Visa Inc.
V 8.5Price and target zones价格与目标区间
What the company does公司做什么
Visa runs a giant electronic network that carries payment messages around the world. It does not lend money and it does not issue credit or debit cards itself — banks do that. When a shopper pays with a Visa card, Visa's network sends the request from the shop's bank to the shopper's bank, waits for approval, and helps the money move. Visa takes a small fee at each step of that trip, no matter which bank is involved. Because the fee is a slice of spending, not a fixed price, Visa's income rises as the world spends more.Visa运营着一个把支付信息传送到世界各地的巨大电子网络。它不放贷，也不自己发行信用卡或借记卡——那是银行做的事。当一个顾客用Visa卡付款时，Visa的网络把请求从商店的银行送到顾客的银行，等待批准，并帮助资金转移。Visa在这趟旅程的每一步都收取一小笔费用，不管中间是哪家银行。因为这笔费用是消费额的一个切片，而不是固定价格，所以世界花的钱越多，Visa的收入就越高。
Earns from营收来源 every time a Visa card is tapped, swiped, or entered online, Visa charges the shopper's bank and the shop's bank small fees for checking the payment is real, moving the message, and settling the money, with a bigger fee when the purchase crosses a border. (Visa reports these fees before it pays incentives back to banks, so the lines below do not add to its final revenue.)每一次有人刷、碰或在网上输入Visa卡时，Visa都会向顾客的银行和商店的银行收取小额费用，用于核验这笔付款是否真实、传送信息和结算资金；当这笔消费跨越国境时，收费会更高。（Visa报告的是它在把返还给银行的奖励付出去之前的费用，所以下面各项加起来并不等于它最终的收入。）
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Visa Inc. operates as a payment technology company in the United States and internationally. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It also offers credit, debit, and prepaid card products; tap to pay, tokenization, and click to pay services; Visa Direct, a platform which facilitates money movement, enabling clients to collect, hold, convert, and send funds across its network; and issuing solutions, such as airport lounge access, dining reservations, shopping experiences, event tickets, and seller offers. In addition, the company provides acceptance solutions, an omnichannel payment integration with e-commerce platforms; risk detection and prevention solutions; and advisory and other services comprising consulting practice, proprietary analytics models, data scientists and economists, marketing services, and managed services. It provides its services under the Visa, Visa Electron, V PAY, Interlink, and PLUS brands. The company serves consumers, sellers, financial institutions, and government entities. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.
What the company sells公司卖什么share of revenue营收占比
Data processing数据处理
The fee for the actual work of checking, sorting, and settling each payment message. This is Visa's largest fee line.为核对、分拣和结算每一条支付信息这项实际工作收取的费用。这是 Visa 最大的一项费用收入。
- VisaNet authorization and settlementVisaNet 授权与结算
- the fee Visa charges each time it checks a purchase is valid and sends it to the right bank for a yes-or-no answer, day or night, anywhere in the world.每当 Visa 核对一笔购买是否有效，并把它送到正确的银行给出“是或否”的答复时所收的费用，无论白天黑夜，全球任何地方都一样。
- Processing services处理服务
- the computer systems that route each transaction and make sure the shopper's bank and the shop's bank agree on what happened and when to move the money.为每一笔交易选路的计算机系统，确保购物者的银行和商家的银行对发生了什么、何时转账达成一致。
Service revenue服务收入
A fee tied to the total amount spent on Visa cards, charged for the right to use Visa's network at all.与 Visa 卡上刷掉的总金额挂钩的费用，为使用 Visa 网络本身的权利而收取。
- Network access fees网络接入费
- a fee a bank pays based on how much its cardholders spend, for the right to put the Visa name on its cards and reach Visa's shops.银行根据持卡人的消费金额支付的费用，换取在卡上印上 Visa 名称、并触达 Visa 商户的权利。
International transaction revenue跨境交易收入
A fee for handling a purchase that crosses a border, including changing one currency into another.处理跨境购买的费用，包括把一种货币换成另一种货币。
- Cross-border fees跨境费
- charged when a cardholder buys something in a country other than where their card was issued.当持卡人在发卡国以外的国家购买东西时收取。
- Currency conversion货币兑换
- a fee for turning the price from one currency into another so both banks can settle in the money they use.把价格从一种货币换成另一种货币的费用，好让双方银行都用自己使用的货币来结算。
Other revenue其他收入
Extra paid services Visa sells on top of running the network.Visa 在运营网络之外额外出售的付费服务。
- Visa Consulting & AnalyticsVisa 咨询与分析
- paid advice and spending data that help banks and shops fight fraud and plan sales.付费的建议和消费数据，帮助银行和商家打击欺诈、规划销售。
- Value-added services增值服务
- fees for the Visa brand and for extra tools such as fraud screening.为 Visa 品牌以及欺诈筛查等额外工具收取的费用。
Company facts公司资料
- Founded成立时间
- 1958
- Headquarters总部
- San Francisco, California
- Employees员工人数
- 34,100
- Industry行业
- Credit Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
50% net margins, 68% op margins, 15.4% div CAGR. Widest moat in payments. Add $290-305. Trim $380+ (approaching).
50% 净利润率，68% 营业利润率，15.4% 股息复合增长率。支付领域最宽的护城河。$290-305 增持。$380+ 减仓 （接近中）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 61%
- Revenue growth营收增长
- +14%
- Dividend yield股息率
- 0.73%
Competitors竞争对手
Why customers stay客户为什么留下
shops accept Visa because almost every shopper carries a Visa card, and banks issue Visa cards because almost every shop accepts them — a two-sided loop that is very hard for a newcomer to break into.商店接受Visa，是因为几乎每个顾客都带着一张Visa卡；银行发行Visa卡，是因为几乎每家商店都接受它——这是一个双边的闭环，对一个新来者来说很难打进去。