MQMarqeta, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MQ?
Marqeta, Inc. earns −70% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 79 points below what the capital costs: growth destroys value
- Operating margin
- −1.9%
Operating margin · Software - Infrastructure median 5.8% · 12 months to Q2 2026
- Share count, year on year
- −7.4%
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 Q2 2026
- 70%
- Operating margin12 months to Q2 2026
- −1.9%
- Net margin12 months to Q2 2026
- 1.5%
- Free cash flow margin
- 29%
- Revenue, trailing twelve months
- $677M
- Free cash flow, trailing twelve months
- $198M
- Net income, trailing twelve months
- $10M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −70%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Software, Infrastructure
Ranks #53 of 80 by RyuScore