Mastercard Inc - A
MAAbove valueExpectations · demandingHeld by 21 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +16.4%
- Net margin
- 45.6%
- ROE
- 193.5%
- FCF margin
- 52.3%
Valuation · value band
Above fair value
Zero-growth floor
$150
Central IV
$246
Optimistic top
$301
Mastercard Inc - A (MA): A conservative value band $150–$301 / sh (zero-growth floor to growth-capped optimistic top); central read about $246. Today’s price sits above that band (price $598 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $150
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $162.83 – $300.65 · Greenwald zero-growth $193.04 · zero-growth base $193.04
Moat Franchise (moat) · terminal value 22% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$149.87 – $186.53 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 388% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$157.94 – $193.04 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 388% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Asset floor: Reproduction value = tangible net assets + acquired-intangible reset proxy, ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 17% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 15.7% a year in owner-earnings for the next few years. Revenue actually grew 4.6% a year.
The market wants it well ahead of its own track record.
SEC 13F · holders
Superinvestors Holding This Security
21 holders · $7.19B combined · this quarter +1 opened / -3 exited
- Value$1.38BWeight (prev→now)1.0% → 4.2% ▲
- Value$1.02BWeight (prev→now)18.6% → 20.0% ▲
- Value$934.1MWeight (prev→now)1.2% → 2.1% ▲
- Value$781.9MWeight (prev→now)9.1% → 8.8% ▼
- Value$639.5MWeight (prev→now)New · 4.7%
- Value$586.5MWeight (prev→now)5.3% → 5.1% ▼
- Value$547.5MWeight (prev→now)22.0% → 17.6% ▼
- Value$392.7MWeight (prev→now)6.3% → 9.3% ▲
- Value$258.3MWeight (prev→now)5.1% → 7.9% ▲
- Value$186.7MWeight (prev→now)2.5% → 1.8% ▼
Show all 21 holders ▸Collapse ▾
- Value$106.6MWeight (prev→now)0.9% → 0.8% ▼
- Value$97.6MWeight (prev→now)1.5% → 2.3% ▲
- Value$90.1MWeight (prev→now)9.1% → 8.0% ▼
- Value$74.7MWeight (prev→now)5.1% → 5.2% ▲
- Value$51.9MWeight (prev→now)0.1% → 0.1% ▼
- Value$20.5MWeight (prev→now)14.8% → 14.3% ▼
- Value$14.8MWeight (prev→now)0.5% → 0.5% ▼
- Value$6.0MWeight (prev→now)0.1% → 0.1% ▼
- Value$797,621Weight (prev→now)0.2% → 0.2% ▼
- Value$601,939Weight (prev→now)0.0% → 0.0% ▲
- Value$338,038Weight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Mastercard Inc - A (MA) is held by 21 of the superinvestors tracked on Compounder, with a combined $7.19B in reported 13F value. The largest position belongs to Ravenel Boykin Curry, where it makes up 4.2% of the portfolio.
Other notable holders by value include Chuck Akre (20.0% of its book), Jeremy Grantham (2.1% of its book) and Thomas Russo (8.8% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in MA, 7 added to existing ones, 8 trimmed, and 3 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Mastercard Inc - A (MA) also commonly hold →
- Microsoft CorpMSFT17 holders
- Visa Inc-Class A SharesV17 holders
- Alphabet Inc-Cl CGOOG15 holders
- Amazon.Com IncAMZN14 holders
- Alphabet Inc-Cl AGOOGL12 holders
- Moody's CorpMCO12 holders
MA's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-17
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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