Mastercard's ROE expanded from approximately 103% in FY2020 to 210% in FY2025, driven primarily by equity multiplier expansion and improving asset turnover rather than margin expansion alone. The five-factor DuPont. Value-added services increasingly drive Mastercard's economics through higher-margin, software-like revenue streams that improve operating leverage, asset efficiency, and long-term capital-light scalability. The valuation analysis suggests the market may still price Mastercard primarily as a payment network despite VAS approaching half of total revenue, potentially understating the quality and durability of the future.