Can Marqeta’s (MQ) Leadership Shift Illuminate Its Approach to Revenue Concentration Risks?

• In late October 2025, Marqeta appointed Sarah Barkema as Principal Accounting Officer, shifting responsibilities from CEO and CFO Mike Milotich, amid recent analyst downgrades highlighting concerns about customer concentration and growth prospects.
• This leadership change, combined with cautious analyst commentary, reflects market concerns about Marqeta’s revenue stability and long-term diversification.
• To assess the impact of these developments, we'll examine how executive leadership changes underscore Marqeta's efforts to address financial reporting and risk management.

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Marqeta Investment Narrative Recap

To be a Marqeta shareholder today, you need strong conviction in the growth of digital payments and embedded finance, as well as confidence that Marqeta can manage client concentration risk and expand its reach. The recent appointment of Sarah Barkema as Principal Accounting Officer clarifies oversight but has limited direct impact on the biggest near-term catalyst, which is winning and retaining major clients, or on the primary risk tied to revenue dependence on a few key partners.

Of Marqeta’s announcements this year, the expansion of its card issuing platform to include enhanced credit options stands out. This move ties to Marqeta’s revenue growth ambitions, and is particularly relevant as the company seeks to secure new enterprise clients and reduce heavy reliance on a single customer, an area recently scrutinized by analysts following the executive leadership change.

On the other hand, investors should keep in mind the ongoing revenue risk if a key customer insources or leaves the platform, as...

Read the full narrative on Marqeta (it's free!)

Marqeta's narrative projects $900.6 million revenue and $47.9 million earnings by 2028. This requires 17.6% yearly revenue growth and a $112.6 million increase in earnings from -$64.7 million today.

Uncover how Marqeta's forecasts yield a $6.20 fair value, a 33% upside to its current price.

Exploring Other Perspectives

Simply Wall St Community members provided 6 fair value estimates ranging from US$3.70 to US$8.00 per share. With ongoing concern about revenue concentration and client retention, your peers’ wide differences show how much investor opinions can vary on Marqeta’s future performance.

Explore 6 other fair value estimates on Marqeta - why the stock might be worth 21% less than the current price!

Build Your Own Marqeta Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Marqeta research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
• Our free Marqeta research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Marqeta's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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