Mastercard Incorporated (MA)财务
NYSE · Financial Services · Financial - Credit Services · 员工39,800人 · CEO Michael Miebach
- 股价
- $638.01 +0.36%
- 市值
- $5590亿
- 企业价值
- $5730亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-01-28 EPS预期 $5.11
营收(TTM)$363亿+15.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)58.8%-0.4 百分点 对比去年同期营业利润 $213亿
净利润(TTM)$170亿+19.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$154亿-5.4% 对比去年同期资本支出 $14.3亿
稀释EPS(TTM)$19.12+22.3% 对比去年同期最近4个季度之和
净现金-$135亿-61.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $5590亿 EV $5730亿
- 营收
- $363亿 过去12个月
- 营收增速
- +14% FY2026年一致预期
- 净利润率
- 46.7% 净利润 / 营收,TTM
- P/E
- 33.3× 预期 31.9×(FY2026)
- P/S
- 15.4× 股价 / 营收,TTM
- EV / EBITDA
- 24.9× TTM
- 自由现金流
- $154亿 过去12个月
- 净利润
- $170亿 过去12个月
- 营收预期
- $374亿 FY2026年一致预期
- 盈利
- 2027-01-28 营收预期 $99.4亿
- 股息
- $3.48 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收超预期1.5%,EPS 超预期2.7%营收$98.1亿,预期$96.6亿(+1.5%);EPS $5.31,预期$5.17(+2.7%)。
- 营收增长放缓:同比14.0%Q3 '26营收$98.1亿,此前四个季度的平均值为16.1%。
- 营业利润率58.8%(TTM),较去年同期-0.4 百分点营收增长15.3%,营业利润增长14.5%。
- 资本支出占营收的3.9%(去年为3.7%)最近4个季度投入$14.3亿(同比+21.8%)。自由现金流$154亿,相当于净利润的91.0%。
- 股东回报$184亿 = 自由现金流的119.5%回购$155亿(去年为$116亿),股息$30亿,股权激励$6.37亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.2%Q3 '26稀释股数8.76亿,一年前为9.05亿。
- 净债务 $135亿现金 + 短期投资 $105亿,含租赁债务 $239亿;一年前净债务 $83.4亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $98.1亿 | $86亿 | +14.0% |
| 毛利率 | 100.0% | 100.0% | 0.0 百分点 |
| 营业利润 | $58.6亿 | $51.7亿 | +13.4% |
| 营业利润率 | 59.8% | 60.1% | -0.3 百分点 |
| 净利润 | $46.3亿 | $39.3亿 | +17.9% |
| 稀释EPS | $5.28 | $4.34 | +21.7% |
| 经营现金流 | $50.9亿 | $56.6亿 | -10.2% |
| 资本支出 | $3.28亿 | $3.59亿 | -8.6% |
| 自由现金流 | $47.6亿 | $53亿 | -10.3% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $1.99亿 | $1.77亿 | +12.4% |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $98.1亿 | $96.6亿 | +1.5% |
| EPS(一致预期口径) | $5.31 | $5.17 | +2.7% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Payment Network | $57.5亿 | +11.0% | 58.6% | $211亿 | +11.1% | |
| Value-Added Services And Solutions | $40.6亿 | +18.6% | 41.4% | $152亿 | +21.7% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| International Markets | $56.2亿 | +13.5% | 57.3% | $207亿 | +15.1% | |
| North America | $41.9亿 | +14.8% | 42.7% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $169亿
- 资本支出
- -$14.3亿
- 股票回购
- -$155亿
- 股息
- -$30亿
- 收购
- -$13.7亿
- 债务净发行
- $49.8亿
- 股权激励费用
- $6.37亿
- 自由现金流
- $154亿
- 股东回报 / FCF
- 119.5%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 33.3× | 36.6× | 33.9× – 40.9× |
| EV / EBITDA | 24.9× | 28.1× | 25.3× – 31.5× |
| EV / 营收 | 15.8× | 16.9× | 15.5× – 19.1× |
| 股价 / FCF | 36.2× | 34.4× | 31.2× – 41.0× |
| 股价 / 净资产 | 82.7× | 60.3× | 48.6× – 75.1× |
| FCF收益率 | 2.8% | 2.9% | 2.4% – 3.2% |
| 投入资本回报率 | 48.4% | 42.9% | 33.6% – 47.4% |
| 净资产收益率 | 252.9% | 166.0% | 118.8% – 198.5% |
分析师
一致目标价 $682.88 (+7.0%)
区间 $597.00 – $740.00 · 评级 Buy
强烈买入1
买入51
持有13
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $374亿 | +13.9% | $20.03 | +21.2% | 31.9× | 24 |
| FY2027 | $421亿 | +12.6% | $23.16 | +15.6% | 27.5× | 25 |
| FY2028 | $471亿 | +12.0% | $26.87 | +16.0% | 23.7× | 17 |
| FY2029 | $529亿 | +12.2% | $31.13 | +15.9% | 20.5× | 12 |
| FY2030 | $573亿 | +8.4% | $34.86 | +12.0% | 18.3× | 7 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Mastercard Incorporated在近期10-Q / 10-K文件中标记的全部265项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $10.8亿 | $9.35亿 | +15.8% | $9.99亿 | $9.29亿 | +7.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $52.6亿 | $42.5亿 | +23.8% | $46.1亿 | $37.7亿 | +22.2% |
| Accrued Liabilities, Current | $140亿 | $120亿 | +16.5% | $133亿 | $104亿 | +27.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $28.8亿 | $26.6亿 | +8.5% | $27.6亿 | $23.9亿 | +15.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$9.94亿 | -$9.35亿 | -6.3% | -$9.81亿 | -$14.3亿 | +31.5% |
| Additional Paid in Capital | $73.1亿 | $67.6亿 | +8.2% | $69.1亿 | $64.4亿 | +7.2% |
| Amortization of Intangible Assets | – | – | – | $7.6亿 | $5.23亿 | +45.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.39亿 | $1.95亿 | +22.6% | $5.09亿 | $5.72亿 | -11.0% |
| Assets | $581亿 | $533亿 | +9.1% | $542亿 | $481亿 | +12.6% |
| Assets, Current | $245亿 | $232亿 | +5.4% | $236亿 | $197亿 | +19.4% |
| Cash and Cash Equivalents, at Carrying Value | $101亿 | $103亿 | -1.6% | $106亿 | $84.4亿 | +25.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $129亿 | $128亿 | +0.8% | $132亿 | $108亿 | +22.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$10.3亿 | $12.7亿 | -181.1% | $24.4亿 | $3.43亿 | +611.4% |
| Common Stock, Dividends, Per Share, Declared | $0.87 | $0.76 | +14.5% | $3.15 | $2.74 | +15.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $46.4亿 | $39.1亿 | +18.6% | $154亿 | $125亿 | +23.0% |
| Contract with Customer, Liability, Current | – | – | – | $15.7亿2022-12-31 | $18.7亿 | -16.3% |
| Contract with Customer, Liability, Revenue Recognized | $11.1亿 | $8.38亿 | +32.7% | $35亿 | $28亿 | +25.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $12.7亿 | $10.9亿 | +15.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $24.9亿 | $16.7亿 | +48.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $35.5亿 | $29.1亿 | +22.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$1.98亿 | $1.44亿 | -237.5% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.28亿 | $1.27亿 | +0.8% | $1.22亿 | $1.31亿 | -6.9% |
| Debt Securities, Available-for-sale | $3.17亿 | $3.16亿 | +0.3% | $3.19亿 | $2.92亿 | +9.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $100万2025-09-30 | $200万 | -50.0% | $100万2024-12-31 | $100万 | 0.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $02025-09-30 | $0 | – | $02024-12-31 | $100万 | -100.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $3.2亿 | $3.15亿 | +1.6% | $3.18亿 | $2.91亿 | +9.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.02亿 | $2.05亿 | -1.5% | $2.15亿 | $1.57亿 | +36.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.18亿 | $1.1亿 | +7.3% | $1.03亿 | $1.34亿 | -23.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.99亿 | $2.06亿 | -3.4% | $2.16亿 | $1.58亿 | +36.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.18亿 | $1.1亿 | +7.3% | $1.03亿 | $1.34亿 | -23.1% |
| Debt Securities, Held-to-maturity | $0 | $1900万 | -100.0% | $1300万 | $3800万 | -65.8% |
| Debt, Long-term and Short-term, Combined Amount | $239亿 | $190亿 | +26.1% | $190亿 | $182亿 | +4.2% |
| Deferred Compensation Liability, Current and Noncurrent | $1.11亿2025-09-30 | $1.07亿 | +3.7% | $1.05亿2024-12-31 | $9100万 | +15.4% |
| Deferred Compensation Plan Assets | $1.14亿2025-09-30 | $1.09亿 | +4.6% | $1.07亿2024-12-31 | $9300万 | +15.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.73亿 | -$1.97亿 | +12.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $1.98亿 | -$3.16亿 | +162.7% |
| Deferred Income Tax Assets, Net | $15.7亿 | $15.5亿 | +1.7% | $15.7亿 | $16.1亿 | -2.9% |
| Deferred Income Tax Expense (Benefit) | -$1.19亿 | -$400万 | -2,875.0% | $5700万 | -$5.27亿 | +110.8% |
| Deferred Income Tax Liabilities, Net | $3.41亿 | $3.26亿 | +4.6% | $3.07亿 | $3.17亿 | -3.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $3200万 | -$1400万 | +328.6% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $1.69亿2025-12-31 | $1.6亿 | +5.6% | $1.69亿 | $1.6亿 | +5.6% |
| Deferred Tax Assets, Net | $12.6亿2025-12-31 | $13亿 | -2.9% | $12.6亿 | $13亿 | -2.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $25.8亿2025-12-31 | $26.1亿 | -1.1% | $25.8亿 | $26.1亿 | -1.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.21亿2025-12-31 | $4.68亿 | -52.8% | $2.21亿 | $4.68亿 | -52.8% |
| Deferred Tax Assets, Other | $2.46亿2025-12-31 | $2.36亿 | +4.2% | $2.46亿 | $2.36亿 | +4.2% |
| Deferred Tax Assets, Property, Plant and Equipment | $4.82亿2025-12-31 | $4.32亿 | +11.6% | $4.82亿 | $4.32亿 | +11.6% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $8.02亿2025-12-31 | $7.36亿 | +9.0% | $8.02亿 | $7.36亿 | +9.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $4.08亿2025-12-31 | $3.71亿 | +10.0% | $4.08亿 | $3.71亿 | +10.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $10.8亿2025-12-31 | $9.39亿 | +14.9% | $10.8亿 | $9.39亿 | +14.9% |
| Deferred Tax Assets, Valuation Allowance | $9.74亿2025-12-31 | $8.71亿 | +11.8% | $9.74亿 | $8.71亿 | +11.8% |
| Deferred Tax Liabilities, Gross | $13.2亿2025-12-31 | $13.1亿 | +0.6% | $13.2亿 | $13.1亿 | +0.6% |
| Deferred Tax Liabilities, Intangible Assets | $7.18亿2025-12-31 | $7.6亿 | -5.5% | $7.18亿 | $7.6亿 | -5.5% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $1.11亿2025-12-31 | $1.12亿 | -0.9% | $1.11亿 | $1.12亿 | -0.9% |
| Deferred Tax Liabilities, Other | $8300万2025-12-31 | $1.25亿 | -33.6% | $8300万 | $1.25亿 | -33.6% |
| Deferred Tax Liabilities, Prepaid Expenses | $2.8亿2025-12-31 | $1.95亿 | +43.6% | $2.8亿 | $1.95亿 | +43.6% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $1.24亿2025-12-31 | $1.16亿 | +6.9% | $1.24亿 | $1.16亿 | +6.9% |
| Defined Contribution Plan, Cost | – | – | – | $3.02亿 | $2.87亿 | +5.2% |
| Deposit Liability, Current | $21.2亿2025-12-31 | $18.7亿 | +13.2% | $21.2亿 | $18.7亿 | +13.2% |
| Deposits Assets, Current | $22.3亿 | $20.5亿 | +8.6% | $21.2亿 | $18.7亿 | +13.2% |
| Depreciation, Amortization and Accretion, Net | $3.26亿 | $2.9亿 | +12.4% | $11.4亿 | $8.97亿 | +27.4% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-01