Is The Market Underpricing Mastercard Stock?

Mastercard (MA) stock returned 19.7% in the six months to October 19, 2026, outpacing the 8.8% return for the S&P 500. Even after that run, the shares trade at 33.4 times earnings, which sits below their average of 34.8 across the last 12 fiscal quarter ends. Buyers may be betting that the market still underpays for Mastercard's earnings. So how much more could the shares be worth, and where would that gain come from.