Is the business good?
How good a business is MQ?
Marqeta, Inc. earns −67% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−67%
Return on invested capital · cost of capital 9.0% · 76 points below what the capital costs: growth destroys value
- Operating margin
- −4.0%
Operating margin · Software - Infrastructure median 6.1% · 12 months to Q1 2026
- Share count, year on year
- −14%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 70%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −16% |
| FY2021 | −31% |
| FY2022 | −28% |
| FY2023 | −42% |
| FY2024 | −4.8% |
| FY2025 | −7.4% |
Details›
- Gross margin12 months to Q1 2026
- 70%
- Operating margin12 months to Q1 2026
- −4.0%
- Net margin12 months to Q1 2026
- 0.33%
- Free cash flow margin
- 23%
- Revenue, trailing twelve months
- $652M
- Free cash flow, trailing twelve months
- $147M
- Net income, trailing twelve months
- $2.2M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −67%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Software - Infrastructure
Ranks #72 of 78 by Smart Score