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Research · S&P 500 · Financials
V · Visa Inc.
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5, plus moat evidence
41/60
moderate value scoreEarnings & returns
EPS Trend
5/5Diluted EPS: $7.00 (2022), $8.28 (2023), $9.73 (2024), $10.20 (2025). It rose every year; the framework scores that as 5.
ROE Trend
5/5ROE (net income / common equity): 44.0% (2022), 45.9% (2023), 51.1% (2024), 53.4% (2025). Median 48.5%, lowest 44.0%; the framework scores a median above 20% as 5.
ROIC
5/5ROIC of 37.2%: operating income of $23.99B divided by $64.58B of capital (total assets $99.63B minus current liabilities $35.05B), fiscal year to Sep 30, 2025, as filed in the 10-K (SEC EDGAR). The framework scores above 20% as 5.
Profit Margins
5/5Net margin of 50.8%; the framework scores above 20% as 5; gross margin 97.7%, operating margin 66.1%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.68; the framework scores 0.3-0.8 as 4 (total debt $23.86B, total cash $13.79B).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $17.88B (2022), $19.70B (2023), $18.69B (2024), $21.58B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
2/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $16.12B (2022), $18.04B (2023), $17.29B (2024), $15.11B (2025). It ended at or below 2022; the framework scores that as 2.
Valuation models
Graham IV
2/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $11.75 x (8.5 + 2 x 11.0) x (4.4 / 4.5) = $350.41. Current price $402.61; price is 14.9% above the model value.
DCF Value
1/5FCF/share = $11.973, stage 1 growth = 10.7% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $61.02, PV of terminal value = $181.86, DCF value = $242.88. Current price $402.61; price is 65.8% above the model value.
Margin of Safety
2/5Graham value $350.41 (price is 14.9% above the model value); DCF value $242.88 (price is 65.8% above the model value).
Price-to-Book
1/5P/B of 21.34; the framework scores above 5.0 as 1.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 9 of 10 years (2016-2025); lowest 14.1%, highest 37.2%.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Nov 6, 2025
The global payments industry continues to undergo dynamic and rapid change. Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. These advances are enabling new entrants, many of which depart from traditional network payment models. In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition. We compete against all forms of payment. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include the ones listed below. Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay. These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S. and JCB in Japan, or have a leading position in certain countries, such as UnionPay in China.
The opening of the company’s “COMPETITION” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
5/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $74.52B paid out against $77.84B of free cash flow (pass); total debt $22.45B to $25.17B, up 12.1%, 1.0x EBITDA (pass: at most 2x EBITDA); shares outstanding 2.08B to 1.93B, down 7.4% (pass). 4 of 4 tests passed; the framework scores that as 5.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $11.75, g = 11.0%, Y = 4.5
IV = $350.41
Current price $402.61 vs Graham value $350.41 — price is 14.9% above the model value.
DCF:
FCF/share = $11.973
Stage 1 growth = 10.7% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Y1: $13.255 → PV $12.050
Y2: $14.673 → PV $12.126
Y3: $16.243 → PV $12.203
Y4: $17.981 → PV $12.281
Y5: $19.905 → PV $12.359
Stage 1 PV sum = $61.02
Terminal value at end of Y5 = $292.88
PV of terminal value = $181.86
DCF value = $242.88
Current price $402.61 vs DCF value $242.88 — price is 65.8% above the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $402.61. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.