Marqeta, Inc. (MQ)

Price$15.91Cached quoteAs of 2026-09-09 21:03 UTC

AI: Fair-priced

Price checkThe valuation looks balanced because cheap operating assets offset still-fragile reported profits.

With about 104.1 million split-adjusted shares, the market values Marqeta near $1.70 billion. Subtracting $685 million of net cash leaves roughly $1.02 billion for the operating business, about 2.1 times the latest twelve months’ $474 million gross profit. That is modest alongside 17% quarterly gross-profit growth. However, the valuation is roughly 160 times the latest twelve months’ $10 million net income, so it assumes recent profitability will widen. Those opposing signals support a fair-priced verdict, not an obvious bargain.

Big pictureGrowth is healthy, but cash earnings still rely heavily on employee share awards.

Gross profit climbed from $330 million in 2023 to $437 million in 2025, then rose 18% in the first half of 2026. First-half operating cash was $59.8 million; after $17.6 million spent on internal software and equipment, free cash flow—cash left after running and investing in the business—was about $42 million. Yet cash flow added back $42.4 million of employee share awards, while reported operating profit was only $5.7 million. Durability therefore depends on revenue outgrowing compensation and technology costs.

Business strengthA large cash cushion limits downside, while two major relationships create concentration risk.

Marqeta held $691 million of cash against only $6.7 million of debt in June 2026, while current assets exceeded current liabilities by $440 million. However, Block supplied 41% of second-quarter revenue, and Sutton Bank settled 58% of processing volume. Transaction-linked revenue is sensitive to customer spending, program activity, and service mix: processing volume grew 32%, but revenue rose 17% because lower-service programs expanded faster. The balance sheet is strong, but these concentrations limit how much safety it provides.

What could change the storyFaster independent-customer growth could unlock value, but weak margins would expose overpayment.

The bull case strengthens if non-Block processing volume keeps growing more than twice as fast as Block’s and management delivers 11%–12% full-year gross-profit growth with expanding reported profit. The bear case strengthens if the guided 5%–7% third-quarter gross-profit growth becomes the new pace or Block activity weakens. Shares outstanding fell 7.4% year over year after $93.9 million of first-half repurchases, but $47.4 million of share compensation and $153.4 million of unrecognized future compensation remain. A new $150 million authorization may improve per-share value but spends part of the cash cushion.

AI: News

Profitable second quarterRevenue and gross profit grew 17%, while Marqeta delivered a second straight profitable quarter.

On August 4, Marqeta reported $176 million of quarterly revenue, $122 million of gross profit, and $8 million of net income. Processing volume reached $120 billion, up 32%. Management maintained 11%–12% full-year gross-profit growth expectations and raised growth expected from its adjusted profit measure to the low-thirties percentage range. Shares gained 0.5% during the session and 0.33% afterward; the timing suggests a modestly positive reception but does not prove the results caused those moves.

Fresh share repurchaseThe board approved another large repurchase, supporting each remaining share but reducing cash reserves.

The board authorized a new $150 million repurchase program on August 3, equivalent to roughly 9% of the company’s recent market value. Marqeta had already spent $93.9 million repurchasing shares during the first half, helping reduce outstanding shares from 112.4 million to 104.1 million year over year. Further purchases could offset employee share awards and increase each remaining holder’s ownership. Execution is discretionary, however, and continued repurchases would reduce interest income and balance-sheet protection.

Google Wallet expansionGoogle chose more Marqeta services for children’s payments, adding credibility and potential transaction volume.

On August 6, Google expanded its longstanding Marqeta relationship to support balances for supervised users under 18 in the United States. Marqeta supplies card issuing, digital-card security, program management, and real-time spending controls. Parents can set daily limits, review transactions, and lock balances, while children can pay through Android and Wear OS devices. This could produce recurring processing activity and validate Marqeta’s full-service platform, but neither transaction forecasts nor contract economics were disclosed.

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Revenue

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2020

2021

2022

2023

2024

2025

Net income

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2022

2023

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2025

Free cash flow

2019

2020

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$624.9M	$507.0M	$676.2M	$748.2M	$517.2M	$290.3M	$143.3M
Gross profit	$437.3M	$351.8M	$329.5M	$320.0M	$231.7M	$117.9M	$60.5M
Gross margin	69.98%	69.40%	48.73%	42.77%	44.80%	40.62%	42.20%
Operating expenses	$483.7M	$376.3M	$612.5M	$529.8M	$393.7M	$165.0M	$119.3M
Operating income	−$46.4M	−$24.5M	−$283.0M	−$209.8M	−$162.0M	−$47.1M	−$58.9M
Operating margin	−7.43%	−4.83%	−41.86%	−28.04%	−31.33%	−16.22%	−41.09%
EBITDA	−$19.3M	−$7.0M	−$272.3M	−$206.0M	−$158.5M	−$43.6M	−$55.8M
EBITDA margin	−3.08%	−1.38%	−40.27%	−27.53%	−30.64%	−15.02%	−38.94%
Net income	−$13.9M	$27.3M	−$223.0M	−$184.8M	−$163.9M	−$47.7M	−$58.2M
Net profit margin	−2.23%	5.38%	−32.97%	−24.70%	−31.70%	−16.43%	−40.62%
Basic EPSper basic share	-$0.12	$0.20	-$1.68	-$1.36	—	—	—
Diluted EPSper diluted share	-$0.12	$0.20	-$1.68	-$1.36	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

28.62%of listed shares

BlackRock, Inc.27.46M shares · Jun 30, 2026

View holders

Top 20 reported holders of MQ
Holder	% owned
BlackRock, Inc.	28.62%27.46M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	18.33%17.58M shares
VANGUARD CAPITAL MANAGEMENT LLC	17.38%16.67M shares
Gardner Jason M.	≈15.14%14.52M shares
WELLINGTON MANAGEMENT GROUP LLP	14.48%13.89M shares
RENAISSANCE TECHNOLOGIES LLC	12.95%12.42M shares
Capital World Investors	11.60%11.12M shares
Invesco Ltd.	10.63%10.19M shares
GEODE CAPITAL MANAGEMENT, LLC	9.87%9.47M shares
STATE STREET CORP	9.80%9.4M shares
North Reef Capital Management LP	8.24%7.9M shares
Vitruvian Partners LLP	7.14%6.85M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	6.03%5.78M shares
Balyasny Asset Management L.P.	3.50%3.36M shares
NORTHERN TRUST CORP	3.46%3.32M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	3.22%3.09M shares
GOLDMAN SACHS GROUP INC	3.10%2.97M shares
Arnhold LLC	3.07%2.94M shares
VANGUARD FIDUCIARY TRUST CO	2.74%2.63M shares
HRT FINANCIAL LP	2.58%2.47M shares

Percentages use 95.92M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Reported positions exceed 100% in total, so the circle shows the selected holder only.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$100.5K disclosed value

Sells (SEC code S)33$18.15M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4 · 10b5-1	Sumner CrystalSee Remarks	SellClass A Common Stock	5.1K	$3.89	$19.7K	594.9K
Jun 12, 2026Form 4 · 10b5-1	Atkinson NajumaDirector	SellClass A Common Stock	10.9K	$3.80	$41.4K	178.4K
Jun 12, 2026Form 4 · 10b5-1	Paul ElaineDirector	SellClass A Common Stock	18.1K	$3.80	$69.0K	35.6K
Jun 12, 2026Form 4 · 10b5-1	Cummings MarthaDirector	SellClass A Common Stock	14.8K	$3.80	$56.4K	51.9K
May 15, 2026Form 4 · 10b5-1	Sumner CrystalSee Remarks	SellClass A Common Stock	5.1K	$3.85	$19.5K	507.2K