Marqeta, Inc. (MQ)
NASDAQ:MQ
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Marqeta
(NASDAQ:MQ)
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Rating:62Neutral
Price Target:
$4.00
▼(-0.74% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Marqeta (MQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.72B
Dividend YieldN/A
Average Volume (3M)3.19M
Price to Earnings (P/E)―
Beta (1Y)0.40
Revenue Growth20.11%
EPS Growth-391.61%
CountryUS
Employees854
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.00
Shares Outstanding394,378,500
10 Day Avg. Volume2,458,886
30 Day Avg. Volume3,191,664
Financial Highlights & Ratios
PEG Ratio1.01
Price to Book (P/B)2.88
Price to Sales (P/S)3.51
P/FCF Ratio13.65
Enterprise Value/Market Cap0.48
Enterprise Value/Revenue1.32
Enterprise Value/Gross Profit1.89
Enterprise Value/Ebitda-151.26
Forecast
1Y Price Target
$5.05Price Target Upside25.31% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)0.02
Revenue Forecast (FY)$708.54M
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 ...
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 cli...
Marqeta Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue generated from different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Analyzes revenue generated from different business segments, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyMarqeta Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized strong Q4 and full‑year 2025 operating and financial performance — record TPV ($109B), accelerated TPV growth (36% YoY), robust net revenue and gross profit expansion, record adjusted EBITDA and margin improvement, strong European and BNPL traction, and meaningful value‑added services momentum. These positives were balanced by explicit guidance for moderated 2026 growth driven largely by timing effects (two large renewals and Block pricing tier), some customer concentration and Cash App issuance diversification, and an accounting change that weighed on YoY comparisons. Management highlighted efficiency gains, a healthy balance sheet, buybacks, and a path to GAAP profitability (~$10M projected for 2026). Overall, the positives (strong execution, margin expansion, diversification into Europe and VAS, and cash/buybacks) materially outweigh the near‑term headwinds tied to timing and contract dynamics.Positive Updates
Record TPV and Accelerating Volume Growth
Q4 TPV reached $109 billion (first quarter > $100B), up 36% year‑over‑year; this was the third straight quarter with TPV growth accelerating by 3 percentage points sequentially, demonstrating strong business momentum.
Negative Updates
Moderated 2026 Growth Guidance
Full‑year 2026 guidance calls for TPV growth moderating into the high‑20s and gross profit growth of only 10% to 12% (implied gross profit $481M–$490M), a notable deceleration versus 2025 rates.
Read all updates
Q4-2025 Updates
Positive
Negative
Record TPV and Accelerating Volume Growth
Q4 TPV reached $109 billion (first quarter > $100B), up 36% year‑over‑year; this was the third straight quarter with TPV growth accelerating by 3 percentage points sequentially, demonstrating strong business momentum.
Read all positive updates
Company Guidance
Marqeta guided that 2026 TPV growth should moderate into the high‑20s% (adding roughly $100B of TPV) with full‑year gross profit growth of 10–12% (implied gross profit of $481–$490M) and net revenue growth of 12–14%; adjusted operating expenses are expected to grow mid‑ to high‑single digits while adjusted EBITDA should grow in the mid‑20s% and GAAP net income is expected to be modestly positive (around $10M). Management expects a quarterly cadence of TPV growth in the low‑30s% in H1 then moderating to the mid‑20s% by Q4; Q1 gross profit and net revenue are each guided to grow 17–19% (Q1 adjusted EBITDA growth 45–50%), Q2 gross profit is ~3 points lower than Q1 (Q2 adjusted EBITDA growth ~10–15%), and second‑half gross profit growth should slow to the high single digits with second‑half adjusted EBITDA growth of ~20–25%. They warned of timing headwinds that shave roughly 7 percentage points off 2026 gross profit growth (two large renewals ~4 pts and Block price‑tiering ~3 pts), plus ~1.5–2 pts from Cash App new‑issuance diversification, and called out additional second‑half pressures including lapping TransactPay (~3 pts), lapping strong BNPL comps (~1 pt) and incentive timing (~1 pt). They expect to be approximately GAAP breakeven in the first two quarters and to generate net income in H2, and plan continued disciplined investment in technology, go‑to‑market and compliance.Marqeta Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| 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 | 13.83M | -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
Neutral
4.03
Price Trends
4.05
Negative
4.38
Negative
4.96
Negative
Market Momentum
-0.03
Positive
49.64
Neutral
36.67
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 4.03 is above the 20-day moving average (MA) of 4.03, below the 50-day MA of 4.05, and below the 200-day MA of 4.96, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 49.64 is Neutral, neither overbought nor oversold. The STOCH value of 36.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MQ.
Marqeta Risk Analysis
Marqeta disclosed 48 risk factors in its most recent earnings report. Marqeta reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marqeta Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.66B | 27.73 | 9.84% | ― | 10.58% | -45.52% | |
64 Neutral | $1.79B | 12.96 | 23.21% | 0.68% | 9.67% | 75.67% | |
63 Neutral | $1.11B | 39.43 | 5.36% | ― | 12.48% | ― | |
62 Neutral | $1.72B | -393.70 | -1.62% | ― | 20.11% | -391.61% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $2.00B | -949.46 | -10.29% | ― | 11.05% | 45.23% |
* Technology Sector Average
MQ
Marqeta
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Marqeta Corporate Events
Business Operations and StrategyExecutive/Board Changes
Marqeta Appoints Patti Kangwankij as New Chief Financial Officer
Positive
Jan 7, 2026
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 ...
Business Operations and StrategyStock Buyback
Marqeta Announces New $100M Share Repurchase Program
Positive
Dec 8, 2025
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 Repurch...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.