Is Marqeta, Inc. overvalued or undervalued?

As of 6 August 2025, the valuation grade for Marqeta, Inc. has moved from fair to risky, indicating a deterioration in its valuation outlook. The company appears to be overvalued, particularly when considering its P/E ratio of 27, which is significantly higher than peers like Shift4 Payments, Inc. with a P/E of 14.01, and MAXIMUS, Inc. at 15.70. Additionally, Marqeta's PEG ratio stands at an exceptionally low 0.18, suggesting that its growth prospects may not justify its current price.
In comparison to its peers, Marqeta's EV to EBITDA ratio of -16.88 is notably worse than Bright Horizons Family Solutions, Inc. at 19.44 and Grand Canyon Education, Inc. at 23.11, both of which are classified as attractive. The company's recent stock performance has been mixed; while it has returned 53.3% year-to-date, it has underperformed the S&P 500, which returned 12.22% in the same period, and has significantly lagged over the longer term with a 3-year return of -19.97% compared to the S&P 500's 70.41%.