公司业务模式 - 作为支付处理商 提供技术支持信用卡和借记卡安全支付 连接买家和卖家并代表发卡行服务[2] - 收费模式基于交易量 每笔交易收取小额费用而非依赖单笔交易重要性[4] - 在实体零售和电子商务领域均深度渗透 大多数商店和电商平台接受其支付服务[5] 财务表现 - 2025财年第三季度支付量同比增长10% 处理交易量达654亿笔[4] - 同期以美元计价的支付量增长8%[4] - 营业收入增长14% 调整后利润跃升23%[7] 行业地位与趋势 - 受益于全球从纸币向卡和数字支付转型趋势[6] - 与少数公司共同形成有效寡头垄断格局 主导行业地位[6] - 支付网络处理规模庞大 显示其在金融市场深度根植性[4][5] 估值分析 - 市销率(P/S)约16.8倍 低于五年平均17.7倍[8] - 市盈率(P/E)为33.5倍 略低于长期均值34.1倍[8] - 估值虽非绝对低位 但处于合理价格增长(GARP)区间[9] 投资定位 - 在全球最大金融公司中排名第三 被列为优先投资标的[1] - 适合增长型投资者 历史估值水平显示合理定价[9] - 基于业务持续成功和数字支付前景 被推荐为长期投资起点[10]

Visa can operate with such strong margins because it has already set up its nearly ubiquitous global payment network. Additional transactions don't meaningfully increase its cost of goods sold. In short, Visa has an excellent business that has performed exceptionally well in the past. That's no guarantee of future success, but there are good reasons to expect Visa to continue along the same path. In 2018, Apple became the first publicly traded company to have a $1 trillion market cap. Since then, several mo ...