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olivLaw · US equity research

Visa Inc. V

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

420.42USD−1.20% · 1 dayClose 03 Nov 2026

Visa is one of the largest global digital payments networks, processing transactions through its proprietary VisaNet across more than 200 countries and territories. Net revenue reached 40.0 billion USD in fiscal 2025, and in the quarter ended June 30 2026 net revenue rose 14% to 11.6 billion USD. The company does not issue cards or extend credit, earning instead fees tied to transaction processing.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 03 Nov 2026, Visa Inc. (V) stock was 420.42 USD (−1.20% on the day), with market capitalisation 197.3 bn USD, P/E 8.9, dividend yield 0.46%, beta 0.63, 52-week range 295.52–425.51 USD. Latest reported quarter (Q2 2026): revenue of 11.2 bn USD (+17.1% YoY), net income of 6.0 bn USD (+31.5% YoY).

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
197.3 bn USD
shares as of 27 Jan 2010
P/E (TTM)
8.9
market cap ÷ net income
E/P (TTM)
11.27%
Dividend yield
0.46%
DPS 12m 1.93
Beta (2y)
0.63
Volatility (1y) 22%
52-week range
295.52425.51

Price history

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Technical reading

RSI (14)
69.2
strong (55–70)
Bollinger (20, 2)
374.76 – 428.04
in the upper half of the band · %B 0.86 · band width 13.3%
SMA 50 / 200
383.16 / 343.15
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
11.00 / 9.75
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+16.6%−2.0%+18.6 pp—
3 months+13.8%−2.2%+15.9 pp—
6 months+30.6%+4.3%+26.3 pp—
Year to date+19.9%+10.6%+9.3 pp—
1 year+24.8%+10.5%+14.3 pp+1.8%
3 years+72.6%+73.7%−1.1 pp+18.1%
5 years+101.4%+61.7%+39.6 pp—
Max drawdown (1y)
−17.4%
06 Jan 2026 → 27 Mar 2026
Max drawdown (5y)
−24.5%
02 Feb 2022 → 30 Sept 2022
Compound annual growth (5y)
+15.0%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 31 Mar 2026

Revenue
11.2 bn USD
+17.1% YoY
Net income
6.0 bn USD
+31.5% YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
53.6% / 64.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue8.9 bn9.6 bn9.5 bn9.6 bn10.2 bn10.7 bn10.9 bn11.2 bn
Operating income5.9 bn6.3 bn6.2 bn5.4 bn6.2 bn6.1 bn6.7 bn7.2 bn
Depreciation & amortisation264.0 m274.0 m282.0 m305.0 m317.0 m316.0 m326.0 m333.0 m
Interest expense196.0 m176.0 m182.0 m158.0 m39.0 m210.0 m194.0 m178.0 m
Pre-tax income6.0 bn6.4 bn6.2 bn5.4 bn6.3 bn6.2 bn6.7 bn7.2 bn
Income tax1.1 bn1.1 bn1.1 bn861.0 m1.1 bn1.1 bn873.0 m1.2 bn
Net income4.9 bn5.3 bn5.1 bn4.6 bn5.3 bn5.1 bn5.9 bn6.0 bn
Operating cash flow5.1 bn ≈6.7 bn5.4 bn4.7 bn ≈6.7 bn ≈6.2 bn6.8 bn3.0 bn ≈
Capex400.0 m ≈309.0 m345.0 m327.0 m ≈421.0 m ≈389.0 m378.0 m383.0 m ≈
Dividends paid1.1 bn ≈1.0 bn1.2 bn1.2 bn ≈1.2 bn ≈1.1 bn1.3 bn1.3 bn ≈
Share repurchases4.5 bn ≈5.8 bn4.0 bn4.6 bn ≈4.8 bn ≈4.9 bn3.7 bn7.9 bn ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue20.6 bn23.0 bn21.8 bn24.1 bn29.3 bn32.7 bn35.9 bn40.0 bn
Revenue YoY+12.3%+11.5%−4.9%+10.3%+21.6%+11.4%+10.0%+11.3%
Net income10.3 bn12.1 bn10.9 bn12.3 bn15.0 bn17.3 bn19.7 bn20.1 bn
Net income YoY+53.8%+17.3%−10.0%+13.3%+21.5%+15.5%+14.3%+1.6%
Diluted EPSunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %50.0%52.6%49.7%51.1%51.0%52.9%55.0%50.1%
Free cash flow12.2 bn12.0 bn9.7 bn14.5 bn17.9 bn19.7 bn18.7 bn21.6 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 30 Sept 2025

Cash
17.2 bn USD
Financial debt
25.2 bn USD
Net debt
8.0 bn USD
Equity
37.9 bn USD
Total assets
99.6 bn USD
Debt / equity
0.66x
Current ratio
1.08x
ROE
52.1%
ROA
20.7%
FCF margin
53.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
32.7 bn
2024
35.9 bn
2025
40.0 bn

SEC (XBRL)· 06 Nov 2025verified

Operating income
2023
21.0 bn
2024
23.6 bn
2025
24.0 bn

SEC (XBRL)· 06 Nov 2025verified

Depreciation & amortisation
2023
943.0 m
2024
1.0 bn
2025
1.2 bn

SEC (XBRL)· 06 Nov 2025verified

EBITDA
2023
21.9 bn ≈
2024
24.6 bn ≈
2025
25.2 bn ≈

SEC (XBRL)· 06 Nov 2025derived

Interest expense
2023
644.0 m
2024
641.0 m
2025
589.0 m

SEC (XBRL)· 06 Nov 2025verified

Pre-tax income
2023
21.0 bn
2024
23.9 bn
2025
24.2 bn

SEC (XBRL)· 06 Nov 2025verified

Income tax
2023
3.8 bn
2024
4.2 bn
2025
4.1 bn

SEC (XBRL)· 06 Nov 2025verified

Net income
2023
17.3 bn
2024
19.7 bn
2025
20.1 bn

SEC (XBRL)· 06 Nov 2025verified

Dividend per share
2023
0.45
2024
0.52
2025
0.59

SEC (XBRL)· 06 Nov 2025verified

Balance sheet · USD

Cash
2023
16.3 bn
2024
12.0 bn
2025
17.2 bn

SEC (XBRL)· 06 Nov 2025verified

Receivables
2023
2.3 bn
2024
2.6 bn
2025
3.1 bn

SEC (XBRL)· 06 Nov 2025verified

Current assets
2023
33.5 bn
2024
34.0 bn
2025
37.8 bn

SEC (XBRL)· 06 Nov 2025verified

Property, plant & equipment, net
2023
3.4 bn
2024
3.8 bn
2025
4.2 bn

SEC (XBRL)· 06 Nov 2025verified

Goodwill
2023
18.0 bn
2024
18.9 bn
2025
19.9 bn

SEC (XBRL)· 06 Nov 2025verified

Intangibles (excl. goodwill)
2023
26.1 bn
2024
26.9 bn
2025
27.6 bn

SEC (XBRL)· 06 Nov 2025verified

Total assets
2023
90.5 bn
2024
94.5 bn
2025
99.6 bn

SEC (XBRL)· 06 Nov 2025verified

Accounts payable
2023
375.0 m
2024
479.0 m
2025
555.0 m

SEC (XBRL)· 06 Nov 2025verified

Short-term debt
2023
0
2024
0
2025
5.6 bn

SEC (XBRL)· 06 Nov 2025verified

Long-term debt
2023
20.5 bn
2024
20.8 bn
2025
19.6 bn

SEC (XBRL)· 06 Nov 2025verified

Current liabilities
2023
23.1 bn
2024
26.5 bn
2025
35.0 bn

SEC (XBRL)· 06 Nov 2025verified

Total liabilities
2023
51.8 bn
2024
55.4 bn
2025
61.7 bn

SEC (XBRL)· 06 Nov 2025verified

Equity
2023
38.7 bn
2024
39.1 bn
2025
37.9 bn

SEC (XBRL)· 06 Nov 2025verified

Cash flow · USD

Operating cash flow
2023
20.8 bn
2024
20.0 bn
2025
23.1 bn

SEC (XBRL)· 06 Nov 2025verified

Capex
2023
1.1 bn
2024
1.3 bn
2025
1.5 bn

SEC (XBRL)· 06 Nov 2025verified

Free cash flow
2023
19.7 bn ≈
2024
18.7 bn ≈
2025
21.6 bn ≈

SEC (XBRL)· 06 Nov 2025derived

Investing cash flow
2023
-2.0 bn
2024
-1.9 bn
2025
708.0 m

SEC (XBRL)· 06 Nov 2025verified

Financing cash flow
2023
-17.8 bn
2024
-20.6 bn
2025
-19.0 bn

SEC (XBRL)· 06 Nov 2025verified

Dividends paid
2023
3.8 bn
2024
4.2 bn
2025
4.6 bn

SEC (XBRL)· 06 Nov 2025verified

Share repurchases
2023
12.1 bn
2024
16.7 bn
2025
18.3 bn

SEC (XBRL)· 06 Nov 2025verified

Computed indicators

Growth

Revenue growth (YoY)
11.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
10.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
12.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
1.7%
computed by olivLawFY 2025
Net income growth (YoY)
1.6%
computed by olivLawFY 2025
Net income CAGR 3Y
10.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
13.0%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
15.4%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
64.1%
computed by olivLawTTM to 31 Mar 2026
EBIT margin
61.1%
computed by olivLawTTM to 31 Mar 2026
Net margin
51.7%
computed by olivLawTTM to 31 Mar 2026
FCF margin
49.2%
computed by olivLawTTM to 31 Mar 2026

Returns

ROE
60.3%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROA
23.7%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
46.9%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROCE
39.9%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
23.0%
computed by olivLawTTM to 31 Mar 2026

Balance sheet

Net debt
11.6 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Net debt / EBITDA
0.4x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Debt / equity
0.7x
computed by olivLawbalance sheet at 31 Mar 2026
Interest coverage
42.3x
computed by olivLawTTM to 31 Mar 2026

Liquidity

Current ratio
1.1x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
22.8 bn USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
1.6 bn USD
computed by olivLawTTM to 31 Mar 2026
Free cash flow
21.2 bn USD
computed by olivLawTTM to 31 Mar 2026
FCF conversion
95.3%
computed by olivLawTTM to 31 Mar 2026
Cash conversion
82.5%
computed by olivLawTTM to 31 Mar 2026

Efficiency

Days sales outstanding
26 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
197.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
208.9 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Market cap / net income TTM
8.9x
computed by olivLawTTM to 31 Mar 2026
P/E (TTM)
8.9x
computed by olivLawTTM to 31 Mar 2026
Earnings yield
11.3%
computed by olivLawTTM to 31 Mar 2026
P/B
5.5x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
4.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
7.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBIT
7.9x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/Sales
4.9x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
P/FCF
9.3x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
FCF yield
10.7%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Dividend yield
0.5%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
13.3%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Attractive profile

Score: 91 / 100

A scoring methodology on indicators and valuation, not investment advice.

score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']

Closing price

420.42 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 197.3 bn USD

Key indicators

Market capitalisation
197.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
8.9x
computed by olivLawTTM to 31 Mar 2026
P/B
5.5x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
7.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROE
60.3%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Net margin
51.7%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
11.3%
computed by olivLawFY 2025
Dividend yield
0.5%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 27 Jan 2010
Source: SEC (XBRL)published 29 Apr 2026
verified 2193derived 219

Score by group

  • Balance sheet78
  • Valuation100
  • Quality87
  • Growth91
  • Returns100

Estimated value range

Low
704.73
USD per share
Mid
964.59
USD per share
High
1,253.58
USD per share
Price: 420.42 USD
The price is below the range
Potential to the central value: 129.4% (value / price − 1)
Margin of safety: 56.4% (1 − price / value)
Agreement between methods: high · 4 methods used · 3 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.75 – 1,603.36 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)715.98 – 1,140.69 (Mid 878.40)
    WACC 8.8% · starting FCFF 21.7 bn USD · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.4%
  • Peers: EV/EBITDA875.30 – 1,366.47 (Mid 1,050.79)
    6 companies used · median multiple 18.3x · quartiles 15.3x – 23.7x
    CPAY, EBAY, MELI, MSCI, PYPL, UBER
  • Peers: P/E693.48 – 1,603.36 (Mid 1,171.01)
    9 companies used · median multiple 24.7x · quartiles 14.6x – 33.8x
    ACN, CPAY, EBAY, FISV, MA, MELI, MSCI, PYPL, UBER
  • Dividend discount (DDM)7.75 – 10.43 (Mid 8.89)
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Attractive profile · Score 91/100

FactorValueScoreWeight used
ROIC · Quality46.9%75 (vs peers)11%
Net margin · Quality51.7%100 (vs peers)7%
FCF conversion · Quality95.3%93 (on a fixed band)7%
Revenue CAGR 3Y · Growth10.9%91 (on a fixed band)9%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.4x86 (vs peers)11%
Interest coverage · Balance sheet42.3x100 (on a fixed band)7%
Current ratio · Balance sheet1.1x24 (on a fixed band)5%
P/E (TTM) · Valuation8.9x100 (vs peers)11%
EV/EBITDA · Valuation7.6x100 (vs peers)11%
FCF yield · Valuation10.7%100 (on a fixed band)9%
Shareholder yield (distributions) · Returns13.3%100 (on a fixed band)7%
Payout ratio (FCF) · Returns23.0%100 (on a fixed band)5%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet78/100 · 3/3 factors with a value
  • Growth· partial91/100 · 1/2 factors with a value
  • Quality87/100 · 3/3 factors with a value
  • Returns100/100 · 2/2 factors with a value
  • Valuation100/100 · 3/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

VISA INC. (V). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 40.0 bn USD in 2025; YoY growth 11.3%; net margin 51.7%; ROE 60.3%; net debt/EBITDA 0.4x.

The estimated value range is 704.73–1,253.58 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 964.59 USD, the price of 420.42 USD leaves a potential of 129.4% (value / price − 1) and a margin of safety of 56.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 91/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 46.9%
  • Net margin: 51.7%
  • FCF conversion: 95.3%
  • Revenue CAGR 3Y: 10.9%
  • Net debt / EBITDA: 0.4x
  • Interest coverage: 42.3x
  • P/E (TTM): 8.9x
  • EV/EBITDA: 7.6x
  • FCF yield: 10.7%
  • Shareholder yield (distributions): 13.3%
  • Payout ratio (FCF): 23.0%
  • The price is below the estimated value range

What contradicts it

  • Current ratio: 1.1x

Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 9 companies

Only companies with a capitalisation between 24.3 bn and 1,555.5 bn (within 8× of the company's); 90 of the vertical were left out.

Multiples and returns vs the median

P/E
8.9x
vertical median 24.7x
below median (−64.1%)
EV/EBITDA
7.6x
vertical median 18.3x
below median (−58.6%)
P/S
4.6x
vertical median 2.5x
above median (+86.2%)
P/B
5.5x
vertical median 6.3x
below median (−11.6%)
ROE
60.3%
vertical median 29.0%
above median (+107.9%)
Net margin
51.7%
vertical median 16.9%
above median (+205.2%)
EBIT margin
61.1%
vertical median 20.3%
above median (+200.7%)
Revenue YoY
11.3%
vertical median 9.7%
above median (+16.4%)
Net debt/EBITDA
0.4x
vertical median 1.1x
below median (−60.2%)
Dividend yield
0.5%
vertical median 1.0%
below median (−52.3%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
UBERUber Technologies, Inc136.0 bn14.638.4%17.3%+18.3%−24% / +18%
MELIMercadoLibre, Inc.84.3 bn45.227.5%5.3%+39.1%−20% / +3%
EBAYeBay Inc.52.1 bn25.846.6%16.9%+7.9%+43% / +189%
PYPLPayPal Holdings, Inc.48.4 bn11.123.8%13.8%+4.3%−7% / +1%
MSCIMsci Inc.45.7 bn33.9—40.3%+9.7%+13% / +23%
FISVFiserv, Inc.31.1 bn11.210.7%13.4%+3.6%−5% / −55%
CPAYCorpay, Inc26.7 bn24.730.5%22.7%+13.9%+37% / +69%
VVisa Inc.——60.3%51.7%+11.3%+25% / +73%
ACNAccenture plc—18.826.7%11.3%+6.5%+2% / −24%
MAMastercard Incorporated—33.8231.4%46.7%+16.4%+18% / +56%

1- and 3-year price returns: for V from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
264.54
Total return -37% · Per year -37%
466.34
Total return 11% · Per year 11%
700.57
Total return 67% · Per year 67%
3 years
290.95
Total return -31% · Per year -12%
573.76
Total return 36% · Per year 11%
941.41
Total return 124% · Per year 31%
5 years
319.99
Total return -24% · Per year -5%
705.92
Total return 68% · Per year 11%
1,265.05
Total return 201% · Per year 25%
What moves the 3-year price the most
  • Exit P/E± 143.44
  • Net margin± 100.41
  • Annual revenue growth± 77.64
  • Annual dilution± 8.44

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).

In brief

Visa is one of the largest global digital payments networks, processing transactions through its proprietary VisaNet across more than 200 countries and territories. Net revenue reached 40.0 billion USD in fiscal 2025 1, and in the quarter ended June 30 2026 net revenue rose 14% to 11.6 billion USD 3. The company does not issue cards or extend credit, earning instead fees tied to transaction processing.

SWOT

Strengths

  • Visa has a very broad global network, with reach across a large number of institutions and merchant locations, giving it a scale advantage that is hard to replicate.
  • The revenue model based on transaction volume and value-added services combines growth with high profitability, as shown in recent results 2.
  • Investment in security, tokenization and fraud prevention strengthens client trust and differentiates Visa products from simpler alternatives.

Weaknesses

  • Personnel and marketing expenses have risen quickly in recent periods, which could compress operating margins if revenue growth slows.
  • The company depends on volume flowing through issuing and acquiring banks, which can negotiate incentives or move to other networks.
  • Litigation over interchange fees has generated significant provisions, and the case remains open, adding uncertainty to financial results.

Opportunities

  • Bank transfers and other methods still widely used represent an opportunity to attract payments to the Visa network if adoption of new products continues.
  • Expansion in cross-border payments and in spending services for affluent consumers could support growth in higher-margin revenue.
  • Integration of artificial intelligence and agentic payments could open new revenue channels if merchants and banks adopt them.

Threats

  • Stricter regulation of interchange and processing fees could reduce revenue and change the network's economics in several jurisdictions.
  • Competitors with closed-loop networks, national payment systems and fintech platforms could gain share in certain regions.
  • A serious cybersecurity incident or network outage could damage client trust and financial results.

Risks

  • Regulation of interchange feeshigh

    Rules in several countries could limit the fees the network relies on, which could reduce volume and revenue if caps become stricter.

  • Interchange litigationhigh

    US court cases over interchange fees have generated significant provisions, and final amounts depend on court rulings and later settlements.

  • Competition from alternative networksmedium

    Closed-loop networks, national payment systems and fintech platforms could win clients if they offer lower fees or easier-to-use services.

  • Cybersecurity and network continuitymedium

    An outage or breach of the VisaNet network could affect transactions, reputation and client trust, with significant remediation costs.

  • Changing data and privacy ruleslow

    Laws on privacy, data security and artificial intelligence are changing in many countries, which could raise compliance costs and limit new products.

Investment thesis

What would need to be true (bull case)

  • Rising revenue supported by payments volume and cross-border transactions, with a global network that is hard to replicate and a broad base of institutional clients.
  • Adoption of tap-to-pay, tokenization and new products could expand revenue and consolidate the company's position in digital payments.
  • High profitability and a share repurchase program give the company financial flexibility for investment and for returning capital to shareholders.

What would break the thesis

  • Regulation of interchange fees could reduce revenue and change the network's economics in several markets, particularly if caps become stricter.
  • Litigation and related provisions could create volatility in financial results and limit flexibility if final amounts exceed estimates.
  • Competition from closed-loop networks, national payment systems and fintech platforms could reduce market share in certain regions and segments.

What to watch

  • Trend in payments volume and cross-border transactionsQ1 2027
  • Court rulings on interchange fee litigationnext 10-K
  • Changes to interchange fee regulation in the US and EU2027
  • Adoption of new products such as agentic payments and Visa Pay2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).

The business

The core business covers credit, debit and prepaid products issued by nearly 14,500 financial institution clients 1. Visa is also seeking to capture payments still made by bank transfer and other non-card methods through a network-of-networks approach that allows payments regardless of which network is used 1. The company has invested in tokenization, phone-based payments and agentic commerce, which could broaden its scope if adoption grows.

In the first nine months of fiscal 2026 net revenue reached 33.8 billion USD, up 15% on the prior year, and GAAP net income rose 17% 2. Growth was driven by payments volume, cross-border volume and processed transactions, while higher client incentives partly offset the gain 2.

Segments

Consumer payments

This is the largest segment, covering credit, debit and prepaid cards used by individuals. Visa estimates more than 40 trillion USD of annual consumer spend, excluding Russia and China, of which it is pursuing an opportunity of more than 20 trillion USD in underserved spend such as cash and bank transfers 1.

Commercial and money movement solutions

Formerly called new flows, this segment targets commercial payments and money movement between people, businesses and governments. It covers B2B, P2P and G2C payments, which become more relevant as payment systems digitize 1.

Value-added services

Visa offers services to issuers and acquirers in areas such as risk, security and advisory, complementing revenue from transaction processing. These services are less directly tied to transaction volume and could become an additional revenue source if clients adopt them widely 1.

Market context

The card payments market is dominated by global networks, and Visa has one of the broadest footprints, with more than 175 million merchant locations worldwide 1. Growth potential remains significant where spending is still cash-based or relies on less efficient methods, particularly in Central and Eastern Europe, the Middle East and Africa, where Visa is investing in new products.

Cross-border volume, which drives international transaction revenue, grew 12% in the quarter ended June 30 2026 excluding transactions within Europe 3. That growth could continue if travel and global ecommerce hold up, but it also depends on currency rules and local competition.

Trends

  • Adoption of tap-to-paytailwind

    Tap to Pay has become the default way Visa cardholders pay in person, accounting for 79% of global face-to-face transactions in fiscal 2025 1. This trend supports transaction volume and reduces reliance on cash.

  • Digitization and account-to-account paymentsmixed

    Bank transfers and other less efficient methods still make up a large share of consumer spending. If Visa can bring these payments onto its network, its revenue base could grow, though competition from national payment systems remains intense 1.

  • Regulation of interchange feesheadwind

    Regulators in the US, the EU, Latin America and Asia-Pacific are reviewing or capping interchange and processing fees. If caps become stricter, revenue from fees could fall and the network could become less attractive to issuers and acquirers 1.

  • Artificial intelligence and agentic paymentsmixed

    Visa is integrating AI models into its payment systems and developing solutions for payments initiated by software agents. These products could open new revenue streams if merchants and banks adopt them, but their uptake remains uncertain 1.

Competitive position

Visa competes with other card networks, national payment systems, processors and fintech platforms offering alternative payment and transfer solutions. The company notes that some issuers and acquirers may prefer closed-loop networks with direct connections to merchants and consumers, which could reduce its share if fee rules change 1.

Competition also comes from digital wallets, real-time bank transfer systems and regional payment markets that offer lower fees to merchants. Visa responds by extending products such as Visa Pay into these segments, but the outcome depends on adoption 1.

  • MastercardMA

    Main global competitor in card payment processing, with a similar network architecture

  • American ExpressAXP

    Payment network with an integrated model that issues cards and competes in the premium segment

  • Closed-loop networks and national payment systems

    Systems that connect merchants and consumers directly and may replace traditional networks in some regions

  • Fintech platforms and digital wallets

    Companies offering digital payments that can compete directly for end customers and merchants

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Visa Inc. · 06 Nov 2025
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Visa Inc. · 29 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Visa Inc. · 28 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Visa Inc. (V): stock, results, valuation and forecast · olivLaw