Marqeta (MQ) AI Stock Analysis

• Market Cap: $2.04B
• Dividend Yield: N/A
• Average Volume (3M): 4.74M
• 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): -0.01
• Shares Outstanding: 407,234,620
• 10 Day Avg. Volume: 6,608,492
• 30 Day Avg. Volume: 4,736,921
• 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: 0.65
• Enterprise Value/Revenue: 2.24
• Enterprise Value/Gross Profit: 3.18
• Enterprise Value/Ebitda: -30.14
• 1Y Price Target: $5.92
• Price Target Upside: 27.86% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): -0.05
• Revenue Forecast (FY): $596.37M

• Rating: 64 Neutral
• Price Target: $5.00 ▲(7.99% Upside)

Marqeta's overall stock score is driven by strong financial performance in terms of cash flow and balance sheet strength, as well as positive earnings call guidance. However, the negative valuation metrics and mixed technical indicators temper the overall score.

Positive Factors

Revenue Growth

Exceeding revenue expectations indicates strong business momentum and effective execution of growth strategies, enhancing long-term prospects.

European Expansion

Successful expansion in Europe diversifies revenue streams and strengthens Marqeta's market position, supporting sustained growth.

Cash Flow Improvements

Improved cash generation enhances financial flexibility and supports strategic investments, contributing to long-term business resilience.

Negative Factors

Dependence on Major Customer

High revenue concentration risk from a single customer can impact stability and growth if the relationship weakens or changes.

Regulatory Challenges

Navigating complex regulations can increase operational costs and hinder expansion, affecting long-term strategic execution.

Negative Profit Margins

Sustained negative profit margins indicate ongoing operational inefficiencies, challenging profitability and long-term financial health.

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	-43.80M	-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	4.84M	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	127.81M	55.75M	8.45M	-16.89M	52.60M	47.90M
Operating Cash Flow	134.06M	58.17M	21.10M	-12.97M	55.35M	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: Neutral
• Last Price: 4.63
• 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 Neutral. The current price of 4.63 is below the 20-day moving average (MA) of 4.63, below the 50-day MA of 5.22, and below the 200-day MA of 4.95, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 43.70 is Neutral, neither overbought nor oversold. The STOCH value of 26.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MQ.

Marqeta Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAYO	73 Outperform	$1.91B	28.31	9.79%	―	10.58%	-45.52%
EVTC	70 Outperform	$1.80B	13.19	25.05%	0.73%	9.67%	75.67%
MQ	64 Neutral	$2.04B	―	-4.10%	―	20.11%	-391.61%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TENB	61 Neutral	$3.30B	―	-8.95%	―	11.05%	45.23%
AVDX	60 Neutral	―	―	-1.17%	―	8.04%	39.57%
FIVN	58 Neutral	$1.55B	55.73	4.67%	―	12.48%	―

Marqeta Corporate Events

Marqeta’s Earnings Call: Growth Amid Challenges

Marqeta, Inc.’s recent earnings call painted a picture of robust growth and strategic challenges. The company reported exceptional growth in total processing volume (TPV), net revenue, and gross profit, largely driven by strong performance in lending and European expansion. However, the call also highlighted potential headwinds, including customer renewal discussions and Cash App’s diversification plans, which could impact future growth.

Marqeta, Inc. Reports Strong Q3 2025 Financial Growth

Marqeta, Inc. is a global modern card issuing platform that enables companies to build and embed financial services into their branded experiences, operating in the fintech sector with a focus on innovation and growth. In its third quarter of 2025 financial results, Marqeta reported a significant increase in Total Processing Volume (TPV) by 33% year-over-year, reaching $98 billion, alongside a 28% rise in Net Revenue to $163 million and a 27% growth in Gross Profit to $115 million. Despite a GAAP Net Loss of $4 million, the company achieved an Adjusted EBITDA of $30 million, reflecting a substantial improvement in profitability. Key highlights include signing a global Fortune 500 company for electronic supplier payments and expanding an existing customer’s operations into Europe, showcasing Marqeta’s capability to drive innovation and scale. Looking ahead, Marqeta’s management remains optimistic about continued growth, projecting Net Revenue growth of 22-24% and Gross Profit growth of 17-19% for the fourth quarter of 2025, indicating confidence in their strategic direction and market position.

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.

Marqeta Appoints Mike Milotich as New CEO

On September 8, 2025, Marqeta announced the appointment of Mike Milotich as Chief Executive Officer and member of the Board of Directors. Milotich, who has been with Marqeta since February 2022 as Chief Financial Officer and served as Interim CEO since February 2025, will continue as CFO until a successor is found. His appointment is seen as a strategic move to strengthen Marqeta’s operations and financial foundation, with the company well-positioned to execute its strategy and deliver long-term value for shareholders.

The most recent analyst rating on (MQ) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Marqeta stock, see the MQ Stock Forecast page.

Marqeta’s Q2 2025 Earnings Call Highlights Growth and Challenges

The recent earnings call for Marqeta, Inc. conveyed a predominantly positive sentiment, underscored by robust growth in total processing volume (TPV), revenue, and adjusted EBITDA. The company’s strategic expansion in Europe and a recent acquisition were highlighted as key achievements. However, the call also acknowledged challenges such as a near miss on GAAP profitability and uncertainties stemming from delayed contract renewals and macroeconomic factors.

Marqeta Reports Strong Growth in Q2 2025 Results

Marqeta, Inc. is a global modern card issuing platform that enables companies to build and embed financial services into their branded experiences, operating primarily in the fintech industry with a focus on innovative card programs and seamless geographic expansion.