[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"app-context":3,"blog-visa-hit-a-record-high-despite-a-swipe-fee-threat-heres-what-october-27-has-to-prove-ZH":222},{"languages":4,"categories":41,"products":125,"competitors":149},[5,9,13,17,21,25,29,33,37],{"name":6,"code":7,"id":8},"English","EN","TGFuZ3VhZ2U6ZW4=",{"name":10,"code":11,"id":12},"Español","ES","TGFuZ3VhZ2U6ZXM=",{"name":14,"code":15,"id":16},"Português","PT","TGFuZ3VhZ2U6cHQ=",{"name":18,"code":19,"id":20},"日本語","JA","TGFuZ3VhZ2U6amE=",{"name":22,"code":23,"id":24},"한국어","KO","TGFuZ3VhZ2U6a28=",{"name":26,"code":27,"id":28},"Deutsch","DE","TGFuZ3VhZ2U6ZGU=",{"name":30,"code":31,"id":32},"Italiano","IT","TGFuZ3VhZ2U6aXQ=",{"name":34,"code":35,"id":36},"Français","FR","TGFuZ3VhZ2U6ZnI=",{"name":38,"code":39,"id":40},"中文 (中国)","ZH","TGFuZ3VhZ2U6emg=",[42,73,104],{"icon":43,"slug":44,"title":45,"description":46,"featuredLinks":47},"mingcute:stock-line","stock-market-basics","Stock Market Basics","\u003Cp>Beginners' guides and practical tips for understanding stock market investing.\u003C\u002Fp>\n",[48,53,58,63,68],{"url":49,"title":50,"description":51,"ogImage":52},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-makes-stocks-go-up-and-down","What Makes Stocks Go Up and Down | TIKR.com","Understanding what makes stock prices go up and down can help investors better navigate investing. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-makes-stocks-go-up-and-down-banner\u002FWhat-makes-stocks-go-up-and-down-banner.jpg?_i=AA",{"url":54,"title":55,"description":56,"ogImage":57},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fdividend-yield-meaning-formula-example","Dividend Yield: Meaning, Formula, Example | Tikr.com Blog | TIKR.com","The dividend yield is a key metric for investors looking to gauge the income potential of their investments. It measures how much a company pays out in","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FDividend-yield\u002FDividend-yield.png?_i=AA",{"url":59,"title":60,"description":61,"ogImage":62},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fmarket-capitalization-definition-formula-and-why-it-matters","Market Capitalization: Definition, Formula, and Why It Matters | TIKR.com","Long-term investors often look at various valuation metrics when deciding whether to invest in a particular company. One helpful metric to evaluate is","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters\u002FMarket-Capitalization-Definition-Formula-and-Why-It-Matters.png?_i=AA",{"url":64,"title":65,"description":66,"ogImage":67},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fearnings-per-share-definition-formula-and-why-eps-matters","Earnings Per Share: Definition, Formula, and Why EPS Matters | TIKR.com","Earnings Per Share (EPS) represents the portion of a company's net earnings allocated to each share. Click to learn more!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEPS-Defiinition-formula-and-why-EPS-matters-1\u002FEPS-Defiinition-formula-and-why-EPS-matters-1.png?_i=AA",{"url":69,"title":70,"description":71,"ogImage":72},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-stock-price-target","What Is a Stock Price Target? | TIKR.com","A price target is a stock's estimated future price. It can help investors quickly find undervalued stocks. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-Stock-Price-Target-2\u002FWhat-is-a-Stock-Price-Target-2.png?_i=AA",{"icon":74,"slug":75,"title":76,"description":77,"featuredLinks":78},"material-symbols:analytics-outline","fundamental-analysis","Fundamental Analysis","\u003Cp>In-depth resources and financial metrics to help you evaluate companies like a pro.\u003C\u002Fp>\n",[79,84,89,94,99],{"url":80,"title":81,"description":82,"ogImage":83},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fshare-repurchase-why-do-companies-buy-back-their-stock","Share Repurchase: Why Do Companies Buy Back Their Stock? | TIKR.com","Share repurchases, or share buybacks, have gained popularity in the last two decades. According to a report from Goldman Sachs, stock buybacks initiated","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e\u002FTIKR-BLOG-COVER-PHOTOS-3_544a7f4e.png?_i=AA",{"url":85,"title":86,"description":87,"ogImage":88},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-invested-capital","What Is a Good Return on Invested Capital? | TIKR.com","Learning about Return on Invested Capital (ROIC) can help investors spot highly profitable stocks that can drive long-term returns. Learn more now!","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-Invested-capital\u002FWhat-is-a-good-return-on-Invested-capital.png?_i=AA",{"url":90,"title":91,"description":92,"ogImage":93},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-return-on-equity-ratio","What is a Good Return on Equity Ratio | Tikr.com Blog | TIKR.com","Return on Equity (ROE) is a financial ratio that reflects a company's profitability in relation to the equity invested by shareholders. It basically","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-return-on-equity-ratio-1\u002FWhat-is-a-good-return-on-equity-ratio-1.jpg?_i=AA",{"url":95,"title":96,"description":97,"ogImage":98},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-a-good-p-e-ratio","What Is a Good P\u002FE Ratio? | TIKR.com","Financial analysts and investors look at various metrics before deciding whether a stock is a buy. One of the metrics is the price-to-earnings ratio (P\u002FE","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-a-good-PE-ratio-1\u002FWhat-is-a-good-PE-ratio-1.jpg?_i=AA",{"url":100,"title":101,"description":102,"ogImage":103},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Ftop-6-metrics-for-investing-in-reits","Top 6 Metrics for Investing in REITs | TIKR.com","Real estate has been one of the greatest asset classes for wealth creation in history, and investing in Real Estate Investment Trusts (REITs) can allow","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FGroup-10\u002FGroup-10.png?_i=AA",{"icon":105,"slug":106,"title":107,"description":108,"featuredLinks":109},"hugeicons:investigation","investing-lingo","Investing Lingo","\u003Cp>A comprehensive glossary of investing terms and jargon so you can speak the language of the markets confidently.\u003C\u002Fp>\n",[110,115,120],{"url":111,"title":112,"description":113,"ogImage":114},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fenterprise-value-definition-and-calculation","Enterprise Value: Definition and Calculation | Tikr.com Blog | TIKR.com","Enterprise value (EV) is a financial metric that offers a comprehensive snapshot of a company's total value. Unlike market capitalization which solely","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEnterprise-Value-Definition-and-Calculation_37576e40\u002FEnterprise-Value-Definition-and-Calculation_37576e40.png?_i=AA",{"url":116,"title":117,"description":118,"ogImage":119},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Febitda-definition-formula-how-to-use-it","EBITDA: Definition, Formula, How to Use It | TIKR.com","EBITDA stands for earnings before interest, taxes, depreciation and amortization. It's a financial metric commonly used to evaluate a company's financial","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FEBITDA-Definition-Formula-How-to-Use-It\u002FEBITDA-Definition-Formula-How-to-Use-It.png?_i=AA",{"url":121,"title":122,"description":123,"ogImage":124},"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fwhat-is-the-free-cash-flow-formula-and-why-does-it-matter","What is the Free Cash Flow Formula and Why Does It Matter | TIKR.com","Free cash flow, or FCF, is the cash a company generates after it accounts for outflows required to maintain business operations and support capital","https:\u002F\u002Fwww.tikr.com\u002Fimages\u002FWhat-is-the-free-cash-flow-formula\u002FWhat-is-the-free-cash-flow-formula.png?_i=AA",[126,130,134,137,141,145],{"slug":127,"modified":128,"title":129},"valuation-model-builder","2025-07-03T00:18:53","Value Stocks Quickly and Accurately",{"slug":131,"modified":132,"title":133},"stock-portfolio-tracking","2024-12-02T22:21:28","Monitor Your Portfolio",{"slug":75,"modified":135,"title":136},"2025-01-21T22:10:52","Instantly Analyze Companies with In-Depth Metrics",{"slug":138,"modified":139,"title":140},"stock-screener","2024-12-02T22:13:31","Find the Best Stocks to Buy",{"slug":142,"modified":143,"title":144},"investor-stock-portfolio","2025-01-21T22:02:56","Follow Investment Moves of Top Investors",{"slug":146,"modified":147,"title":148},"analyze-stocks","2025-07-23T16:04:24","Analyze Stocks",[150,154,158,162,166,170,174,178,182,186,190,194,198,202,206,210,214,218],{"slug":151,"title":152,"modified":153},"bloomberg","Bloomberg","2025-01-16T14:23:44",{"slug":155,"title":156,"modified":157},"morningstar","Morningstar","2025-01-16T14:25:16",{"slug":159,"title":160,"modified":161},"sentieo","Sentieo","2025-01-16T17:58:27",{"slug":163,"title":164,"modified":165},"googlefinance","Google Finance","2025-01-17T19:39:37",{"slug":167,"title":168,"modified":169},"tradingview","TradingView","2025-01-16T18:17:01",{"slug":171,"title":172,"modified":173},"factset","Factset","2025-01-16T18:20:16",{"slug":175,"title":176,"modified":177},"finviz","Finviz","2025-01-16T18:23:40",{"slug":179,"title":180,"modified":181},"ycharts","YCharts","2025-01-16T18:32:19",{"slug":183,"title":184,"modified":185},"marketbeat","MarketBeat","2025-03-11T00:27:23",{"slug":187,"title":188,"modified":189},"benzinga","Benzinga","2025-03-11T00:31:00",{"slug":191,"title":192,"modified":193},"gurufocus","Gurufocus","2025-03-11T00:31:12",{"slug":195,"title":196,"modified":197},"fast-graphs","FAST Graphs","2025-03-11T00:31:19",{"slug":199,"title":200,"modified":201},"tipranks","TipRanks","2025-03-11T00:31:26",{"slug":203,"title":204,"modified":205},"seeking-alpha","Seeking Alpha","2025-03-11T00:31:45",{"slug":207,"title":208,"modified":209},"thestreet","TheStreet","2025-03-11T00:31:52",{"slug":211,"title":212,"modified":213},"investing-com","Investing.com","2025-03-11T00:32:00",{"slug":215,"title":216,"modified":217},"zacks","Zacks","2025-03-26T15:40:40",{"slug":219,"title":220,"modified":221},"alphasense","AlphaSense","2025-03-11T00:32:15",{"post":223,"seo":257,"relatedPosts":264,"suggestedPosts":340},{"id":224,"title":225,"date":226,"modified":227,"excerpt":228,"content":229,"wordCount":230,"lang":231,"uri":232,"slug":233,"cloudinaryAssetId":234,"featuredImageOriginalUrl":235,"featuredImageMetadata":236,"author":239,"editor":245,"categories":248,"relatedPosts":254,"seo":255},145453,"Visa创下历史新高，尽管面临刷卡费威胁。以下是10月27日需要证明的关键点","2026-10-26T20:05:28","2026-10-26T20:05:39","\u003Cp>季度业绩只是容易的部分。\u003C\u002Fp>","\u003Ch2 id=\"h-key-takeaways\" class=\"wp-block-heading\">核心要点\u003C\u002Fh2>\n\n\n\n\u003Cul class=\"wp-block-list\">\n\u003Cli>Visa将于10月27日公布第四财季业绩，此前股价已创历史新高，而华盛顿方面正威胁其收费模式。\u003C\u002Fli>\n\n\n\n\u003Cli>真正的考验在于2027财年的展望。公司需要支持华尔街对其每股收益（EPS）增长约14%的预期，且支出增速需低于收入增速。\u003C\u002Fli>\n\n\n\n\u003Cli>Visa的营业利润率已连续五个财年维持在67%附近，但在2026财年前九个月，其支出增速超过了收入增速。\u003C\u002Fli>\n\n\n\n\u003Cli>该股目前以28倍远期市盈率交易，高于其五年平均的27倍，因此需要增长预期来支撑。而11月3日的中期选举将决定刷卡手续费法案能否推进。\u003C\u002Fli>\n\u003C\u002Ful>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>Visa (\u003Ca href=\"https:\u002F\u002Fapp.tikr.com\u002Fstock\u002Fabout?cid=38043467&tid=42484709\">V\u003C\u002Fa>)\u003C\u002Fstrong> \u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fblog\u002Fvisa-just-gained-10-in-a-month-to-a-record-high-take-profits-or-buy-more\">本月股价已攀升至历史新高\u003C\u002Fa>，尽管特朗普总统已承诺将签署一项法案，允许商户通过竞争对手的网络处理信用卡交易。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">现在，Visa需要展示支撑其股价的增长动力。公司将于10月27日（周二）收盘后公布第四财季业绩。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-a-beat-may-not-be-enough\" class=\"wp-block-heading\">业绩超预期可能还不够\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">上周五的情况显示了市场预期有多高。美国运通（American Express）的盈利超出华尔街预期，并上调了全年业绩指引的下限，但其股价仍然下跌。Visa和万事达卡（Mastercard）的股价也随之走低。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">因此，本季度业绩的重要性，可能不及管理层对下一财年的展望。Visa在去年10月的第四财季电话会议上首次给出了2026财年的指引，投资者此次将期待其对2027财年给出类似指引。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-the-street-wants-14-more\" class=\"wp-block-heading\">华尔街期待再增14%\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">2026财年已于9月30日结束。分析师预计其调整后每股收益（EPS）为13.23美元，较2025财年的11.47美元增长15%。对于2027财年，40位分析师的共识预期是15.02美元，再增长14%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA\" alt=\"TIKR提供的Visa调整后每股收益（EPS）柱状图，包含实际值和共识预期，单位为美元\u002F股，涵盖2023至2028财年（截至每年9月）。\" class=\"wp-post-145453 wp-image-145450\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1793011302\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1793011302\u002Fimages\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028\u002F2026-10-26_i392e4181bb_V_eps_estimates_2023-2028.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Visa (V)：调整后每股收益（EPS），实际值与共识预期，美元\u002F股，2023–2028财年（截至每年9月）（\u003Cstrong>TIKR\u003C\u002Fstrong>）\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">这些预期在过去一年中略有上调。截至2025年9月底，2027财年的预期为14.47美元。如果公司指引低于15.02美元，将抹去这一进展。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cstrong>TIKR追踪了40位分析师对Visa的看法。有多少人给出“买入”评级？\u003C\u002Fstrong>\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">查看Visa的买入、持有和卖出评级的完整细分，以及华尔街的收入和盈利预期，所有信息尽在一处。超过50万投资者使用TIKR来研究像这样的股票。\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?ref=tikrblog\">查看Visa的分析师评级\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-the-margin-has-stopped-expanding\" class=\"wp-block-heading\">利润率已停止扩张\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">支出是需要关注的部分。Visa的营业利润率已连续五个财年保持在约67%。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA\" alt=\"TIKR提供的Visa营业（EBIT）利润率（%）折线图，涵盖2021至2025财年（截至每年9月）。\" class=\"wp-post-145453 wp-image-145451\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1793011300\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1793011300\u002Fimages\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025\u002F2026-10-26_i392e4181bb_V_operating_margin_2021-2025.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Visa (V)：营业（EBIT）利润率（%），2021–2025财年（截至每年9月）（\u003Cstrong>TIKR\u003C\u002Fstrong>）\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">今年利润率略有下滑。根据Visa的调整后数据，2026财年前九个月的营业利润率为67.8%，而去年同期为68.3%，原因是支出增长了17%，而收入增长了15%。管理层将部分支出增长归因于其为客户开展的世界杯营销活动，而2027财年没有国际足联（FIFA）赛事。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">利润率也依赖于定价。在第三财季，服务收入增长了14%，而支付量增长了9%，管理层将定价列为驱动因素之一。路由法案将直接冲击其定价：竞争网络将侵蚀Visa收取的费用。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-investors-are-already-paying-for-it\" class=\"wp-block-heading\">投资者已为此付出溢价\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">在创下历史新高之际，Visa以28倍远期市盈率交易。这高于其五年平均的27倍，但远低于2021年10月34倍的峰值。\u003C\u002Fp>\n\n\n\n\u003Cfigure class=\"wp-block-image size-full\">\u003Cimg width=\"3024\" height=\"2016\" data-public-id=\"images\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png\" loading=\"lazy\" decoding=\"async\" src=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_3024,h_2016,c_scale\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA\" alt=\"TIKR提供的Visa远期（NTM）市盈率折线图，过去5年。\" class=\"wp-post-145453 wp-image-145452\" data-format=\"webp\" data-transformations=\"f_webp,q_auto\" data-version=\"1793011298\" data-seo=\"1\" srcset=\"https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA 3024w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA 600w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1200,h_800,c_scale\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA 1200w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_1400,h_933,c_scale\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA 1400w, https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_300,h_200,c_scale\u002Ff_webp,q_auto\u002Fv1793011298\u002Fimages\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y\u002F2026-10-26_i392e4181bb_V_ntm_pe_5y.png?_i=AA 300w\" sizes=\"auto, (max-width: 3024px) 100vw, 3024px\" \u002F>\u003Cfigcaption class=\"wp-element-caption\">Visa (V)：远期（NTM）市盈率，过去5年（\u003Cstrong>TIKR\u003C\u002Fstrong>）\u003C\u002Ffigcaption>\u003C\u002Ffigure>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">今年3月底时，该市盈率为23倍，自那以后预期仅略有上调。股价的大部分涨幅来自于投资者为每美元盈利支付了更高的价格。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-washington-votes-a-week-later\" class=\"wp-block-heading\">华盛顿一周后投票\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">即使给出强劲的指引，也可能无法解决太多问题。中期选举在11月3日，即财报发布一周后。10月19日，特朗普承诺，如果选民选出一个共和党控制的国会，他将签署该法案。据报道，商户游说团体希望在大选后将法案附加到其他立法中。该法案自2022年以来一直停滞不前，3月份参议院通过了一项住房法案，但未包含其支持者希望的路由修正案。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">我的看法是：如果公司指引能支持华尔街15.02美元的预期，并且指引支出增速低于收入增速，就足以证明Visa以28倍市盈率交易是合理的。如果指引依赖定价，而世界杯带来的提振效应消退，那么该股在进入投票前将缺乏支撑。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">当然，11月3日的结果对股价的影响，可能比管理层在10月27日说的任何话都大。\u003C\u002Fp>\n\n\n\n\u003Ch2 id=\"h-so-what-is-visa-stock-actually-worth\" class=\"wp-block-heading\">那么Visa股票的实际价值是多少？\u003C\u002Fh2>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">TIKR让你在一分钟内预测任何股票的未来价格。只需在TIKR的估值模型中输入几个假设，就能看到Visa可能的价值。可以从华尔街共识预期开始，或者调整输入参数以反映你对业务的看法。免费使用。\u003C\u002Fp>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Ca href=\"https:\u002F\u002Fwww.tikr.com\u002Fvaluation-model-builder?ref=tikrblog\">免费为Visa估值\u003C\u002Fa>\u003C\u002Fp>\n\n\n\n\u003Ch3 id=\"h-disclaimer\" class=\"wp-block-heading\">\u003Cstrong>免责声明：\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\n\n\u003Cp class=\"wp-block-paragraph\">\u003Cem>请注意，TIKR上的文章并非来自TIKR或我们内容团队的投资或财务建议，也不是买入或卖出任何股票的建议。我们基于TIKR Terminal的投资数据和分析师预期来创建内容。我们的分析可能未包含近期的公司新闻或重要更新。TIKR未持有任何提及股票的头寸。感谢阅读，祝您投资愉快！\u003C\u002Fem>\u003C\u002Fp>",868,"zh","\u002Fblog\u002Fvisa-hit-a-record-high-despite-a-swipe-fee-threat-heres-what-october-27-has-to-prove","visa-hit-a-record-high-despite-a-swipe-fee-threat-heres-what-october-27-has-to-prove","images\u002Fthoughtful-woman-card-payment\u002Fthoughtful-woman-card-payment","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793011294\u002Fimages\u002Fthoughtful-woman-card-payment\u002Fthoughtful-woman-card-payment.png?_i=AA",{"altText":237,"imageCredit":238},"Visa Hit a Record High Despite a Swipe-Fee Threat. Here’s What October 27 Has to Prove","Dean Drobot and Proxima Studio via Canva",{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":244},"Roxanna Maglangit","roxtikr","author","",[],{"name":240,"slug":241,"role":246,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":247},"editor",[],[249],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},"一般投资","general-investing","\u002Fblog\u002Fcategory\u002Fgeneral-investing",0,[],{"title":237,"metaDesc":256,"opengraphDescription":256,"twitterTitle":237,"twitterDescription":256},"The quarter is the easy part.",{"title":258,"description":256,"twitterTitle":258,"twitterDescription":256,"author":240,"articlePublisher":259,"articlePublishedTime":226,"articleModifiedTime":227,"twitterLabel1":260,"twitterData1":261,"ogTitle":258,"ogDescription":256,"ogUrl":232,"ogImage":235,"ogImageWidth":262,"ogImageHeight":263,"ogImageSecureUrl":235,"ogImageAlt":237,"twitterImage":235},"Visa Hit a Record High Despite a Swipe-Fee Threat. Here’s What October 27 Has to Prove","TIKR.com","预计阅读时间","1 minute",1200,630,[265,280,295,310,325],{"id":253,"title":266,"date":267,"excerpt":268,"wordCount":269,"uri":270,"slug":271,"cloudinaryAssetId":272,"featuredImageOriginalUrl":273,"featuredImageMetadata":274,"author":275,"categories":277,"relatedPosts":279},"Robinhood正同时打造13项业务。10月27日的财报将检验利润率能否支撑这一布局。","2026-10-26 19:56:09","营收增长是容易的部分",919,"\u002Fblog\u002Frobinhood-is-building-13-businesses-at-once-the-october-27-report-tests-whether-margins-pay-for-it","robinhood-is-building-13-businesses-at-once-the-october-27-report-tests-whether-margins-pay-for-it","images\u002Fthoughtful-man-bitcoin\u002Fthoughtful-man-bitcoin","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793011641\u002Fimages\u002Fthoughtful-man-bitcoin\u002Fthoughtful-man-bitcoin.png?_i=AA",{"altText":266},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":276},[],[278],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},[],{"id":253,"title":281,"date":282,"excerpt":283,"wordCount":284,"uri":285,"slug":286,"cloudinaryAssetId":287,"featuredImageOriginalUrl":288,"featuredImageMetadata":289,"author":290,"categories":292,"relatedPosts":294},"SoFi股价下跌45%，克拉默将其与银行股挂钩。以下是财报必须呈现的内容","2026-10-26 19:49:10","周二是SoFi证明其盈利能力的时刻",955,"\u002Fblog\u002Fsofi-is-down-45-and-cramer-ties-it-to-bank-stocks-heres-what-the-report-must-show","sofi-is-down-45-and-cramer-ties-it-to-bank-stocks-heres-what-the-report-must-show","images\u002FSNA-stock-SteveLuker-from-Getty-Images-Signature-via-Canva\u002FSNA-stock-SteveLuker-from-Getty-Images-Signature-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792701308\u002Fimages\u002FSNA-stock-SteveLuker-from-Getty-Images-Signature-via-Canva\u002FSNA-stock-SteveLuker-from-Getty-Images-Signature-via-Canva.png?_i=AA",{"altText":281},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":291},[],[293],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},[],{"id":253,"title":296,"date":297,"excerpt":298,"wordCount":299,"uri":300,"slug":301,"cloudinaryAssetId":302,"featuredImageOriginalUrl":303,"featuredImageMetadata":304,"author":305,"categories":307,"relatedPosts":309},"PayPal股价较峰值下跌逾80%。10月27日财报将揭示什么","2026-10-26 19:45:44","门槛很低。这是个好消息。",981,"\u002Fblog\u002Fpaypal-is-down-more-than-80-from-its-peak-heres-what-october-27-has-to-show","paypal-is-down-more-than-80-from-its-peak-heres-what-october-27-has-to-show","images\u002Fpondering-man-card-payment\u002Fpondering-man-card-payment","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793012179\u002Fimages\u002Fpondering-man-card-payment\u002Fpondering-man-card-payment.png?_i=AA",{"altText":296},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":306},[],[308],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},[],{"id":253,"title":311,"date":312,"excerpt":313,"wordCount":314,"uri":315,"slug":316,"cloudinaryAssetId":317,"featuredImageOriginalUrl":318,"featuredImageMetadata":319,"author":320,"categories":322,"relatedPosts":324},"特朗普在财报前增持奈飞。200亿美元押注其需要\"两到三部爆款\"","2026-10-26 19:43:00","门槛可能比看起来要低",1010,"\u002Fblog\u002Ftrump-added-netflix-before-earnings-20-billion-says-it-needs-two-or-three-big-hits","trump-added-netflix-before-earnings-20-billion-says-it-needs-two-or-three-big-hits","images\u002FNetflix\u002FNetflix","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792781809\u002Fimages\u002FNetflix\u002FNetflix.png?_i=AA",{"altText":311},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":321},[],[323],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},[],{"id":253,"title":326,"date":327,"excerpt":328,"wordCount":329,"uri":330,"slug":331,"cloudinaryAssetId":332,"featuredImageOriginalUrl":333,"featuredImageMetadata":334,"author":335,"categories":337,"relatedPosts":339},"Moderna股价再跌8%，尽管首席研究员称黑色素瘤疫苗数据\"具有变革性\"","2026-10-26 19:28:09","黑色素瘤患者的真正福音，股价依然高企",774,"\u002Fblog\u002Fmoderna-sinks-another-8-even-as-lead-investigator-calls-melanoma-vaccine-data-transformational","moderna-sinks-another-8-even-as-lead-investigator-calls-melanoma-vaccine-data-transformational","images\u002Fgrim-older-man-falling-red-chart\u002Fgrim-older-man-falling-red-chart","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1792780116\u002Fimages\u002Fgrim-older-man-falling-red-chart\u002Fgrim-older-man-falling-red-chart.png?_i=AA",{"altText":326},{"name":240,"slug":241,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":336},[],[338],{"name":250,"slug":251,"uri":252,"description":243,"postsCount":253},[],[341,361,376,390],{"id":253,"title":342,"date":343,"excerpt":344,"wordCount":345,"uri":346,"slug":347,"cloudinaryAssetId":348,"featuredImageOriginalUrl":349,"featuredImageMetadata":350,"author":351,"categories":355,"relatedPosts":360},"过去12个月上涨13%，Arista Networks股票能否在2026年带来更佳回报？","2026-10-26 12:57:00","Arista股票一年内上涨了10%。查看TIKR估值模型对ANET上行空间的预测，其目标价预计在2028年12月前达到275美元。",1099,"\u002Fblog\u002Farista-networks-stock-valuation-anet-2026","arista-networks-stock-valuation-anet-2026","images\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793010558\u002Fimages\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva\u002FANET-stock-@Jirsak-from-Getty-Images-Pro-via-Canva-@Africa-images-via-Canva.png?_i=AA",{"altText":342},{"name":352,"slug":353,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":354},"Aditya Raghunath","adityatikr",[],[356],{"name":357,"slug":358,"uri":359,"description":243,"postsCount":253},"估价","valuation","\u002Fblog\u002Fcategory\u002Fvaluation",[],{"id":253,"title":362,"date":363,"excerpt":364,"wordCount":365,"uri":366,"slug":367,"cloudinaryAssetId":368,"featuredImageOriginalUrl":369,"featuredImageMetadata":370,"author":371,"categories":373,"relatedPosts":375},"过去12个月下跌48%，SoFi股票能否在2026年交出更好的成绩单？","2026-10-26 12:45:00","SoFi股价一年内下跌了51%。来看看TIKR估值模型对SOFI上行空间的看法，其目标价为到2028年12月达到22美元。",1081,"\u002Fblog\u002Fsofi-stock-valuation-sofi-2026","sofi-stock-valuation-sofi-2026","images\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793015325\u002Fimages\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva\u002FSOFI-stock-@AKKI-from-AKKI-JOHN-via-Canva-@MCCAIG-from-Getty-Images-Signature-via-Canva.png?_i=AA",{"altText":362},{"name":352,"slug":353,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":372},[],[374],{"name":357,"slug":358,"uri":359,"description":243,"postsCount":253},[],{"id":253,"title":377,"date":363,"excerpt":378,"wordCount":379,"uri":380,"slug":381,"cloudinaryAssetId":382,"featuredImageOriginalUrl":383,"featuredImageMetadata":384,"author":385,"categories":387,"relatedPosts":389},"过去12个月仅上涨9%，Palantir股票能否在2026年带来更好的回报？","Palantir股价一年来仅上涨4%。查看TIKR估值模型对PLTR上行空间的预测，其目标价至2028年12月将达到529美元。",1024,"\u002Fblog\u002Fpalantir-stock-valuation-pltr-2026","palantir-stock-valuation-pltr-2026","images\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793003212\u002Fimages\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c\u002FPLTR-stock-@surachet_shotivaranon-from-surachetshs-Images-via-Canva-@SORAPOP-UDOMSRI-from-Sorapop-Udomsri-via-Canva_1454044a26c.png?_i=AA",{"altText":377},{"name":352,"slug":353,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":386},[],[388],{"name":357,"slug":358,"uri":359,"description":243,"postsCount":253},[],{"id":253,"title":391,"date":392,"excerpt":393,"wordCount":394,"uri":395,"slug":396,"cloudinaryAssetId":397,"featuredImageOriginalUrl":398,"featuredImageMetadata":399,"author":400,"categories":402,"relatedPosts":404},"过去12个月下跌56%，AppLovin股票能否在2026年带来更好回报？","2026-10-26 12:33:00","AppLovin股价在过去一年下跌了60%。来看看TIKR估值模型对APP上行潜力的分析，其给出的目标价为到2028年12月达到366美元。",1139,"\u002Fblog\u002Fapplovin-stock-valuation-app-2026","applovin-stock-valuation-app-2026","images\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2","https:\u002F\u002Fres.cloudinary.com\u002Ftikr\u002Fimages\u002Fw_600,h_400,c_scale\u002Ff_webp,q_auto\u002Fv1793013215\u002Fimages\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2\u002FAPP-stock-@juststock-from-Getty-Images-via-Canva-@maxkabakov-from-Getty-Images-via-Canva_14548356cd2.png?_i=AA",{"altText":391},{"name":352,"slug":353,"role":242,"roleTitle":243,"biography":243,"avatar":243,"socialMediaLinks":401},[],[403],{"name":357,"slug":358,"uri":359,"description":243,"postsCount":253},[]]