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VISA INC.

V · Technology · FY2025 filings · · Not rated ·

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We don't have enough comparable filing data to score at least four of the five filters for V, so we don't publish a composite. Missing: businessTrend, pricingPower. No composite: 2 components abstained (businessTrend: Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend.; pricingPower: Not enough years of gross-margin data to score pricing power.).

20 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $3.6B (FY2007) to $40.0B (FY2025) — about 14.3% a year compounded over 18 years.

It earned 43.3% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 26.5%. Over the v3 recent window (10 measurable filed years), median ROIC was 40.3%. The Returns on Capital filter above scores it 100/100.

The balance sheet carried $25.2B of total debt in FY2025 against $20.1B of owner earnings — roughly 1.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 96/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from V’s SEC filings

Sales, as filed$40.0B FY2025
$0$20B$40B2006201320202025
Revenue kept after cost of goods

Not disclosed in V’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC 42.4% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%20%40%2006201320202025
Cash an owner could take out$20.1B FY2025
$0$10B$20B2006201320202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How VISA INC. makes its money

VISA INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$40.0B100%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$24.0B60%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Income before tax$24.2B60%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Income tax$4.1B10%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$20.1B50%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Source:
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
· event Sep 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What VISA INC. owns — and owes

VISA INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$99.6B100%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Cash and equivalents$17.2B17%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$25.2B25%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Stockholders’ equity$37.9B38%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Source:
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
· event Sep 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives VISA INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity52%Tax burden83%net income ÷ pretax incomeInterest burden101%pretax ÷ operating incomeOperating margin60%operating income ÷ revenueAsset turnover0.41×revenue ÷ average assetsEquity multiplier2.52×average assets ÷ average equityAs of 2025-09-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$20.1BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Income before tax$24.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Operating income$24.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$40.0BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Ending assets$99.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Beginning assets$94.5BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$37.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
$39.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Source: · event Sep 30, 2025 · retrieved Oct 15, 2026 · annual-row source set
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Flagship explainer

Where VISA INC.'s cash went

VISA INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$23.1B100%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Depreciation and amortization$1.2B5%
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
Source:
  • 10-K · FY 2025Filing detailsAccession 0001403161-25-000089 · filed Nov 6, 2025
· event Sep 30, 2025 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding VISA INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

11 holding0 exited7 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Akre Capital1,110,881 shares$381M · 7% of eligible reported 13FTrimmed · -527,917 shares (−32%)
Baupost Group701,355 shares$240628 · 4% of eligible reported 13FUnchanged · 0 shares (0%)
Brave Warrior Advisors618 shares$212030 · 0% of eligible reported 13FAdded · +618 shares
Dodge & Cox5,417,326 shares$1.9B · 1% of eligible reported 13FAdded to position · +5,416,467 shares (630555%)
Fundsmith2,019,810 shares$693M · 5% of eligible reported 13FTrimmed · -1,084,280 shares (−35%)
Gardner Russo & Quinn87,256 shares$29.9M · 0% of eligible reported 13FTrimmed · -6,556 shares (−7%)
Mairs & Power852,050 shares$292M · 3% of eligible reported 13FAdded to position · +11,133 shares (1%)
Markel / Markel-Gayner1,013,912 shares$348M · 3% of eligible reported 13FAdded to position · +9,581 shares (1%)
Oakmark / Harris Associates711,659 shares$244M · 0% of eligible reported 13FTrimmed · -5,601 shares (−1%)
Polen Capital1,805,617 shares$619M · 5% of eligible reported 13FTrimmed · -640,143 shares (−26%)
Yacktman Asset Management732 shares$251142 · 0% of eligible reported 13FUnchanged · 0 shares (0%)
Abrams CapitalNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
First EagleNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What VISA INC. insiders reported

Records still being gathered — partial as of retrieval Oct 15, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

31 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale

No composite readings yet — V’s filings don’t give the engine enough comparable data to score, and we log that honestly instead of guessing a number.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
  4. Methodology upgraded moat-index@1.1.0moat-index@1.2.0 — readings across versions aren’t comparedJul 17, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 15, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (17 versus 6). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event5,875$134.76$791,71521,049Oct 1, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $134.76 · code M · owned after 21,049 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
MCINERNEY RYANDirector, Chief Executive OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock5,875$358.81$2,108,00915,174Oct 1, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $358.81 · code S · owned after 15,174 ·
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event5,875—Exercise or conversion of derivative security (M)—52,874Oct 1, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 5,875 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 52,874 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
ROTTENBERG JULIE BGENERAL COUNSELExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event1,867$134.76$251,59720,271Sep 9, 2026
1 filed lot
  • Table I · Class A Common Stock: 1,867 shares at $134.76 · code M · owned after 20,271 · Paired event: 1,867 Employee Stock Option (Right to Buy) → 1,867 Class A Common Stock ·
ROTTENBERG JULIE BGENERAL COUNSELOpen-market or private sale (S)Table I · Disposed · Class A Common Stock1,867$368.34$687,69118,404Sep 9, 2026
1 filed lot
  • Table I · Class A Common Stock: 1,867 shares at $368.34 · code S · owned after 18,404 ·
ROTTENBERG JULIE BGENERAL COUNSELExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event1,867—Exercise or conversion of derivative security (M)—3,734Sep 9, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 1,867 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 3,734 · Paired event: 1,867 Employee Stock Option (Right to Buy) → 1,867 Class A Common Stock ·
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event5,875$134.76$791,71521,049Sep 1, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $134.76 · code M · owned after 21,049 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
MCINERNEY RYANDirector, Chief Executive OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock5,875$379.65$2,230,44415,174Sep 1, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $379.65 · code S · owned after 15,174 ·
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event5,875—Exercise or conversion of derivative security (M)—58,749Sep 1, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 5,875 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 58,749 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
ROTTENBERG JULIE BGENERAL COUNSELExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event2,028$109.82$222,71520,432Aug 31, 2026
1 filed lot
  • Table I · Class A Common Stock: 2,028 shares at $109.82 · code M · owned after 20,432 · Paired event: 2,028 Employee Stock Option (Right to Buy) → 2,028 Class A Common Stock ·
ROTTENBERG JULIE BGENERAL COUNSELOpen-market or private sale (S)Table I · Disposed · Class A Common Stock2,028$381.35$773,37818,404Aug 31, 2026
1 filed lot
  • Table I · Class A Common Stock: 2,028 shares at $381.35 · code S · owned after 18,404 ·
ROTTENBERG JULIE BGENERAL COUNSELExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event2,028—Exercise or conversion of derivative security (M)—0Aug 31, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 2,028 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 2,028 Employee Stock Option (Right to Buy) → 2,028 Class A Common Stock ·
Taneja RajatPRESIDENT, TECHNOLOGYOpen-market or private sale (S)Table I · Disposed · Class A Common Stock17,927$370.9968$6,650,860232,112Aug 21, 2026
1 filed lot
  • Table I · Class A Common Stock: 17,927 shares at $370.9968 · code S · owned after 232,112 ·
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event5,875$134.76$791,71521,049Aug 21, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $134.76 · code M · owned after 21,049 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
MCINERNEY RYANDirector, Chief Executive OfficerOpen-market or private sale (S)Table I · Disposed · Class A Common Stock5,875$367.87$2,161,23615,174Aug 21, 2026
1 filed lot
  • Table I · Class A Common Stock: 5,875 shares at $367.87 · code S · owned after 15,174 ·
MCINERNEY RYANDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event5,875—Exercise or conversion of derivative security (M)—64,624Aug 21, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 5,875 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 64,624 · Paired event: 5,875 Employee Stock Option (Right to Buy) → 5,875 Class A Common Stock ·
ANDRESKI PETER MGBL CORP CONTROLLER, CAOExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event4,170Not disclosedNot disclosed11,952Aug 15, 2026
1 filed lot
  • Table I · Class A Common Stock: 4,170 shares at Not disclosed · code M · owned after 11,952 · Paired event: 4,170 Restricted Stock Units → 4,170 Class A Common Stock ·
ANDRESKI PETER MGBL CORP CONTROLLER, CAOPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock1,714$364.15$624,15310,238Aug 15, 2026
1 filed lot
  • Table I · Class A Common Stock: 1,714 shares at $364.15 · code F · owned after 10,238 ·
ANDRESKI PETER MGBL CORP CONTROLLER, CAOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event4,170Not disclosedNot disclosed0Aug 15, 2026
1 filed lot
  • Table II · Restricted Stock Units: 4,170 shares at Not disclosed · code M · owned after 0 · Paired event: 4,170 Restricted Stock Units → 4,170 Class A Common Stock ·
ANDRESKI PETER MGBL CORP CONTROLLER, CAOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units5,492—Grant, award, or other acquisition (A)—5,492Aug 15, 2026
1 filed lot
  • Table II · Restricted Stock Units: 5,492 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 5,492 ·
Suh ChrisCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table I · Acquired · Class A Common Stock · 1 paired event15,289Not disclosedNot disclosed25,161Aug 15, 2026
1 filed lot
  • Table I · Class A Common Stock: 15,289 shares at Not disclosed · code M · owned after 25,161 · Paired event: 15,289 Restricted Stock Units → 15,289 Class A Common Stock ·
Suh ChrisCHIEF FINANCIAL OFFICERPayment of exercise price or tax liability (F)Table I · Disposed · Class A Common Stock6,992$364.15$2,546,13718,169Aug 15, 2026
1 filed lot
  • Table I · Class A Common Stock: 6,992 shares at $364.15 · code F · owned after 18,169 ·
Suh ChrisCHIEF FINANCIAL OFFICERExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event15,289Not disclosedNot disclosed0Aug 15, 2026
1 filed lot
  • Table II · Restricted Stock Units: 15,289 shares at Not disclosed · code M · owned after 0 · Paired event: 15,289 Restricted Stock Units → 15,289 Class A Common Stock ·

Source-event as of . Retrieved .

Track record

How VISA INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored V on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 201120142017202020232025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, V did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

Not ranked — V doesn’t have enough comparable filing data for a composite score, so we don’t place it on the board.

Technology leaders by Moat Score

  1. #1FTNT FORTINET, INC.100.0Wide moat
  2. #2IBEX IBEX LIMITED98.5Wide moat
  3. #3META Meta Platforms, Inc.98.4Wide moat

All Technology companies on the Index →

Common questions about V

Does VISA INC. have an economic moat?
We don't publish a Moat Score for VISA INC. (V): its SEC filings don't provide enough comparable data to score at least four of the five filters, and the Index records each gap rather than a guessed number. Missing inputs: revenue and EPS trend, pricing power.
How has V's Moat Score changed over time?
The record logs 31 readings since Jul 17, 2026, none with a composite — V hasn't had enough comparable filing data to score. No tier changes on record yet. (Methodology or normalizer upgrades on Jul 17, 2026, Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell V. See the disclaimer.