Visa (NYSE:V), Mastercard (NYSE:MA), American Express (NYSE:AXP), PayPal (NASDAQ:PYPL), and Capital One (NYSE:COF) all collect money at the same time: when a buyer pays for something. Visa alone handled 74.2 billion transactions in the three months ended Sept. 30, up 10% year over year. But they don't all face the same risk to get paid. Some just run the network, while others also lend the money for the purchase. And I think the market prices this difference in. Visa and Mastercard both trade at around 28 times analysts' earnings estimates for 2027 (fiscal 2027, in Visa's case). PayPal and Capital One sell for about 10 and 9 times earnings estimates.
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