REPORT DIFF

Mastercard Incorporated — what changed

2026-08-10 → 2026-08-19 · 54 changed lines · numbers highlighted

3. Financial Analysis (14 changed lines)

− | Revenue | 13.8% | 16.5% | -% |

− | EBITDA | 15.5% | 18.3% | -% |

− | Net Income | 14.7% | 18.5% | -% |

− | Diluted EPS | 17.4% | 21.0% | -% |

− | FCF | 17.6% | 20.3% | -% |

+ | Revenue | 13.8% | 16.5% | - |

+ | EBITDA | 15.5% | 18.3% | - |

+ | Net Income | 14.7% | 18.5% | - |

+ | Diluted EPS | 17.4% | 21.0% | - |

+ | FCF | 17.6% | 20.3% | - |

− | **Z-Score** | **3.94** | **3.88** | **4.07** |

+ | **Z-Score** | **2.99** | **2.95** | **3.10** |

− The Altman Z-Score places Mastercard firmly in the safe zone, at 4.07 in FY2025 — above the 2.99 safe-zone threshold and rising from 3.88 in FY2024. The credit implication is that the model sees negligible distress risk, which is consistent with the covenant-free, well-laddered debt profile, the ample undrawn liquidity, and interest coverage above 26.2x noted above. One interpretive caveat cuts in

+ The Altman Z-Score places Mastercard in the safe zone throughout the recent window, at 3.10 in FY2025 — above the model's 2.90 safe boundary, up from 2.95 in FY2024. The credit implication is that the model sees negligible distress risk, which is consistent with the covenant-free, well-laddered debt profile, the ample undrawn liquidity, and interest coverage above 26.2x noted above. One interpreti

4. Valuation Methodology (22 changed lines)

− | Shares Outstanding (M — current count used in the per-share bridge) | 876 |

+ | Shares Outstanding (M — current count used in the per-share bridge) | 876.0 |

− The terminal calculation is where the model's discipline shows. The perpetuity-growth method yields $517,779.0M and the exit-multiple method yields the higher $567,075.6M; the model selects the lower perpetuity figure ($517,779.0M) rather than blending or taking the richer of the two, so the base case does not lean on the more optimistic 18.0x exit assumption. Discounted back, the terminal value c

+ The terminal calculation is where the model's discipline shows. The perpetuity-growth method yields $517,779.0M and the exit-multiple method yields the higher $567,075.6M; the model selects the lower perpetuity figure ($517,779.0M) rather than blending or taking the richer of the two, so the base case does not lean on the more optimistic 18.0x exit assumption. Discounted back, the terminal value c

− | WACC \ TGR | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |

− |---|---|---|---|---|---|

− | 6.61% | 509.7 | 563.7 | 632.7 | 723.7 | 849.7 |

− | 7.11% | 458.0 | 500.6 | 553.6 | 621.3 | 710.7 |

− | **7.61%** | **415.5** | **449.8** | **491.7** | **543.7** | **610.1** |

− | 8.11% | 379.9 | 408.1 | 441.9 | 483.0 | 534.0 |

− | 8.61% | 349.8 | 373.3 | 401.0 | 434.1 | 474.5 |

+ | WACC \ TGR | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% |

+ |---|---|---|---|---|---|---|---|

+ | 5.6% | 584.7 | 656.3 | 750.9 | 881.6 | 1,074.3 | 1,386.4 | 1,978.9 |

+ | 6.1% | 519.1 | 574.1 | 644.3 | 737.2 | 865.5 | 1,054.6 | 1,360.8 |

+ | 6.6% | 466.3 | 509.7 | 563.7 | 632.7 | 723.8 | 849.7 | 1,035.2 |

+ | 7.1% | 422.9 | 458.0 | 500.6 | 553.6 | 621.3 | 710.7 | 834.3 |

+ | 7.6% | 386.7 | 415.5 | 449.9 | 491.7 | 543.7 | 610.1 | 697.9 |

+ | 8.1% | 356.0 | 379.9 | 408.2 | 441.9 | 483.0 | 534.0 | 599.2 |

+ | 8.6% | 329.5 | 349.8 | 373.3 | 401.0 | 434.1 | 474.5 | 524.6 |

+ | 9.1% | 306.6 | 323.8 | 343.7 | 366.8 | 394.0 | 426.5 | 466.1 |

+ | 9.6% | 286.5 | 301.3 | 318.3 | 337.8 | 360.4 | 387.2 | 419.1 |

6. Valuation & Price Target (18 changed lines)