Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Visa Inc. (V)

Price updated 06 Nov 2026 09:57; Fiscal year 2025; Annual financials downloaded 05 Nov 2026 20:51.

Starts from Fiscal year 2025 financials in USD and a share price of USD 422.59. Growth begins at 9.4% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 63.0%, net 50.1%, free cash flow 53.9% of revenue. Bear and bull move starting growth by 1.5 points and long-run growth by 1 point.

For banks, insurers and holding companies, revenue and cash flow mix in interest and investment flows. Read net income rather than free cash flow.
Year 1 uses analyst consensus revenue growth (10.7%); year 2 is halfway back to the model's own path.
USD 571.13Model fair value (Earnings-based DCF); range USD 422.35 to USD 838.31
35%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Dividend discount model disagrees strongly; annual data only; profit and cash flow steady for 3 years; value is more than 1.5x the Dividend discount model value.

7.1%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 72.39BRevenue in year 10 (base)
USD 36.30BNet income in year 10 (base)
USD 39.05BFree cash flow in year 10 (base)
USD 1.07Dividend per share in year 10 (base)
USD 832.01Implied share price in year 10 (base), today USD 422.59
19.7%Year-10 free cash flow per share vs today's price

Net income over time

USD 0 USD 10.20B USD 20.40B USD 30.61B USD 40.81B FY2022 FY2023 FY2024 Fiscal year 2025 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Net income in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear 9.2% USD 32.25B 4.9%
Base 10.7% USD 36.30B 6.1%
Bull 12.2% USD 40.81B 7.4%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
Fiscal year 2025– USD 40.00BUSD 25.21BUSD 20.06BUSD 21.58B 42.7445.980.59n/a422.59
Year 110.7% USD 44.28BUSD 27.91BUSD 22.20BUSD 23.88B 47.3150.890.65n/a475.99
Year 29.7% USD 48.56BUSD 30.61BUSD 24.35BUSD 26.19B 51.8955.820.72n/a531.03
Year 37.9% USD 52.38BUSD 33.02BUSD 26.26BUSD 28.25B 55.9760.210.77n/a582.53
Year 47.1% USD 56.09BUSD 35.36BUSD 28.13BUSD 30.26B 59.9364.470.83n/a634.23
Year 56.3% USD 59.63BUSD 37.59BUSD 29.90BUSD 32.16B 63.7168.540.88n/a685.29
Year 65.5% USD 62.92BUSD 39.66BUSD 31.55BUSD 33.94B 67.2372.320.93n/a723.15
Year 74.7% USD 65.90BUSD 41.54BUSD 33.05BUSD 35.55B 70.4275.760.97n/a757.45
Year 84.0% USD 68.52BUSD 43.19BUSD 34.36BUSD 36.96B 73.2178.761.01n/a787.46
Year 93.2% USD 70.70BUSD 44.56BUSD 35.45BUSD 38.13B 75.5481.261.04n/a812.51
Year 102.4% USD 72.39BUSD 45.63BUSD 36.30BUSD 39.05B 77.3583.211.07n/a832.01

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.