Marqeta (MQ) AI Stock Analysis

• Market Cap: $1.83B
• Dividend Yield: N/A
• Average Volume (3M): 3.90M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.47
• Revenue Growth: 20.11%
• EPS Growth: -391.61%
• Country: US
• Employees: 854
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.00
• Shares Outstanding: 407,234,620
• 10 Day Avg. Volume: 5,337,797
• 30 Day Avg. Volume: 3,903,988
• PEG Ratio: 1.01
• Price to Book (P/B): 2.88
• Price to Sales (P/S): 3.51
• P/FCF Ratio: 13.65
• Enterprise Value/Market Cap: 0.42
• Enterprise Value/Revenue: 1.22
• Enterprise Value/Gross Profit: 1.74
• Enterprise Value/Ebitda: -139.26
• 1Y Price Target: $5.05
• Price Target Upside: 28.83% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): $726.78M

• Rating: 62 Neutral
• Price Target: $4.00 ▲(2.04% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven primarily by solid underlying financial footing—particularly a very low-debt balance sheet and improving free cash flow—tempered by inconsistent GAAP earnings. The latest earnings call supports an improving profitability path but also signals slower 2026 growth and customer/pricing headwinds, while technicals remain weak with the stock trading below major moving averages.

Positive Factors

Balance sheet strength

Very low leverage and sizable equity give Marqeta durable financial flexibility. This conservative capital structure lowers refinancing risk, funds continued technology and compliance investment, supports share repurchases, and permits a patient path to sustained profitability without stressing cash flow.

Improving cash generation

Operating and free cash flow turned solidly positive across 2024–2025, providing durable internal funding for R&D, go‑to‑market, and compliance. Strong FCF reduces dependence on external capital, enables disciplined buybacks and reinvestment, and supports a sustainable march toward GAAP profitability.

Value‑added services & Europe expansion

Growing value‑added services and European traction shift Marqeta's mix toward higher‑margin, sticky revenue. VAS penetration across top customers and the TransactPay acquisition (EMI capability) diversify revenues by product and geography, improving margin sustainability and reducing pure TPV sensitivity.

Negative Factors

Customer concentration (Block)

A single partner representing roughly half of revenue creates structural concentration and take‑rate risk. Block's pricing tier change materially compresses growth and margins; continued reliance on a few large clients makes revenue and profitability sensitive to contract terms and partner issuance behavior.

Lumpy renewal timing

Large contract renewals shifting between periods create durable volatility in reported growth. Renewal timing can defer meaningful revenue and gross profit across fiscal years, complicating forecasting, compressing year‑over‑year comparables, and making multi‑period growth visibility weaker.

Longer enterprise implementations

Upmarket enterprise focus raises average deal size but lengthens sales, integration and onboarding timelines. This delays revenue realization, increases upfront implementation costs, and makes growth more back‑loaded and execution‑sensitive, reducing near‑term predictability even as pipeline quality improves.

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

Balance sheet strength (very low leverage and sizable equity) and improving cash generation (positive and rising operating/free cash flow in 2024–2025) offset an uneven earnings profile, with profitability and revenue growth still volatile year-to-year.

Income Statement

Profitability has improved materially versus 2022–2023 losses, supported by consistently high gross margins (~69–70% in 2024–2025). Revenue growth rebounded strongly in 2025 after declines in 2023–2024, but earnings remain inconsistent: 2024 was profitable while 2025 returned to a small net loss and operating profit is still negative. Overall, the business shows a clearer path to profitability than prior years, but the turnaround is not yet steady.

Balance Sheet

The balance sheet is a clear strength with very low leverage (debt-to-equity roughly ~0.7%–1.4% in recent years) and sizable equity relative to assets. This conservative capital structure provides flexibility and lowers financial risk. The main weakness is that returns on equity have been volatile and recently negative, reflecting that the company has not yet converted its capital base into consistent profitability.

Cash Flow

Cash generation is strong and improving: operating cash flow and free cash flow are solidly positive in 2024–2025, with free cash flow up sharply in 2025. Cash flow quality looks favorable as free cash flow broadly aligns with (or exceeds) reported earnings in most years, helping offset income statement volatility. A key risk is variability—cash flow was negative in 2022 and much lower in 2023—so consistency across cycles remains something to watch.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	624.88M	507.00M	676.17M	748.21M	517.17M
Gross Profit	69.69M	351.85M	329.51M	320.00M	231.71M
EBITDA	-1.99M	-7.01M	-272.27M	-205.96M	-158.47M
Net Income	-13.93M	27.29M	-222.96M	-184.78M	-163.93M
Balance Sheet
Total Assets	1.53B	1.46B	1.59B	1.77B	1.83B
Cash, Cash Equivalents and Short-Term Investments	1.08B	1.10B	1.25B	1.62B	1.71B
Total Debt	21.81M	13.22M	16.93M	12.43M	15.45M
Total Liabilities	763.08M	378.19M	346.30M	297.39M	256.95M
Stockholders Equity	761.96M	1.09B	1.24B	1.47B	1.57B
Cash Flow
Free Cash Flow	160.79M	55.75M	8.45M	-16.89M	54.23M
Operating Cash Flow	162.62M	58.17M	21.10M	-12.97M	56.97M
Investing Cash Flow	271.11M	70.79M	38.52M	28.72M	-329.12M
Financing Cash Flow	-347.32M	-186.91M	-261.79M	-79.49M	1.30B

Marqeta Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 3.92 is below the 20-day moving average (MA) of 4.09, below the 50-day MA of 4.46, and below the 200-day MA of 5.16, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 39.63 is Neutral, neither overbought nor oversold. The STOCH value of 44.36 is Neutral, 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
PAYO	71 Outperform	$1.79B	27.62	9.79%	―	10.58%	-45.52%
EVTC	64 Neutral	$1.61B	11.17	25.05%	0.68%	9.67%	75.67%
FIVN	63 Neutral	$1.36B	39.50	5.60%	―	12.48%	―
MQ	62 Neutral	$1.83B	-132.65	-1.51%	―	20.11%	-391.61%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TENB	60 Neutral	$2.18B	-63.29	-9.95%	―	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.