Marqeta (MQ) AI Stock Analysis

• Market Cap: $1.95B
• Dividend Yield: N/A
• Average Volume (3M): 3.42M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: 20.11%
• EPS Growth: -391.61%
• Country: US
• Employees: 854
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.01
• Shares Outstanding: 407,234,620
• 10 Day Avg. Volume: 3,204,234
• 30 Day Avg. Volume: 3,415,829
• PEG Ratio: -0.63
• Price to Book (P/B): 1.79
• Price to Sales (P/S): 3.82
• P/FCF Ratio: 34.74
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 2.24
• Enterprise Value/Gross Profit: 3.18
• Enterprise Value/Ebitda: -32.27
• 1Y Price Target: $5.13
• Price Target Upside: 16.33% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): $729.92M

• Rating: 66 Neutral
• Price Target: $5.00 ▲(13.38% Upside)

The score is primarily driven by improving fundamentals—strong gross profitability, very low leverage, and sharply better free cash flow—reinforced by upbeat earnings-call results and raised guidance. These positives are tempered by continued GAAP losses (negative net margin and ROE), neutral-to-weak technical signals, and limited valuation support due to a negative P/E and no dividend yield.

Positive Factors

High Gross Margin

Marqeta's ~70.7% gross margin indicates durable unit economics from its API-based card issuing and processing platform. Such margins give sustained room to invest in product, compliance, and sales while moving incrementally toward operating profitability as TPV scales.

Very Low Financial Leverage

Extremely low leverage reduces solvency risk and preserves financial flexibility. This capital structure supports continued investment, tuck-in M&A, and disciplined capital returns without compromising cash flow, improving resilience through payment cycle volatility.

European Expansion via TransactPay

TransactPay acquisition and >100% YoY TPV growth in Europe materially expand Marqeta's addressable market and local capabilities. This structural geographic diversification helps reduce single-market concentration and supports sustained TPV and revenue growth.

Negative Factors

Negative Net Margin and ROE

Despite strong gross profits, persistent GAAP losses and negative ROE indicate the company is not yet generating shareholder returns. Without sustained operating leverage or expense reduction, converting gross profitability into positive net results remains a structural challenge.

Customer Concentration & Renewal Risk

Large-customer renewal talks and Cash App's planned diversification create structural revenue concentration risk. Loss or shrinking volumes from a few key partners can produce multi-point hits to growth and weaken long-term revenue predictability and pricing leverage.

Accounting Policy Change Pressures Gross Profit

A change in network-incentive accounting will materially reduce reported gross profit growth, compressing margins and complicating comparability. Such accounting shifts can obscure operational progress and may slow visible progress toward durable GAAP profitability.

Marqeta Business Overview & Revenue Model

Company Description

Marqeta, Inc. operates a cloud-based open application programming interface platform that delivers card issuing and transaction processing services to developers, technical product managers, and visionary entrepreneurs. It offers its solutions in various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions. As of December 31, 2021, the company had approximately 200 customers. Marqeta, Inc. was incorporated in 2010 and is headquartered in Oakland, California.

How the Company Makes Money

Marqeta generates revenue primarily through a transaction-based fee model, where it charges clients a fee for each transaction processed via its platform. Additionally, the company earns money through card issuance fees, which are charged when clients create and distribute cards. Key revenue streams also include monthly platform fees and the sale of value-added services, such as fraud detection and analytics. Partnerships with major financial institutions and collaborations with technology companies enhance its market presence and contribute to its earnings by broadening its customer base and integrating its services into various financial ecosystems.

Marqeta Financial Statement Overview

Summary

Marqeta shows strong gross profitability and cash flow improvements, with a robust balance sheet and low leverage. However, challenges remain in achieving net profitability and operational efficiency, as indicated by negative net profit and return on equity.

Income Statement

Marqeta's income statement shows a mixed performance. The TTM data indicates a gross profit margin of 70.69%, reflecting strong profitability at the gross level. However, the net profit margin is negative at -11.69%, indicating challenges in achieving profitability after expenses. The revenue growth rate of 6.39% in the TTM period is a positive sign, showing recovery from previous declines. Despite these positives, the negative EBIT and EBITDA margins highlight ongoing operational inefficiencies.

Balance Sheet

The balance sheet reflects a strong equity position with a low debt-to-equity ratio of 0.017, suggesting minimal leverage and financial risk. However, the return on equity is negative at -6.45%, indicating that the company is not generating positive returns for shareholders. The equity ratio is robust, showcasing a solid capital structure, but the negative ROE remains a concern.

Cash Flow

Marqeta's cash flow statement is a highlight, with a significant free cash flow growth rate of 314.66% in the TTM period, indicating improved cash generation capabilities. The operating cash flow to net income ratio of 0.15 suggests that cash flows are not yet fully aligned with net income, but the free cash flow to net income ratio of 0.56 shows a positive trend in cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	588.56M	507.00M	676.17M	748.21M	517.17M	290.29M
Gross Profit	415.50M	351.85M	329.51M	320.00M	231.71M	117.91M
EBITDA	-40.90M	-7.01M	-272.27M	-205.96M	-158.47M	-43.59M
Net Income	-39.65M	27.29M	-222.96M	-184.78M	-163.93M	-47.70M
Balance Sheet
Total Assets	1.49B	1.46B	1.59B	1.77B	1.83B	457.68M
Cash, Cash Equivalents and Short-Term Investments	830.46M	1.10B	1.25B	1.62B	1.71B	370.34M
Total Debt	7.91M	13.22M	16.93M	12.43M	15.45M	18.22M
Total Liabilities	649.20M	378.19M	346.30M	297.39M	256.95M	169.52M
Stockholders Equity	839.23M	1.09B	1.24B	1.47B	1.57B	288.16M
Cash Flow
Free Cash Flow	106.34M	55.75M	8.45M	-16.89M	54.23M	47.90M
Operating Cash Flow	134.06M	58.17M	21.10M	-12.97M	56.97M	50.27M
Investing Cash Flow	291.99M	70.79M	38.52M	28.72M	-329.12M	-57.56M
Financing Cash Flow	-338.30M	-186.91M	-261.79M	-79.49M	1.30B	167.38M

Marqeta Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.41
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MQ, the sentiment is Negative. The current price of 4.41 is below the 20-day moving average (MA) of 4.80, below the 50-day MA of 4.79, and below the 200-day MA of 5.14, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 32.64 is Neutral, neither overbought nor oversold. The STOCH value of 16.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MQ.

Marqeta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EVTC	71 Outperform	$1.91B	13.24	25.05%	0.68%	9.67%	75.67%
FIVN	69 Neutral	$1.49B	53.40	4.67%	―	12.48%	―
PAYO	69 Neutral	$1.89B	28.47	9.79%	―	10.58%	-45.52%
MQ	66 Neutral	$1.95B	-55.19	-4.10%	―	20.11%	-391.61%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TENB	61 Neutral	$2.69B	-81.14	-8.95%	―	11.05%	45.23%

Marqeta Corporate Events

Marqeta Appoints Patti Kangwankij as New Chief Financial Officer

On January 7, 2026, Marqeta announced that it has appointed Patti Kangwankij as Chief Financial Officer, effective February 9, 2026, with current CEO and CFO Mike Milotich relinquishing the finance role while remaining chief executive and a board member. Kangwankij, a veteran finance executive with more than two decades of experience at Roofstock, Stripe and JPMorgan Chase, will oversee all financial operations and strategy at Marqeta, backed by a compensation package combining salary, bonus eligibility, and substantial equity awards; the move is intended to deepen the company’s payments and finance leadership bench as it pursues rapid growth and improved profitability in the competitive card-issuing and embedded finance market.

The most recent analyst rating on (MQ) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Marqeta stock, see the MQ Stock Forecast page.

Marqeta Announces New $100M Share Repurchase Program

On December 4, 2025, Marqeta‘s Board of Directors approved a new share repurchase program, authorizing the company to buy back up to $100 million of its Class A common stock. This initiative is separate from their previous 2025 Share Repurchase Program, which has been fully completed. The decision reflects the company’s strategic focus on capital allocation, liquidity, and maintaining a balanced ownership structure without concentrating voting power. The repurchase will be executed based on market conditions and business requirements, aligning with Marqeta’s growth-oriented capital strategy.

The most recent analyst rating on (MQ) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Marqeta stock, see the MQ Stock Forecast page.

Marqeta Appoints Sarah Barkema as Accounting Officer

On October 21, 2025, Marqeta, Inc. appointed Sarah Barkema as the Principal Accounting Officer, succeeding Mike Milotich in this role. Barkema, who has been with Marqeta since September 2024 as Chief Accounting Officer, brings extensive experience from her previous roles at Stitch Fix, Fortive, and VF Corporation, enhancing Marqeta’s financial leadership team.

The most recent analyst rating on (MQ) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Marqeta stock, see the MQ Stock Forecast page.