Question 1

What is Mastercard's P/FCF ratio?

Accepted Answer

Mastercard (MA) P/FCF ratio is 26.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Mastercard?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Mastercard specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Mastercard's P/FCF ratio high or low?

Accepted Answer

Mastercard's P/FCF ratio of 26.8× is below its own 5-year average of 35.3× and above the sector median of 12.0×. That places the current reading at the 6th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Mastercard's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Mastercard (MA) P/FCF ratio has ranged from a low of 13.0× in 2005 to a high of 78.8× in 2003. The 5-year average is 35.3× and the 5-year median is 34.5×.

Question 7

What was Mastercard's P/FCF ratio in 2025?

Accepted Answer

Mastercard (MA) P/FCF ratio at the end of 2025 was 30.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Mastercard's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$512B	$17.1B	30.0×	-5.6×	Dec 31, 2025
2024	$483B	$13.6B	35.5×	+1.2×	Dec 31, 2024
2023	$399B	$11.6B	34.4×	+1.3×	Dec 31, 2023
2022	$334B	$10.1B	33.1×	-7.7×	Dec 31, 2022
2021	$353B	$8.65B	40.8×	-13.8×	Dec 31, 2021
2020	$356B	$6.52B	54.6×	+14.2×	Dec 31, 2020
2019	$301B	$7.46B	40.4×	+6.3×	Dec 31, 2019
2018	$195B	$5.72B	34.0×	+2.9×	Dec 31, 2018
2017	$160B	$5.13B	31.2×	+3.8×	Dec 31, 2017
2016	$112B	$4.1B	27.4×	-2.1×	Dec 31, 2016
2015	$109B	$3.7B	29.5×	-2.8×	Dec 31, 2015
2014	$99.3B	$3.07B	32.3×	+6.0×	Dec 31, 2014
2013	$101B	$3.84B	26.4×	+4.1×	Dec 31, 2013
2012	$60.9B	$2.73B	22.3×	+3.4×	Dec 31, 2012
2011	$47.3B	$2.51B	18.9×	+0.0×	Dec 31, 2011
2010	$29.1B	$1.55B	18.8×	-8.0×	Dec 31, 2010
2009	$33.3B	$1.24B	26.9×	-49.3×	Dec 31, 2009
2008	$18.5B	$243M	76.2×	+30.1×	Dec 31, 2008
2007	$28.3B	$613M	46.1×	+22.1×	Dec 31, 2007
2006	$13.4B	$556M	24.1×	+4.0×	Dec 31, 2006
2005	$4.6B	$229M	20.1×	+5.4×	Dec 31, 2005
2004	$4.6B	$313M	14.7×	-64.1×	Dec 31, 2004
2003	$3.7B	$47M	78.8×	—	Dec 31, 2003


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Mastercard (MA) 2003-2026

P/FCF Ratio daily chart for Mastercard (MA)

Historical P/FCF Ratio for Mastercard (MA) from 2003 to 2025

About P/FCF Ratio at Mastercard (MA)

Mastercard P/FCF Ratio by Year

Mastercard P/FCF Ratio 2025: 30.0×

Mastercard P/FCF Ratio 2024: 35.5×

Mastercard P/FCF Ratio 2023: 34.4×

Mastercard P/FCF Ratio 2022: 33.1×

Mastercard P/FCF Ratio 2021: 40.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Mastercard (MA) Key Financials