Marqeta, Inc. MQ
Marqeta's mission is modernizing financial services by making the entire payment experience native and delightful. Marqeta's modern platform empowers our customers to create customized and innovative payment card programs, giving them configurability and flexibility. When our customers come to us to build a payments solution, they are not just building a card, they are building a payments experience.
Our platform encompasses debit, prepaid, and credit programs, and provides banking and money movement, risk management, and rewards products. We deliver a scaled solution to our customers to maximize the benefit of their card programs while also providing the tech layer that bridges the bank and the customer. Marqeta's open APIs provide instant access to a highly scalable, cloud-based payment infrastructure that enables customers to embed the payments experience into apps or websites for a personalized user experience. Customers can launch and manage their own card programs, issue cards, and authorize and settle payment transactions quickly using our platform.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $624.9M | $507.0M | $676.2M | $748.2M | $517.2M | $290.3M | $143.3M | — |
| Cost of revenue | $187.6M | $155.1M | $346.7M | $428.2M | $285.5M | $172.4M | $82.8M | — |
| Gross profit | $437.3M | $351.8M | $329.5M | $320.0M | $231.7M | $117.9M | $60.5M | — |
| Total operating expenses | $483.7M | $376.3M | $612.5M | $529.8M | $393.7M | $165.0M | $119.3M | — |
| Operating income | -$46.4M | -$24.5M | -$283.0M | -$209.8M | -$162.0M | -$47.1M | -$58.9M | — |
| Pre-tax income | -$13.3M | $28.1M | -$230.6M | -$184.9M | -$164.6M | -$47.6M | -$58.2M | — |
| Income tax | $596.0K | $793.0K | $7.6M | $102.0K | $640.0K | $87.0K | $35.0K | — |
| Net income | -$13.9M | $27.3M | -$223.0M | -$184.8M | -$163.9M | -$47.7M | -$58.2M | — |
| Shares, diluted (wtd. avg.) | $462.2M | $518.8M | $532.5M | $545.4M | $362.8M | $122.9M | $113.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $709.4M | $923.0M | $981.0M | $1.19B | $1.26B | $228.2M | $68.1M | $44.8M |
| Short-term investments | $62.5M | $179.4M | $268.7M | $440.9M | $452.9M | $149.9M | — | — |
| Receivables | $41.4M | $30.0M | $19.5M | $15.6M | $13.2M | $8.4M | — | — |
| Total current assets | $1.24B | $1.25B | $1.39B | $1.75B | $1.80B | $430.9M | — | — |
| Property, plant and equipment | $59.9M | $37.5M | $18.8M | $7.4M | $9.7M | $9.5M | — | — |
| Goodwill | $154.7M | $123.5M | $123.5M | $0 | — | — | — | — |
| Other intangibles | $51.4M | $29.8M | $35.6M | $0 | — | — | — | — |
| Total assets | $1.53B | $1.46B | $1.59B | $1.77B | $1.83B | $457.7M | — | — |
| Total current liabilities | $749.1M | $371.0M | $336.6M | $282.9M | $238.0M | $141.1M | — | — |
| Total liabilities | $763.1M | $378.2M | $346.3M | $297.4M | $257.0M | $169.5M | — | — |
| Retained earnings | -$811.8M | -$797.9M | -$825.2M | -$602.2M | -$417.5M | -$253.5M | — | — |
| Total equity | $762.0M | $1.09B | $1.24B | $1.47B | $1.57B | -$213.7M | -$198.4M | -$84.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $162.6M | $58.2M | $21.1M | -$13.0M | $57.0M | $50.3M | -$15.4M | — |
| Depreciation and amortisation | $27.2M | $17.5M | $10.7M | $3.9M | $3.5M | $3.5M | $3.1M | — |
| Stock-based compensation | $104.8M | $136.6M | $127.5M | $107.5M | $142.7M | $28.2M | $21.8M | — |
| Capital expenditure | $1.8M | $2.4M | $762.0K | $2.3M | $2.7M | $2.4M | $4.9M | — |
| Investing cash flow | $271.1M | $70.8M | $38.5M | $28.7M | -$329.1M | -$57.6M | -$100.3M | — |
| Financing cash flow | -$347.3M | -$186.9M | -$261.8M | -$79.5M | $1.30B | $167.4M | $139.0M | — |
| Buybacks | $391.4M | $154.4M | $190.4M | $78.1M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001522540-26-000030.
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