AI-assembled from public SEC filings
Payment networks and processors peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
Descriptive comparison — not investment advice. This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.
Methodology
Mechanical payments cluster: card networks and payment processors in the existing grepcent universe, centered on SEC SIC 7389 business-services payment networks/processors plus AXP as a disclosed requested issuer/lender peer with cached SEC SIC 6199.
The cluster intentionally spans different sub-models: V and MA are card networks; AXP is an issuer/lender with credit exposure; PYPL is a digital wallet and checkout platform; GPN and FISV are merchant/issuer processors. These differences are disclosed so margin and credit-sensitive rows are read descriptively rather than as a single identical model. FI was requested but is not present in the processed cache; FISV is retained as the cached Fiserv ticker. The review publishes no proprietary index-membership labels.
Provenance
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | V | MA | AXP | PYPL | GPN | FISV |
|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: AXP -> us-gaap:RevenuesNetOfInterestExpense; FISV -> us-gaap:Revenues; GPN -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; MA -> us-gaap:Revenues; PYPL -> us-gaap:Revenues; V -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 40,000,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 32,791,000,000 source | 72,229,000,000 source | 33,172,000,000 source | 7,705,878,000 source | 21,193,000,000 source |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: FISV -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; GPN -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; MA -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; PYPL -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; V -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 59.98% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 57.63% source | Not available. | 18.28% source | 22.77% source | 27.45% source |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: AXP -> us-gaap:NetIncomeLoss + us-gaap:RevenuesNetOfInterestExpense; FISV -> us-gaap:NetIncomeLoss + us-gaap:Revenues; GPN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; MA -> us-gaap:ProfitLoss + us-gaap:Revenues; PYPL -> us-gaap:NetIncomeLoss + us-gaap:Revenues; V -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 50.14% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 45.65% source | 15.00% source | 15.78% source | 18.17% source | 16.42% source |
| Capital expenditures Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: AXP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; FISV -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GPN -> us-gaap:PaymentsToAcquireProductiveAssets; MA -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PYPL -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; V -> us-gaap:PaymentsToAcquireProductiveAssets. | 1,482,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 489,000,000 source | 2,425,000,000 source | 852,000,000 source | 617,769,000 source | 1,763,000,000 source |
| Capex / revenue Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: AXP -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenuesNetOfInterestExpense; FISV -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; GPN -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; MA -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; PYPL -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; V -> us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 3.71% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 1.49% source | 3.36% source | 2.57% source | 8.02% source | 8.32% source |
| Free cash flow Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: AXP -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; FISV -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GPN -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; MA -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PYPL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; V -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets. | 21,577,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 17,159,000,000 source | 16,003,000,000 source | 5,564,000,000 source | 2,038,823,000 source | 4,299,000,000 source |
| FCF / revenue Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: AXP -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:RevenuesNetOfInterestExpense; FISV -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; GPN -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; MA -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; PYPL -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment + us-gaap:Revenues; V -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. | 53.94% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 52.33% source | 22.16% source | 16.77% source | 26.46% source | 20.28% source |
| Share buybacks | 18,316,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 11,727,000,000 source | 5,814,000,000 source | 6,052,000,000 source | 1,191,020,000 source | Not available. |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: AXP -> us-gaap:PaymentsOfDividends; GPN -> us-gaap:PaymentsOfDividendsCommonStock; MA -> us-gaap:PaymentsOfDividends; PYPL -> us-gaap:PaymentsOfDividends; V -> us-gaap:PaymentsOfDividends. | 4,634,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 2,756,000,000 source | 2,271,000,000 source | 130,000,000 source | 238,521,000 source | Not available. |
| Liabilities / equity leverage Mixed reporting concepts: us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest. Ticker concepts: AXP -> us-gaap:Liabilities + us-gaap:StockholdersEquity; FISV -> us-gaap:Liabilities + us-gaap:StockholdersEquity; GPN -> us-gaap:Liabilities + us-gaap:StockholdersEquity; MA -> us-gaap:Liabilities + us-gaap:StockholdersEquity; PYPL -> us-gaap:Liabilities + us-gaap:StockholdersEquity; V -> us-gaap:Liabilities + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest. | 1.63 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 6.00 source | 7.96 source | 2.96 source | 1.29 source | 2.11 source |
| Cash and equivalents | 17,164,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 10,566,000,000 source | Not available. | 8,049,000,000 source | 8,336,402,000 source | 798,000,000 source |
Code-computed comparisons
- grepcent-computed FCF margin range: range endpoints are PYPL (16.77%) and MA (52.33%).
- Reported operating margin range: range endpoints are PYPL (18.28%) and MA (57.63%).
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Narrative Matrix
| Dimension | V | AXP | PYPL | GPN | FISV |
|---|---|---|---|---|---|
| Business model | In its latest annual MD&A, V describes this business model item. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers. company page · source filing · filed 2025-11-06 | In its latest annual MD&A, AXP describes this business model item. The amount of fees charged for accepting our cards as payment, or merchant discount, varies with, among other factors, the industry in which the merchant conducts business, the merchant’s overall American Express-related transaction volume, the method of payment, the settlement terms with the merchant, the method of submission of transactions and, in certain instances, the geographic scope for the card acceptance agreement between the merchant and us (e.g., local or global) and the transaction amount. company page · source filing · filed 2026-02-06 | In its latest annual MD&A, PYPL describes this business model item. A platform access partner is a third party whose customers are provided access to PayPal’s platform or services through such third-party’s login credentials, including individuals and entities that utilize Hyperwallet’s payout capabilities. company page · source filing · filed 2026-02-03 | In its latest annual MD&A, GPN describes this business model item. Payment processing services revenues are generated primarily from charges based on the number of accounts on file, transactions and authorizations processed, statements generated and/or mailed, managed services, cards embossed and mailed and other processing services for cardholder accounts on file. company page · source filing · filed 2026-02-20 | In its latest annual MD&A, FISV describes this business model item. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service; POS devices; and pay-by-bank solutions. company page · source filing · filed 2026-02-19 |
| Stated strategy in filings | — | — | — | — | In its latest annual MD&A, FISV describes this stated strategy in filings item. This business is included within the Merchant segment and expands the footprint of our Clover® platform. company page · source filing · filed 2026-02-19 |
| Idiosyncratic risks in filings | In its latest annual MD&A, V describes this idiosyncratic risks in filings item. Visa may, but is under no obligation to, conduct a successive exchange offer for class B common stock if (i) one year has passed since the initial exchange offer for the next preceding class of class B common stock; and (ii) if the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation have been reduced by 50% or more since the consummation of the prior exchange offer (or in the case of the first successive exchange offer, since October 1, 2023), as determined by Visa. company page · source filing · filed 2025-11-06 | In its latest annual MD&A, AXP describes this idiosyncratic risks in filings item. Pursuant to the cobrand agreements, we make payments to our cobrand partners, which can be significant, based primarily on the amount of Card Member spending and corresponding rewards earned on such spending and, under certain arrangements, on the number of accounts acquired and retained. company page · source filing · filed 2026-02-06 | — | — | — |
Related law (on neochart)
Not legal advice. grepcent publishes a curated industry-to-statute association only. It does not interpret statutes, assess company conduct, or mirror statute text. Deep links go to neochart.
Statutes grepcent curates as governing this industry, deep-linked to neochart's official text. Case-citation counts are shown as an importance signal, not the selection criterion. Citing cases are shown as a case-citation in-degree importance signal, not an endorsement.
- 15 U.S.C. § 1601: §1601. Congressional findings and declaration of purpose
- 15 U.S.C. § 1693: §1693. Congressional findings and declaration of purpose
Provenance
Withheld quantitative rows
- revenue_growth: Only 0 of 6 companies have a verified fact; threshold is 2.
Withheld dimensions
- geographic_customer_exposure: No quote passed the evidence checks.
- capital_allocation: No quote passed the evidence checks.
- recent_narrative_change: No quote passed the evidence checks.
Withheld cells
- MA / business_model: no quote passed the evidence checks
- V / geographic_customer_exposure: no quote passed the evidence checks
- MA / geographic_customer_exposure: no quote passed the evidence checks
- AXP / geographic_customer_exposure: no quote passed the evidence checks
- PYPL / geographic_customer_exposure: no quote passed the evidence checks
- GPN / geographic_customer_exposure: no quote passed the evidence checks
- FISV / geographic_customer_exposure: no quote passed the evidence checks
- V / capital_allocation: no quote passed the evidence checks
- MA / capital_allocation: no quote passed the evidence checks
- AXP / capital_allocation: no quote passed the evidence checks
- PYPL / capital_allocation: no quote passed the evidence checks
- GPN / capital_allocation: no quote passed the evidence checks
- FISV / capital_allocation: no quote passed the evidence checks
- V / stated_strategy: no quote passed the evidence checks
- MA / stated_strategy: no quote passed the evidence checks
- AXP / stated_strategy: no quote passed the evidence checks
- PYPL / stated_strategy: no quote passed the evidence checks
- GPN / stated_strategy: no quote passed the evidence checks
- MA / idiosyncratic_risks: no quote passed the evidence checks
- PYPL / idiosyncratic_risks: no quote passed the evidence checks
- GPN / idiosyncratic_risks: no quote passed the evidence checks
- FISV / idiosyncratic_risks: no quote passed the evidence checks
- V / recent_narrative_change: no quote passed the evidence checks
- MA / recent_narrative_change: no quote passed the evidence checks