Latest Ratios: P/E Ratio -140.3x · EV/EBITDA N/A · ROE -1.5%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $2.2B | $2.0B | $3.7B | $3.3B | $9.3B | — | — |
| Enterprise Value | $686M | $1.2B | $1.1B | $2.8B | $2.2B | $8.1B | — | — |
| P/E Ratio → | -140.25 | — | 72.05 | — | — | — | — | — |
| P/S Ratio | 2.63 | 3.51 | 3.88 | 5.50 | 4.45 | 17.97 | — | — |
| P/B Ratio | 2.55 | 2.88 | 1.81 | 2.99 | 2.26 | 5.91 | — | — |
| P/FCF | 10.24 | 13.65 | 35.27 | 439.74 | — | 171.41 | — | — |
| P/OCF | 10.12 | 13.50 | 33.80 | 176.13 | — | 163.16 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.98 | 2.08 | 4.07 | 2.89 | 15.59 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | 37.63 | — | — | — | — | — |
| EV / FCF | — | 7.68 | 18.95 | 325.69 | — | 148.69 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.2% | 11.2% | 69.4% | 48.7% | 42.8% | 44.8% | 40.6% | 42.2% |
| Operating Margin | -4.7% | -4.7% | -4.8% | -41.9% | -28.0% | -31.3% | -16.2% | -41.1% |
| Net Profit Margin | -2.2% | -2.2% | 5.4% | -33.0% | -24.7% | -31.7% | -16.4% | -40.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -1.5% | -1.5% | 2.3% | -16.4% | -12.1% | -17.6% | -22.4% | -42.4% |
| ROA | -0.9% | -0.9% | 1.8% | -13.3% | -10.3% | -14.3% | -14.0% | -26.1% |
| ROIC | — | — | -8.1% | -73.1% | -49.0% | -56.9% | -38.7% | -45.6% |
| ROCE | -3.1% | -3.1% | -2.1% | -20.7% | -13.6% | -17.0% | -19.8% | -37.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | 0.14 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.26 | -0.84 | -0.78 | -0.80 | -0.78 | -0.70 | -0.30 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -5.97 | -16.32 | -114.05 | — | -22.72 | -4.22 | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($982M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.65 | 1.65 | 3.37 | 4.13 | 6.17 | 7.56 | 3.05 | 3.07 |
| Quick Ratio | 1.65 | 1.65 | 3.36 | 4.11 | 6.16 | 7.54 | 3.05 | 3.07 |
| Cash Ratio | 1.44 | 1.44 | 2.97 | 3.71 | 5.74 | 7.19 | 2.62 | 2.42 |
| Asset Turnover | — | 0.41 | 0.35 | 0.43 | 0.42 | 0.28 | 0.63 | 0.64 |
| Inventory Turnover | 284.86 | 284.86 | 42.21 | 80.45 | 83.15 | 72.45 | 220.72 | — |
| Days Sales Outstanding | — | 73.55 | 85.38 | 58.94 | 39.45 | 39.66 | 52.09 | 67.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.4% | — | — | — | — | — |
| FCF Yield | 9.8% | 7.3% | 2.8% | 0.2% | — | 0.6% | — | — |
| Buyback Yield | 23.8% | 17.8% | 7.9% | 5.1% | 2.3% | 0.0% | — | — |
| Total Shareholder Yield | 23.8% | 17.8% | 7.9% | 5.1% | 2.3% | 0.0% | — | — |
| Shares Outstanding | — | $116M | $130M | $133M | $136M | $135M | $134M | $134M |
High client concentration dependency
Based on current market data, Marqeta trades at a price-to-sales ratio of 2.84, which suggests that investors are pricing the company more as a low-margin infrastructure utility rather than a high-growth software platform, especially when compared to the higher multiples commanded by broader fintech peers.
The forward P/E of 107.73 indicates that the market is baking in significant future earnings expansion, yet the negative TTM P/E highlights the ongoing struggle to convert top-line growth into bottom-line results. This valuation gap warrants caution, as it implies that any deceleration in processing volume could lead to a rapid contraction in multiple expansion.
According to recent financial statements, Marqeta's ROIC has fluctuated significantly, reaching a peak of 32.2% in 2024Q2 before retreating to 2.2% in 2026Q1, which underscores the difficulty in maintaining consistent capital returns while scaling a business model heavily dependent on variable network and interchange costs.
The volatility in return metrics suggests that the company's ability to compound capital is currently tethered to the timing of incentive payments and client-specific volume spikes rather than structural operational efficiency. Investors should monitor whether the shift toward modular banking services can stabilize these returns above the cost of capital.
As reported in quarterly filings, the company's cash conversion cycle remains highly erratic, with negative values in several periods, indicating that Marqeta's working capital efficiency is heavily influenced by the timing of settlement flows rather than internal operational improvements in managing its accounts receivable or payable.
The high days payable outstanding, which reached 474 days in 2026Q1, suggests that Marqeta leverages its position to manage cash outflows, yet this creates a dependency on consistent transaction volume to maintain liquidity. This reliance on settlement timing makes the company's cash position sensitive to shifts in client payment behavior.
Based on the provided balance sheet data, Marqeta maintains a current ratio of 1.65 as of 2026Q1, which, when combined with a nearly $1 billion cash position, provides a robust liquidity buffer that appears sufficient to withstand short-term volatility in transaction processing volumes or potential regulatory shocks.
This liquidity position is a critical defensive asset, allowing the company to fund ongoing R&D and potential strategic acquisitions without immediate reliance on external debt markets. However, the lack of debt service obligations means the company's primary risk remains operational cash burn rather than solvency or covenant-related distress.
As noted in industry analysis, the most commonly misapplied metric for Marqeta is gross revenue, which obscures the company's true economic footprint by including pass-through network fees that do not represent actual value capture for the firm's modern card issuing infrastructure.
Analysts should prioritize net revenue or gross profit as the primary indicator of scale, as the headline revenue figure is artificially inflated by the nature of the payments ecosystem. Relying on gross revenue metrics leads to an overestimation of the company's pricing power and a misunderstanding of its underlying unit economics.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying MQ stock.
Marqeta, Inc.'s current P/E ratio is -140.3x. The historical average is 72.1x.
Marqeta, Inc.'s return on equity (ROE) is -1.5%. The historical average is -15.7%.
Based on historical data, Marqeta, Inc. is trading at a P/E of -140.3x. Compare with industry peers and growth rates for a complete picture.
Marqeta, Inc. has 11.2% gross margin and -4.7% operating margin.