Marqeta, Inc. (MQ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-125.2%

-$4.70

vs $18.62 price

Levered DCF

$16.24

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.65

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-158.33×	70.97×	-16.62×	-17.97×	-57.23×	-343.69×	-277.45×
P/B	2.88×	1.79×	2.99×	2.26×	5.91×	56.88×	119.35×
P/S	3.51×	3.82×	5.5×	4.45×	17.97×	56.46×	114.41×
EV / EBITDA	89.29×	22.55×	-12.52×	-11.94×	-50.07×	-371.4×	-293.11×
Gross margin	70.0%	69.4%	48.7%	42.8%	44.8%	40.6%	42.2%
Operating margin	-7.4%	-4.8%	-41.9%	-28.0%	-31.3%	-16.2%	-41.1%
Net margin	-2.2%	5.4%	-33.0%	-24.7%	-31.7%	-16.4%	-40.6%
Current ratio	1.65×	3.37×	4.13×	6.17×	7.56×	3.05×	3.07×
Debt / equity	0.03×	0.01×	0.01×	0.01×	0.01×	0.06×	0.14×
Interest coverage	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1.8%	2.5%	-17.9%	-12.5%	-10.4%	-16.6%	-42.4%
Return on invested capital	-5.9%	-2.2%	-21.6%	-14.1%	-10.1%	-14.7%	-36.6%
Return on assets	-0.9%	1.9%	-14.0%	-10.4%	-9.0%	-10.4%	-26.1%
Free cash flow yield	7.3%	2.9%	0.2%	-0.5%	0.6%	0.3%	-0.1%
Earnings yield	-0.6%	1.4%	-6.0%	-5.5%	-1.8%	-0.3%	-0.4%
Enterprise value	$1.2B	$1B	$2.8B	$2.2B	$8.1B	$16.2B	$16.4B
Net debt / EBITDA	-69.39×	-19.98×	4.39×	6.47×	7.65×	4.64×	0.73×
Cash conversion cycle (days)	-363	-362	-121	-81	-114	-117	-76