Marqeta
MQ on Nasdaq. Marqeta sells card payment technology to businesses issuing cards. Market value $2.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.19 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 55 of 100. Price score: 12 of 100. Our list needs 70 on quality and 60 on price.
$16.55 a share, 12% above its 1-year low
Over the past year the price has ranged from $14.80 to $22.28.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $517m | $748m | $676m | $507m | $625m |
| Operating margin | |||||
| Operating margin | -31.3% | -28.0% | -41.9% | -4.8% | -7.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.36bn | 0.55bn | 0.53bn | 0.52bn | 0.46bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsSlow, 4.8% a year
- Buying back its own sharesNo, 27% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $176 million last quarter, up 17% on a year ago.
- Profit: $8 million, after a loss of $647,000 a year ago.
- It loses 2 cents on each $1 of sales, compared with 19 cents a year earlier.
- Spare cash over the past 12 months: $167 million, up from $31 million.
- 7% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $128m |
| December 2024 | $136m |
| March 2025 | $139m |
| June 2025 | $150m |
| September 2025 | $163m |
| December 2025 | $172m |
| March 2026 | $166m |
| June 2026 | $176m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$29m |
| December 2024 | -$27m |
| March 2025 | -$8m |
| June 2025 | -$647,000 |
| September 2025 | -$4m |
| December 2025 | -$1m |
| March 2026 | $8m |
| June 2026 | $8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 209 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $214,000
- Share of fund
- <0.1%
- Royce & AssociatesChuck Royce
- Value
- $60,997
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $214,000 | <0.1% | |
| Royce & AssociatesChuck Royce | $60,997 | <0.1% |
Largest holders overall
- Price T Rowe Associates$185m
- BlackRock$111m
- Vitruvian Partners LLP$111m
- T. Rowe Price Investment Management$103m
- Vanguard Portfolio Management$71mAdded
- Vanguard Capital Management$68m
- Wellington Management Group LLP$56mAdded
- Renaissance Technologies$50mAdded
- Capital World Investors$45mAdded
- Invesco$41mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- T. Rowe Price Associates, Inc.Passive investor11.6%−1.3 ptsSince 30 June 2026
- Jason GardnerPassive investor11.5%Since 30 June 2026
- Dimensional Fund Advisors LPPassive investor8.0%Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investor7.0%Since 30 June 2025
- BlackRock, Inc.Passive investor6.5%Since 30 June 2025
- Christopher McKayPassive investorat least 4.1%(filed with 4 related holders)Since 27 February 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- FMR LLCPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
T. Rowe Price Associates, Inc. Passive investor | 11.6%−1.3 pts | 30 June 2026 | |
Jason Gardner Passive investor | 11.5% | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | 8.0% | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 7.0% | 30 June 2025 | |
BlackRock, Inc. Passive investor | 6.5% | 30 June 2025 | |
Christopher McKay Passive investor | at least 4.1% (filed with 4 related holders) | 27 February 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
FMR LLC Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $100,490 of shares on the open market. 6 sold $2m, $2m of it under preset trading plans.
- Cummings MarthaDirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 713
- Price
- $16.01
- Value
- $11,415
- Sumner CrystalSee RemarksSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 1,250
- Price
- $16.39
- Value
- $20,488
- Sumner CrystalSee RemarksSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 1,250
- Price
- $16.27
- Value
- $20,338
- Cummings MarthaDirectorSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 713
- Price
- $16.47
- Value
- $11,743
- Cummings MarthaDirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 713
- Price
- $16.22
- Value
- $11,565
- Pollak ToddChief Revenue OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 18,750
- Price
- $16.88
- Value
- $316,448
- Sumner CrystalSee RemarksSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 5,056
- Price
- $3.89
- Value
- $19,668
- Atkinson NajumaDirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 10,889
- Price
- $3.80
- Value
- $41,378
- Paul ElaineDirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 18,148
- Price
- $3.80
- Value
- $68,962
- Cummings MarthaDirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 14,831
- Price
- $3.80
- Value
- $56,358
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 16 September 2026 | Cummings Martha Director | Sold under a preset trading plan | 713 | $16.01 | $11,415 |
| 15 September 2026 | Sumner Crystal See Remarks | Sold under a preset trading plan | 1,250 | $16.39 | $20,488 |
| 1 September 2026 | Sumner Crystal See Remarks | Sold under a preset trading plan | 1,250 | $16.27 | $20,338 |
| 14 August 2026 | Cummings Martha Director | Sold under a preset trading plan | 713 | $16.47 | $11,743 |
| 15 July 2026 | Cummings Martha Director | Sold under a preset trading plan | 713 | $16.22 | $11,565 |
| 1 July 2026 | Pollak Todd Chief Revenue Officer | Sold under a preset trading plan | 18,750 | $16.88 | $316,448 |
| 15 June 2026 | Sumner Crystal See Remarks | Sold under a preset trading plan | 5,056 | $3.89 | $19,668 |
| 12 June 2026 | Atkinson Najuma Director | Sold under a preset trading plan | 10,889 | $3.80 | $41,378 |
| 12 June 2026 | Paul Elaine Director | Sold under a preset trading plan | 18,148 | $3.80 | $68,962 |
| 12 June 2026 | Cummings Martha Director | Sold under a preset trading plan | 14,831 | $3.80 | $56,358 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 8 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 45% last year. Losing that customer would hurt.
“We generated 45% and 47% of our net revenue from our largest customer, Block, during the years ended December 31, 2025 and 2024, respectively.”
From the 10-K filed 24 February 2026, Item 7. Management's Discussion and Analysis. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.