A Business at a Glance
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VISA INC.
V
$568.7B
Mkt Cap
$355.74
+1.18%
VISA INC. (V) has a current P/E ratio of 37.0, compared to its historical median P/E of 32.6. The stock is currently considered Fair based on its historical valuation range.
VISA INC. (V) has a 5-year average return on invested capital (ROIC) of 41.5%. This indicates strong capital allocation and a potential competitive advantage.
Yes, VISA INC. (V) pays a dividend with a trailing twelve-month yield of 0.17%.
Based on historical P/E analysis, VISA INC. (V) appears fair. The current P/E of 37.0 is 14% above its historical median of 32.6. The estimated fair value CAGR (P/E method) is 13.1%.
VISA INC. (V) operates in the Services-Business Services, Nec industry, within the Industrials sector.
VISA INC. (V) reported annual revenue of $40.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
VISA INC. (V) has a net profit margin of 50.1%. This is a strong margin indicating high profitability.
Visa is a global digital payments leader that facilitates secure, reliable and efficient commerce and money movement across more than 200 countries and territories through its proprietary VisaNet transaction processing network. The company operates a four-party model connecting consumers, issuing and acquiring financial institutions, and sellers, earning revenue through service fees for authorization, clearing and settlement; data processing fees; international transaction fees; and value-added services including issuing solutions, acceptance solutions, risk and security solutions, and advisory services. Visa's business model is asset-light and network-based, generating revenue from transaction volume and value-added services rather than from credit risk or card issuance, with nearly 14,500 financial institution clients offering Visa-branded credit, debit, prepaid and cash access products to consumers and businesses. The company's competitive moat is built on its global network scale—connecting approximately 12 billion cards, bank accounts and digital wallets to more than 175 million merchant locations—combined with proprietary technologies including VisaNet, Visa Token Service, and its Visa as a Service stack that enables clients to access modular, reusable capabilities through APIs and managed solutions. Visa's geographic footprint spans more than 200 countries and territories across 150 currencies, serving diverse customer segments including traditional financial institutions, fintechs, digital banks, governments and NGOs, with a strategic focus on accelerating growth in consumer payments, commercial and money movement solutions, and value-added services.
【Innovation-driven growth acceleration】 Management expects continued strong momentum across all business segments driven by investments in next-generation technologies including generative AI, stablecoins, and agentic commerce, which are expected to create new transaction categories and revenue streams. The company anticipates accelerated digitization of B2B payments and expansion of non-card payment flows, with agentic commerce expected to generate more transactions, more value-added services, and therefore more revenue in the years ahead. Visa is investing significantly in its Visa as a Service stack and marketing solutions to support major events including the Olympic and Paralympic Games and FIFA World Cup, which are expected to drive incremental value-added services revenue throughout the year. Management remains confident in the resilience of consumer spending and the strength of its diverse business model, positioning the company to deliver long-term growth while maintaining flexibility to adapt to changing macroeconomic conditions.
| Metric | Target | Period |
|---|---|---|
| Net revenue growth | low double digits | FY2026 |
| Operating expense growth | low double digits | FY2026 |
| Non-operating expense | $125 million to $175 million | FY2026 |
| Tax rate | 18.5% to 19% | FY2026 |
| Adjusted EPS growth | low double digits | FY2026 |
| Q1 FY2026 net revenue growth | high end of low double digits | Q1 FY2026 |
| Q1 FY2026 operating expense growth | low double digits | Q1 FY2026 |
| Q1 FY2026 EPS growth | low teens | Q1 FY2026 |
| Net revenue growth | low double-digit to low teens | FY2026 (updated guidance) |
| Operating expense growth | low double-digit to low teens | FY2026 (updated guidance) |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 43.0B | 40.0B | 35.9B | 32.7B | 29.3B | 24.1B |
| Net Income | 22.2B | 20.1B | 19.7B | 17.3B | 15.0B | 12.3B |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 21.2B | 21.6B | 18.7B | 19.7B | 17.9B | 14.5B |
| ROIC | 48.2% | 45.8% | 48.4% | 44.3% | 39.7% | 29.5% |
| Gross Margin | - | 69.3% | 74.8% | 73.2% | 73.0% | 75.1% |
| Debt/Equity | 0.67 | 0.69 | 0.55 | 0.54 | 0.63 | 0.56 |
| Dividends/Share | $0.00 | $0.59 | $0.52 | $0.45 | $0.38 | $0.32 |
| Operating Income | 26.3B | 24.0B | 23.6B | 21.0B | 18.8B | 15.8B |
| Operating Margin | 61.1% | 60.0% | 65.7% | 64.3% | 64.2% | 65.6% |
| ROE | 62.4% | 52.1% | 50.7% | 46.5% | 40.9% | 33.4% |
| Shares Outstanding | 0M | - | - | - | - | - |
VISA INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
VISA INC. trades at 37.0x trailing earnings, compared to its 15-year median P/E of 32.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 27.9x vs a median of 31.4x. The company's 5-year average ROIC is 41.5% with a gross margin of 73.1%. Total shareholder yield (dividends) is 0.2%. At current prices, the estimated annualized return to fair value is +11.5%.
VISA INC. (V) generated $21.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
VISA INC. (V) has a debt-to-equity ratio of 0.69. This indicates moderate leverage.
VISA INC. (V) has a return on equity (ROE) of 52.1%. This indicates the company generates strong returns for shareholders.
VISA INC. (V) has a 5-year average gross margin of 73.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for VISA INC. (V), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Based on recent SEC filings and earnings disclosures, Management expects continued strong momentum across all business segments driven by investments in next-generation technologies including generative AI, stablecoins, and agentic commerce, which are expected to create new transaction categories and revenue streams. The company anticipates accelerated digitization of B2B payments and expansion of non-card payment flows, with agentic commerce expected to generate more transactions, more value-added services, and therefore more revenue in the years ahead. Visa is investing significantly in its Visa as a Service stack and marketing solutions to support major events including the Olympic and Paralympic Games and FIFA World Cup, which are expected to drive incremental value-added services revenue throughout the year. Management remains confident in the resilience of consumer spending and the strength of its diverse business model, positioning the company to deliver long-term growth while maintaining flexibility to adapt to changing macroeconomic conditions.
Based on recent SEC filings and earnings calls, VISA INC. (V) has provided the following forward guidance: Net revenue growth: low double digits (FY2026); Operating expense growth: low double digits (FY2026); Non-operating expense: $125 million to $175 million (FY2026); Tax rate: 18.5% to 19% (FY2026); Adjusted EPS growth: low double digits (FY2026), plus 9 additional metrics.
| Adjusted EPS growth |
| low teens |
| FY2026 (updated guidance) |
| Q3 FY2026 net revenue growth | low double digits | Q3 FY2026 |
| Q3 FY2026 operating expense growth | low teens | Q3 FY2026 |
| Q3 FY2026 EPS growth | mid to high single digits | Q3 FY2026 |
Net revenue growth (FY2026): “In 2026, we expect full year adjusted net revenue growth to be in the low double digits.”
Operating expense growth (FY2026): “We currently expect to grow adjusted operating expense in the low double digits, consistent with our net revenue growth.”
Non-operating expense (FY2026): “In 2026, based on current interest rate forward curves, we now expect non-operating expense of $125 million to $175 million.”
Tax rate (FY2026): “When we incorporate our current tax planning strategies, we expect the tax rate to be between 18.5% and 19%, up from 2024 and 2025, primarily due to the absence of one-time benefits.”
Adjusted EPS growth (FY2026): “All of this results in our adjusted EPS growth to be in the low double digits.”
Q1 FY2026 net revenue growth (Q1 FY2026): “We expect Q1 adjusted net revenue growth in the high end of low double digits.”
Q1 FY2026 operating expense growth (Q1 FY2026): “We expect adjusted operating expense growth in the low double digits.”
Q1 FY2026 EPS growth (Q1 FY2026): “As a result, we expect adjusted first quarter EPS growth to be in the low teens.”