# Mastercard (MA.US)

Canonical: https://gigainvestors.com/s/MA

Analysis as of: 2026-10-16T07:30:01.808Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $616.32 per share; close as of 2026-10-15.

Estimated value: low $269.53 per share, central $393.18 per share, high $462.15 per share. Buy at or below the central value $393.18 per share. Valuation as of 2026-10-16T07:30:01.808Z; scenarios are not confidence intervals.

Expected annual return: 7.6% at the stated quote. About 7.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.53×

- FY2018: 0.49×

- FY2019: 0.57×

- FY2020: 0.53×

- FY2021: 0.53×

- FY2022: 0.57×

- FY2023: 0.58×

- FY2024: 0.58×

- FY2025: 0.58×

- LTM to Jun 2026: 0.60×

### moat: pass

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 100.0%

- Recent gross margin (lower of latest and 3-year median): 100.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 87.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

- LTM to Jun 2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $58B

- Net income, five-year total: $58B

- Return on incremental invested capital: 2140.8%

- Working capital / revenue, annual change: -2.8 pp

- Working capital / revenue, change between three-year averages: -17.0 pp

- Working capital / revenue, final three-year average: 13.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.04×

- FY2024: 1.03×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1324.9% vs 208.1%

- Per-share earnings: 3.65 to 13.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: $404B

- Cumulative retained earnings: $66B

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.2%

- Per-share value change: $10.24

- Per-share value, starting three-year median: $3.65

- Per-share value, ending three-year median: $13.89

- Buybacks concentrated in cheaper years (correlation): 0.77

- Average buyback yield: 2.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $13B

- Cumulative net income, 10 years: $86B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.69

- FY2017: $3.65

- FY2018: $5.60

- FY2019: $7.94

- FY2020: $6.37

- FY2021: $8.76

- FY2022: $10.23

- FY2023: $11.83

- FY2024: $13.89

- FY2025: $16.52

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.95×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -7.7%

- FY2018: -1.5%

- FY2019: -0.2%

- FY2020: -2.4%

- FY2021: -2.1%

- FY2022: -3.3%

- FY2023: -1.8%

- FY2024: -4.0%

- FY2025: -4.9%

## Holders

- [Chuck Akre](https://gigainvestors.com/AC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Massey](https://gigainvestors.com/AP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dev Kantesaria](https://gigainvestors.com/VFC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Guy Spier](https://gigainvestors.com/aq): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ackman](https://gigainvestors.com/psc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 13.1% a year for ten years · "Mastercard beats Q2 estimates on strong consumer spending, cross-border payments" (finance.yahoo.com, Jul 2026) · sales +16.4%

Story as of 2026-10-16T09:59:07.221Z; price observation 2026-10-15.

Price needs cash profits to grow 13.1% a year for ten years

- 2025-05-01: Mastercard Lifts Annual Outlook After Q1 Beat, Fueled By Cross-Border Surge ([finance.yahoo.com](https://finance.yahoo.com/news/mastercard-lifts-annual-outlook-q1-153901699.html))

- 2025-12-15: Mastercard (MA) Is Up 5.3% After Boosting Buybacks And Dividend While Expanding Digital Partnerships ([finance.yahoo.com](https://finance.yahoo.com/news/mastercard-ma-5-3-boosting-231703089.html))

- 2026-02-26: Mastercard In Crosshairs: Citrini Models AI Agents Bypassing Interchange As Stablecoins Threaten Card Economics ([finance.yahoo.com](https://finance.yahoo.com/news/mastercard-crosshairs-citrini-models-ai-143110931.html))

- 2026-07-30: Mastercard beats Q2 estimates on strong consumer spending, cross-border payments ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mastercard-beats-q2-estimates-strong-124801452.html))

- 2026-08-11: Mastercard Stock Rises as Services Revenue Jumps 20% ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/mastercard-stock-rises-services-revenue-191437142.html))

- 2026-09-16: Mastercard Slips as AI Payments Trade Exclusivity for Scale ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/mastercard-slips-ai-payments-trade-170826967.html))

### Sales · FY2024–2025

sales +16.4%; source https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm; observed 2026-02-11.

- FY2016: $11B 

- FY2017: $12B 

- FY2018: $15B 

- FY2019: $17B 

- FY2020: $15B 

- FY2021: $19B 

- FY2022: $22B 

- FY2023: $25B 

- FY2024: $28B 

- FY2025: $33B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in credit services; annual sales are USD 32.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm#000114139126000013 (filed 2026-02-11); FY2025: revenue 32791000000; grossProfit 32791000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MA.US: Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers products and services for account holders, merchants, financial institutions, digital partners, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; payment products and solutions that allow its customers to access funds in deposit and other accounts; prepaid programs services; consumer bill payment services; and commercial credit, debit, and prepaid payment products and solutions. It also provides solutions that enable businesses or governments to make payments to businesses, including Virtual Card Number, which is generated dynamically from an existing account and leverages the credit limit of the funding account; and a platform to optimize supplier payment enablement campaigns for financial institutions. In addition, the company offers Mastercard Move, which partners with digital messaging and payment platforms to enable consumers to send money directly within applications to other consumers; and partners with central banks, fintechs, and financial institutions, as well as enables various cross-border payment flows. Further, it provides security solutions; marketing, personalization, and issuer and merchant loyalty services; business and operational intelligence, advanced analytics and AI, consulting and agentic solutions, and payments and portfolio optimization; digital and authentication; processing and gateway solutions; and other solutions. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus names. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.

### Why customers stay

Margins ranged from 100% to 100% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,5.559295765607057],[2017,57.39066666666667],[2018,13.249300351408055],[2019,1.9697302338852087],[2020,1.9036775859180017],[2021,1.502097280451428],[2022,1.9973917585489775],[2023,2.0811820979775217],[2024,2.042630529399762],[2025,2.4247512727294795]]; median 2.0619063136886417. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 0.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 9000000; upkeep 373000000; owner earnings 4059000000. Growth capex / owner earnings = 0.0022172949002217295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 423000000; owner earnings 3929000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 45000000; upkeep 459000000; owner earnings 5859000000. Growth capex / owner earnings = 0.007680491551459293.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 144612591.6130159; upkeep 583387408.3869841; owner earnings 8056612591.613016. Growth capex / owner earnings = 0.017949552615147277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 708000000; owner earnings 6283000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 88000000; upkeep 726000000; owner earnings 8687000000. Growth capex / owner earnings = 0.010130079429031887.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 325496176.051723; upkeep 771503823.948277; owner earnings 9908496176.051723. Growth capex / owner earnings = 0.03285020958462182.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 371000000; owner earnings 11623000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 0; upkeep 474000000; owner earnings 13297000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm (filed 2026-02-11); FY2025: growth capex 72000000; upkeep 1143000000; owner earnings 14968000000. Growth capex / owner earnings = 0.004810261892036344.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,837000000],[2017,942000000],[2018,1044000000],[2019,1345000000],[2020,1605000000],[2021,1741000000],[2022,1903000000],[2023,2158000000],[2024,2448000000],[2025,2756000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm (filed 2026-02-11); FY2025: cash repurchases 11727000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MA.US SharesStats.PercentInsiders = 0.11100000000000002 percentage points; cache date 2026-10-16.

### What could break it

"Adverse currency fluctuations and foreign exchange controls could negatively impact our results of operations." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm (filed 2026-02-11); Adverse currency fluctuations and foreign exchange controls could negatively impact our results of operations.

### What the price says

The price assumes cash profits grow 13.1% yearly over ten years; actual growth was 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.2354397225195689. Price 616.32; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.370272647317502 → FY2025 16.520971302428258. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $107.02 per share

- 2016-11: $102.20 per share

- 2016-12: $103.25 per share

- 2017-01: $106.33 per share

- 2017-02: $110.46 per share

- 2017-03: $112.47 per share

- 2017-04: $116.32 per share

- 2017-05: $122.88 per share

- 2017-06: $121.45 per share

- 2017-07: $127.80 per share

- 2017-08: $133.30 per share

- 2017-09: $141.20 per share

- 2017-10: $148.77 per share

- 2017-11: $150.47 per share

- 2017-12: $151.36 per share

- 2018-01: $169.00 per share

- 2018-02: $175.76 per share

- 2018-03: $175.16 per share

- 2018-04: $178.27 per share

- 2018-05: $190.12 per share

- 2018-06: $196.52 per share

- 2018-07: $198.00 per share

- 2018-08: $215.56 per share

- 2018-09: $222.61 per share

- 2018-10: $197.67 per share

- 2018-11: $201.07 per share

- 2018-12: $188.65 per share

- 2019-01: $211.13 per share

- 2019-02: $224.77 per share

- 2019-03: $235.45 per share

- 2019-04: $254.24 per share

- 2019-05: $251.49 per share

- 2019-06: $264.53 per share

- 2019-07: $272.27 per share

- 2019-08: $281.37 per share

- 2019-09: $271.57 per share

- 2019-10: $276.81 per share

- 2019-11: $292.23 per share

- 2019-12: $298.59 per share

- 2020-01: $315.94 per share

- 2020-02: $290.25 per share

- 2020-03: $241.56 per share

- 2020-04: $274.97 per share

- 2020-05: $300.89 per share

- 2020-06: $295.70 per share

- 2020-07: $308.53 per share

- 2020-08: $358.19 per share

- 2020-09: $338.17 per share

- 2020-10: $288.64 per share

- 2020-11: $336.51 per share

- 2020-12: $356.94 per share

- 2021-01: $316.29 per share

- 2021-02: $353.85 per share

- 2021-03: $356.05 per share

- 2021-04: $382.06 per share

- 2021-05: $360.58 per share

- 2021-06: $365.09 per share

- 2021-07: $385.94 per share

- 2021-08: $346.23 per share

- 2021-09: $347.68 per share

- 2021-10: $335.52 per share

- 2021-11: $314.92 per share

- 2021-12: $359.32 per share

- 2022-01: $386.38 per share

- 2022-02: $360.82 per share

- 2022-03: $357.38 per share

- 2022-04: $363.38 per share

- 2022-05: $357.87 per share

- 2022-06: $315.48 per share

- 2022-07: $353.79 per share

- 2022-08: $324.37 per share

- 2022-09: $284.34 per share

- 2022-10: $328.18 per share

- 2022-11: $356.40 per share

- 2022-12: $347.73 per share

- 2023-01: $370.60 per share

- 2023-02: $355.29 per share

- 2023-03: $363.41 per share

- 2023-04: $380.03 per share

- 2023-05: $365.02 per share

- 2023-06: $393.30 per share

- 2023-07: $394.28 per share

- 2023-08: $412.64 per share

- 2023-09: $395.91 per share

- 2023-10: $376.35 per share

- 2023-11: $413.83 per share

- 2023-12: $426.51 per share

- 2024-01: $449.23 per share

- 2024-02: $474.76 per share

- 2024-03: $481.57 per share

- 2024-04: $451.20 per share

- 2024-05: $447.07 per share

- 2024-06: $441.16 per share

- 2024-07: $463.71 per share

- 2024-08: $483.34 per share

- 2024-09: $493.80 per share

- 2024-10: $499.59 per share

- 2024-11: $532.94 per share

- 2024-12: $526.57 per share

- 2025-01: $555.43 per share

- 2025-02: $576.31 per share

- 2025-03: $548.12 per share

- 2025-04: $548.06 per share

- 2025-05: $585.60 per share

- 2025-06: $561.94 per share

- 2025-07: $566.47 per share

- 2025-08: $595.29 per share

- 2025-09: $568.81 per share

- 2025-10: $551.99 per share

- 2025-11: $550.53 per share

- 2025-12: $570.88 per share

- 2026-01: $538.79 per share

- 2026-02: $517.21 per share

- 2026-03: $499.66 per share

- 2026-04: $502.92 per share

- 2026-05: $493.98 per share

- 2026-06: $513.60 per share

- 2026-07: $573.10 per share

- 2026-08: $589.31 per share

- 2026-09: $551.47 per share

- 2026-10: $604.80 per share

## Annual estimated value (USD per share)

- FY2016: low $50.12 per share, central $71.60 per share, high $84.10 per share

- FY2017: low $59.70 per share, central $85.28 per share, high $100.17 per share

- FY2018: low $74.12 per share, central $105.88 per share, high $124.38 per share

- FY2019: low $94.01 per share, central $137.14 per share, high $161.19 per share

- FY2020: low $86.55 per share, central $126.26 per share, high $148.41 per share

- FY2021: low $113.51 per share, central $165.58 per share, high $194.62 per share

- FY2022: low $148.17 per share, central $216.15 per share, high $254.07 per share

- FY2023: low $177.22 per share, central $258.52 per share, high $303.87 per share

- FY2024: low $202.97 per share, central $296.08 per share, high $348.01 per share

- FY2025: low $241.76 per share, central $352.68 per share, high $414.54 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:46.652Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/ma-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Chuck Akre](https://gigainvestors.com/AC): 1,989,906 MA shares; USD 1,022,016,000 reported position value; 20.01% of portfolio; reduce; quarter 2026 Q2.
- [Nicolai Tangen](https://gigainvestors.com/AKO): 189,941 MA shares; USD 97,554,000 reported position value; 2.27% of portfolio; add; quarter 2026 Q2.
- [Mark Massey](https://gigainvestors.com/AP): 764,507 MA shares; USD 392,651,000 reported position value; 9.26% of portfolio; add; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 1,172 MA shares; USD 602,000 reported position value; 0.01% of portfolio; add; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 363,490 MA shares; USD 186,688,000 reported position value; 1.8% of portfolio; reduce; quarter 2026 Q2.
- [Terry Smith](https://gigainvestors.com/FS): 1,245,051 MA shares; USD 639,458,000 reported position value; 4.69% of portfolio; new; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 28,816 MA shares; USD 14,800,000 reported position value; 0.5% of portfolio; add; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 1,522,395 MA shares; USD 781,902,000 reported position value; 8.76% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 100,993 MA shares; USD 51,870,000 reported position value; 0.07% of portfolio; reduce; quarter 2026 Q2.
- [Allen Bond](https://gigainvestors.com/JIM): 347,714 MA shares; USD 178,586,000 reported position value; 4.33% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 207,540 MA shares; USD 106,593,000 reported position value; 0.81% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 395 MA shares; USD 202,998 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 658 MA shares; USD 338,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 175,472 MA shares; USD 90,122,000 reported position value; 8.04% of portfolio; hold; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 1,553 MA shares; USD 798,000 reported position value; 0.17% of portfolio; reduce; quarter 2026 Q2.
- [Dev Kantesaria](https://gigainvestors.com/VFC): 1,065,934 MA shares; USD 547,464,000 reported position value; 17.57% of portfolio; reduce; quarter 2026 Q2.
- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): 502,961 MA shares; USD 258,321,000 reported position value; 7.86% of portfolio; add; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 145,350 MA shares; USD 74,652,000 reported position value; 5.17% of portfolio; reduce; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 11,670 MA shares; USD 5,994,000 reported position value; 0.07% of portfolio; hold; quarter 2026 Q2.
- [Guy Spier](https://gigainvestors.com/aq): 40,000 MA shares; USD 20,544,000 reported position value; 14.26% of portfolio; hold; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 1,141,958 MA shares; USD 586,509,000 reported position value; 5.05% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 2,124,646 MA shares; USD 1,091,218,000 reported position value; 5.61% of portfolio; new; quarter 2026 Q2.

# MA — Mastercard Inc.

Held by 22 investors · USD 6,148,882,998 total · 2026 Q2 · reported price USD 513.60 (split-adjusted).
Page: https://gigainvestors.com/s/MA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Ackman (https://gigainvestors.com/psc) | USD 1,091,218,000 | 5.6% | new |
| Chuck Akre (https://gigainvestors.com/AC) | USD 1,022,016,000 | 20% | reduce -12.77% |
| Thomas Russo (https://gigainvestors.com/GR) | USD 781,902,000 | 8.8% | reduce -2.11% |
| Terry Smith (https://gigainvestors.com/FS) | USD 639,458,000 | 4.7% | new |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 586,509,000 | 5.1% | reduce -25.91% |
| Dev Kantesaria (https://gigainvestors.com/VFC) | USD 547,464,000 | 18% | reduce -28.34% |
| Mark Massey (https://gigainvestors.com/AP) | USD 392,651,000 | 9.3% | add +46.22% |
| C.T. Fitzpatrick (https://gigainvestors.com/VVP) | USD 258,321,000 | 7.9% | add +31.26% |
| John Armitage (https://gigainvestors.com/EC) | USD 186,688,000 | 1.8% | reduce -20.92% |
| Allen Bond (https://gigainvestors.com/JIM) | USD 178,586,000 | 4.3% | reduce -29.17% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 106,593,000 | 0.8% | hold |
| Nicolai Tangen (https://gigainvestors.com/AKO) | USD 97,554,000 | 2.3% | add +22.08% |
| Stuart McLaughlin (https://gigainvestors.com/TFP) | USD 90,122,000 | 8.0% | hold |
| Wallace Weitz (https://gigainvestors.com/WIM) | USD 74,652,000 | 5.2% | reduce -1.12% |
| Bill Nygren (https://gigainvestors.com/HA) | USD 51,870,000 | 0.1% | reduce -14.86% |
| Stephen Mandel (https://gigainvestors.com/LPC) | USD 28,581,052 | 0.0% | sold |
| Guy Spier (https://gigainvestors.com/aq) | USD 20,544,000 | 14% | hold |
| Francois Rochon (https://gigainvestors.com/GC) | USD 14,800,000 | 0.5% | add +2.67% |
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 5,994,000 | 0.1% | hold |
| Arnold Van Den Berg (https://gigainvestors.com/VAN) | USD 798,000 | 0.2% | reduce -2.2% |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 602,000 | <0.1% | add +177.73% |
| Christopher Bloomstran (https://gigainvestors.com/SA) | USD 338,000 | <0.1% | hold |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 202,998 | 0.0% | reduce -24.04% |

## Total held by quarter

- 2008 Q1: USD 205,398,164 · 1 holder · USD 22.30
- 2008 Q2: USD 173,551,509 · 1 holder · USD 26.55
- 2008 Q3: USD 275,444,592 · 2 holders · USD 17.73
- 2008 Q4: USD 425,070,054 · 2 holders · USD 14.29
- 2009 Q1: USD 361,151,775 · 2 holders · USD 16.75
- 2009 Q2: USD 213,544,062 · 2 holders · USD 16.73
- 2009 Q3: USD 258,238,650 · 2 holders · USD 20.22
- 2009 Q4: USD 22,475,520 · 1 holder · USD 25.60
- 2010 Q1: USD 28,100,020 · 2 holders · USD 25.40
- 2010 Q2: USD 116,736,428 · 3 holders · USD 19.95
- 2010 Q3: USD 203,006,496 · 3 holders · USD 22.40
- 2010 Q4: USD 430,151,658 · 4 holders · USD 22.41
- 2011 Q1: USD 560,902,879 · 5 holders · USD 25.17
- 2011 Q2: USD 525,822,132 · 4 holders · USD 30.13
- 2011 Q3: USD 520,630,742 · 5 holders · USD 31.72
- 2011 Q4: USD 572,611,180 · 5 holders · USD 37.28
- 2012 Q1: USD 628,665,761 · 4 holders · USD 42.05
- 2012 Q2: USD 678,023,103 · 4 holders · USD 43.01
- 2012 Q3: USD 734,006,111 · 4 holders · USD 45.15
- 2012 Q4: USD 805,700,556 · 4 holders · USD 49.13
- 2013 Q1: USD 919,214,728 · 4 holders · USD 54.11
- 2013 Q2: USD 1,027,817,843 · 4 holders · USD 57.45
- 2013 Q3: USD 1,690,155,681 · 5 holders · USD 67.28
- 2013 Q4: USD 2,298,298,414 · 5 holders · USD 83.55
- 2014 Q1: USD 1,883,626,684 · 5 holders · USD 74.70
- 2014 Q2: USD 2,208,864,375 · 5 holders · USD 73.47
- 2014 Q3: USD 2,521,288,554 · 5 holders · USD 73.92
- 2014 Q4: USD 3,432,434,929 · 6 holders · USD 86.16
- 2015 Q1: USD 2,842,611,206 · 6 holders · USD 86.39
- 2015 Q2: USD 2,757,670,096 · 6 holders · USD 93.48
- 2015 Q3: USD 2,559,780,620 · 6 holders · USD 90.12
- 2015 Q4: USD 2,531,254,194 · 6 holders · USD 97.36
- 2016 Q1: USD 2,330,338,537 · 6 holders · USD 94.50
- 2016 Q2: USD 2,197,255,709 · 6 holders · USD 88.06
- 2016 Q3: USD 1,998,082,930 · 5 holders · USD 101.77
- 2016 Q4: USD 2,008,853,787 · 5 holders · USD 103.25
- 2017 Q1: USD 2,251,012,258 · 5 holders · USD 112.47
- 2017 Q2: USD 3,002,010,037 · 6 holders · USD 121.45
- 2017 Q3: USD 3,485,217,997 · 7 holders · USD 141.20
- 2017 Q4: USD 3,513,041,060 · 8 holders · USD 151.36
- 2018 Q1: USD 3,440,356,046 · 7 holders · USD 175.16
- 2018 Q2: USD 3,804,835,472 · 7 holders · USD 196.52
- 2018 Q3: USD 4,450,070,368 · 8 holders · USD 222.61
- 2018 Q4: USD 4,390,562,673 · 10 holders · USD 188.65
- 2019 Q1: USD 6,601,301,793 · 14 holders · USD 235.45
- 2019 Q2: USD 7,172,338,247 · 15 holders · USD 264.53
- 2019 Q3: USD 7,284,511,591 · 15 holders · USD 271.57
- 2019 Q4: USD 8,196,446,260 · 15 holders · USD 298.59
- 2020 Q1: USD 6,627,660,568 · 16 holders · USD 241.56
- 2020 Q2: USD 8,165,200,580 · 18 holders · USD 295.70
- 2020 Q3: USD 9,331,213,379 · 17 holders · USD 338.17
- 2020 Q4: USD 9,595,981,661 · 15 holders · USD 356.94
- 2021 Q1: USD 9,348,183,045 · 15 holders · USD 356.05
- 2021 Q2: USD 9,524,553,284 · 16 holders · USD 365.09
- 2021 Q3: USD 8,722,684,382 · 14 holders · USD 347.68
- 2021 Q4: USD 10,811,765,767 · 15 holders · USD 359.32
- 2022 Q1: USD 10,523,404,019 · 16 holders · USD 357.38
- 2022 Q2: USD 9,564,790,433 · 15 holders · USD 315.48
- 2022 Q3: USD 7,993,634,197 · 15 holders · USD 284.34
- 2022 Q4: USD 9,267,705,919 · 15 holders · USD 347.73
- 2023 Q1: USD 8,877,698,717 · 17 holders · USD 363.41
- 2023 Q2: USD 9,507,872,325 · 17 holders · USD 393.30
- 2023 Q3: USD 9,404,041,704 · 16 holders · USD 395.91
- 2023 Q4: USD 9,457,776,330 · 16 holders · USD 426.51
- 2024 Q1: USD 10,228,649,835 · 20 holders · USD 481.57
- 2024 Q2: USD 8,802,214,266 · 19 holders · USD 441.16
- 2024 Q3: USD 9,285,437,709 · 19 holders · USD 493.80
- 2024 Q4: USD 9,383,784,146 · 19 holders · USD 526.57
- 2025 Q1: USD 9,116,679,493 · 20 holders · USD 548.12
- 2025 Q2: USD 9,079,000,810 · 19 holders · USD 561.94
- 2025 Q3: USD 8,917,662,316 · 18 holders · USD 568.81
- 2025 Q4: USD 8,501,038,368 · 20 holders · USD 570.88
- 2026 Q1: USD 4,829,748,158 · 21 holders · USD 499.66
- 2026 Q2: USD 6,148,882,998 · 22 holders · USD 513.60