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Accelerated expansion into commercial payments, B2B transaction flows via Visa Direct, and value-added fraud and identity services across emerging markets driving double-digit earnings compounding.
Enactment of federal legislation mandating multi-network credit routing taking effect before 2028.
We rate Visa Inc. a Hold. On September 18, 2026, the share price was $368.29, offering 6.68% upside to our Fair value of $392.89. Potential legislative routing mandates present margin risk, balanced against international payment expansion toward Potential value of $536.48.36
Our Hold recommendation instructs investors to maintain existing holdings rather than deploy new capital. Current pricing adequately reflects business quality while offering an insufficient discount to warrant buying.
On September 18, 2026, shares traded at $368.29. This trades 6.68% below our Fair value of $392.89 and trails Potential value of $536.48.
The primary downside risk is federal credit card legislation mandating multi-network routing. If enacted, merchant routing diversion would force higher partner incentives, lowering operating margins from 59.99% toward 54% and curbing cash flow.56
Conversely, international digital payment conversion and fraud security services drive top-line expansion. Minimal capital reinvestment needs allow revenue gains to convert directly into free cash flow for accretive share repurchases.56
Visa connects billions of cardholders and tens of millions of merchants globally, processing over $40.0B in net revenue at near-zero marginal transaction cost.5
Requiring just $1.48B in capital expenditures, Visa converted $20.06B in net income into $21.58B of free cash flow in FY2025, consistently retiring outstanding shares.45
Global acceptance across billions of cards and tens of millions of merchants creates self-reinforcing liquidity, supporting $23.99B in operating income on $40.0B revenue in FY2025.5
We rate Visa a Hold because the $368.29 report-date price trades within 6.68% of our $392.89 Fair value, offering insufficient margin of safety against domestic regulatory routing risks.6
As a long-time participant in the B2B ecosystem, the company has been supporting small businesses, large and middle market companies, and governments with their payments needs. VISA INC. continues to see opportunities for growth as businesses seek simple digital experiences, similar to those available to consumers.
Visa offers a holistic suite of tailored solutions for businesses, providing payment, reconciliation and data to help manage working capital and drive efficiency, set spend controls, manage expenses and automate payment processes. VISA INC. provides a range of other services and digital solutions to issuers, such as account controls, digital issuance and branded consumer experiences.
Under our stress test, regulatory caps on domestic interchange and partner concessions compress operating margins toward 54% while revenue growth slows to 6%. Elevated cost of equity of 10.28% compresses valuation multiples across payment rails.
The bear scenario accounts for potential domestic interchange routing mandates and renewal concessions with major issuing partners. This outcome would materialize if legislative dual-routing requirements take effect, forcing client incentive inflation and compressing net operating margins, disconfirming the base compounding thesis.
Federal legislative mandates enforce multi-network routing on credit transactions, reducing Visa routing share and forcing higher client incentives that compress operating margins below 54%.56
Пять событий, которые ослабят наш инвестиционный тезис.
A decline in operating margin indicates that Visa is ceding pricing leverage to merchant routing mandates or paying escalating partner incentives to protect transaction volume, eroding unit profitability and reducing the cash return available for accretive share repurchases.
Текущее значение:59.99% in FY2025
Предупреждение, еслиDeclines below 55.0% over FY2026-FY2028
Visa operates an entrenched global two-sided payment network with immense bilateral network effects and scale economies driving durable high-margin transaction growth. Over billions of cards and merchant acceptance points, incremental transactions clear at near-zero marginal expense, preserving robust pricing power.
Economic profit generation remains substantial as Visa generates 59.99% operating margin in FY2025 with capital expenditure of $1.48B against an 8.15% WACC, yielding massive economic rents over its 15-year Stage II fade horizon.25
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($392.89). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $19.7B after modeled capex of $1.3B, with terminal value at 66.5% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
The base scenario reflects Visa's core compounding trajectory, with payment volume tracking nominal economic expansion and steady international cash-to-digital migration, yielding a target of $392.89 and an expected return of 6.7% relative to $368.29. This path requires operating margins to remain stable near historical levels and would be disconfirmed if client incentive growth accelerates sharply.5
Operating outperformance demonstrates that value-added services expansion and cross-border payment resilience outpace partner client incentives, expanding the spread to $392.89.
Operating results meeting consensus affirm the thesis of steady high-single-digit payment volume compounding, keeping valuation aligned with $392.89.
Underperformance indicates that client incentives paid to key issuing partners are diluting net revenue growth or that merchant routing mandates are eroding transaction take rates.
Earnings quality is exceptional, driven by operating cash flow consistently exceeding reported net income. Low capital expenditure intensity and negligible inventory exposure allow reported accounting profits to convert fully into distributable free cash flow, indicating transparent earnings with minimal accrual distortion.
Sustaining operating profitability proves Visa's pricing power against merchant routing fee caps and rising card issuer incentives.
Capital-light operations and exceptional operating cash conversion generate immense surplus free cash flow returned predominantly via share repurchases. Visa converted $20.06B in FY2025 net income into $23.06B of operating cash flow, resulting in $21.58B in free cash flow after $1.48B in capital spending.45
Surplus cash flow is returned aggressively to shareholders, with $18.32B allocated to share repurchases and $4.63B to dividends in FY2025, while total debt of $25.17B remains conservative against annual operating cash flows.
High capital efficiency allows Visa to sustain substantial excess returns without requiring significant reinvestment capital.
Latest ROIC of 29.69% comfortably exceeds the computed WACC of 8.15%, demonstrating exceptional economic value creation.
CapEx accounted for only $1.48B against $40.0B in revenue in FY2025.
Processing scalability enables transaction growth with minimal incremental capital outlay, driving free cash flow expansion.
Diluted shares decreased from 2.507B in FY2023 to 2.194B in FY2025.
Share repurchases provide a consistent annual EPS growth tailwind above organic expansion.
| Выручка | 40 000 000 000 $ |
|---|---|
| Себестоимость выручки | 7 855 000 000 $ |
| Валовая прибыль | 32 145 000 000 $ |
| Операционные расходы | 8 151 000 000 $ |
| Операционная прибыль | 23 994 000 000 $ |
| Внереализационные статьи и налоги | -3 936 000 000 $ |
| Чистая прибыль | 20 058 000 000 $ |
| Активы, всего | 99 627 000 000 $ |
|---|---|
| Денежные средства | 17 164 000 000 $ |
| Оборотные активы | 37 766 000 000 $ |
| Обязательства, всего | 61 718 000 000 $ |
| Краткосрочные обязательства | 35 048 000 000 $ |
| Акционерный капитал | 37 909 000 000 $ |
| Чистая прибыль | 20 058 000 000 $ |
|---|---|
| Операционный приток | 23 059 000 000 $ |
| Амортизация | 1 220 000 000 $ |
| Компенсация акциями | 897 000 000 $ |
| Прочие операционные корректировки | 884 000 000 $ |
| Операционный денежный поток | 23 059 000 000 $ |
| Доступные денежные средства | 43 950 000 000 $ |
| Денежные средства на начало | 19 763 000 000 $ |
| Инвестиционный приток | 708 000 000 $ |
| Влияние обменного курса | 420 000 000 $ |
| Финансовый отток | 18 963 000 000 $ |
| Чистое привлечение долга | 3 924 000 000 $ |
| Выкуп акций | 18 316 000 000 $ |
| Выплаченные дивиденды | 4 634 000 000 $ |
| Денежные средства на конец | 24 987 000 000 $ |
| Инвестиционный денежный поток | 708 000 000 $ |
| Финансовый денежный поток | -18 963 000 000 $ |
Источник: SEC EDGAR · Подано 2025-11-06 · SEC EDGAR
| Выручка по регионам | Выручка | Доля | г/г |
|---|---|---|---|
| Non Us | 24,4 млрд $ | 60,9 % | 15,2 % |
| United States | 15,6 млрд $ | 39,1 % | 5,8 % |
Финансовые данные на конкретную дату, использованные в анализе от 2026-09-20.
| Период | Выручка | EBITDA | Чистая прибыль | Операционный денежный поток | Свободный денежный поток | Capex | Амортизация | Компенсация акциями | Выкуп акций | Выплаченные дивиденды | Чистое привлечение долга | Инвестиционный денежный поток | Финансовый денежный поток | Денежные средства на начало | Денежные средства на конец | Денежные средства и инвестиции | Общий долг | Операционная маржа | ROIC | WACC | Спред ROIC−WACC |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2016-09-30 | 15,1 млрд $ | 8,9 млрд $ | 6 млрд $ | 5,6 млрд $ | 5,1 млрд $ | 523 млн $ | 502 млн $ | 221 млн $ | — | 1,4 млрд $ | — | -10,9 млрд $ | 7,5 млрд $ | — | 7,6 млрд $ | 8,9 млрд $ | 15,9 млрд $ | 52,3 % | — | 5,2 % | — |
| 2017-09-30 | 18,4 млрд $ | 12,7 млрд $ | 6,7 млрд $ | 9,3 млрд $ | 8,6 млрд $ | 707 млн $ | 556 млн $ | 235 млн $ | 6,9 млрд $ | 1,6 млрд $ | — | 735 млн $ | -5,9 млрд $ | 7,6 млрд $ | 12 млрд $ | 13,4 млрд $ | 16,6 млрд $ | 66,2 % | — | 5,8 % | — |
| 2018-09-30 | 20,6 млрд $ | 14 млрд $ | 10,3 млрд $ | 12,9 млрд $ | 12,2 млрд $ | 718 млн $ | 613 млн $ | 327 млн $ | 7,2 млрд $ | 1,9 млрд $ | — | -3,1 млрд $ | -10,8 млрд $ | 12 млрд $ | 11 млрд $ | 11,7 млрд $ | 16,6 млрд $ | 62,9 % | — | 6,7 % | — |
| 2019-09-30 | 23 млрд $ | 16,1 млрд $ | 12,1 млрд $ | 12,8 млрд $ | 12 млрд $ | 756 млн $ | 656 млн $ | 407 млн $ | 8,6 млрд $ | 2,3 млрд $ | — | -591 млн $ | -12,1 млрд $ | 11 млрд $ | 10,8 млрд $ | 12,1 млрд $ | 16,7 млрд $ | 65,3 % | — | 5,4 % | — |
| 2020-09-30 | 21,8 млрд $ | 15,1 млрд $ | 10,9 млрд $ | 10,4 млрд $ | 9,7 млрд $ | 736 млн $ | 767 млн $ | 416 млн $ | 8,1 млрд $ | 2,7 млрд $ | — | 1,4 млрд $ | -4 млрд $ | 10,8 млрд $ | 19,2 млрд $ | 20 млрд $ | 24,1 млрд $ | 64,5 % | — | 4,2 % | — |
| 2021-09-30 | 24,1 млрд $ | 17,4 млрд $ | 12,3 млрд $ | 15,2 млрд $ | 14,5 млрд $ | 705 млн $ | 804 млн $ | 542 млн $ | 8,7 млрд $ | 2,8 млрд $ | — | -152 млн $ | -14,4 млрд $ | 19,2 млрд $ | 19,8 млрд $ | 18,5 млрд $ | 21 млрд $ | 65,6 % | — | 5,0 % | — |
| 2022-09-30 | 29,3 млрд $ | 19,5 млрд $ | 15 млрд $ | 18,8 млрд $ | 17,9 млрд $ | 970 млн $ | 861 млн $ | 602 млн $ | 11,6 млрд $ | 3,2 млрд $ | 2,2 млрд $ | -4,3 млрд $ | -12,7 млрд $ | 19,8 млрд $ | 20,4 млрд $ | 18,5 млрд $ | 22,5 млрд $ | 64,2 % | — | 7,3 % | — |
| 2023-09-30 | 32,7 млрд $ | 22,6 млрд $ | 17,3 млрд $ | 20,8 млрд $ | 19,7 млрд $ | 1,1 млрд $ | 943 млн $ | 765 млн $ | 12,1 млрд $ | 3,8 млрд $ | -2,3 млрд $ | -2 млрд $ | -17,8 млрд $ | 20,4 млрд $ | 22 млрд $ | 20,1 млрд $ | 20,5 млрд $ | 64,3 % | — | 8,2 % | — |
| 2024-09-30 | 35,9 млрд $ | 25,6 млрд $ | 19,7 млрд $ | 20 млрд $ | 18,7 млрд $ | 1,3 млрд $ | 1 млрд $ | 850 млн $ | 16,7 млрд $ | 4,2 млрд $ | 0 $ | -1,9 млрд $ | -20,6 млрд $ | 22 млрд $ | 19,8 млрд $ | 15,2 млрд $ | 20,8 млрд $ | 65,7 % | — | 7,4 % | — |
| 2025-09-30 | 40 млрд $ | 26 млрд $ | 20,1 млрд $ | 23,1 млрд $ | 21,6 млрд $ | 1,5 млрд $ | 1,2 млрд $ | 897 млн $ | 18,3 млрд $ | 4,6 млрд $ | 3,9 млрд $ | 708 млн $ | -19 млрд $ | 19,8 млрд $ | 25 млрд $ | 19 млрд $ | 25,2 млрд $ | 60,0 % | — | 7,7 % | — |
Visa Inc. (V) trades at 24.6x forward earnings against a peer median of 14.7x. Its EV/EBITDA of 22.1x compares with a peer median of 15.1x. The comparison uses 4 peers: Mastercard Incorporated, PayPal Holdings Inc., JPMorgan Chase & Co. and American Express Company, as of 2026-09-19 to 2026-09-20.
Industry capital expenditures stand at 2.4% of revenue and 0.9x depreciation, while Visa invested $1.48B in CapEx during FY2025.5
Accelerating cross-border travel recovery, expanding commercial payments digitization, and rising adoption of contactless transactions drive double-digit volume growth.
Regulatory interventions capping interchange fees, merchant routing mandates, and macroeconomic consumer spending deceleration constrain payment volume expansion.
Visa holds a dominant global position processing $40.0B in FY2025 revenue with non-US revenue reaching $24.37B, outpacing broader financial peers.56
A core allocation of 3-5% reflects Visa's durable wide moat and cash generation, balanced by full valuation near Fair value of $392.89.
Cap maximum portfolio allocation at 5.0% to mitigate regulatory legislative risk and client concentration exposure to Customer One.
Shares offer 6.68% upside to Fair value of $392.89, which does not provide sufficient discount to justify new aggressive accumulation.
Visa's modest dividend yield is compensated by strong free cash flow and buybacks, but capital gains upside is constrained near term.4
Double-digit EPS compounding from international volume and new payment flows is attractive, but current multiples fully reflect expected baseline expansion.1
We recommend a Hold on Visa Inc. as the stock trades at $368.29 on September 18, 2026, offering a modest 6.68% upside to our Fair value of $392.89.3
While Visa's wide economic moat and exceptional cash conversion remain fully intact, current valuation adequately balances solid compounding against domestic regulatory routing risks.
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Contract renewal concessions with Customer One, which represents 11.0% of FY2025 revenue, combined with cross-border slowdown, slows annual net revenue growth below 6%.16
Prolonged interest rate stickiness expands the moderate cost of equity beyond 10.28% from 8.2802%, compressing the forward P/E from 24.63x.23
Top-line deceleration below normal GDP expansion reflects substantial merchant fee disintermediation or commercial routing losses to alternative settlement networks, disproving the thesis that value-added services can insulate the core payment network from regulatory take-rate pressure.
Текущее значение:14.39% modeled FY2026 baseline
Предупреждение, еслиSlows below 6.0% annually over FY2026-FY2027
A breakdown in cash generation relative to accounting profit indicates rising working capital absorption or unexpected capital expenditure demands, curtailing surplus free cash flow and reducing management capacity to execute ongoing share count retirements.
Текущее значение:1.15x net income in FY2025
Предупреждение, еслиDrops below 85% of net income across FY2026-FY2028
Losing routing exclusivity or granting aggressive pricing concessions to Visa's largest commercial banking partner directly reduces net processing revenue, demonstrating that concentrated bank issuers hold commercial bargaining power to extract higher client incentive payments.
Текущее значение:11.0% of net revenue in FY2025
Предупреждение, еслиVolume loss exceeding 20% upon contract renewal through FY2027
Federal routing restrictions would force routing competition across domestic credit transactions, enabling merchants to bypass Visa rails, lowering transaction fees and compelling higher card issuer incentives to defend domestic payment volume.
Текущее значение:$15.63B of $40.0B in FY2025
Предупреждение, еслиLegislative multi-network routing mandate enacted before 2028
| Commercial renegotiation or volume diversion by top issuer partner Customer One | medium | 12-18 months | Deep technological integration and co-branded card program loyalty create high switching friction for issuing banks.6 |
Limitation: Terminal value is 73.1% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Under the moderate discount rate, 137 $ comes from forecast-period earnings and 343 $ from the long-term value, totaling 479 $.
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Limitation: Terminal value is 66.5% of this model's value, above the 60% level at which the methodology flags concentration; the value leans on the years beyond the explicit forecast.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Solve for the growth rate that makes the model value equal the report-date share price.
Under the bull scenario, accelerated penetration into commercial payments and value-added fraud analytics drives double-digit payment volume expansion, lifting the shares toward $536.48 with an estimated 45.7% return. This path requires cross-border transaction volume outperformance to persist through subsequent fiscal periods, and would be disconfirmed if foreign travel spend contracts.6
International transaction growth measures Visa's expansion in developing markets, where secular migration from cash to electronic payments supports top-line compounding.
Renewals with top banking partners determine whether commercial volume remains exclusive without excessive incentive concessions that reduce net revenue.
Converting operating income into surplus cash flow funds ongoing share repurchases that drive per-share earnings growth.
Mandated alternative routing on credit card transactions could reduce domestic market share and compress interchange fee economics.
| $55.36B |
| $59.24B |
| $62.20B |
| Operating income | $27.45B | $30.47B | $33.21B | $35.54B | $37.31B |
| NOPAT | $22.66B | $25.15B | $27.41B | $29.33B | $30.80B |
| Residual cash after reinvestment policy | $22.66B | $25.15B | $27.41B | $29.33B | $30.80B |
| Revenue growth | 14.4% | 11.0% | 9.0% | 7.0% | 5.0% |
| Operating margin | 60.0% | 60.0% | 60.0% | 60.0% | 60.0% |
| Tax rate | 17.5% | 17.5% | 17.5% | 17.5% | 17.5% |
| Reinvestment rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Terminal growth | 3.6% | 3.6% | 3.6% | 3.6% | 3.6% |
| Маржа |
|---|
| V | Visa Inc. | $691.4B | 24.6x | 15.5x | 22.1x | 61.2% | — |
| MA | Mastercard Incorporated | $495.2B | 24.5x | 14.1x | 22.9x | 241.2% | 61.1% |
| PYPL | PayPal Holdings Inc. | $45.2B | 9.1x | 1.3x | 7.4x | 24.5% | 17.0% |
| JPM | JPMorgan Chase & Co. | $929.5B | 14.0x | 5.0x | 17.8% | 50.4% | |
| AXP | American Express Company | $210.4B | 15.5x | 3.0x | 34.4% | 20.3% |
| Slows below 6.0% YoY |
| Re-examine long-term growth assumptions and reduce target multiple.1 |
| Free Cash Flow Conversion | Drops below 85% of net income | Review capital expenditure needs and assess impact on share repurchase capacity.5 |
