Mastercard Incorporated (MA)
Mastercard runs a global payments network that processes card and digital transactions for banks and merchants. Like its main rival, it profits from payment volumes rather than carrying credit risk.
MA vs PYPL: how the two businesses compare
- Similar size: PYPL and MA each brought in about $33.2B of yearly revenue.
- More profitable: MA keeps 46 cents of each sales dollar as profit, against 16 cents at PYPL.
- More cash from each sale: MA turns 54 cents of each sales dollar into operating cash flow, against 19 cents at PYPL.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
PayPal (PYPL) and Mastercard (MA) reported similar revenue: $33.2B (fiscal year ended Dec 2025) versus $32.8B (fiscal year ended Dec 2025). MA's net margin was 45.6% and PYPL's 15.8%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- Business Services, NEC
- Same classification
- December 31
- Same calendar
- Feb 11, 2026
MA vs PYPL: quick comparison
| Company fact | MA | PYPL |
|---|---|---|
| Company | Mastercard Incorporated | PayPal Holdings, Inc. |
| Exchange | NYSE | NASDAQ |
| Headquarters | Purchase, New York | — |
| Founded | 1966 | — |
| SEC industry | Services-Business Services, NEC | Services-Business Services, NEC |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-11 | 10-K · 2026-02-03 |
MA vs PYPL: audited financials
- Scale: revenue is roughly in line ($33.2B for PYPL versus $32.8B for MA).
- Net margin: MA kept 45.6% of revenue as net income versus 15.8% at PYPL.
- Cash conversion: operating cash flow equalled MA 53.8% of revenue, or 1.18× net income; PYPL 19.3% of revenue, or 1.23× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | MA | PYPL |
|---|---|---|
| Revenue | $32.8B2025-01-01 to 2025-12-31 · SEC filing | $33.2B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $15.0B2025-01-01 to 2025-12-31 · SEC filing | $5.2B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $17.6B2025-01-01 to 2025-12-31 · SEC filing | $6.4B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $16.522025-01-01 to 2025-12-31 · SEC filing | $5.412025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 45.6%2025-01-01 to 2025-12-31 · SEC filing | 15.8%2025-01-01 to 2025-12-31 · SEC filing |
MA: FY ending 2025-12-31 · PYPL: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where MA and PYPL overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 7389, Services-Business Services, NEC.
- Shared research theme: International markets.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Only MA maps to Economic trends.
- Profitability: net margin of 45.6% for MA versus 15.8% for PYPL.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
PayPal Holdings, Inc. (PYPL)
PayPal operates digital-payment platforms including PayPal, Venmo, and Braintree for online and in-store commerce.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves MA
- Gross dollar volume and switched transactions across debit, credit and commercial programs
- Cross-border volume, where merchant and card-issuing countries differ
- Rebates and incentives to issuers and merchants, which reduce reported revenue
- Interchange and surcharging regulation and litigation
What moves PYPL
We have not yet published a company-specific driver list for PYPL. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-03.
The investment question
You now know how MA and PYPL are classified, when their fiscal years end, and where their exposures overlap. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, including “Gross dollar volume and switched transactions across debit, credit and commercial programs” at MA, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 27 matched transaction rows for MA and 36 matched transaction rows for PYPL. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
MA primary filings
PYPL primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving MA or PYPL
MA vs PYPL FAQs
Are MA and PYPL direct competitors?
Mastercard and PayPal share the SEC industry classification “Services-Business Services, NEC.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is MA or PYPL the bigger company by revenue?
PayPal (PYPL) and Mastercard (MA) reported similar revenue: $33.2B (fiscal year ended Dec 2025) versus $32.8B (fiscal year ended Dec 2025). MA's net margin was 45.6% and PYPL's 15.8%. Both file with the SEC under the same industry code, SIC 7389 (Services-Business Services, NEC). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, MA or PYPL?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this MA vs PYPL comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Mastercard Incorporated and PayPal Holdings, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-13. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-13. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
MA vs PYPL compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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