Visa Inc. (V) Key Metrics
V valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $755.84B
- Enterprise value
- $689.28B
- P/E (TTM)
- 34.3 10-yr median 33.4
- Forward P/E
- 24.0
- PEG ratio
- 1.64
- Price / sales
- 17.0 10-yr median 16.2
- Price / book
- 19.6 10-yr median 11.8
- EV / EBITDA
- 23.7 10-yr median 24.1
- Dividend yield
- 0.60% $2.68 a year
- Beta
- 0.77
V key metrics, FY2016–FY2025
Fiscal year ended September 30, 2025 · U.S. dollarsV valuation Price multiples at each fiscal year-end price.
V returns How much profit the business earns on the capital it uses.
V per-share figures Results divided by the shares outstanding at year-end.
V financial health Debt, liquidity and how easily interest is covered.
V efficiency & capital use Working capital cycle and where the cash goes.
V valuation history
V returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
V debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
V cash returned to shareholders
V price vs earnings per share
V key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $671.15B | $557.87B | $479.57B | $379.46B | $487.38B | $444.53B | $390.81B | $349.56B | $252.05B | $199.64B |
| Enterprise value | $674.34B | $563.53B | $479.91B | $383.39B | $489.84B | $449.13B | $399.45B | $356.65B | $256.98B | $208.67B |
| P/E ratio | 33.5 | 28.3 | 27.8 | 25.4 | 39.6 | 40.9 | 32.4 | 33.9 | 37.6 | 33.3 |
| Price / sales | 16.8 | 15.5 | 14.7 | 12.9 | 20.2 | 20.3 | 17.0 | 17.0 | 13.7 | 13.2 |
| Price / book | 17.7 | 14.3 | 12.4 | 10.7 | 13.0 | 12.3 | 11.3 | 10.3 | 7.7 | 6.1 |
| Price / free cash flow | 31.1 | 29.8 | 24.3 | 21.2 | 33.6 | 45.8 | 32.5 | 29.1 | 29.6 | 39.5 |
| Price / operating cash flow | 29.1 | 28.0 | 23.1 | 20.1 | 32.0 | 42.6 | 30.6 | 27.5 | 27.4 | 35.8 |
| EV / sales | 16.9 | 15.7 | 14.7 | 13.1 | 20.3 | 20.6 | 17.4 | 17.3 | 14.0 | 13.8 |
| EV / EBITDA | 25.9 | 22.0 | 21.2 | 19.6 | 28.2 | 29.8 | 24.9 | 25.4 | 20.2 | 23.3 |
| EV / free cash flow | 31.3 | 30.1 | 24.4 | 21.4 | 33.7 | 46.3 | 33.2 | 29.7 | 30.2 | 41.3 |
| Earnings yield | 3.0% | 3.5% | 3.6% | 3.9% | 2.5% | 2.4% | 3.1% | 2.9% | 2.7% | 3.0% |
| Free cash flow yield | 3.2% | 3.4% | 4.1% | 4.7% | 3.0% | 2.2% | 3.1% | 3.4% | 3.4% | 2.5% |
| Dividend yield | 0.7% | 0.8% | 0.8% | 0.8% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 0.7% |
| Shareholder yield (dividends + buybacks) | 3.4% | 3.8% | 3.3% | 3.9% | 2.4% | 2.4% | 2.8% | 2.6% | 3.4% | 4.3% |
| Share price at fiscal year-end | $341.38 | $274.95 | $230.01 | $177.65 | $222.75 | $199.97 | $172.01 | $150.09 | $105.24 | $82.70 |
| Per share | ||||||||||
| Revenue per share | $20.35 | $17.71 | $15.66 | $13.72 | $11.02 | $9.83 | $10.11 | $8.85 | $7.67 | $6.25 |
| Earnings per share | $10.20 | $9.73 | $8.28 | $7.00 | $5.63 | $4.89 | $5.32 | $4.42 | $2.80 | $2.48 |
| Operating cash flow per share | $11.73 | $9.83 | $9.95 | $8.82 | $6.96 | $4.70 | $5.63 | $5.46 | $3.84 | $2.31 |
| Free cash flow per share | $10.98 | $9.21 | $9.45 | $8.37 | $6.64 | $4.37 | $5.29 | $5.15 | $3.55 | $2.09 |
| Cash per share | $11.18 | $7.48 | $9.65 | $8.67 | $8.46 | $9.02 | $5.31 | $5.03 | $5.61 | $3.70 |
| Book value per share | $19.28 | $19.29 | $18.58 | $16.66 | $17.18 | $16.29 | $15.27 | $14.60 | $13.68 | $13.63 |
| Tangible book value per share | −$4.89 | −$3.30 | −$2.57 | −$3.40 | −$2.76 | −$3.38 | −$3.41 | −$3.76 | −$4.26 | −$3.89 |
| Dividends per share | $2.36 | $2.08 | $1.80 | $1.50 | $1.28 | $1.20 | $1.00 | $0.82 | $0.66 | $0.56 |
| Capex per share | $0.75 | $0.62 | $0.51 | $0.45 | $0.32 | $0.33 | $0.33 | $0.31 | $0.30 | $0.22 |
| Debt per share | $12.80 | $10.27 | $9.81 | $10.51 | $9.59 | $11.08 | $9.12 | $8.07 | $7.67 | $7.44 |
| Shares outstanding | 1.97B | 2.03B | 2.08B | 2.14B | 2.19B | 2.22B | 2.27B | 2.33B | 2.40B | 2.41B |
| Change in shares outstanding | −3.1% | −2.7% | −2.4% | −2.4% | −1.6% | −2.2% | −2.4% | −2.8% | −0.8% | −1.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 52.1% | 50.7% | 46.5% | 40.9% | 33.4% | 30.7% | 35.2% | 30.9% | 20.4% | 19.1% |
| Return on invested capital (ROIC) | 46.3% | 46.5% | 43.9% | 39.0% | 30.0% | 26.4% | 28.8% | 26.5% | 17.5% | 17.1% |
| Return on assets (ROA) | 20.7% | 21.3% | 19.6% | 17.8% | 15.0% | 14.2% | 17.0% | 15.0% | 10.1% | 11.6% |
| Return on tangible assets | 38.5% | 40.6% | 37.2% | 35.1% | 31.3% | 29.2% | 40.1% | 38.9% | 26.8% | 27.6% |
| Free cash flow margin | 53.9% | 52.0% | 60.3% | 61.0% | 60.2% | 44.4% | 52.3% | 58.2% | 46.3% | 33.5% |
| Income quality (OCF / net income) | 1.15 | 1.01 | 1.20 | 1.26 | 1.24 | 0.96 | 1.06 | 1.23 | 1.37 | 0.93 |
| Financial health | ||||||||||
| Total debt | $25.17B | $20.84B | $20.46B | $22.45B | $20.98B | $24.64B | $20.72B | $18.80B | $18.37B | $17.97B |
| Cash & short-term investments | $21.99B | $15.18B | $20.13B | $18.52B | $18.51B | $20.04B | $12.07B | $11.71B | $13.44B | $8.94B |
| Net debt | $3.18B | $5.66B | $335.0M | $3.93B | $2.46B | $4.60B | $8.64B | $7.09B | $4.93B | $9.03B |
| Debt / equity | 0.66 | 0.53 | 0.53 | 0.63 | 0.56 | 0.68 | 0.60 | 0.55 | 0.56 | 0.55 |
| Debt / assets | 0.25 | 0.22 | 0.23 | 0.26 | 0.25 | 0.30 | 0.29 | 0.27 | 0.27 | 0.28 |
| Net debt / EBITDA | 0.12 | 0.22 | 0.01 | 0.20 | 0.14 | 0.31 | 0.54 | 0.51 | 0.39 | 1.01 |
| Current ratio | 1.08 | 1.28 | 1.45 | 1.45 | 1.75 | 1.91 | 1.56 | 1.61 | 1.90 | 1.78 |
| Quick ratio | 1.08 | 1.28 | 1.25 | 1.14 | 1.50 | 1.66 | 1.30 | 1.31 | 1.63 | 1.49 |
| Interest coverage | 40.7 | 36.8 | 32.6 | 35.0 | 30.8 | 27.3 | 28.1 | 21.2 | 21.6 | 18.5 |
| Working capital | $2.72B | $7.52B | $10.43B | $9.35B | $11.87B | $13.13B | $7.55B | $6.91B | $9.03B | $6.27B |
| Invested capital | $41.09B | $44.80B | $39.07B | $39.51B | $40.05B | $40.81B | $43.33B | $41.09B | $37.69B | $41.94B |
| Tangible asset value | −$9.62B | −$6.69B | −$5.37B | −$7.27B | −$6.03B | −$7.51B | −$7.75B | −$8.75B | −$10.20B | −$9.39B |
| Net current asset value | −$23.95B | −$21.34B | −$18.23B | −$19.71B | −$17.70B | −$17.06B | −$16.92B | −$17.00B | −$16.19B | −$16.81B |
| Graham number | $66.53 | $64.98 | $58.85 | $51.23 | $46.64 | $42.33 | $42.73 | $38.12 | $29.34 | $27.59 |
| Graham net-net per share | −$17.42 | −$17.22 | −$12.42 | −$11.80 | −$10.05 | −$9.34 | −$9.06 | −$8.47 | −$7.73 | −$7.85 |
| Capital allocation | ||||||||||
| Dividends paid | $4.63B | $4.22B | $3.75B | $3.20B | $2.80B | $2.66B | $2.27B | $1.92B | $1.58B | $1.35B |
| Share buybacks (net) | $18.32B | $16.71B | $12.10B | $11.59B | $8.68B | $8.11B | $8.61B | $7.19B | $6.89B | $7.16B |
| Dividend payout ratio | 23.1% | 21.4% | 21.7% | 21.4% | 22.7% | 24.5% | 18.8% | 18.6% | 23.6% | 22.5% |
| Dividends + buybacks / free cash flow | 106.4% | 112.0% | 80.5% | 82.7% | 79.0% | 111.1% | 90.4% | 75.9% | 99.6% | 168.4% |
| Capex / revenue | 3.7% | 3.5% | 3.2% | 3.3% | 2.9% | 3.4% | 3.3% | 3.5% | 3.9% | 3.5% |
| Capex / operating cash flow | 6.4% | 6.3% | 5.1% | 5.1% | 4.6% | 7.0% | 5.9% | 5.6% | 7.7% | 9.4% |
| Capex / depreciation | 1.21 | 1.22 | 1.12 | 1.13 | 0.88 | 0.96 | 1.15 | 1.17 | 1.27 | 1.04 |
| Stock-based compensation / revenue | 2.2% | 2.4% | 2.3% | 2.1% | 2.2% | 1.9% | 1.8% | 1.6% | 1.3% | 1.5% |
| R&D / revenue | — | — | — | — | — | — | — | — | 1.6% | 1.7% |
| SG&A / revenue | 10.9% | 10.6% | 9.8% | 10.4% | 10.5% | 11.3% | 12.0% | 12.5% | 13.0% | 13.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.4 | 58.4 | 47.1 | 47.8 | 50.0 | 62.4 | 58.6 | 47.3 | 52.6 | 49.3 |
| Days of inventory on hand | — | — | 312.0 | 333.3 | 276.1 | 286.1 | 304.2 | 287.0 | 283.1 | 369.3 |
| Days payables outstanding | 24.0 | 22.1 | 19.9 | 19.3 | 16.2 | 13.3 | 14.9 | 17.1 | 21.5 | 21.8 |
| Cash conversion cycle (days) | 41.4 | 36.2 | 339.3 | 361.8 | 309.9 | 335.2 | 347.9 | 317.2 | 314.2 | 396.8 |
| Receivables turnover | 5.58 | 6.25 | 7.75 | 7.63 | 7.30 | 5.85 | 6.23 | 7.71 | 6.94 | 7.41 |
| Payables turnover | 15.19 | 16.49 | 18.37 | 18.92 | 22.59 | 27.35 | 24.57 | 21.30 | 17.01 | 16.75 |
| Inventory turnover | — | — | 1.17 | 1.10 | 1.32 | 1.28 | 1.20 | 1.27 | 1.29 | 0.99 |
| Asset turnover | 0.41 | 0.39 | 0.37 | 0.35 | 0.29 | 0.28 | 0.32 | 0.30 | 0.28 | 0.29 |
| Average receivables | $7.17B | $5.74B | $4.21B | $3.84B | $3.30B | $3.74B | $3.69B | $2.67B | $2.65B | $2.04B |
| Average payables | $517.0M | $427.0M | $357.5M | $303.0M | $220.0M | $165.0M | $169.5M | $181.0M | $191.0M | $165.0M |
| Average inventory | — | — | $5.61B | $5.23B | $3.76B | $3.54B | $3.47B | $3.03B | $2.52B | $2.80B |
| Intangibles / total assets | 47.7% | 48.5% | 48.7% | 50.1% | 52.6% | 54.0% | 58.5% | 61.8% | 63.2% | 66.1% |
Computed from V's annual financial statements (latest annual report filed November 6, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
V valuation and financial ratios
At the end of fiscal 2025 (September 30, 2025), Visa traded at 33.5 times earnings, against a 10-year median of 33.4. Based on the latest twelve months, the trailing P/E is 34.3 and the forward P/E is 24.0. Visa earned a return on equity of 52.1% and a return on invested capital of 46.3% in fiscal 2025. It ended the year with $25.2 billion of debt and $22.0 billion in cash and short-term investments, net debt of $3.2 billion. It returned $22.9 billion to shareholders: $4.6 billion in dividends and $18.3 billion in share buybacks, 106% of free cash flow. The share count fell 18.6% from 2.41B to 1.97B over 9 years.
See the V income statement, the V chart for price history, or the V stock overview for the latest quote and news.
V key metrics FAQ
What is Visa's P/E ratio?
Visa's trailing P/E ratio is 34.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.0. At the end of fiscal 2025 it was 33.5, compared with a 10-year median of 33.4.
What is Visa's EV/EBITDA?
Visa's enterprise value was 25.9 times EBITDA at the end of fiscal 2025 (enterprise value $674.3 billion, EBITDA $26.0 billion); the current EV/EBITDA is 23.7.
What is Visa's return on equity?
Visa's return on equity (ROE) was 52.1% in fiscal 2025: net income of $20.1 billion on average shareholders' equity of $38.5 billion.
What is Visa's ROIC?
Visa's return on invested capital was 46.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Visa have?
Visa had total debt of $25.2 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.66 and $3.2 billion of net debt (0.12 times EBITDA).
What is Visa's dividend yield?
Visa's forward dividend yield is 0.60%. Visa paid $4.6 billion in dividends in fiscal 2025 ($2.36 per share), a payout ratio of 23.1%.
Does Visa buy back its shares?
Yes. Visa spent $18.3 billion on net share repurchases in fiscal 2025 Shares outstanding changed −3.1% over the year, to 1.97B..
What is Visa's free cash flow yield?
Visa generated $21.6 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.2% on its market value at year-end ($671.2 billion).
What is Visa's current ratio?
Visa's current ratio was 1.08 at the end of fiscal 2025: current assets were 1.08 times current liabilities.