Marqeta, Inc.
- Open
- 17.52
- Day high
- 17.93
- Day low
- 17.21
- Prev close
- 17.89
- Volume
- 1.1M
- Mkt cap
- $7.4B
- P/E (TTM)
- 780.8
- EPS (TTM)
- $0.02
- P/B
- 10.0
- P/S
- 11.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$652K over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
Marqeta, Inc. (MQ) is a Technology company listed on NASDAQ. The stock is down 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Marqeta, Inc. (MQ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.00 | $0.02 | +688.2% | $166M | +0.9% |
| Feb 24, 2026 | $-0.01 | $-0.00 | +69.8% | $172M | +5.2% |
| Nov 5, 2025 | $-0.01 | $-0.01 | +0.0% | $163M | -2.2% |
| Aug 6, 2025 | $-0.03 | $-0.00 | +95.3% | $150M | +3.2% |
| Feb 26, 2025 | $-0.10 | $-0.05 | +50.0% | $136M | +2.3% |
| Feb 28, 2024 | $-0.09 | $-0.08 | +11.1% | $119M | +7.4% |
| Feb 28, 2023 | $-0.10 | $-0.05 | +50.0% | $204M | -3.4% |
| Aug 10, 2022 | $-0.11 | $-0.08 | +27.3% | $187M | +3.6% |
| May 11, 2022 | $-0.09 | $-0.11 | -22.2% | $166M | +3.8% |
| Mar 9, 2022 | $-0.07 | $-0.07 | +0.0% | $155M | +12.8% |
| Nov 10, 2021 | $-0.20 | $-0.08 | +60.0% | $132M | -30.6% |
| Aug 11, 2021 | $-0.08 | $-0.29 | -262.5% | $122M | +13.2% |
MQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Pollak Toddofficer: Chief Revenue Officer | Sell | 18,750 | $16.88 |
| Jul 2, 2026 | Strozek Lukaszofficer: Chief Technology Officer | Grant | 1,930,156 | — |
| Jul 2, 2026 | Strozek Lukaszofficer: Chief Technology Officer | Grant | 482,536 | — |
| Jun 16, 2026 | Atkinson Najumadirector | Sell | 10,889 | $3.80 |
| Jun 16, 2026 | Sumner Crystalofficer: See Remarks | Sell | 5,056 | $3.89 |
| Jun 16, 2026 | Cummings Marthadirector | Sell | 14,831 | $3.80 |
| Jun 16, 2026 | CHOKSHI ALPESHdirector | Option | 25,592 | — |
| Jun 16, 2026 | Paul Elainedirector | Sell | 18,148 | $3.80 |
| Jun 11, 2026 | Cummings Marthadirector | Grant | 52,219 | — |
| Jun 11, 2026 | Linville Judson Cdirector | Option | 45,372 | — |
| Jun 11, 2026 | Linville Judson Cdirector | Grant | 65,274 | — |
| Jun 11, 2026 | CHOKSHI ALPESHdirector | Option | 36,297 | — |
| Jun 11, 2026 | Cummings Marthadirector | Option | 36,297 | — |
| Jun 11, 2026 | Graf R. Markdirector | Grant | 52,219 | — |
| Jun 11, 2026 | Paul Elainedirector | Option | 36,297 | — |
Source: MQ SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full MQ insider & 13F page →Marqeta, Inc. company profile
Overview
Marqeta, Inc. (NASDAQ:MQ) is a financial technology company founded in 2010 and headquartered in Oakland, California. The company went public in June 2021 and operates a cloud-based platform that provides card issuing and payment processing services through application programming interfaces (APIs). Marqeta serves approximately 200 customers across various sectors including digital banks, commerce platforms, and financial institutions, enabling them to create and manage payment card programs without building the underlying infrastructure themselves.
Business
Marqeta operates in the payment infrastructure industry, specifically focusing on card issuing and transaction processing services. The company's core offering is a cloud-based platform that allows businesses to issue payment cards (both debit and credit) and process transactions through APIs - essentially software interfaces that allow different applications to communicate with each other. To understand Marqeta's role, consider how traditional payment cards work: when you use a credit or debit card, the transaction must be authorized, processed, and settled through a complex network of banks, payment processors, and card networks like Visa or Mastercard. Historically, companies wanting to offer their own payment cards had to navigate this complex ecosystem, establish relationships with multiple financial institutions, and build significant technical infrastructure. Marqeta simplifies this process by providing a modern card issuing platform that handles the technical complexity behind the scenes. Companies can use Marqeta's APIs to quickly launch payment card programs, customize card features, and manage transactions in real-time. For example, a ride-sharing company could use Marqeta to issue cards to drivers for fuel purchases, or a digital bank could offer debit cards to customers without building their own payment processing infrastructure. The company's platform serves several key verticals: 1. Digital banking and neobanks - Companies like Varo Bank that offer banking services primarily through mobile apps 2. Buy Now, Pay Later (BNPL) and lending platforms - Services that allow consumers to split purchases into installments 3. Expense management - Corporate card programs for business expense tracking 4. On-demand and gig economy platforms - Companies needing to facilitate payments to workers or contractors 5. Commerce and marketplace platforms - E-commerce companies wanting to offer payment solutions Marqeta's largest customer is Block Inc. (formerly Square), which uses the platform for its Cash App Card product. Block represents approximately 45-50% of Marqeta's revenue, though this concentration has been gradually decreasing as the company diversifies its customer base.
Revenue model
Marqeta operates a platform-based business model with multiple revenue streams tied to payment card usage and services. The company generates revenue primarily through transaction-based fees and subscription-style platform fees. The core revenue model works as follows: Marqeta charges customers based on the volume of transactions processed through their platform, typically earning a small percentage or fixed fee per transaction. This creates a direct correlation between their customers' business growth and Marqeta's revenue. Additionally, the company charges platform fees for access to their card issuing infrastructure and various value-added services like program management, compliance support, and advanced analytics. Marqeta's customers are primarily B2B clients - technology companies, financial institutions, and enterprises that want to embed payment capabilities into their products. These customers pay Marqeta to handle the complex backend infrastructure required for card issuing and payment processing, allowing them to focus on their core business while offering payment services to their end users. The company's margins are influenced by several key factors. Positive margin drivers include economies of scale as transaction volumes grow, the ability to negotiate better rates with card networks and banks as volumes increase, and the high-margin nature of software-based services once the platform is built. The company also benefits from network effects - as more customers join the platform, Marqeta can spread fixed costs across a larger base and invest in more sophisticated features. Negative margin pressures come from intense competition in the payments space, which can compress pricing, and the need for continuous technology investment to maintain platform security and add new features. Regulatory compliance costs are also significant, as the financial services industry faces strict oversight. Additionally, Marqeta's heavy dependence on Block (Cash App) creates concentration risk - changes in Block's business model or growth rate directly impact Marqeta's financial performance. The company has been working to diversify this concentration by growing its non-Block customer base, which has shown stronger growth rates in recent quarters.
Competitive moat
Marqeta's competitive moat is moderate but faces significant challenges in an increasingly competitive payments infrastructure market. The company's primary defensive advantages stem from switching costs and technical integration complexity. Once customers integrate Marqeta's APIs into their systems and launch card programs, switching to alternative providers requires substantial technical work, testing, and potential service disruption. This creates meaningful customer stickiness, evidenced by the company's ability to retain and expand relationships with existing clients. The company also benefits from regulatory and compliance expertise. Card issuing and payment processing operate in a heavily regulated environment, and Marqeta has invested significantly in compliance infrastructure, bank partnerships, and regulatory relationships. This creates barriers for new entrants who must replicate these capabilities and relationships. However, Marqeta's moat faces several vulnerabilities. The payments infrastructure space is highly competitive, with well-funded competitors including traditional processors like Stripe, established financial technology companies, and even major tech companies building their own payment capabilities. Large technology companies like Apple, Google, and Amazon have the resources to build competing platforms and could potentially disintermediate Marqeta by offering similar services directly to customers. Additionally, Marqeta's dependence on external partners - including card networks (Visa, Mastercard, American Express), banks, and regulatory bodies - means the company doesn't control all aspects of its value chain. Changes in network fees, bank partnership terms, or regulatory requirements could impact profitability and competitive positioning. The company's heavy reliance on Block (Cash App) also represents a concentration risk that weakens its competitive position. While Marqeta has been successfully diversifying its customer base, this concentration makes the company vulnerable to changes in Block's strategy or business performance. Overall, while Marqeta has built a solid position in the growing embedded finance market, its moat is not particularly wide or durable against well-resourced competitors.
Risks & safety
Marqeta demonstrates a strong financial safety profile with excellent liquidity and minimal debt, though profitability remains inconsistent. **Liquidity and Solvency:** - Cash and short-term investments: $831 million (Q1 2025) - Current ratio: 3.18x, indicating strong short-term liquidity - Debt-to-equity ratio: 0.012 (minimal debt burden) - Free cash flow: $2.7 million (Q1 2025), positive but volatile across quarters **Profitability Metrics:** - Net income: -$8.3 million (Q1 2025), showing recent losses after brief profitability - EBITDA: -$13.2 million (Q1 2025), negative but improving from prior year - Return on equity: -0.84% (Q1 2025) **Valuation Considerations:** - Price-to-book ratio: 2.09x - Trading near cash value with Graham net-net ratio of 1.41x - Negative EV/EBITDA due to negative EBITDA **Other Factors:** - High cash burn risk is mitigated by substantial cash reserves - Revenue concentration risk with Block representing ~45% of revenue - Regulatory compliance costs create ongoing operational expenses
Recent development
Over the past few years, Marqeta has undergone significant strategic evolution and leadership changes while expanding its platform capabilities and market reach. The most notable development was the leadership transition in late 2024, when founder and CEO Simon Khalaf stepped down, with Mike Milotich appointed as interim CEO while the board conducts a comprehensive search for a permanent replacement. The company has focused heavily on product innovation and platform expansion. Key developments include the launch of Portfolio Migration services to help customers upgrade existing card programs, the introduction of UX Toolkit for easier program development, and Marqeta Flex for Buy Now, Pay Later payment options. The company also became the first US issuer processor certified for Visa Flexible Credential, allowing users to switch between different transaction methods dynamically. Geographic expansion has been a major strategic priority, with particularly strong growth in Europe where TPV has grown over 100% year-over-year. The company opened a new office in Warsaw, Poland, and completed the acquisition of TransactPay to enhance European program management capabilities with an EMI license that enables bin sponsorship and simplifies customer contracting. Marqeta has also expanded its network partnerships, adding American Express as a network option alongside existing Visa and Mastercard relationships. This provides customers with additional credit and debit capabilities and opens new sales opportunities. The company has been working to add additional bank partners to its platform, expecting to onboard at least two new partners before year-end 2025. The company has faced regulatory challenges that have impacted operations, with increased regulatory scrutiny causing program launch delays and extending average launch times by 30-40%. In response, Marqeta has invested significantly in compliance capabilities and is working to streamline onboarding processes while maintaining regulatory standards. Customer diversification remains a key strategic focus, with the company successfully reducing Block's revenue concentration from over 70% in previous years to approximately 45% currently. Non-Block customers have shown particularly strong growth, with the top 10 non-Block customers growing over 30% and remaining customers growing over 50% in recent quarters.
MQ company profile · for informational purposes only — not investment advice.
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