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Visa Inc. key statistics and ratios

In fiscal 2025, Visa Inc. had return on equity of 52.1% and a net margin of 50.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Sept 20092010Sept 20102011Sept 20112012Sept 20122013Sept 20132014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Net margin34.0%36.8%39.7%20.6%42.3%42.8%45.6%39.7%36.5%50.0%52.6%49.7%51.1%51.0%52.9%55.0%50.1%50.8%
Return on equity10.1%12.3%14.2%7.9%18.3%20.0%22.1%19.1%20.4%30.9%35.2%30.7%33.4%40.9%46.5%50.7%52.1%61.8%
Return on assets7.3%9.0%10.7%5.7%13.1%14.6%16.2%11.6%10.1%15.0%17.0%14.2%15.0%17.8%19.6%21.3%20.7%23.3%
Effective tax rate41.2%36.1%35.5%———29.6%25.2%42.7%19.6%18.8%21.2%23.4%17.5%17.9%17.4%17.1%16.2%
Dividends ÷ net income13.5%12.4%11.6%27.8%17.3%18.5%18.6%22.5%23.6%18.6%18.8%24.5%22.7%21.4%21.7%21.4%23.1%22.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $94.6bn
Short-term assets $31.0bnLonger-term assets $63.6bn
What it owes, and who funded it · $94.6bn
Short-term liabilities $31.5bnLonger-term liabilities $27.9bnShareholders' equity $35.2bn
  • Short-term assets cover short-term liabilities $31.0bn of assets due within a year against $31.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $31.0bn short-term assets against $27.9bn of longer-dated liabilities.
  • More cash than debt $12.4bn of cash against $23.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 68% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 49% to 68% over five years.
  • A year's operating cash flow covers at least 20% of debt $22.6bn of operating cash flow against $23.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $27.0bn against $776m of interest.

From Visa Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

95 /100

Strong moat

How hard Visa's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 17.0% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 64.4%; its worst year was 60.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 55.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (100 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MA vs VPYPL vs VV vs XYZ

More: Transaction & Payment Processing Services stocks compared, Financials sector, rankings of US companies

Figures from Visa Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Visa Inc.