# Visa (V.US)

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

Analysis as of: 2026-10-16T07:32:48.511Z. Financial observations: FY2003–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: $399.75 per share; close as of 2026-10-15.

Estimated value: low $177.15 per share, central $258.43 per share, high $303.75 per share. Buy at or below the central value $258.43 per share. Valuation as of 2026-10-16T07:32:48.511Z; 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: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.66×

- FY2018: 0.63×

- FY2019: 0.65×

- FY2020: 0.64×

- FY2021: 0.66×

- FY2022: 0.64×

- FY2023: 0.64×

- FY2024: 0.66×

- FY2025: 0.60×

- LTM to Jun 2026: 0.61×

### moat: pass

- ROIC, median of available years: 47.4%

- ROIC, second-lowest year: 35.0%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 80.4%

- Recent gross margin (lower of latest and 3-year median): 80.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 29.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.9%

- FY2017: 35.0%

- FY2018: 40.2%

- FY2019: 44.0%

- FY2020: 44.6%

- FY2021: 50.3%

- FY2022: 71.4%

- FY2023: 81.8%

- FY2024: 75.3%

- FY2025: 93.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $84B

- Net income, five-year total: $84B

- Return on incremental invested capital: 413.1%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -8.9 pp

- Working capital / revenue, final three-year average: 20.8%

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

- FY2021: 1.01×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 35.0% vs 81.8%

- Per-share earnings: 2.60 to 9.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: $412B

- Cumulative retained earnings: $5.6B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.2%

- Per-share value change: $7.34

- Per-share value, starting three-year median: $2.60

- Per-share value, ending three-year median: $9.95

- Buybacks concentrated in cheaper years (correlation): 0.72

- Average buyback yield: 2.5%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $26B

- Cumulative net income, 10 years: $130B

- ROIC, first three-year median: 35.0%

- ROIC, last three-year median: 81.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.47

- FY2017: $2.85

- FY2018: $4.50

- FY2019: $5.39

- FY2020: $4.94

- FY2021: $5.70

- FY2022: $7.12

- FY2023: $8.45

- FY2024: $9.95

- FY2025: $10.38

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.7%

- FY2017: -3.7%

- FY2018: -3.5%

- FY2019: -1.0%

- FY2020: 0.5%

- FY2021: -3.5%

- FY2022: -4.6%

- FY2023: -3.8%

- FY2024: -0.2%

- FY2025: -3.0%

## 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.

- [Seth Klarman](https://gigainvestors.com/BAUPOST): 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.

- [David Hoeft](https://gigainvestors.com/DAC): 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.

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

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

- [David Katz](https://gigainvestors.com/MAVFX): 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.

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

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

- [Jeffrey Ubben](https://gigainvestors.com/VA): 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.

- [David Rolfe](https://gigainvestors.com/WP): 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.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): 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.

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

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

## Price story

Price needs cash profits to grow 12.9% a year for ten years · sales +11.2%

Story as of 2026-10-16T09:59:47.134Z; price observation 2026-10-15.

Price needs cash profits to grow 12.9% a year for ten years

- 2026-01-30: Visa Sees Sequential 'Step-Down' in Revenue Growth; Beats Fiscal First-Quarter Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/visa-sees-sequential-apos-step-113507181.html))

- 2026-03-13: Visa’s Growing Litigation And European Competition Risks Versus Stablecoin Push ([finance.yahoo.com](https://finance.yahoo.com/news/visa-growing-litigation-european-competition-231253957.html))

- 2026-04-30: Why Visa (V) Is Up 7.6% After Earnings Beat, New Buyback And Stablecoin-AI Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-visa-v-7-6-050438884.html))

- 2026-07-28: Visa posts double-digit revenue growth on resilient consumer spending ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/visa-posts-double-digit-revenue-205746978.html))

- 2026-08-03: Visa Stock Rises as $2.4 Billion Cybersecurity Deal Targets Fraud ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/visa-stock-rises-2-4-191949805.html))

- 2026-09-08: Visa Falls as UPI's Quarterly Pace Tops Its 71.7 Billion Transactions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/visa-falls-upis-quarterly-pace-195139912.html))

### Sales · FY2025–2026

sales +11.2%; source https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm; observed 2025-11-06.

- FY2017: $18B 

- FY2018: $21B 

- FY2019: $23B 

- FY2020: $22B 

- FY2021: $24B 

- FY2022: $29B 

- FY2023: $33B 

- FY2024: $36B 

- FY2025: $40B 

- FY2026: $44B 

### Gross margin · FY2025

gross margin 80.4%; source https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm; observed 2025-11-06.

- FY2016: 81.7% 

- FY2017: 82.3% 

- FY2018: 81.3% 

- FY2019: 81.9% 

- FY2020: 79.3% 

- FY2021: 79.4% 

- FY2022: 80.4% 

- FY2023: 79.9% 

- FY2024: 80.4% 

- FY2025: 80.4% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are USD 40 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm#000140316125000089 (filed 2025-11-06); FY2025: revenue 40000000000; grossProfit 32145000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); V.US: Visa Inc. operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a platform which facilitates money movement, enabling clients to collect, hold, convert, and send funds across its network; and issuing solutions, such as airport lounge access, dining reservations, shopping experiences, event tickets, and seller offers. In addition, the company provides acceptance solutions, an omnichannel payment integration with e-commerce platforms; risk detection and prevention solutions; and advisory and other services comprising consulting practice, proprietary analytics models, data scientists and economists, marketing services, and managed services. It provides its services under the Visa, Visa Electron, V PAY, Interlink, and PLUS brands. The company serves consumers, sellers, financial institutions, and government entities. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.

### Why customers stay

Margins ranged from 79.9% to 80.4% during 2023–25; it earns 47.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2023: grossProfit / revenue = 79.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2024: grossProfit / revenue = 80.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm (filed 2025-11-06); FY2025: grossProfit / revenue = 80.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); 10-year return on capital observations [[2016,0.21933987554056283],[2017,0.34959918508348464],[2018,0.402302980890433],[2019,0.4399580220623366],[2020,0.445612154176113],[2021,0.5026766804412803],[2022,0.7142680641211617],[2023,0.8183104810145698],[2024,0.7532973627908843],[2025,0.9376916326536481]]; median 0.47414441730869666. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 80% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm (filed 2025-11-06); Gross margin observations: [[2021,0.7938187098112425],[2022,0.8044012282497441],[2023,0.7988852479098398]]; range within 2 percentage points.

### Where the cash goes

Spends 1.3% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2016: growth capex 21000000; upkeep 502000000; owner earnings 5991000000. Growth capex / owner earnings = 0.0035052578868302454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2017: growth capex 151000000; upkeep 556000000; owner earnings 6699000000. Growth capex / owner earnings = 0.022540677713091505.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2018: growth capex 105000000; upkeep 613000000; owner earnings 10301000000. Growth capex / owner earnings = 0.010193185127657508.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2019: growth capex 100000000; upkeep 656000000; owner earnings 12080000000. Growth capex / owner earnings = 0.008278145695364239.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2020: growth capex 0; upkeep 736000000; owner earnings 10897000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2021: growth capex 0; upkeep 705000000; owner earnings 12410000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2022: growth capex 109000000; upkeep 861000000; owner earnings 14957000000. Growth capex / owner earnings = 0.007287557665307214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2023: growth capex 116000000; upkeep 943000000; owner earnings 17273000000. Growth capex / owner earnings = 0.006715683436577317.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); FY2024: growth capex 223000000; upkeep 1034000000; owner earnings 19743000000. Growth capex / owner earnings = 0.011295142582181027.

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm (filed 2025-11-06); FY2025: growth capex 262000000; upkeep 1220000000; owner earnings 20058000000. Growth capex / owner earnings = 0.013062119852427959.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); Incremental return on capital 4.130699468482043, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); Dividend observations: [[2016,1350000000],[2017,1579000000],[2018,1918000000],[2019,2269000000],[2020,2664000000],[2021,2798000000],[2022,3203000000],[2023,3751000000],[2024,4217000000],[2025,4634000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm (filed 2025-11-06); FY2025: cash repurchases 18316000000 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); V.US SharesStats.PercentInsiders = 0.08499999999999999 percentage points; cache date 2026-10-16.

### What could break it

"Our net revenue and profits are dependent on our client and seller base" (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm (filed 2025-11-06); Our net revenue and profits are dependent on our client and seller base

### What the price says

The price assumes cash profits grow 12.9% yearly over ten years; actual growth was 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-06); Ten-year compound average after fade. Initial solved rate 0.2319597591375523. Price 399.75; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.637037037037037 → FY2025 10.37661665804449. Closing-price date 2026-10-15.

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

- 2016-10: $82.51 per share

- 2016-11: $77.32 per share

- 2016-12: $78.02 per share

- 2017-01: $82.71 per share

- 2017-02: $87.94 per share

- 2017-03: $88.87 per share

- 2017-04: $91.22 per share

- 2017-05: $95.23 per share

- 2017-06: $93.78 per share

- 2017-07: $99.56 per share

- 2017-08: $103.52 per share

- 2017-09: $105.24 per share

- 2017-10: $109.98 per share

- 2017-11: $112.59 per share

- 2017-12: $114.02 per share

- 2018-01: $124.23 per share

- 2018-02: $122.94 per share

- 2018-03: $119.62 per share

- 2018-04: $126.88 per share

- 2018-05: $130.72 per share

- 2018-06: $132.45 per share

- 2018-07: $136.74 per share

- 2018-08: $146.89 per share

- 2018-09: $150.09 per share

- 2018-10: $137.85 per share

- 2018-11: $141.71 per share

- 2018-12: $131.94 per share

- 2019-01: $135.01 per share

- 2019-02: $148.12 per share

- 2019-03: $156.19 per share

- 2019-04: $164.43 per share

- 2019-05: $161.33 per share

- 2019-06: $173.55 per share

- 2019-07: $178.00 per share

- 2019-08: $180.82 per share

- 2019-09: $172.01 per share

- 2019-10: $178.86 per share

- 2019-11: $184.51 per share

- 2019-12: $187.90 per share

- 2020-01: $198.97 per share

- 2020-02: $181.76 per share

- 2020-03: $161.12 per share

- 2020-04: $178.72 per share

- 2020-05: $195.24 per share

- 2020-06: $193.17 per share

- 2020-07: $190.40 per share

- 2020-08: $211.99 per share

- 2020-09: $199.97 per share

- 2020-10: $181.71 per share

- 2020-11: $210.35 per share

- 2020-12: $218.73 per share

- 2021-01: $193.25 per share

- 2021-02: $212.39 per share

- 2021-03: $211.73 per share

- 2021-04: $233.56 per share

- 2021-05: $227.30 per share

- 2021-06: $233.82 per share

- 2021-07: $246.39 per share

- 2021-08: $229.10 per share

- 2021-09: $222.75 per share

- 2021-10: $211.77 per share

- 2021-11: $193.77 per share

- 2021-12: $216.71 per share

- 2022-01: $226.17 per share

- 2022-02: $216.12 per share

- 2022-03: $221.77 per share

- 2022-04: $213.13 per share

- 2022-05: $212.17 per share

- 2022-06: $196.89 per share

- 2022-07: $212.11 per share

- 2022-08: $198.71 per share

- 2022-09: $177.65 per share

- 2022-10: $207.16 per share

- 2022-11: $217.00 per share

- 2022-12: $207.76 per share

- 2023-01: $230.21 per share

- 2023-02: $219.94 per share

- 2023-03: $225.46 per share

- 2023-04: $232.73 per share

- 2023-05: $221.03 per share

- 2023-06: $237.48 per share

- 2023-07: $237.73 per share

- 2023-08: $245.68 per share

- 2023-09: $230.01 per share

- 2023-10: $235.10 per share

- 2023-11: $256.68 per share

- 2023-12: $260.35 per share

- 2024-01: $273.26 per share

- 2024-02: $282.64 per share

- 2024-03: $279.08 per share

- 2024-04: $268.61 per share

- 2024-05: $272.46 per share

- 2024-06: $262.47 per share

- 2024-07: $265.67 per share

- 2024-08: $276.37 per share

- 2024-09: $274.95 per share

- 2024-10: $289.85 per share

- 2024-11: $315.08 per share

- 2024-12: $316.04 per share

- 2025-01: $341.80 per share

- 2025-02: $362.71 per share

- 2025-03: $350.46 per share

- 2025-04: $345.50 per share

- 2025-05: $365.19 per share

- 2025-06: $355.05 per share

- 2025-07: $345.47 per share

- 2025-08: $351.78 per share

- 2025-09: $341.38 per share

- 2025-10: $340.74 per share

- 2025-11: $334.44 per share

- 2025-12: $350.71 per share

- 2026-01: $321.83 per share

- 2026-02: $320.14 per share

- 2026-03: $302.24 per share

- 2026-04: $329.84 per share

- 2026-05: $326.36 per share

- 2026-06: $343.09 per share

- 2026-07: $366.13 per share

- 2026-08: $379.37 per share

- 2026-09: $359.33 per share

- 2026-10: $396.06 per share

## Annual estimated value (USD per share)

- FY2016: low $35.16 per share, central $49.29 per share, high $57.85 per share

- FY2017: low $44.85 per share, central $64.07 per share, high $75.26 per share

- FY2018: low $55.92 per share, central $81.58 per share, high $95.89 per share

- FY2019: low $64.38 per share, central $91.97 per share, high $108.03 per share

- FY2020: low $71.92 per share, central $104.92 per share, high $123.32 per share

- FY2021: low $81.03 per share, central $118.21 per share, high $138.94 per share

- FY2022: low $103.32 per share, central $150.73 per share, high $177.16 per share

- FY2023: low $119.37 per share, central $174.13 per share, high $204.67 per share

- FY2024: low $135.30 per share, central $197.37 per share, high $231.99 per share

- FY2025: low $154.70 per share, central $225.67 per share, high $265.25 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 2026-10-15T06:38:34.134Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm); period 2025-09-30, filed 2025-11-06.

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): 1,110,881 V shares; USD 381,132,000 reported position value; 7.46% of portfolio; reduce; quarter 2026 Q2.
- [Nicolai Tangen](https://gigainvestors.com/AKO): 985,126 V shares; USD 337,987,000 reported position value; 7.87% of portfolio; reduce; quarter 2026 Q2.
- [Mark Massey](https://gigainvestors.com/AP): 836,470 V shares; USD 286,984,000 reported position value; 6.77% of portfolio; add; quarter 2026 Q2.
- [Seth Klarman](https://gigainvestors.com/BAUPOST): 701,355 V shares; USD 240,628,000 reported position value; 4.44% of portfolio; hold; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 618 V shares; USD 212,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 5,417,326 V shares; USD 1,858,630,000 reported position value; 0.97% of portfolio; add; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 4,264,651 V shares; USD 1,463,159,000 reported position value; 14.13% of portfolio; add; quarter 2026 Q2.
- [Terry Smith](https://gigainvestors.com/FS): 2,019,810 V shares; USD 692,977,000 reported position value; 5.08% of portfolio; reduce; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 389,900 V shares; USD 133,771,000 reported position value; 4.5% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 87,256 V shares; USD 29,937,000 reported position value; 0.34% of portfolio; reduce; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 711,659 V shares; USD 244,163,000 reported position value; 0.32% of portfolio; reduce; quarter 2026 Q2.
- [Stephen Mandel](https://gigainvestors.com/LPC): 165,960 V shares; USD 56,939,000 reported position value; 0.35% of portfolio; add; quarter 2026 Q2.
- [Nick Train](https://gigainvestors.com/LT): 10,500 V shares; USD 3,602,000 reported position value; 0.14% of portfolio; add; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 1,106 V shares; USD 397,000 reported position value; 0.03% of portfolio; reduce; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 1,013,912 V shares; USD 347,863,000 reported position value; 2.65% of portfolio; add; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 852,050 V shares; USD 292,330,000 reported position value; 2.68% of portfolio; add; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 22,017 V shares; USD 7,554,000 reported position value; 1.12% of portfolio; add; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 798,697 V shares; USD 274,025,000 reported position value; 1.14% of portfolio; new; quarter 2026 Q2.
- [Jeffrey Ubben](https://gigainvestors.com/VA): 2,316,250 V shares; USD 794,682,000 reported position value; 14.1% of portfolio; hold; quarter 2026 Q2.
- [Dev Kantesaria](https://gigainvestors.com/VFC): 462,978 V shares; USD 158,843,000 reported position value; 5.1% of portfolio; reduce; quarter 2026 Q2.
- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): 463,268 V shares; USD 158,943,000 reported position value; 4.84% of portfolio; reduce; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 265,330 V shares; USD 91,032,000 reported position value; 6.3% of portfolio; hold; quarter 2026 Q2.
- [David Rolfe](https://gigainvestors.com/WP): 89,188 V shares; USD 30,599,000 reported position value; 6.32% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 732 V shares; USD 251,000 reported position value; 0% of portfolio; hold; quarter 2026 Q2.
- [William Von Mueffling](https://gigainvestors.com/cc): 83,643 V shares; USD 28,697,000 reported position value; 4.31% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 752,252 V shares; USD 258,090,000 reported position value; 2.33% of portfolio; reduce; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 1,805,617 V shares; USD 619,489,000 reported position value; 5.34% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 3,270,470 V shares; USD 1,122,066,000 reported position value; 5.76% of portfolio; new; quarter 2026 Q2.
- [Chris Hohn](https://gigainvestors.com/tci): 30,494,133 V shares; USD 10,462,232,000 reported position value; 19.83% of portfolio; add; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 6,393,604 V shares; USD 2,193,582,000 reported position value; 6.25% of portfolio; add; quarter 2026 Q2.

# V — Visa Inc.

Held by 1 investor · USD 397,000 total · 2026 Q3 · reported price USD 358.95 (split-adjusted).
Page: https://gigainvestors.com/s/V

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 397,000 | <0.1% | reduce -1.25% |

## Total held by quarter

- 2008 Q1: USD 243,204,000 · 1 holder · USD 15.59
- 2008 Q2: USD 135,153,840 · 1 holder · USD 20.33
- 2008 Q3: USD 451,633,103 · 2 holders · USD 15.35
- 2008 Q4: USD 816,551,631 · 2 holders · USD 13.11
- 2009 Q1: USD 628,915,007 · 2 holders · USD 13.90
- 2009 Q2: USD 422,374,520 · 1 holder · USD 15.56
- 2009 Q3: USD 304,893,297 · 1 holder · USD 17.28
- 2009 Q4: USD 499,281,876 · 2 holders · USD 21.86
- 2010 Q1: USD 372,193,187 · 3 holders · USD 22.76
- 2010 Q2: USD 217,919,147 · 4 holders · USD 17.69
- 2010 Q3: USD 201,680,904 · 1 holder · USD 18.56
- 2010 Q4: USD 2,051,486 · 2 holders · USD 17.62
- 2011 Q1: USD 3,934,084 · 2 holders · USD 18.41
- 2011 Q2: USD 6,234,121 · 2 holders · USD 21.07
- 2011 Q3: USD 421,858,208 · 5 holders · USD 21.43
- 2011 Q4: USD 879,685,825 · 6 holders · USD 25.38
- 2012 Q1: USD 1,032,476,282 · 7 holders · USD 29.50
- 2012 Q2: USD 822,148,507 · 7 holders · USD 30.91
- 2012 Q3: USD 746,502,132 · 6 holders · USD 33.57
- 2012 Q4: USD 746,687,545 · 6 holders · USD 37.90
- 2013 Q1: USD 815,468,248 · 6 holders · USD 42.46
- 2013 Q2: USD 803,079,241 · 6 holders · USD 45.69
- 2013 Q3: USD 839,546,090 · 6 holders · USD 47.77
- 2013 Q4: USD 713,194,159 · 5 holders · USD 55.67
- 2014 Q1: USD 646,353,280 · 5 holders · USD 53.96
- 2014 Q2: USD 757,439,994 · 5 holders · USD 52.68
- 2014 Q3: USD 857,700,586 · 5 holders · USD 53.34
- 2014 Q4: USD 1,644,403,032 · 6 holders · USD 65.55
- 2015 Q1: USD 1,791,225,328 · 6 holders · USD 65.41
- 2015 Q2: USD 1,794,675,276 · 6 holders · USD 67.15
- 2015 Q3: USD 1,886,023,115 · 6 holders · USD 69.66
- 2015 Q4: USD 2,394,238,839 · 7 holders · USD 77.55
- 2016 Q1: USD 2,051,071,155 · 7 holders · USD 76.48
- 2016 Q2: USD 2,070,443,459 · 7 holders · USD 74.17
- 2016 Q3: USD 2,180,556,359 · 8 holders · USD 82.70
- 2016 Q4: USD 2,219,358,404 · 7 holders · USD 78.02
- 2017 Q1: USD 2,613,690,516 · 7 holders · USD 88.87
- 2017 Q2: USD 2,210,800,574 · 7 holders · USD 93.78
- 2017 Q3: USD 2,721,331,385 · 8 holders · USD 105.24
- 2017 Q4: USD 2,946,575,645 · 9 holders · USD 114.02
- 2018 Q1: USD 2,952,104,851 · 9 holders · USD 119.62
- 2018 Q2: USD 3,998,227,356 · 11 holders · USD 132.45
- 2018 Q3: USD 4,369,255,881 · 12 holders · USD 150.09
- 2018 Q4: USD 3,933,711,212 · 13 holders · USD 131.94
- 2019 Q1: USD 6,716,721,132 · 18 holders · USD 156.19
- 2019 Q2: USD 7,265,832,365 · 19 holders · USD 173.55
- 2019 Q3: USD 7,322,700,191 · 19 holders · USD 172.01
- 2019 Q4: USD 8,016,870,112 · 19 holders · USD 187.90
- 2020 Q1: USD 8,137,326,448 · 20 holders · USD 161.12
- 2020 Q2: USD 10,473,597,802 · 21 holders · USD 193.17
- 2020 Q3: USD 11,475,443,028 · 22 holders · USD 199.97
- 2020 Q4: USD 13,921,312,588 · 22 holders · USD 218.73
- 2021 Q1: USD 13,529,008,897 · 22 holders · USD 211.73
- 2021 Q2: USD 14,644,985,907 · 22 holders · USD 233.82
- 2021 Q3: USD 15,489,093,023 · 22 holders · USD 222.75
- 2021 Q4: USD 16,773,618,367 · 21 holders · USD 216.71
- 2022 Q1: USD 16,095,949,717 · 21 holders · USD 221.77
- 2022 Q2: USD 13,956,456,802 · 21 holders · USD 196.89
- 2022 Q3: USD 12,648,456,048 · 21 holders · USD 177.65
- 2022 Q4: USD 14,382,644,004 · 21 holders · USD 207.76
- 2023 Q1: USD 15,408,828,607 · 23 holders · USD 225.46
- 2023 Q2: USD 15,851,385,227 · 22 holders · USD 237.48
- 2023 Q3: USD 14,690,881,863 · 22 holders · USD 230.01
- 2023 Q4: USD 15,814,344,243 · 21 holders · USD 260.35
- 2024 Q1: USD 17,650,761,939 · 26 holders · USD 279.08
- 2024 Q2: USD 14,753,093,859 · 24 holders · USD 262.47
- 2024 Q3: USD 15,901,067,930 · 27 holders · USD 274.95
- 2024 Q4: USD 17,545,589,695 · 27 holders · USD 316.04
- 2025 Q1: USD 18,489,866,983 · 26 holders · USD 350.46
- 2025 Q2: USD 19,183,242,525 · 26 holders · USD 355.05
- 2025 Q3: USD 21,696,482,083 · 26 holders · USD 341.38
- 2025 Q4: USD 22,573,827,256 · 28 holders · USD 350.71
- 2026 Q1: USD 18,161,328,037 · 27 holders · USD 302.24
- 2026 Q2: USD 22,570,783,003 · 30 holders · USD 343.09
- 2026 Q3: USD 397,000 · 1 holder · USD 358.95