150
151
CMSPI – IAC State of the Industry Report
CMSPI – IAC State of the Industry Report
OPERATING MARGIN: Networks
VALUATION MULTIPLES (PE RATIO IN USD): Acquirers 2019 2020
2019 65% 57% 21% N/A 47%
2020 64% 53% 14% 13% 24%
2021 66% 53% 24% N/A 59%
2022 64% 55% 19% 10% 52%
2023 64% 56% 19% N/A 39%
2021
2022
2023
Visa
FIS/Worldpay
194
525
153
-2
-5
Mastercard
Fiserv
68 56 37
81 82 98
52
26 67 49 83
27
American Express
Nexi
350
-10
JCB
Worldline
72
-5
Discover
Adyen
128
296 108
194
58 34
Global Payments
82
40
246
Comprehensive financial information on card networks NET REVENUE (USD MILLIONS): Networks 2019 2020 2021 2022
VALUATION (MARKET CAPITALIZATION IN USD BILLIONS): Networks 2019 2020 2021
2022
2023
Visa
$416.79 $300.68 $100.83
$482.17 $355.84 $97.35
$469.42 $352.07 $124.49
$439.95 $334.32 $110.40
$535.06 $399.97 $136.52
Mastercard
American Express
2023
JCB (Yen) Discover
Not Disclosed
Visa
$22,977 $16,883 $39,983
$21,846 $15,301 $31,357 $2,793 $5,954
$24,105 $18,884 $43,799
$29,310 $22,237 $50,680 $2,743 $10,934
$32,653 $25,098 $55,592
$26.30
$27.74
$33.28
$26.72
$28.10
Mastercard
American Express
VALUATION MULTIPLES (PE RATIO IN USD): Networks 2019 2020
JCB (Yen) Discover
N/A
N/A
N/A
$8,228
$11,833
$9,842
2021
2022
2023
Visa
32 37 15
41 55 31
35 40 16
27 34 15
29 36 17
Mastercard
OPERATING INCOME (USD MILLIONS): Networks 2019
American Express
JCB (Yen) Discover
Not Disclosed
2020
2021
2022
2023
8
23
6
6
10
Visa
$15,001 $9,664 $8,429
$14,081 $8,081 $4,296
$15,804 $10,082 $10,689
$18,813 $12,264 $9,585
$21,000 $14,008 $10,513
Mastercard
American Express
JCB (Yen) Discover
N/A
$373
N/A
$266
N/A
$3,835
$1,435
$7,028
$5,718
$3,826
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