 60.3% | 52.0% | 53.9% | 57.0% |
Historical Cash Flows
Historical Cash Flows
| ($M) | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9B | $8.1B | $9.2B | $10.4B | $11.8B | $12.7B | $13.9B | $15.1B | $18.4B | $20.6B | $23.0B | $21.8B | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B |
| Growth | — | 16.7% | 13.9% | 13.4% | 13.0% | 7.8% | 9.3% | 8.7% | 21.7% | 12.3% | 11.5% | -4.9% | 10.3% | 21.6% | 11.4% | 10.0% | 11.3% |
| EBIT | $3.5B | $4.6B | $5.5B | $2.1B | $7.2B | $7.7B | $9.1B | $7.9B | $12.1B | $13.0B | $15.0B | $14.1B | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B |
| EBIT Margin | 51.2% | 56.9% | 59.4% | 20.5% | 61.5% | 60.6% | 65.3% | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% |
| NOPAT | $1.9B | $2.9B | $3.4B | $2.1B | $5.0B | $5.4B | $6.4B | $5.9B | $7.1B | $10.4B | $12.2B | $11.2B | $12.1B | $15.6B | $17.2B | $19.4B | $19.9B |
| D&A | $226M | $265M | $288M | $333M | $397M | $435M | $494M | $502M | $556M | $613M | $656M | $767M | $804M | $861M | $943M | $1.0B | $1.2B |
| CapEx | $306M | $241M | $353M | $376M | $471M | $553M | $414M | $523M | $707M | $718M | $756M | $736M | $705M | $970M | $1.1B | $1.3B | $1.5B |
| ΔNWC | $0 | $437M | $503M | -$1.9B | -$345M | $69M | $2.0B | $749M | $2.8B | -$2.1B | $644M | $5.6B | -$1.3B | -$2.5B | $1.1B | -$2.9B | -$4.8B |
| Unlevered FCF | $1.8B | $2.5B | $2.9B | $3.9B | $5.2B | $5.2B | $4.5B | $5.1B | $4.2B | $12.5B | $11.5B | $5.6B | $13.4B | $18.0B | $16.0B | $22.1B | $24.4B |
DCF Valuation
Adjust the assumptions below to derive your own intrinsic value. All calculations update in real-time.
Perpetuity Growth
$221.24
vs $317.59-30.3%
Exit Multiple
$369.26
vs $317.59+16.3%
Projected Cash Flows
| ($M) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Revenue | $44.0B | $48.0B | $51.8B | $55.9B | $59.9B |
| Revenue % Chg. | % | % | % | % | % |
| EBIT | $29.0B | $31.7B | $34.7B | $37.5B | $40.1B |
| EBIT Margin | % | % | % | % | % |
| Tax Rate | % | % | % | % | % |
| NOPAT | $23.8B | $26.0B | $28.5B | $30.7B | $32.9B |
| NOPAT Margin | 54.1% | 54.1% | 54.9% | 54.9% | 54.9% |
| D&A | $880M | $959M | $1.0B | $1.1B | $1.2B |
| D&A / Revenue | % | % | % | % | % |
| CapEx | $880M | $959M | $1.0B | $1.1B | $1.2B |
| CapEx / Revenue | % | % | % | % | % |
| Chg. NWC | $440M | $480M | $518M | $559M | $599M |
| NWC / Revenue | % | % | % | % | % |
| Unlevered FCF | $23.4B | $25.5B | $27.9B | $30.2B | $32.3B |
| PV of UFCF | $21.4B | $21.4B | $21.6B | $21.4B | $21.0B |
| Σ PV of UFCF | $21.4B | $42.9B | $64.5B | $85.8B | $106.8B |
%
%
x
Valuation Waterfall
Perpetuity Method
PV of FCFs$106.8B
PV of Terminal Value$360.2B
Enterprise Value$467.0B
Less: Net Debt-$2.4B
Equity Value$464.6B
Exit Multiple Method (EV/EBITDA)
PV of FCFs$106.8B
PV of Terminal Value$671.1B
Enterprise Value$777.9B
Less: Net Debt-$2.4B
Equity Value$775.5B
Sensitivity Analysis
WACC vs Terminal Growth (Perpetuity)
| WACC \ Terminal Growth | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| 7.0% | $276.24 | $302.31 | $334.89 | $376.78 | $432.63 |
| 8.0% | $229.01 | $246.14 | $266.68 | $291.80 | $323.19 |
| 9.0% | $195.31 | $207.28 | $221.24 | $237.74 | $257.55 |
| 10.0% | $170.06 | $178.81 | $188.81 | $200.35 | $213.81 |
| 11.0% | $150.44 | $157.05 | $164.50 | $172.94 | $182.59 |
WACC vs Exit Multiple
| WACC \ Exit Multiple (EV/EBITDA) | 19x | 22x | 25x | 28x | 31x |
|---|---|---|---|---|---|
| 7.0% | $319.05 | $361.11 | $403.18 | $445.25 | $487.31 |
| 8.0% | $305.45 | $345.60 | $385.76 | $425.91 | $466.07 |
| 9.0% | $292.57 | $330.92 | $369.26 | $407.61 | $445.96 |
| 10.0% | $280.36 | $317.00 | $353.63 | $390.27 | $426.90 |
| 11.0% | $268.79 | $303.80 | $338.82 | $373.83 | $408.84 |
Investment Thesis
Visa is the world's dominant payment network with unmatched scale and brand recognition. Benefits from the secular shift from cash to digital payments globally. Asset-light model generates ~65% operating margins and massive free cash flow, returned to shareholders via buybacks and dividends.
Bull Case
- +Global cash-to-digital conversion still early — ~85% of transactions still cash
- +Cross-border volume recovery and e-commerce growth driving premium fees
- +Value-added services (tokenization, fraud, analytics) growing faster than core
- +New payment flows (B2B, government disbursements) expanding TAM significantly
Bear Case
- -Regulatory pressure on interchange fees and network exclusivity globally
- -Real-time payment rails (FedNow, UPI, Pix) could disintermediate card networks
- -DOJ antitrust lawsuit challenging debit card market dominance
- -High valuation assumes perpetual double-digit growth
Key Catalysts
- →Emerging market digital payment adoption acceleration
- →Visa Direct (push payments) enabling new use cases
- →Share buyback program reducing share count ~2% annually
- →Resolution of DOJ antitrust case removing regulatory overhang
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Data Sources: Some data for this company is sourced outside of SEC EDGAR filings. Specifically: shares outstanding and EPS (Visa uses custom XBRL namespace for share data not captured by SEC EDGAR companyfacts API). Fields with alternative sources are marked with a icon throughout the page.
Disclaimer: This is not investment advice. All projections are estimates based on publicly available data. Past performance does not guarantee future results. Always do your own research before making investment decisions. Last updated: 2026-02-19.