Marqeta, Inc. (MQ)
NASDAQ:MQ
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Marqeta
(NASDAQ:MQ)
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Rating:70Outperform
Price Target:
$5.00
▲(13.90% Upside)
Action:UpgradedDate:05/06/26
The score is driven primarily by strengthening fundamentals (strong balance sheet and improving cash generation) and a positive earnings-call outlook with raised profitability expectations. Offsetting this are still-uneven earnings history and weak valuation signals from a deeply negative P/E, with only moderately supportive technicals given the stock remains below its 200-day average.
Positive Factors
Strong balance sheet
Very low leverage and sizable equity give Marqeta durable financial flexibility. This conservative capital structure supports investment, share repurchases, and resilience through downturns, lowering financing risk and enabling strategic optionality over the next 2–6 months.
Negative Factors
Customer concentration
A single large customer contributing ~40%+ of revenue raises structural revenue risk. Declines in that partner's issuance materially affect growth and margins, limiting predictability and bargaining leverage and making durable revenue growth dependent on diversifying large-account exposure.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
Very low leverage and sizable equity give Marqeta durable financial flexibility. This conservative capital structure supports investment, share repurchases, and resilience through downturns, lowering financing risk and enabling strategic optionality over the next 2–6 months.
Read all positive factors
Marqeta (MQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.92B
Dividend YieldN/A
Average Volume (3M)2.83M
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth23.25%
EPS Growth-157.28%
CountryUS
Employees854
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.03
Shares Outstanding392,067,540
10 Day Avg. Volume2,882,246
30 Day Avg. Volume2,828,664
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 Cap0.64
Enterprise Value/Revenue1.97
Enterprise Value/Gross Profit2.82
Enterprise Value/Ebitda-225.66
Forecast
1Y Price Target
$4.81Price Target Upside9.62% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.02
Revenue Forecast (FY)$708.49M
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 by providing card issuing and payment processing services to customers running card programs on its platform. The core revenue model is usage-based and scales with customer program activity: Marqeta earns fees t...
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:May 05, 2026
(Q1-2026)
| Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum highlighted by high TPV growth (33%), net revenue and gross profit growth of 19% YoY, expanded profitability (Q1 GAAP net income $8M) and healthy adjusted EBITDA ($33M). Product wins, international expansion, and improvements to operating leverage were emphasized. Offsetting risks included concentration and issuance declines tied to Block/Cash App (moderate headwind ~1.5 ppts), tougher BNPL comps in Q2, emerging competition for flexible credentials, and macro uncertainty. Management maintained disciplined guidance while modestly raising full-year GAAP net income expectations and adjusted EBITDA growth. Overall, positives around scale, profitability, customer momentum, and capital position substantially outweighed the identified headwinds and execution risks.Positive Updates
Strong TPV and Revenue Growth
Total Payment Volume (TPV) of $112B in Q1, up 33% year-over-year; net revenue of $160M, up 19% year-over-year—both at the top end of expectations.
Negative Updates
Block / Cash App Headwind and Concentration
Block (Cash App) represented 42% of net revenue in Q1 (down 2 percentage points QoQ). Company expects continued decline in Cash App new issuances, contributing an estimated ~1.5 percentage point headwind to full-year gross profit growth (previously 1.5–2%).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong TPV and Revenue Growth
Total Payment Volume (TPV) of $112B in Q1, up 33% year-over-year; net revenue of $160M, up 19% year-over-year—both at the top end of expectations.
Read all positive updates
Company Guidance
Marqeta guided Q2 2026 net revenue and gross profit growth of 14–16% YoY, Q2 adjusted operating expenses growth in the high‑teens, Q2 adjusted EBITDA growth of 10–12% and expects to be GAAP net income breakeven in Q2; for full‑year 2026 it reaffirmed net revenue growth of 12–14% and gross profit growth of 10–12%, raised expected adjusted EBITDA growth to the mid‑to‑high‑20s percent, and now expects about $15 million in GAAP net income for the year (up $5M). These targets follow Q1 results of TPV $112B (+33% YoY), net revenue $160M (+19%), gross profit $118M (+19%) with a gross profit take rate of 10.5 bps (‑0.5 bps QoQ), adjusted EBITDA $33M (20% of net revenue; 28% of gross profit), GAAP net income $8M (EPS $0.02), cash & short‑term investments $712M, Q1 adjusted operating expenses $84M (+7%), Q1 repurchases of 9.4M shares at $4.16 and roughly $52M remaining on the buyback authorization.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
Positive
4.39
Price Trends
4.06
Positive
4.36
Positive
4.93
Negative
Market Momentum
0.03
Negative
63.85
Neutral
90.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MQ, the sentiment is Positive. The current price of 4.39 is above the 20-day moving average (MA) of 4.07, above the 50-day MA of 4.06, and below the 200-day MA of 4.93, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 63.85 is Neutral, neither overbought nor oversold. The STOCH value of 90.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.79B | 15.82 | 7.37% | ― | 9.31% | ― | |
72 Outperform | $2.39B | 346.71 | -3.71% | ― | 10.74% | 74.22% | |
71 Outperform | $1.73B | 26.33 | 9.84% | ― | 7.68% | -40.56% | |
70 Outperform | $1.92B | -393.70 | -1.62% | ― | 23.25% | -157.28% | |
70 Outperform | $1.81B | 12.90 | 23.21% | 0.68% | 10.21% | 26.57% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
MQ
Marqeta
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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.