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1. Company Snapshot

1.a. 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 various verticals, including commerce disruptors, digital banks, tech giants, and financial institutions.


As of December 31, 2021, the company had approximately 200 customers.Marqeta, Inc.was incorporated in 2010 and is headquartered in Oakland, California.

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1.b. Last Insights on MQ

Marqeta's recent performance was impacted by a quarterly loss of $0.01 per share, in line with expectations. Despite this, the company's Total Processing Volume (TPV) rose 33% year-over-year to $98 billion, driven by strong demand for its modern card issuing platform. Revenue grew 28% to $163 million, with Gross Profit increasing 27% to $115 million. A law firm, Bragar Eagel & Squire, P.C., is investigating Marqeta on behalf of long-term stockholders, encouraging investors to discuss their options.

1.c. Company Highlights

2. Marqeta's Q3 2025 Earnings: A Strong Beat with Accelerated Growth

Marqeta reported a robust Q3 2025, with total processing volume (TPV) reaching $98 billion, a 33% year-over-year increase. Net revenue grew 28% to $163 million, while gross profit rose 27% to $115 million. Adjusted EBITDA was $30 million, representing a 19% margin. The company's earnings per share (EPS) was -$0.01, in line with analyst estimates. The strong financial performance was driven by the growth in lending use cases, including Buy Now, Pay Later (BNPL), and the expansion of the company's platform capabilities.

Publication Date: Nov -14

📋 Highlights

Business Growth Drivers

The company's growth is being driven by new programs with existing customers, with the new cohort business expected to contribute over $40 million in revenue in 2025. The acquisition of TransactPay has also removed barriers for customers to expand across the Atlantic, and the company is seeing strong growth from existing customers and incremental business. Marqeta's pipeline reflects opportunities in the premium market, where large enterprises play, and the company is well-positioned to capitalize on this trend.

Regional Performance

In Europe, Marqeta's business is growing over 100%, driven by neo-banking, lending, and BNPL use cases. While this growth rate may not be sustainable, the company expects TPV growth in Europe to continue to grow at a materially faster rate than the overall company. The acquisition of TransactPay has made the company's offering more compelling, allowing it to compete in the premium market and support customers who want to move across the Atlantic.

Valuation and Outlook

Marqeta's valuation metrics indicate that the market is pricing in significant growth expectations. The company's Price-to-Sales Ratio is 3.95, and the EV/EBITDA ratio is -20.41. For the full year 2025, Marqeta expects net revenue to grow approximately 22%, with gross profit growth expected to be around 23%. Analysts estimate revenue growth at 18.4% for next year. The company's strong Q3 financial results and raised guidance suggest that Marqeta is on track to deliver sustainable long-term success through multiple growth vectors and increasing scale.

Key Catalysts

Key catalysts for Marqeta's growth include the onboarding of new bank partners, such as Cross River Bank and Coastal Community Bank, and the expansion of its platform capabilities. The company is also exploring opportunities with American Express, including unique offerings and integrations. With a strong pipeline and a modern, scalable platform, Marqeta is well-positioned to support its customers' growth and expansion into new markets.

3. NewsRoom

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Halper Sadeh LLC Encourages Marqeta, Inc. Shareholders to Contact the Firm to Discuss Their Rights

Dec -04

Source: businesswire.com

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Marqeta, Inc. (MQ) Presents at UBS Global Technology and AI Conference 2025 Prepared Remarks Transcript

Dec -02

Source: seekingalpha.com

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Creative Planning Sells 94,059 Shares of Marqeta, Inc. $MQ

Nov -27

Source: defenseworld.net

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Marqeta, Inc. $MQ Shares Sold by Bank of New York Mellon Corp

Nov -22

Source: defenseworld.net

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Marqeta, Inc. (MQ) Presents at Citi's 14th Annual FinTech Conference Transcript

Nov -18

Source: seekingalpha.com

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Marqeta, Inc. (MQ) Q3 2025 Earnings Call Transcript

Nov -06

Source: seekingalpha.com

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Here's What Key Metrics Tell Us About Marqeta (MQ) Q3 Earnings

Nov -06

Source: zacks.com

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Marqeta (MQ) Reports Q3 Loss, Beats Revenue Estimates

Nov -06

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.94%)

6. Segments

Platform Services

Expected Growth: 12%

Marqeta's 12% growth in Platform Services is driven by increasing adoption of digital payments, rising demand for modern card issuing and processing, and expansion into new markets. Additionally, the company's innovative open-API platform, scalable infrastructure, and strategic partnerships with fintechs and banks contribute to its growth momentum.

Other Services

Expected Growth: 10%

Marqeta's Other Services segment growth is driven by increasing adoption of its digital banking and payment solutions, expansion into new markets, and strategic partnerships. The company's modern card issuing platform and open-API architecture enable fintechs and enterprises to innovate and scale, fueling growth. Additionally, the rising demand for real-time payment processing and card-based transactions contributes to the segment's rapid expansion.

7. Detailed Products

Card Issuance

Marqeta's card issuance platform enables businesses to issue physical or virtual cards, allowing for real-time funding, and instant card provisioning.

Payment Processing

Marqeta's payment processing platform enables businesses to process payments, manage transactions, and track spending in real-time.

Digital Wallets

Marqeta's digital wallet platform enables businesses to create custom digital wallets, allowing users to store and manage their payment methods.

Transaction Management

Marqeta's transaction management platform enables businesses to track, manage, and reconcile transactions in real-time.

Risk Management

Marqeta's risk management platform enables businesses to detect and prevent fraudulent transactions, ensuring secure and reliable payments.

Integrations and APIs

Marqeta's integrations and APIs enable businesses to integrate payment capabilities into their existing systems and applications.

8. Marqeta, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Marqeta's digital payment platform is highly customizable, making it difficult for substitutes to emerge. However, the fintech industry is rapidly evolving, and new technologies could potentially disrupt Marqeta's business model.

Bargaining Power Of Customers

Marqeta's customers are primarily large enterprises and financial institutions, which have limited bargaining power due to their reliance on Marqeta's technology and expertise.

Bargaining Power Of Suppliers

Marqeta's suppliers are primarily technology and infrastructure providers, which have limited bargaining power due to the competitive nature of the fintech industry.

Threat Of New Entrants

The fintech industry is highly competitive, and new entrants with innovative technologies and business models could potentially disrupt Marqeta's market share.

Intensity Of Rivalry

The fintech industry is highly competitive, with many established players and new entrants vying for market share. Marqeta faces intense competition from companies like Stripe, PayPal, and Square.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.34%
Debt Cost 3.95%
Equity Weight 98.66%
Equity Cost 13.01%
WACC 12.88%
Leverage 1.36%

11. Quality Control: Marqeta, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 7.7

Quality: 4.6

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Momentum: 1.0

Volatility: 6.7

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Marqeta

A-Score: 4.2/10

Value: 5.4

Growth: 7.4

Quality: 3.4

Yield: 0.0

Momentum: 5.0

Volatility: 4.0

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Volatility: 2.0

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Quality: 3.6

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A-Score: 3.6/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.74$

Current Price

4.74$

Potential

-0.00%

Expected Cash-Flows