Stock Analysis on Net
Stock Analysis on Net

Mastercard Inc. (NYSE:MA)

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Mastercard Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported 0.57 0.50 0.46 0.58 0.60
Adjusted 0.59 0.51 0.47 0.59 0.60
Liquidity Ratio
Current Ratio
Reported 1.17 1.29 1.61 1.42 1.39
Adjusted 1.21 1.34 1.66 1.45 1.42
Solvency Ratios
Debt to Equity
Reported 2.23 1.90 1.98 1.45 1.17
Adjusted 2.35 1.84 2.05 1.58 1.30
Debt to Capital
Reported 0.69 0.66 0.66 0.59 0.54
Adjusted 0.70 0.65 0.67 0.61 0.57
Financial Leverage
Reported 6.15 5.15 5.25 4.96 4.61
Adjusted 5.96 4.66 5.01 4.88 4.69
Profitability Ratios
Net Profit Margin
Reported 44.66% 46.00% 41.90% 48.08% 39.19%
Adjusted 39.79% 45.42% 42.91% 48.39% 36.39%
Return on Equity (ROE)
Reported 157.67% 118.80% 100.31% 137.76% 108.60%
Adjusted 140.53% 108.38% 100.32% 139.20% 103.03%
Return on Assets (ROA)
Reported 25.64% 23.06% 19.09% 27.77% 23.57%
Adjusted 23.57% 23.27% 20.04% 28.51% 21.98%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mastercard Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Mastercard Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Mastercard Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Mastercard Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mastercard Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mastercard Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Mastercard Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mastercard Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Mastercard Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net revenue 22,237 18,884 15,301 16,883 14,950
Total assets 38,724 37,669 33,584 29,236 24,860
Activity Ratio
Total asset turnover1 0.57 0.50 0.46 0.58 0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net revenue2 22,257 19,048 15,455 16,908 15,022
Adjusted total assets3 37,573 37,183 33,093 28,693 24,872
Activity Ratio
Adjusted total asset turnover4 0.59 0.51 0.47 0.59 0.60

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 22,237 ÷ 38,724 = 0.57

2 Adjusted net revenue. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted total asset turnover = Adjusted net revenue ÷ Adjusted total assets
= 22,257 ÷ 37,573 = 0.59

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Mastercard Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets 16,606 16,949 19,113 16,902 16,171
Current liabilities 14,171 13,162 11,847 11,904 11,593
Liquidity Ratio
Current ratio1 1.17 1.29 1.61 1.42 1.39
Adjusted
Selected Financial Data (US$ in millions)
Current assets 16,606 16,949 19,113 16,902 16,171
Adjusted current liabilities2 13,737 12,680 11,492 11,666 11,375
Liquidity Ratio
Adjusted current ratio3 1.21 1.34 1.66 1.45 1.42

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 16,606 ÷ 14,171 = 1.17

2 Adjusted current liabilities. See details »

3 2022 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 16,606 ÷ 13,737 = 1.21

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Mastercard Inc. adjusted current ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 14,023 13,901 12,672 8,527 6,334
Total Mastercard Incorporated stockholders’ equity 6,298 7,312 6,391 5,893 5,395
Solvency Ratio
Debt to equity1 2.23 1.90 1.98 1.45 1.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 14,793 14,673 13,523 9,289 6,916
Adjusted total equity3 6,301 7,983 6,610 5,877 5,305
Solvency Ratio
Adjusted debt to equity4 2.35 1.84 2.05 1.58 1.30

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Total Mastercard Incorporated stockholders’ equity
= 14,023 ÷ 6,298 = 2.23

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 14,793 ÷ 6,301 = 2.35

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Mastercard Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt 14,023 13,901 12,672 8,527 6,334
Total capital 20,321 21,213 19,063 14,420 11,729
Solvency Ratio
Debt to capital1 0.69 0.66 0.66 0.59 0.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 14,793 14,673 13,523 9,289 6,916
Adjusted total capital3 21,094 22,656 20,133 15,166 12,221
Solvency Ratio
Adjusted debt to capital4 0.70 0.65 0.67 0.61 0.57

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,023 ÷ 20,321 = 0.69

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 14,793 ÷ 21,094 = 0.70

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Mastercard Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets 38,724 37,669 33,584 29,236 24,860
Total Mastercard Incorporated stockholders’ equity 6,298 7,312 6,391 5,893 5,395
Solvency Ratio
Financial leverage1 6.15 5.15 5.25 4.96 4.61
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 37,573 37,183 33,093 28,693 24,872
Adjusted total equity3 6,301 7,983 6,610 5,877 5,305
Solvency Ratio
Adjusted financial leverage4 5.96 4.66 5.01 4.88 4.69

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Total Mastercard Incorporated stockholders’ equity
= 38,724 ÷ 6,298 = 6.15

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 37,573 ÷ 6,301 = 5.96

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Mastercard Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 9,930 8,687 6,411 8,118 5,859
Net revenue 22,237 18,884 15,301 16,883 14,950
Profitability Ratio
Net profit margin1 44.66% 46.00% 41.90% 48.08% 39.19%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 8,855 8,652 6,631 8,181 5,466
Adjusted net revenue3 22,257 19,048 15,455 16,908 15,022
Profitability Ratio
Adjusted net profit margin4 39.79% 45.42% 42.91% 48.39% 36.39%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 9,930 ÷ 22,237 = 44.66%

2 Adjusted net income. See details »

3 Adjusted net revenue. See details »

4 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net revenue
= 100 × 8,855 ÷ 22,257 = 39.79%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Mastercard Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 9,930 8,687 6,411 8,118 5,859
Total Mastercard Incorporated stockholders’ equity 6,298 7,312 6,391 5,893 5,395
Profitability Ratio
ROE1 157.67% 118.80% 100.31% 137.76% 108.60%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 8,855 8,652 6,631 8,181 5,466
Adjusted total equity3 6,301 7,983 6,610 5,877 5,305
Profitability Ratio
Adjusted ROE4 140.53% 108.38% 100.32% 139.20% 103.03%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROE = 100 × Net income ÷ Total Mastercard Incorporated stockholders’ equity
= 100 × 9,930 ÷ 6,298 = 157.67%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 8,855 ÷ 6,301 = 140.53%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Mastercard Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income 9,930 8,687 6,411 8,118 5,859
Total assets 38,724 37,669 33,584 29,236 24,860
Profitability Ratio
ROA1 25.64% 23.06% 19.09% 27.77% 23.57%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 8,855 8,652 6,631 8,181 5,466
Adjusted total assets3 37,573 37,183 33,093 28,693 24,872
Profitability Ratio
Adjusted ROA4 23.57% 23.27% 20.04% 28.51% 21.98%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 9,930 ÷ 38,724 = 25.64%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 8,855 ÷ 37,573 = 23.57%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Mastercard Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.