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Side-by-side financial comparison of Mastercard (MA) and Vistra Corp. (VST). Click either name above to swap in a different company.
Mastercard is the larger business by last-quarter revenue ($8.8B vs $4.8B, roughly 1.8× Vistra Corp.). Mastercard runs the higher net margin — 46.1% vs 4.8%, a 41.3% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 17.6%). Mastercard produced more free cash flow last quarter ($4.9B vs $596.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% CAGR vs 17.8%).
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
MA vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $4.8B |
| Net Profit | $4.1B | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 55.8% | 9.9% |
| Net Margin | 46.1% | 4.8% |
| Revenue YoY | 17.6% | 31.2% |
| Net Profit YoY | 21.5% | -47.2% |
| EPS (diluted) | $4.52 | $0.55 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.8B | $4.8B | ||
| Q3 25 | $8.6B | $4.8B | ||
| Q2 25 | $8.1B | $3.8B | ||
| Q1 25 | $7.3B | $4.3B | ||
| Q4 24 | $7.5B | $3.7B | ||
| Q3 24 | $7.4B | $4.3B | ||
| Q2 24 | $7.0B | $3.6B | ||
| Q1 24 | $6.3B | $3.2B |
| Q4 25 | $4.1B | $233.0M | ||
| Q3 25 | $3.9B | $652.0M | ||
| Q2 25 | $3.7B | $327.0M | ||
| Q1 25 | $3.3B | $-268.0M | ||
| Q4 24 | $3.3B | $441.0M | ||
| Q3 24 | $3.3B | $1.9B | ||
| Q2 24 | $3.3B | $365.0M | ||
| Q1 24 | $3.0B | $-35.0M |
| Q4 25 | 55.8% | 9.9% | ||
| Q3 25 | 58.8% | 21.7% | ||
| Q2 25 | 58.7% | 13.7% | ||
| Q1 25 | 57.2% | -2.8% | ||
| Q4 24 | 52.6% | 16.4% | ||
| Q3 24 | 54.3% | 59.6% | ||
| Q2 24 | 58.0% | 22.5% | ||
| Q1 24 | 56.8% | 2.7% |
| Q4 25 | 46.1% | 4.8% | ||
| Q3 25 | 45.7% | 13.6% | ||
| Q2 25 | 45.5% | 8.7% | ||
| Q1 25 | 45.2% | -6.3% | ||
| Q4 24 | 44.6% | 12.0% | ||
| Q3 24 | 44.3% | 43.5% | ||
| Q2 24 | 46.8% | 10.1% | ||
| Q1 24 | 47.4% | -1.1% |
| Q4 25 | $4.52 | $0.55 | ||
| Q3 25 | $4.34 | $1.75 | ||
| Q2 25 | $4.07 | $0.81 | ||
| Q1 25 | $3.59 | $-0.93 | ||
| Q4 24 | $3.64 | $1.09 | ||
| Q3 24 | $3.53 | $5.25 | ||
| Q2 24 | $3.50 | $0.90 | ||
| Q1 24 | $3.22 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.6B | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $7.7B | $5.1B |
| Total Assets | $54.2B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.6B | $785.0M | ||
| Q3 25 | $10.3B | $602.0M | ||
| Q2 25 | $9.0B | $458.0M | ||
| Q1 25 | $7.6B | $561.0M | ||
| Q4 24 | $8.4B | $1.2B | ||
| Q3 24 | $11.1B | $905.0M | ||
| Q2 24 | $7.0B | $1.6B | ||
| Q1 24 | $7.3B | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $7.7B | $5.1B | ||
| Q3 25 | $7.9B | $5.2B | ||
| Q2 25 | $7.9B | $4.8B | ||
| Q1 25 | $6.7B | $4.8B | ||
| Q4 24 | $6.5B | $5.6B | ||
| Q3 24 | $7.4B | $5.4B | ||
| Q2 24 | $7.4B | $5.6B | ||
| Q1 24 | $7.2B | $5.7B |
| Q4 25 | $54.2B | $41.5B | ||
| Q3 25 | $53.3B | $38.0B | ||
| Q2 25 | $51.4B | $38.1B | ||
| Q1 25 | $48.5B | $38.2B | ||
| Q4 24 | $48.1B | $37.8B | ||
| Q3 24 | $47.2B | $37.9B | ||
| Q2 24 | $42.3B | $39.1B | ||
| Q1 24 | $42.6B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.0B | $1.4B |
| Free Cash FlowOCF − Capex | $4.9B | $596.0M |
| FCF MarginFCF / Revenue | 55.5% | 12.4% |
| Capex IntensityCapex / Revenue | 1.3% | 17.4% |
| Cash ConversionOCF / Net Profit | 1.23× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $17.2B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0B | $1.4B | ||
| Q3 25 | $5.7B | $1.5B | ||
| Q2 25 | $4.6B | $572.0M | ||
| Q1 25 | $2.4B | $599.0M | ||
| Q4 24 | $4.8B | $1.4B | ||
| Q3 24 | $5.1B | $1.7B | ||
| Q2 24 | $3.1B | $1.2B | ||
| Q1 24 | $1.7B | $312.0M |
| Q4 25 | $4.9B | $596.0M | ||
| Q3 25 | $5.5B | $1.0B | ||
| Q2 25 | $4.6B | $-118.0M | ||
| Q1 25 | $2.2B | $-169.0M | ||
| Q4 24 | $4.7B | $923.0M | ||
| Q3 24 | $5.0B | $1.0B | ||
| Q2 24 | $3.0B | $698.0M | ||
| Q1 24 | $1.5B | $-153.0M |
| Q4 25 | 55.5% | 12.4% | ||
| Q3 25 | 63.8% | 21.1% | ||
| Q2 25 | 56.1% | -3.1% | ||
| Q1 25 | 30.6% | -4.0% | ||
| Q4 24 | 63.3% | 25.2% | ||
| Q3 24 | 68.2% | 23.4% | ||
| Q2 24 | 43.4% | 19.4% | ||
| Q1 24 | 23.9% | -4.8% |
| Q4 25 | 1.3% | 17.4% | ||
| Q3 25 | 2.1% | 9.6% | ||
| Q2 25 | 0.5% | 18.4% | ||
| Q1 25 | 2.2% | 18.1% | ||
| Q4 24 | 1.3% | 11.7% | ||
| Q3 24 | 1.5% | 15.8% | ||
| Q2 24 | 1.7% | 13.8% | ||
| Q1 24 | 2.5% | 14.7% |
| Q4 25 | 1.23× | 6.15× | ||
| Q3 25 | 1.44× | 2.25× | ||
| Q2 25 | 1.24× | 1.75× | ||
| Q1 25 | 0.73× | — | ||
| Q4 24 | 1.45× | 3.07× | ||
| Q3 24 | 1.57× | 0.90× | ||
| Q2 24 | 0.96× | 3.28× | ||
| Q1 24 | 0.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
