greeksoup/ stock research
Stock research / United States / MA · Services-Business Services, Nec · NYSE

Mastercard Inc. (MA)

Mastercard describes itself as a technology company in the global payments industry. It operates a payments network that switches transactions, meaning it authorises, clears and settles them between the institution holding the account and the institution serving the merchant. It also runs automated clearing house and real-time account-based payments, and sells a set of services around both. Its brands are Mastercard, Maestro and Cirrus. The network enables transactions in more than 150 currencies and more than 220 countries and territories. The company does not issue cards, extend credit, receive revenue from the interest rates or fees issuers charge account holders, or set the rates acquirers charge merchants for accepting its products.

Mastercard Inc.

Mastercard describes itself as a technology company in the global payments industry. It operates a payments network that switches transactions, meaning it authorises, clears and settles them between the institution holding the account and the institution serving the merchant. It also runs automated clearing house and real-time account-based payments, and sells a set of services around both. Its brands are Mastercard, Maestro and Cirrus. The network enables transactions in more than 150 currencies and more than 220 countries and territories. The company does not issue cards, extend credit, receive revenue from the interest rates or fees issuers charge account holders, or set the rates acquirers charge merchants for accepting its products.

How a transaction works

The network is a four-party one: the account holder, the issuer who is the account holder's financial institution, the merchant, and the acquirer who is the merchant's financial institution. Once the issuer authorises a purchase, the issuer pays the acquirer the value of the transaction less the interchange fee and other applicable fees, then posts the transaction to the account holder's account, and the acquirer pays the merchant the purchase amount less the merchant discount rate, which the acquirer sets itself to cover its own costs. Mastercard, or in some cases the financial institutions, establish default interchange fees that apply where an issuer and acquirer have no other settlement terms in place, and Mastercard administers their collection and remittance. It switches more than 70% of all transactions on Mastercard and Maestro-branded cards, including nearly all cross-border ones. It guarantees settlement from issuers to acquirers on many transactions, an amount it calls its settlement exposure, but it does not guarantee that acquirers pay merchants.

What runs on the cards

In 2025, gross dollar volume on Mastercard-branded programmes, which excludes Maestro and Cirrus, was $5,349 billion on consumer debit and prepaid, half the total, on 2,134 million cards; $3,878 billion on consumer credit, 37% of the total, on 1,083 million cards; and $1,405 billion on commercial credit and debit, 13%, on 174 million cards. Consumer credit programmes address standard, premium and affluent segments. Debit gives access to funds held in deposit and other accounts, for purchases and for cash from bank branches, ATMs and in some cases the point of sale, with Maestro the PIN-based product that operates globally and Cirrus the cash access one. Prepaid pays from pre-funded accounts whether or not the holder previously had a bank account or a credit history, and covers employee payroll, health savings accounts, social security payments and salary cards as well as fintech and gig economy platforms.

Commercial and new payment flows

Commercial credit, debit and prepaid products serve large corporations, midsize companies, small businesses and governments, including travel and entertainment, procurement and fleet cards, with the Mastercard Smart Data platform providing expense management and reporting. A Virtual Card Number is generated from an existing account and draws on that account's funds or credit limit, and Mastercard In Control lets a buyer pay a supplier with a one-time card number carrying transaction-level controls. By the end of 2025 the virtual card technology was embedded in more than 10 global business-to-business and travel and expense platforms, more than double the number in 2024. Mastercard Move is the money movement platform, with a payout reach the company puts at more than 17 billion endpoints globally, across more than 60 originating countries and 155 receiving countries, used for remittances, trade payments, social and economic assistance and business-to-consumer disbursements such as gig worker payouts and insurance claims.

Off the card rails, and the services

The company offers automated clearing house batch payments and real-time payments between bank accounts, and it builds, implements and operates real-time clearing and settlement infrastructure, payment platforms and direct debit systems for jurisdictions globally. Around all of that sit the services: security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication, and processing and gateway solutions. They draw on data from a widening set of sources, among them transaction data from gateway, card and real-time payments, open finance, digital identities, device attributes and digital threat assessments, worked with machine learning, natural-language processing, neural networks and generative AI.

Who it competes with

Every category of payment, paper-based ones included. Among general purpose payments networks the filing names Visa, American Express, JCB, China UnionPay and Discover, notes that some hold more share in certain jurisdictions, and notes that a number of Mastercard's own customers issue American Express, China UnionPay or Discover cards in a manner consistent with a four-party system.

From Mastercard's annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name

Mastercard Inc. (MA) reported revenue of $9.3 billion for Q2 FY2026, the quarter ended 30 June 2026, up 14.1% on the same quarter a year earlier. Net income was $4.4 billion, up 18.6% on the year, and diluted earnings per share $4.97. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$9.3 billionup 14.1%
Net income$4.4 billionup 18.6%
Diluted EPS$4.97
QuarterQ2 FY2026ended 30 June 2026

Mastercard (MA) in brief

Mastercard (MA) reported revenue of $32.8 billion for fiscal 2025, the year ended 31 December 2025, up 16.4% on the year before.
Read moreNet income was $15.0 billion and diluted earnings per share $16.52. Revenue was $28.2 billion in fiscal 2024, $25.1 billion in fiscal 2023, $22.2 billion in fiscal 2022 and $18.9 billion in fiscal 2021. Net income in the same years was $12.9 billion, $11.2 billion, $9.9 billion and $8.7 billion. Over the twelve months to 30 June 2026, Mastercard reported revenue of $35.1 billion and net income of $16.3 billion. Revenue grew 16.5% a year, compounded, over the five years to fiscal 2025. Mastercard declared $3.37 a share in dividends over the last four quarters. At 30 June 2026 it carried $24.6 billion of debt and $11.3 billion of cash. At the close of 26 October 2026 the market cap of Mastercard was $542.0 billion, 33.8 times its earnings over the last twelve months.

Ratios

From the filings

ROE289.7%
ROCE67.6%
Operating margin58.3%
Net margin46.3%
FCF margin47.6%
Interest cover27.36
Debt to equity4.39
Cash conversion1.07
Share count, last 12 months-2.9%
Sales CAGR, 3 years13.8%
Profit CAGR, 3 years14.7%
EPS, TTM$18.18

At the close of 26 October 2026

Price$613.84
Market cap$542.0 billion
Stock P/E33.76
Price to book96.60
EV / EBITDA25.64
Dividend yield0.5%
Market cap / sales15.45
52-week high$632.86
52-week low$471.55
Price, 1 year7.0%
Price CAGR, 3 years19.0%
Price CAGR, 5 years12.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Mastercard Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
MAgreeksoup.ai
Daily prices to 26 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MA

Dividends$3.37 a share over the four quarters to 30 June 2026, a 0.55% yield
Filings19 in twelve months: 11 current reports (8-K), about 4 results of operations; 3 officer or director change; 2 other events; 1 shareholder vote; 1 material agreement
Planned insider sales22 Form 144 notices in twelve months, $75.6 million; latest 16 October 2026
Options tapeput/call 1.07 by open interest at the 26 October 2026 close; the straddle prices a 3.6% move to 30 October 2026
13F holders3,643 funds reported a position for the quarter to 30 June 2026; largest BlackRock, Inc.
Insider trading74 sales and 0 purchases on Form 4 in twelve months
Congress1 House trade disclosed in six months
Short interest7.0 million shares short, 2.42 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 20 quarters

Q3 FY2021Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4,9855,2165,1675,4975,7565,8175,7486,2696,5336,5486,3486,9617,3697,4897,2508,1338,6028,8068,3989,277
Operating income2,7172,8272,9503,0183,1123,1843,1363,6563,8443,3723,6044,0364,0043,9384,1494,7775,0614,9104,9075,587
Operating margin55%54%57%55%54%55%55%58%59%51%57%58%54%53%57%59%59%56%58%60%
Interest expense110108110114120127132144151148150153159184182195186159185218
Pre-tax income2,8162,8232,7732,7983,0723,0892,8533,7043,7613,3213,5583,9393,8663,8914,0314,6724,9994,8764,8125,486
Tax rate14%16%5%19%19%18%17%23%15%16%15%17%16%14%19%21%21%17%19%20%
Net income2,4142,3792,6312,2752,4992,5252,3612,8453,1982,7913,0113,2583,2633,3423,2803,7013,9274,0603,8824,388
Net margin48%46%51%41%43%43%41%45%49%43%47%47%44%45%45%46%46%46%46%47%
Diluted EPS$2.44$2.41$2.68$2.34$2.58$2.62$2.47$3.00$3.39$2.97$3.22$3.50$3.53$3.64$3.59$4.07$4.34$4.52$4.35$4.97
Operating cash flow2,5433,1891,7822,4573,8563,1001,9192,6983,2334,1301,6723,1385,1364,8342,3804,6035,6635,0022,9993,773
Capital expenditure13912214655.011113011080.010477.015711510795.015940.0178112154291
Free cash flow2,4043,0671,6362,4023,7452,9701,8092,6183,1294,0531,5153,0235,0294,7392,2214,5635,4854,8902,8453,482
Buybacks1,5611,2762,4082,3801,5512,4142,8782,4161,9061,8321,9922,6392,9343,4702,5492,2893,3313,5584,0354,898
Dividends paid434434479477474473545541538534616615611606694691687684777771
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 19 fiscal years and the trailing twelve months

FY2007FY2008 †FY2009 †FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Revenue4,0684,9925,0995,5396,7147,3918,3129,4419,66710,77612,49714,95016,88315,30118,88422,23725,09828,16732,79135,083
Operating income1,108-5352,2602,7522,7133,9374,5035,1065,0785,7616,6227,2829,6648,08110,08212,26414,00815,58218,89720,465
Operating margin27.2%-10.7%44.3%49.7%40.4%53.3%54.2%54.1%52.5%53.5%53.0%48.7%57.2%52.8%53.4%55.2%55.8%55.3%57.6%58.3%
Interest expense57.310411552.025.020.014.048.061.095.0154186224380431471575646722748
Pre-tax income1,671-3832,2182,7572,7463,9324,5005,0794,9585,6466,5227,2049,7317,76010,30711,73213,63915,25418,57820,173
Income tax586-1297559108421,1741,3841,4621,1501,5872,6071,3451,6131,3491,6201,8022,4442,3803,6103,916
Effective tax rate35.0%n/a34.1%33.0%30.7%29.9%30.8%28.8%23.2%28.1%40.0%18.7%16.6%17.4%15.7%15.4%17.9%15.6%19.4%19.4%
Net income1,086-2541,4631,8461,9062,7593,1163,6173,8084,0593,9155,8598,1186,4118,6879,93011,19512,87414,96816,257
Net margin26.7%-5.1%28.7%33.3%28.4%37.3%37.5%38.3%39.4%37.7%31.3%39.2%48.1%41.9%46.0%44.7%44.6%45.7%45.6%46.3%
Diluted EPS$0.80-$0.19$1.12$1.41$1.49$2.19$2.56$3.10$3.35$3.69$3.65$5.60$7.94$6.37$8.76$10.22$11.83$13.89$16.52$18.18
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service FY2020 to FY2025

FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Payment network9,89711,94314,35815,82417,33519,47659.4%
Value-added services and solutions5,4046,9417,8799,27410,83213,31540.6%
Payment networkValue-added services and solutions
15.3FY202018.9FY202122.2FY202225.1FY202328.2FY202432.8FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region FY2018 to FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Asia Pacific, Europe, Middle East and Africa9,51410,8699,82812,21712,08113,96315,79218,74757.2%
Americasn/an/an/an/a10,15611,13512,37514,04442.8%
North American Markets5,3125,8435,4736,667n/an/an/an/an/a
Other124171n/an/an/an/an/an/an/a
Asia Pacific, Europe, Middle East and AfricaAmericas
22.2FY202225.1FY202328.2FY202432.8FY2025

$ billion; hover a block for its figure and share. Before FY2022 the company split its revenue into other parts; the table has every year from FY2018

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2007FY2008 †FY2009 †FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Operating cash flow7704131,3781,6972,6842,9484,1353,4074,1014,6375,6646,2238,1837,2249,46311,19511,98014,78017,64817,437
Capital expenditure81.676.057.061.077.096.0155175177215300330422339407442371474489735
Free cash flow6883371,3211,6362,6072,8523,9803,2323,9244,4225,3645,8937,7616,8859,05610,75311,60914,30617,15916,702
Free cash flow margin16.9%6.8%25.9%29.5%38.8%38.6%47.9%34.2%40.6%41.0%42.9%39.4%46.0%45.0%48.0%48.4%46.3%50.8%52.3%47.6%
Cash from investing315202-664-641-748-2,839-4.0690-715-1,163-1,779-506-1,640-1,879-5,272-1,470-1,351-3,402-1,362-1,674
Cash from financing-658-751-18519.0-1,215-1,798-2,629-2,339-2,516-2,344-4,764-4,966-5,867-2,152-6,555-10,328-9,488-10,836-14,179-13,226
Depreciation and amortisation97.61121411481942302583213663734364595225807267507998971,1431,195
Share-based compensation58.261.088.063.035.00.063.0-15.0122149176196250254273295460526597615
Buybacks6016490.00.01,1481,7482,4433,3863,5183,5113,7624,9336,4974,4735,9048,7539,03210,95411,72715,822
Dividends paid74.079.079.079.077.01322555157278379421,0441,3451,6051,7411,9032,1582,4482,7562,919
Dividend per share$0.06$0.06$0.06$0.06$0.06$0.12$0.29$0.49$0.67$0.79$0.91$1.08$1.39n/an/a$2.04$2.37$2.74$3.15n/a
Diluted shares, weighted1,352m1,301m1,302m1,310m1,280m1,260m1,215m1,169m1,137m1,101m1,072m1,047m1,022m1,006m992m971m946m927m906m883m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2007FY2008 †FY2009 †FY2010FY2011 †FY2012 †FY2013 †FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024 †FY2025TTM
Funded by
Shareholders' equity3,0321,9273,5045,2055,8686,9177,4846,7906,0285,6565,4685,3955,8936,3917,3126,2986,9296,4857,7375,611
Non-controlling interestn/a4.68.011.09.012.011.034.034.028.029.023.024.097.071.058.046.030.09.0-5.0
Debtn/a16920.020.0n/an/a0.01,4943,2685,1805,4246,3348,52712,67213,90114,02315,68118,22619,00024,643
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/an/a656726645630633627676n/a
Other liabilitiesn/a4,3753,9393,6014,8165,5336,7477,0116,9397,81110,40813,10814,13613,69815,74017,71519,15922,71326,73527,442
Total liabilities and equityn/a6,4767,4708,83710,69312,46214,24215,32916,26918,67521,32924,86029,23633,58437,66938,72442,44848,08154,15757,691
Owned
Fixed assetsn/a3074494394494725266156757338299211,8281,9021,9072,0062,0612,1382,3032,541
Goodwilln/a2983096771,0141,0921,1221,5221,8911,7563,0352,9044,0214,9607,6627,5227,6609,1939,5609,498
Intangible assetsn/a3944155306656726727148037221,1209911,4171,7533,6713,8594,0865,4535,5545,466
Investmentsn/a7801,0049371,2852,9832,7071,168n/an/an/an/an/an/an/an/an/an/an/an/a
Securities held for sale or to maturityn/an/an/an/an/an/an/an/a8611,1621,1491,696688483473400592330332318
Cash and equivalents1,6591,5052,0553,0673,7342,0523,5995,1375,7476,7215,9336,6826,98810,1137,4217,0088,5888,44210,56611,291
Receivablesn/a6395366508089259661,1091,0791,4161,9692,2762,5142,6463,0063,4254,0603,7734,6095,047
Other assetsn/a2,5522,7012,5372,7384,2664,6505,0645,2136,1657,2949,39011,78011,72713,52914,50415,40118,75221,23323,530
Total assetsn/a6,4767,4708,83710,69312,46214,24215,32916,26918,67521,32924,86029,23633,58437,66938,72442,44848,08154,15757,691
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded13.0%16.5%13.8%16.0%
Profit growth, compounded14.7%18.5%14.7%19.7%
Return on equity, average132.0%166.0%184.5%193.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Mastercard's revenue in fiscal 2025?

Mastercard (MA) reported revenue of $32.8 billion for fiscal 2025, the year ended 31 December 2025, up 16.4% on the year before.

How much did Mastercard earn in fiscal 2025?

Net income was $15.0 billion for fiscal 2025, and diluted earnings per share $16.52.

What is Mastercard's P/E ratio?

At the close of 26 October 2026, Mastercard traded at 33.8 times its earnings over the twelve months to 30 June 2026.

What is Mastercard's market cap?

The market cap of Mastercard was $542.0 billion at the close of 26 October 2026.

Does Mastercard pay a dividend?

Yes. Mastercard declared $3.37 a share in dividends over the four quarters to 30 June 2026.

Peers: Business Services

CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Visa Inc. V$767.2 billion34.3764.2%60.7%14.4%0.680.7%
Mastercard Inc. MA$542.0 billion33.76289.7%58.3%16.0%4.390.5%
Alibaba Group Holding Limited BABA *$232.9 billion15.209.8%4.9%2.7%0.252.0%
Accenture plc ACN$149.7 billion18.2426.5%15.4%6.5%0.322.6%
Uber Technologies, Inc. UBER$134.9 billion14.5335.1%12.1%16.7%0.470.0%
PDD Holdings Inc. PDD *$111.2 billion7.9023.7%21.6%9.7%0.00n/a
MercadoLibre, Inc. MELI$84.6 billion45.3823.8%8.3%46.0%1.360.0%
DoorDash, Inc. DASH$74.0 billion88.178.5%4.5%33.6%0.27n/a
RELX PLC RELX *$73.1 billion26.8187.3%31.6%1.7%3.072.1%
Ebay Inc. EBAY$52.8 billion24.5547.6%20.5%14.7%1.44n/a
PayPal Holdings, Inc. PYPL$47.4 billion10.3924.7%17.4%5.7%0.680.3%
MSCI Inc. MSCI$44.3 billion32.71n/a55.7%12.3%n/a1.3%
All 177 in Business Services
CompanyMarket capP/EROEOp. marginSales growth
TTM		Debt to equityDiv. yield
Microsoft Corp. MSFT$3.96 trillion29.6630.2%46.8%17.8%0.090.7%
Alphabet Inc. GOOGL$3.87 trillion15.9138.1%33.1%20.1%0.160.3%
Alphabet Inc. GOOG$3.84 trillion15.7838.1%33.1%20.1%0.160.3%
Meta Platforms, Inc. META$1.62 trillion21.4927.6%32.9%27.5%0.310.3%
Visa Inc. V$767.2 billion34.3764.2%60.7%14.4%0.680.7%
Mastercard Inc. MA$542.0 billion33.76289.7%58.3%16.0%4.390.5%
Palantir Technologies Inc. PLTR$477.8 billion169.9630.9%42.8%78.9%0.00n/a
Oracle Corp. ORCL$381.2 billion19.7628.3%32.1%21.6%1.881.6%
SAP SE SAP *$278.5 billion34.9116.1%26.1%7.7%0.141.1%
CrowdStrike Holdings, Inc. CRWD$268.1 billionn/an/a-2.2%24.3%0.15n/a
Alibaba Group Holding Limited BABA *$232.9 billion15.209.8%4.9%2.7%0.252.0%
Shopify Inc. SHOP$218.3 billion112.8915.2%13.9%32.5%0.00n/a
Salesforce, Inc. CRM$203.8 billion22.5725.2%19.9%11.2%1.020.7%
ServiceNow, Inc. NOW$163.5 billion98.8513.3%11.4%22.2%0.60n/a
Accenture plc ACN$149.7 billion18.2426.5%15.4%6.5%0.322.6%
Uber Technologies, Inc. UBER$134.9 billion14.5335.1%12.1%16.7%0.470.0%
S&P Global Inc. SPGI$132.8 billion27.4315.6%44.4%9.7%0.480.9%
Automatic Data Processing Inc. ADP$119.8 billion27.5373.2%24.2%6.7%0.852.2%
PDD Holdings Inc. PDD *$111.2 billion7.9023.7%21.6%9.7%0.00n/a
Datadog, Inc. DDOG$104.0 billion560.514.1%0.4%31.5%0.23n/a
Airbnb, Inc. ABNB$102.1 billion38.9634.5%20.8%13.6%0.32n/a
Adobe Inc. ADBE$101.1 billion14.4361.9%35.7%12.0%0.54n/a
Intuit Inc. INTU$91.2 billion20.6024.0%27.4%13.9%0.401.4%
Cadence Design Systems Inc. CDNS$88.7 billion64.0320.1%30.3%14.7%0.36n/a
AppLovin Corp. APP$87.4 billionn/an/an/an/a1.11n/a
Synopsys Inc. SNPS$87.0 billion80.253.5%8.5%46.3%0.32n/a
MercadoLibre, Inc. MELI$84.6 billion45.3823.8%8.3%46.0%1.360.0%
Moody's Corp. MCO$83.5 billion29.5388.2%44.6%9.0%2.110.8%
NetEase, Inc. NTES *$75.5 billion15.0521.1%31.8%7.0%0.042.5%
DoorDash, Inc. DASH$74.0 billion88.178.5%4.5%33.6%0.27n/a
RELX PLC RELX *$73.1 billion26.8187.3%31.6%1.7%3.072.1%
United Rentals, Inc. URI$69.6 billion24.6729.5%25.5%9.4%1.510.6%
Ebay Inc. EBAY$52.8 billion24.5547.6%20.5%14.7%1.44n/a
Autodesk, Inc. ADSK$52.1 billion32.2748.5%26.2%17.9%1.03n/a
Veeva Systems Inc. VEEV$51.5 billion52.3313.7%29.9%16.5%0.00n/a
Workday, Inc. WDAY$51.3 billion42.2719.4%10.7%13.3%0.46n/a
Infosys Limited INFY *$50.4 billion15.5333.9%20.3%4.6%0.004.2%
PayPal Holdings, Inc. PYPL$47.4 billion10.3924.7%17.4%5.7%0.680.3%
Block, Inc. XYZ$45.4 billion133.181.6%4.7%5.1%0.31n/a
Sea Limited SE *$45.2 billion29.3712.6%8.7%36.4%0.15n/a
IQVIA Holdings Inc. IQV$45.0 billion33.9222.3%13.0%8.2%2.59n/a
MSCI Inc. MSCI$44.3 billion32.71n/a55.7%12.3%n/a1.3%
Paychex Inc. PAYX$41.2 billion22.9648.7%39.2%14.0%1.233.9%
Twilio Inc. TWLO$40.5 billion36.7312.8%5.2%17.8%0.11n/a
Okta, Inc. OKTA$39.3 billion132.484.2%7.5%11.2%0.00n/a
Take-Two Interactive Software, Inc. TTWO$38.0 billionn/a-8.9%-2.4%15.3%0.70n/a
Cognizant Technology Solutions Corp. CTSH$31.3 billion14.9115.4%15.9%5.6%0.111.8%
Reddit, Inc. RDDT$28.0 billion32.1926.5%28.2%66.6%0.00n/a
Verisign Inc. VRSN$27.7 billion33.21n/a67.6%6.5%n/a1.0%
Baidu, Inc. BIDU *$26.5 billionn/a2.1%-4.5%-3.0%0.34n/a
Corpay, Inc. CPAY$26.2 billion24.3332.2%43.7%20.4%3.00n/a
Trip.com Group Limited TCOM *$25.9 billionn/a19.5%25.3%17.1%0.180.8%
Fiserv Inc. FISV$25.7 billion9.2810.4%22.3%-1.2%1.04n/a
Verisk Analytics, Inc. VRSK$25.5 billion30.14n/a43.9%5.0%n/a1.0%
AerCap Holdings N.V. AER *$23.2 billion6.9420.5%n/a6.5%2.380.8%
Incyte Corp. INCY$22.8 billion14.4325.4%30.6%26.9%0.00n/a
Omnicom Group Inc. OMC$21.8 billion44.607.1%6.4%54.1%1.014.0%
Global Payments Inc. GPN$21.8 billionn/an/an/an/a1.021.2%
PTC Inc. PTC$21.5 billion18.7935.3%37.8%19.5%0.41n/a
Equifax Inc. EFX$20.9 billion28.8516.6%18.8%10.9%1.161.2%
Broadridge Financial Solutions, Inc. BR$20.6 billion18.8239.6%17.4%8.5%1.152.2%
Wipro Limited WIT *$20.6 billion15.7614.9%16.3%4.0%0.196.3%
Nutanix, Inc. NTNX$19.7 billion14.09214.5%9.6%12.4%1.92n/a
Fidelity National Information Services, Inc. FIS$19.0 billion5.6621.0%15.7%18.3%1.324.6%
Toast, Inc. TOST$19.0 billion41.2023.8%6.3%23.0%0.00n/a
Medpace Holdings, Inc. MEDP$18.9 billion37.5288.5%21.4%20.4%0.00n/a
Dynatrace, Inc. DT$18.6 billion128.356.2%12.1%17.9%0.00n/a
Tyler Technologies Inc. TYL$18.6 billion51.2310.7%15.1%8.2%0.46n/a
APi Group Corp. APG$17.4 billionn/a9.8%7.2%14.1%1.00n/a
Charles River Laboratories International, Inc. CRL$17.1 billionn/a-8.4%2.3%-0.7%0.92n/a
Check Point Software Technologies Ltd. CHKP *$16.9 billion16.5936.7%30.5%6.3%0.68n/a
Rollins Inc. ROL$16.5 billion31.7237.8%18.3%8.3%0.522.1%
Docusign, Inc. DOCU$16.0 billion51.7919.2%12.0%8.6%0.00n/a
RB Global Inc. RBA$15.7 billion36.358.7%16.0%9.7%0.521.5%
Fair Isaac Corp. FICO$15.3 billion20.43n/a51.7%24.1%n/a0.0%
TransUnion TRU$15.3 billion21.0115.2%18.7%12.4%1.150.6%
Guidewire Software, Inc. GWRE$15.1 billion112.8211.7%10.2%22.7%0.57n/a
Allegion plc ALLE$15.0 billion22.2031.8%21.5%10.3%0.941.2%
UL Solutions Inc. ULS$14.7 billion29.5531.7%17.9%6.6%0.190.8%
Gen Digital Inc. GEN$14.6 billion14.1939.6%41.7%20.2%3.072.0%
Gartner Inc. IT$14.6 billion20.74n/a17.3%0.7%n/an/a
Maplebear Inc. CART$14.2 billion33.0920.7%14.8%12.6%0.00n/a
Akamai Technologies Inc. AKAM$14.1 billion35.438.7%10.5%5.9%1.59n/a
ICON plc ICLR *$14.1 billion63.382.5%5.4%0.8%0.37n/a
Flutter Entertainment plc FLUT$13.9 billionn/a-8.6%-3.7%15.2%1.37n/a
Manhattan Associates Inc. MANH$13.8 billion67.72133.5%24.3%6.5%0.00n/a
Costar Group, Inc. CSGP$13.7 billion168.450.9%2.2%22.0%0.13n/a
Hubspot Inc. HUBS$13.1 billion93.288.9%3.8%21.1%0.00n/a
Bentley Systems Inc. BSY$12.7 billion43.7924.1%23.6%12.8%1.010.7%
Pinterest, Inc. PINS$11.9 billion62.418.6%4.9%16.6%0.34n/a
Paycom Software, Inc. PAYC$11.9 billion28.5085.3%30.3%9.2%1.570.6%
Factset Research Systems Inc. FDS$11.4 billion22.2326.6%28.3%6.7%0.681.4%
Grab Holdings Limited GRAB *$10.7 billion45.004.0%1.9%20.5%0.31n/a
DigitalOcean Holdings, Inc. DOCN$10.5 billion45.4525.3%14.8%21.4%0.99n/a
Match Group, Inc. MTCH$10.4 billion15.98n/a28.2%1.7%n/a1.7%
Booz Allen Hamilton Holding Corp. BAH$9.9 billion12.9363.0%9.3%-6.2%3.542.8%
Tetra Tech Inc. TTEK$9.5 billion22.3723.5%12.1%-7.6%0.430.7%
Paylocity Holding Corp. PCTY$9.4 billion35.6622.1%21.8%11.0%0.07n/a
Healthequity, Inc. HQY$8.6 billion37.4711.9%25.8%7.3%0.47n/a
Dropbox, Inc. DBX$8.6 billion20.96n/a26.6%-0.0%n/an/a
Etsy Inc. ETSY$7.9 billion47.72n/a16.0%0.7%n/an/a
Aecom ACM$7.8 billion27.8613.1%4.1%-4.2%1.212.0%
Qualys, Inc. QLYS$7.8 billion38.9936.7%34.4%10.4%0.00n/a
Appfolio Inc. APPF$7.6 billion45.2029.2%18.8%20.0%0.00n/a
RingCentral, Inc. RNG$7.6 billion11.43n/a7.5%5.5%n/an/a
UiPath, Inc. PATH$7.5 billion21.3218.6%8.9%15.0%0.00n/a
Epam Systems, Inc. EPAM$7.1 billion18.6311.4%10.0%10.8%0.01n/a
Commvault Systems Inc. CVLT$6.9 billion106.59131.2%6.1%15.5%16.94n/a
Genpact Ltd. G$6.8 billion12.0122.4%14.8%6.5%0.451.8%
WEX Inc. WEX$6.6 billion19.1326.1%25.5%7.5%3.98n/a
Lyft, Inc. LYFT$6.5 billion2.4894.8%-1.8%10.8%0.35n/a
ExlService Holdings, Inc. EXLS$6.3 billion26.2828.9%14.9%13.6%0.44n/a
Pegasystems Inc. PEGA$6.0 billion22.8153.7%9.9%0.9%0.000.3%
Doximity, Inc. DOCS$5.9 billion38.9118.2%29.6%11.2%0.00n/a
Box Inc. BOX$5.9 billion62.63n/a9.4%9.6%n/an/a
Frontdoor, Inc. FTDR$5.8 billion22.2696.1%n/a9.2%4.08n/a
ACI Worldwide, Inc. ACIW$5.6 billion25.5515.1%18.6%7.0%0.550.0%
Bilibili Inc. BILI *$5.5 billion32.517.7%3.7%13.1%0.62n/a
Amentum Holdings, Inc. AMTM$5.4 billion26.584.3%4.2%11.4%0.81n/a
Remitly Global, Inc. RELY$5.2 billion17.6827.1%9.5%23.8%0.00n/a
Robert Half Inc. RHI$4.6 billion39.119.5%n/a-4.9%0.005.2%
Bill Holdings, Inc. BILL$4.6 billionn/a-0.3%-4.4%13.0%0.52n/a
FTI Consulting, Inc. FCN$4.5 billion19.5419.0%9.7%7.1%0.76n/a
Wix.com Ltd. WIX *$4.4 billion91.40n/a0.1%13.2%n/an/a
monday.com Ltd. MNDY *$4.4 billionn/a9.5%-0.1%26.7%0.00n/a
Q2 Holdings, Inc. QTWO$4.4 billion49.8914.3%10.0%13.9%0.00n/a
Sezzle Inc. SEZL$4.3 billion27.7069.3%40.4%43.1%0.52n/a
VSE Corp. VSEC$4.1 billionn/an/an/an/a0.320.3%
Clear Secure, Inc. YOU$4.0 billion31.3371.7%25.1%19.8%0.00n/a
Korn Ferry KFY$4.0 billion14.8714.0%12.9%6.9%0.202.6%
Exponent Inc. EXPO$3.7 billion34.8238.7%20.2%12.8%0.001.6%
First Advantage Corp. FA$3.6 billion151.711.9%10.7%32.9%1.577.1%
Life360, Inc. LIF$3.6 billion25.4924.0%1.1%34.0%0.51n/a
Maximus, Inc. MMS$3.3 billion9.3821.3%11.0%-3.3%0.942.0%
SPS Commerce Inc. SPSC$3.3 billion43.728.3%12.8%9.8%0.00n/a
Teradata Corp. TDC$3.2 billion7.3577.2%7.5%1.0%0.00n/a
ABM Industries Inc. ABM$3.2 billion19.519.3%3.5%6.0%0.992.1%
Alarm.com Holdings, Inc. ALRM$3.2 billion28.5713.6%12.8%8.7%0.570.0%
WillScot Holdings Corp. WSC$3.0 billionn/a-7.6%6.5%-2.5%3.840.0%
People Inc. PPLI$2.9 billionn/an/an/an/a0.28n/a
CarGurus, Inc. CARG$2.8 billion16.9466.6%n/a13.9%0.00n/a
Five9, Inc. FIVN$2.8 billion54.707.6%4.7%8.9%0.94n/a
DXC Technology Co. DXC$2.6 billion23.294.1%7.2%-2.4%1.155.2%
Blackbaud Inc. BLKB$2.5 billionn/an/a19.8%0.6%17.160.2%
Payoneer Global Inc. PAYO$2.4 billion51.007.7%10.4%6.3%0.00n/a
V2X, Inc. VVX$2.4 billion26.438.1%4.2%13.0%0.94n/a
LiveRamp Holdings, Inc. RAMP$2.3 billion15.6415.9%11.6%8.9%0.00n/a
Duolingo, Inc. DUOL$2.3 billion16.3329.1%13.7%29.4%0.00n/a
ManpowerGroup Inc. MAN$2.1 billion20.994.9%1.5%6.7%0.503.1%
Neogenomics Inc. NEO$2.1 billionn/a-6.6%-8.9%11.2%0.48n/a
DoubleVerify Holdings, Inc. DV$2.1 billion37.645.4%12.7%7.6%0.00n/a
Astrana Health, Inc. ASTH$2.1 billion45.404.9%2.6%58.9%1.13n/a
Insperity, Inc. NSP$2.1 billionn/a-26.2%-0.0%2.6%6.874.4%
Blackline, Inc. BL$2.0 billion59.9611.0%4.3%8.6%2.11n/a
Concentrix Corp. CNXC$2.0 billionn/a-135.2%-20.9%2.6%2.47n/a
Western Union Co. WU$1.9 billion5.0543.2%15.9%-1.6%2.9515.1%
AMN Healthcare Services Inc. AMN$1.9 billion18.2314.2%5.8%24.0%1.00n/a
Progress Software Corp. PRGS$1.9 billion21.3417.4%17.7%6.4%2.330.0%
Evertec, Inc. EVTC$1.8 billion20.0915.2%17.9%12.4%2.010.6%
Liquidity Services Inc. LQDT$1.7 billion44.5814.1%9.0%5.2%0.00n/a
PDF Solutions Inc. PDFS$1.7 billion163.342.8%8.2%23.0%0.18n/a
Everforth Inc. EFOR$1.7 billion21.534.6%4.9%-1.0%0.80n/a
Certara, Inc. CERT$1.6 billionn/a-7.1%-0.2%0.7%0.30n/a
Sprinklr, Inc. CXM$1.6 billion67.104.5%5.3%6.3%0.00n/a
Donnelley Financial Solutions, Inc. DFIN$1.3 billion37.439.1%18.9%3.0%0.53n/a
Arlo Technologies, Inc. ARLO$1.3 billion45.8319.3%2.7%15.6%0.00n/a
ZoomInfo Technologies Inc. GTM$1.2 billionn/a-65.3%-35.2%2.7%1.53n/a
Upwork, Inc. UPWK$1.2 billion12.3716.7%15.1%1.9%0.59n/a
Legalzoom.Com, Inc. LZ$1.2 billion78.4413.3%4.1%12.3%0.00n/a
Prog Holdings, Inc. PRG$1.2 billionn/an/an/an/a1.101.8%
TripAdvisor, Inc. TRIP$1.1 billion925.000.8%2.7%-4.4%1.240.0%
Healthstream Inc. HSTM$1.0 billion48.455.9%8.0%8.8%0.000.4%
Upbound Group, Inc. UPBD$990 million10.9612.3%5.1%5.9%1.949.2%
N-able, Inc. NABL$975 millionn/a-0.9%9.5%10.0%0.49n/a
Quinstreet, Inc. QNST$917 million11.5125.1%2.7%18.3%0.22n/a
Sabre Corp. SABR$658 millionn/an/an/an/an/a0.0%
ADT Inc. ADTn/an/a17.6%25.0%2.1%2.243.2%
37 companies share its SEC industry code (Services-Business Services, Nec); the rest are the names nearest in size in its wider industry, Business Services, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202511 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202412 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 20241 May 2024EDGAR