Detailed financial statements for Marqeta, Inc. (MQ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Marqeta, Inc. engages in the creation of digital payment technology. The firm develops a modern card issuing platform, providing infrastructure and tools for building configurable payment cards. It provides its customers issuer processor services and also acts as a card program manager. The company was founded by Jason M. Gardner in 2010 and is headquartered in Oakland, CA.
Analysis Summary
Marqeta, Inc. reported revenue of $624.9M in the most recent fiscal year, growing at a 5-year CAGR of 16.6%.
Trailing-twelve-month margins: gross margin 57.2%, operating margin -1.7%, net margin 1.5%. Free cash flow grew at 27.4% CAGR over 5 years.
At the current price of $15.89, MQ trades at a P/E of 165.33 and an ROE of 1.77%. Market capitalisation stands at $1.6B.
Balance sheet quality for MQ: current ratio of 1.6, net cash position of $1.06B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $143.3M | $290.3M | $517.2M | $748.2M | $676.2M | $507.0M | $624.9M |
| Cost of Revenue | $82.8M | $172.4M | $285.5M | $428.2M | $346.7M | $155.1M | $555.2M |
| Gross Profit | $60.5M | $117.9M | $231.7M | $320.0M | $329.5M | $351.8M | $69.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $101.3M | $143.0M | $343.0M | $447.1M | $528.2M | $282.0M | $98.8M |
| Operating Expenses | $119.3M | $165.0M | $393.7M | $529.8M | $612.5M | $376.3M | $98.8M |
| Operating Income | -$58.9M | -$47.1M | -$162.0M | -$209.8M | -$283.0M | -$24.5M | -$29.2M |
| EBITDA | -$55.8M | -$43.6M | -$161.0M | -$181.0M | -$219.8M | $45.5M | $13.8M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$58.2M | -$47.6M | -$164.6M | -$184.9M | -$230.6M | $28.1M | -$13.3M |
| Income Tax | $35000 | $87000 | -$640000 | -$102000 | -$7.6M | $793000 | $596000 |
| Net Income | -$58.2M | -$47.7M | -$163.9M | -$184.8M | -$223.0M | $27.3M | -$13.9M |
| EPS | $-0.44 | $-0.36 | $-1.20 | $-1.36 | $-1.68 | $0.21 | $-0.12 |
| EPS (Diluted) | $-0.44 | $-0.36 | $-1.20 | $-1.36 | $-1.68 | $0.21 | $-0.12 |
| Shares Outstanding (Diluted) | $134.3M | $134.3M | $135.3M | $136.3M | $133.1M | $129.7M | $115.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $163.3M | $172.1M | $165.8M | $176.0M |
| Gross Profit | $114.6M | $120.0M | $30.7M | $121.9M |
| Operating Income | -$10.4M | -$8.3M | $3.6M | $3.6M |
| EBITDA | $6.8M | $3.5M | $16.9M | $18.6M |
| Net Income | -$3.6M | -$1.4M | $7.8M | $7.6M |
| EPS | $-0.03 | $-0.01 | $0.07 | $0.07 |
| EPS (Diluted) | $-0.03 | $-0.01 | $0.07 | $0.07 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $60.3M | $220.4M | $1.25B | $1.18B | $981.0M | $923.0M | $981.8M |
| Short-term Investments | $95.2M | $149.9M | $464.5M | $440.9M | $268.7M | $179.4M | $97.7M |
| Receivables | $26.5M | $41.4M | $56.2M | $80.9M | $109.2M | $118.6M | $125.9M |
| Inventory | 0 | $781000 | $3.9M | $5.2M | $4.3M | $3.7M | $1.9M |
| Total Current Assets | $197.2M | $430.9M | $1.80B | $1.75B | $1.39B | $1.25B | $1.24B |
| Property, Plant & Equipment | $25.8M | $22.9M | $21.0M | $16.5M | $25.3M | $40.2M | $68.2M |
| Goodwill | 0 | 0 | 0 | 0 | $123.5M | $123.5M | $154.7M |
| Intangible Assets | 0 | 0 | 0 | 0 | $35.6M | $29.8M | $51.4M |
| Total Assets | $223.2M | $457.7M | $1.83B | $1.77B | $1.59B | $1.46B | $1.53B |
| Accounts Payable | $32.6M | $80.6M | $123.9M | $146.0M | $175.1M | $193.9M | $226.4M |
| Short-term Debt | 0 | 0 | 0 | 0 | $7.9M | $7.7M | $10.7M |
| Total Current Liabilities | $64.3M | $141.1M | $238.0M | $282.9M | $336.6M | $371.0M | $749.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $5.5M |
| Total Liabilities | $85.8M | $169.5M | $257.0M | $297.4M | $346.3M | $378.2M | $763.1M |
| Retained Earnings | -$205.8M | -$253.5M | -$417.5M | -$602.2M | -$825.2M | -$797.9M | -$811.8M |
| Total Equity | $137.3M | $288.2M | $1.57B | $1.47B | $1.24B | $1.09B | $762.0M |
| Total Debt | $19.7M | $18.2M | $15.4M | $12.4M | $16.9M | $13.2M | $21.8M |
| Net Debt | -$135.8M | -$352.1M | -$1.70B | -$1.61B | -$1.23B | -$1.09B | -$1.06B |
| Working Capital | $132.9M | $289.8M | $1.56B | $1.46B | $1.05B | $878.3M | $486.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $747.2M | $981.8M | $955.2M | $691418 |
| Total Assets | $1.49B | $1.53B | $1.48B | $1.4M |
| Total Liabilities | $649.2M | $763.1M | $734.4M | $676669 |
| Total Equity | $839.2M | $762.0M | $742.3M | $715557 |
| Total Debt | $15.6M | $21.8M | $15.1M | $6745 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$58.2M | -$47.7M | -$163.9M | -$184.8M | -$223.0M | $27.3M | -$13.9M |
| Depreciation & Amortization | $3.1M | $3.5M | $3.5M | $3.9M | $10.7M | $17.5M | $26.4M |
| Stock-based Compensation | $21.8M | $28.2M | $142.7M | $107.5M | $180.7M | -$8.1M | $104.8M |
| Change in Working Capital | $15.6M | $61.8M | $68.3M | $10.3M | $21.4M | $21.3M | $42.5M |
| Operating Cash Flow | -$15.4M | $50.3M | $57.0M | -$13.0M | $21.1M | $58.2M | $162.6M |
| Capital Expenditure | -$4.9M | -$2.4M | -$2.7M | -$3.9M | -$12.7M | -$2.4M | -$1.8M |
| Acquisitions | -$750000 | 0 | -$20.0M | $25.7M | -$135.8M | 0 | -$45.7M |
| Stock Repurchased | 0 | 0 | 0 | -$78.1M | -$190.4M | -$154.4M | -$391.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$20.3M | $47.9M | $54.2M | -$16.9M | $8.5M | $55.8M | $160.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $86.8M | $53.3M | -$3.4M | $63.2M |
| Capital Expenditure | -$8.3M | -$19.5M | -$1.3M | -$211000 |
| Free Cash Flow | $78.5M | $33.8M | -$4.6M | $63.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $25.7M | $26.1M | $20.0M | $22.4M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +102.6% | +78.2% | +44.7% | -9.6% | -25.0% | +23.3% |
| Net Income Growth (YoY) | | +18.0% | -243.7% | -12.7% | -20.7% | +112.2% | -151.0% |
| EPS Growth (YoY) | | +19.3% | -237.8% | -13.3% | -23.5% | +112.7% | -156.2% |
| Shares Change (YoY) | | +0.0% | +0.8% | +0.7% | -2.4% | -2.6% | -10.9% |
| FCF Growth (YoY) | | +335.5% | +13.2% | -131.1% | +150.1% | +559.6% | +188.4% |
| Gross Margin | 42.2% | 40.6% | 44.8% | 42.8% | 48.7% | 69.4% | 11.2% |
| Operating Margin | -41.1% | -16.2% | -31.3% | -28.0% | -41.9% | -4.8% | -4.7% |
| EBITDA Margin | -38.9% | -15.0% | -31.1% | -24.2% | -32.5% | 9.0% | 2.2% |
| Net Margin | -40.6% | -16.4% | -31.7% | -24.7% | -33.0% | 5.4% | -2.2% |
| FCF Margin | -14.2% | 16.5% | 10.5% | -2.3% | 1.3% | 11.0% | 25.7% |
| Effective Tax Rate | -0.1% | -0.2% | 0.4% | 0.1% | 3.3% | 2.8% | -4.5% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.15 | $0.36 | $0.40 | $-0.12 | $0.06 | $0.43 | $1.39 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $134.3M | $134.3M | $135.3M | $136.3M | $133.1M | $127.8M | $115.5M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.77% |
| Return on Invested Capital | -1435.71% |
| Return on Assets | 745.78% |
| Gross Margin | 57.16% |
| Operating Margin | -1.68% |
| Net Margin | 1.53% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 1.66 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.71 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -277.45 | -343.69 | -57.23 | -17.97 | -16.62 | 70.97 | -158.33 |
| P/B | 119.35 | 56.88 | 5.91 | 2.26 | 2.99 | 1.79 | 2.88 |
| P/S | 114.41 | 56.46 | 17.97 | 4.45 | 5.50 | 3.82 | 3.51 |
| Gross Margin | 42.2% | 40.6% | 44.8% | 42.8% | 48.7% | 69.4% | 11.2% |
| Operating Margin | -41.1% | -16.2% | -31.3% | -28.0% | -41.9% | -4.8% | -4.7% |
| Net Margin | -40.6% | -16.4% | -31.7% | -24.7% | -33.0% | 5.4% | -2.2% |