Visa Inc-Class A Shares
VAbove valueExpectations · fairHeld by 32 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-09-30Valuation basis: trailing twelve months to 2026-03-31 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +11.3%
- Net margin
- 50.1%
- ROE
- 52.9%
- FCF margin
- 53.9%
Valuation · value band
Above fair value
Zero-growth floor
$96
Central IV
$301
Optimistic top
$381
Visa Inc-Class A Shares (V): A conservative value band $96–$381 / sh (zero-growth floor to growth-capped optimistic top); central read about $301. Today’s price sits above that band (price $384 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 13% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $96
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Model cautions
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
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 $129.72 – $381.32 · Greenwald zero-growth $125.92 · zero-growth base $125.92 · reproduction $5.77
Moat Franchise (moat) · terminal value 29% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$95.59 – $118.14 / 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 2026-03-31, 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 103% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$103.03 – $125.92 / 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 2026-03-31, 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 103% (> 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 2026-03-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 13% · OE FY TTM 2026-03-31, 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 2026-03-31 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 15.5% a year in owner-earnings for the next few years. Revenue actually grew 13.2% a year.
About its own track record.
Roughly, the price needs its historical revenue growth to run about 17 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
32 holders · $22.32B combined · this quarter +2 opened / -0 exited
- Value$10.46BWeight (prev→now)20.4% → 19.8% ▼
- Value$2.19BWeight (prev→now)5.4% → 6.3% ▲
- Value$1.86BWeight (prev→now)0.0% → 1.0% ▲
- Value$1.46BWeight (prev→now)13.8% → 14.1% ▲
- Value$1.14BWeight (prev→now)2.3% → 2.6% ▲
- Value$794.7MWeight (prev→now)12.3% → 14.1% ▲
- Value$693.0MWeight (prev→now)7.3% → 5.1% ▼
- Value$619.5MWeight (prev→now)5.1% → 5.3% ▲
- Value$381.1MWeight (prev→now)8.1% → 7.5% ▼
- Value$347.9MWeight (prev→now)2.5% → 2.6% ▲
Show all 32 holders ▸Collapse ▾
- Value$338.0MWeight (prev→now)7.0% → 7.9% ▲
- Value$287.0MWeight (prev→now)3.7% → 6.8% ▲
- Value$274.0MWeight (prev→now)New · 1.1%
- Value$258.1MWeight (prev→now)2.8% → 2.3% ▼
- Value$244.2MWeight (prev→now)0.3% → 0.3% ▲
- Value$240.6MWeight (prev→now)4.1% → 4.4% ▲
- Value$158.9MWeight (prev→now)5.1% → 4.8% ▼
- Value$158.8MWeight (prev→now)5.4% → 5.1% ▼
- Value$133.8MWeight (prev→now)4.4% → 4.5% ▲
- Value$91.0MWeight (prev→now)5.6% → 6.3% ▲
- Value$56.9MWeight (prev→now)0.2% → 0.3% ▲
- Value$30.6MWeight (prev→now)5.2% → 6.3% ▲
- Value$29.9MWeight (prev→now)0.3% → 0.3% ▲
- Value$28.7MWeight (prev→now)3.5% → 4.3% ▲
- Value$28.0MWeight (prev→now)0.0% → 0.1% ▲
- Value$3.6MWeight (prev→now)0.1% → 0.1% ▲
- Value$3.6MWeight (prev→now)0.4% → 0.8% ▲
- Value$397,984Weight (prev→now)0.0% → 0.0% ▼
- Value$384,142Weight (prev→now)0.0% → 0.0% ▼
- Value$281,398Weight (prev→now)0.1% → 0.1% ▼
- Value$251,142Weight (prev→now)0.0% → 0.0% ▲
- Value$212,030Weight (prev→now)New · 0.0%
SEC 13F · notes
Written summary
Written summary
Visa Inc-Class A Shares (V) is held by 32 of the superinvestors tracked on Compounder, with a combined $22.32B in reported 13F value. The largest position belongs to Chris Hohn, where it makes up 19.8% of the portfolio.
Other notable holders by value include Andreas Halvorsen (6.3% of its book), Dodge & Cox (1.0% of its book) and John Armitage (14.1% of its book).
Over the latest quarter, 2 of the tracked filers opened a new position in V, 11 added to existing ones, 13 trimmed, and 0 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 Visa Inc-Class A Shares (V) also commonly hold →
- Microsoft CorpMSFT24 holders
- Amazon.Com IncAMZN22 holders
- Alphabet Inc-Cl CGOOG20 holders
- Alphabet Inc-Cl AGOOGL20 holders
- Meta Platforms Inc-Class AMETA19 holders
- Mastercard Inc - AMA17 holders
V'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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