Discover Financial Services's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Discover Financial Services (DFS) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Discover Financial Services vs Its Competitors
- TTM: Trailing 12-month revenue of 13,343M vs 547,220M combined for tracked competitors (2.4% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-9.9% annualized vs trailing 12 months), vs decelerating (-16.4%) for its tracked peer group.
- Growth: Discover Financial Services generated 12.9% revenue growth year over year in Q1 2025, vs 6.9% for its tracked competitors combined.
- Profitability: Its 35.6% net margin compares with 22.0% for the peer group.
- Peer revenue share: Discover Financial Services accounted for 2.6% of combined revenue among its tracked peer group, up from 2.4% a year earlier.
- Peer differentiation: Revenue per employee of $0.63M compares with $0.57M for the peer group (1.1x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
DFS Sales vs. its Competitors, Q1 2025
Discover Financial Services reported revenue growth of 12.92 % year on year in Q1 2025, above its competitors' combined revenue growth of 6.92 %.
With a net margin of 35.55 %, Discover Financial Services achieved higher profitability than its competitors (21.96 %).
Discover Financial Services generated 2.56 % of the combined sales of its peer group, up from 2.43 % a year earlier.
Discover Financial Services vs. its Competitors, Q1 2025
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Discover Financial Services and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Discover Financial Services | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (12) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (6) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Discover Financial Services's competitor groups requires a Commercial License.
For context: the Consumer Financial Services industry grew revenue 9.0% year over year, combined, vs 12.9% for Discover Financial Services. Discover Financial Services's share of combined industry revenue moved from 6.80% to 7.04%, a gain of 0.25 percentage points.
Discover Financial Services's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Discover Financial Services | Yes | Yes | Yes | No |
| Competitors combined (26) | ||||
| High-Confidence Competitors (11) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
DFS Stock Performance relative to its Competitors
DFS Stock Performance relative to High-Confidence Competitors
DFS Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Everi Holdings Inc | 282.9% | Outperformed |
| 2 | Financial Institutions Inc | 282.9% | Outperformed |
| 3 | Bank Of Montreal | 282.9% | Outperformed |
| 4 | Citigroup inc | 282.9% | Outperformed |
| 5 | Barclays Plc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Discover Financial Services's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Discover Financial Services's Comment on Competition and Industry Peers
Publicly Traded Peers of Discover Financial Services
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Discover Financial Services | 50,412.60 | 13,343.00 |
| Visa Inc | 704,589.84 | 43,027.00 |
| Mastercard Incorporated | 501,773.58 | 35,083.00 |
| Bank Of America Corporation | 404,609.27 | 121,098.00 |
| Citigroup inc | 233,259.84 | 88,262.00 |
| American Express Company | 207,998.07 | 114,611.00 |
| SUBTOTAL | 2,538,407.88 | 560,563.44 |
Sign in to see all competitors of Discover Financial Services.
Sources: Discover Financial Services's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Discover Financial Services versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Discover Financial Services's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| American Express Company | Named by the company | 85% |
| Mastercard Incorporated | Named by the company | 85% |
| Capital One | Named by the company | 85% |
| Visa Inc | Named by the company | 85% |
| Bank of America | Named by the company | 85% |
| JPMorgan Chase | Named by the company | 85% |
| EMLD | Named by the company | 85% |
| Citibank | Named by the company | 85% |
| SoFi | Named by the company | 85% |
| Lending Club | Named by the company | 85% |
| Fold Holdings Inc | Named by the company | 85% |
| Chime Financial Inc | Named by the company | 85% |
| Citizens Bank | Named by the company | 85% |
| Upstart | Named by the company | 85% |
| Citi | Named by the company | 85% |
| Sallie Mae | Named by the company | 85% |
| Klarna Group Plc | Named by the company | 85% |
| Bank Bradesco | Named by the company | 85% |
| Barclays Plc | Named by the company | 85% |
| Bank Of Montreal | Named by the company | 85% |
| Financial Institutions Inc | Named by the company | 85% |
| Synchrony Financial | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
| First Bancorp | Named by the company | 85% |
| First Data Corp | Named by the company | 85% |
| Partners Bancorp | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Discover Financial Services's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Discover Financial Services's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Mastercard Incorporated | Payment Solutions 100.00 % |
| Citigroup inc | Markets 29.42 % |
| Global Payments Inc | Merchant Solutions 100.00 % |
| Aci Worldwide Inc | Payment Software 50.14 % |
| Euronet Worldwide Inc | Cross-Border Payments 39.66 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Sign in to see all peers for Discover Financial Services.
Discover Financial Services's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Discover Financial Services | 50,413 | 632,370 | 222,844 |
| Visa Inc | 704,590 | 1,261,789 | 652,082 |
| Mastercard Incorporated | 501,774 | 881,482 | 408,467 |
| Bank Of America Corporation | 404,609 | 568,535 | 158,005 |
| Citigroup inc | 233,260 | 390,540 | 72,049 |
| American Express Company | 207,998 | 1,492,331 | 149,023 |
| PEERS TOTAL | 2,487,995 | 574,228 | 140,666 |
Sign in to see all peers for Discover Financial Services.
Discover Financial Services's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Visa Inc | Non-US 61.39 % |
| Mastercard Incorporated | International Markets 57.56 % |
| Aci Worldwide Inc | United States 64.29 % |
| Euronet Worldwide Inc | Europe 60.43 % |
| The Western Union Company | North America Member 34.31 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Sign in to see all peers for Discover Financial Services.
Discover Financial Services's Position in Industry Market Structure
Market-capitalization share and concentration across all 29 companies in Discover Financial Services's industry classification, broader than the peer set above. Market cap in millions of $.Discover Financial Services ranks #0 of 29 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,784, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | S and p Global Inc | 125,674 | 31.66 % |
| 2 | Moody s Corporation | 80,826 | 20.36 % |
| 3 | Paccar Inc | 58,593 | 14.76 % |
| 4 | Rocket Companies Inc | 33,227 | 8.37 % |
| 5 | Affirm Holdings Inc | 1,234 | 5.2% |
| 6 | Equifax Inc | 1,234 | 5.2% |
| 7 | Transunion | 1,234 | 5.2% |
| 8 | Onemain Holdings Inc | 1,234 | 5.2% |
| 9 | Credit Acceptance Corp | 1,234 | 5.2% |
| 10 | Enova International Inc | 1,234 | 5.2% |
| 0 | Discover Financial Services | 50,318 | 0.00 % |
Market cap and industry share for the rest of Discover Financial Services's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2025-05-16.
Discover Financial Services's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Consumer Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (37 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 57.10 % | 63.05 % (avg) | -5.9 pp |
| Operating Margin | 47.96 % | industry median | +30.7 pp |
| EBITDA Margin | 72.20 % | 30.50 % (avg) | +41.7 pp |
| Capital Intensity (Capex / Revenue) | 1.96 % | 8.55 % (avg) | -6.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Discover Financial Services's Valuation vs Competitive Position
Valuation multiples vs the Consumer Financial Services industry average (37 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 9.4x | 19.3x | -9.9x |
| EV / EBITDA | 3.6x | 11.7x | -8.1x |
| P/B | 2.5x | 2.7x | -0.1x |
| Return on Equity | 26.87 % | industry aggregate | 13.12 % |
| Return on Invested Capital | 3.87 % | 4.81 % (avg) | -0.94 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Discover Financial Services's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 1.08 % | 4.86 % | 7.22 % | -27.64 % | 99.34 % | -7.51 % | -10.95 % | 32.97 % |
| Operating Margin | 48.33 % | 46.87 % | 46.61 % | 24.10 % | 59.52 % | 52.30 % | 37.20 % | 46.73 % |
| Return on Invested Capital | 7.24 % | 7.40 % | 7.90 % | 3.31 % | 15.58 % | 6.17 % | 2.34 % | 3.63 % |
| P/E | 13.5x | 8.4x | 9.2x | 27.1x | 6.6x | 6.7x | 9.4x | 10.8x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Discover Financial Services's Strategic Group Map
Every company in Discover Financial Services's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Discover Financial Services is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Discover Financial Services's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,784 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 1.96 % vs industry average 8.55 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Discover Financial Services's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Discover Financial Services's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Discover Financial Services's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Discover Financial Services falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Discover Financial Services's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 30.7 points above the industry median.
- Return on equity 13.1 points above the industry aggregate.
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-9.9% annualized vs trailing 12 months).
Opportunities
No rule matched.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-16.4% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Discover Financial Services's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Discover Financial Services | 0.13 | 1.36 | 0.04 |
| Visa Inc | 0.48 | 1.09 | 0.66 |
| Mastercard Incorporated | 0.46 | 1.05 | 2.91 |
| Bank Of America Corporation | 0.09 | 0.52 | 1.25 |
| Citigroup inc | 0.01 | 0.40 | 1.75 |
| American Express Company | 0.08 | 0.60 | 1.76 |
Sign in to see all peers for Discover Financial Services.
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Discover Financial Services's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Discover Financial Services | Q1 2025 | +12.9 % | +25.6 % |
| Visa Inc | Q1 2026 | +17.1 % | +31.5 % |
| Mastercard Incorporated | Q2 2026 | +14.1 % | +18.6 % |
| Bank Of America Corporation | Q2 2026 | +15.0 % | +27.5 % |
| Citigroup inc | Q1 2026 | +14.1 % | +44.6 % |
| American Express Company | Q2 2026 | -34.8 % | +7.8 % |
| PEERS TOTAL | +13.7 % | +45.4 % |
Sign in to see all peers for Discover Financial Services.
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Discover Financial Services's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Discover Financial Services | Q1 2025 | -16.9 % | -9.9 % |
| Visa Inc | Q1 2026 | - | - |
| Mastercard Incorporated | Q2 2026 | - | +128.7 % |
| Bank Of America Corporation | Q2 2026 | - | - |
| Citigroup inc | Q1 2026 | - | -6.7 % |
| American Express Company | Q2 2026 | -22.8 % | +45.1 % |
Sign in to see all peers for Discover Financial Services.
Discover Financial Services's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Discover Financial Services | 3.14% | 3.18% | 26.87% |
| Visa Inc | 22.56% | 31.88% | 59.24% |
| Mastercard Incorporated | 29.89% | 51.37% | 232.26% |
| Bank Of America Corporation | 0.97% | 2.76% | 11.13% |
| Citigroup inc | 0.61% | 0.63% | 7.62% |
| American Express Company | 3.77% | 5.24% | 34.12% |
Sign in to see all peers for Discover Financial Services.
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Discover Financial Services's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Discover Financial Services | 10.69 | 3.78 |
| Visa Inc | 31.78 | 16.38 |
| Mastercard Incorporated | 31.25 | 14.30 |
| Bank Of America Corporation | 12.78 | 3.34 |
| Citigroup inc | 16.34 | 2.64 |
| American Express Company | 18.63 | 1.81 |
| PEERS AVERAGE | 18.29 | 4.53 |
Sign in to see all peers for Discover Financial Services.
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.