A Business at a Glance
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Our Company At Shift4, our mission is to boldly redefine commerce by simplifying complex payments ecosystems across the world. We are a leading independent provider of software and payment processing solutions in the U.S. and we are expanding our payment processing solutions to international markets. As a result of the acquisition of Global Blue Group Holding AG (“Global Blue”) in the third quarter of 2025 (“Global Blue Merger”) we are also a leader in tax-free shopping (“TFS”). Global Blue is a leading technology and travel services platform, primarily providing TFS, dynamic currency conversion, and payments solutions to many of the world’s largest retail brands. We power billions of transactions annually for hundreds of thousands of businesses in virtually every industry. We achieved our leadership position through decades of solving business and operational challenges facing our customers’ overall commerce needs.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.2B | 4.2B | 3.3B | 2.6B | 2.0B | 1.4B |
| Net Income | 78M | 78M | 228M | 86M | 75M | -49M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | 499M | 499M | 392M | 254M | 214M | -25M |
| ROIC | 4.3% | 7.0% | 11.2% | 6.8% | 8.6% | -2.8% |
| Gross Margin | 31.8% | 31.8% | 23.1% | 27.2% | 26.9% | 20.4% |
| Debt/Equity | 3.20 | 3.20 | 3.57 | 2.72 | 5.08 | 6.46 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 351M | 351M | 247M | 115M | 95M | -49M |
| Operating Margin | 8.4% | 8.4% | 7.4% | 4.5% | 4.8% | -3.6% |
| ROE | 5.4% | 6.9% | 31.2% | 17.2% | 24.2% | -13.4% |
| Shares Outstanding | 0M | - | - | - | - | - |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 561M | 731M | 767M | 1.4B | 2.0B | 2.6B | 3.3B | 4.2B | 4.2B |
| Gross Margin | 25.1% | 23.7% | 23.2% | 20.4% | 26.9% | 27.2% | 23.1% | 31.8% | 31.8% |
| R&D | 1.6M | 1.6M | 1.2M | 1.8M | 500K | 1.0M | 4.0M | 6.0M | 6.0M |
| SG&A | 80M | 117M | 187M | 220M | 267M | 329M | 459M | 682M | 682M |
| EBIT | -13M | -4.4M | -58M | -49M | 95M | 115M | 247M | 351M | 351M |
| Op. Margin | -2.3% | -0.6% | -7.5% | -3.6% | 4.8% | 4.5% | 7.4% | 8.4% | 8.4% |
| Net Income | -55M | -57M | -19M | -49M | 75M | 86M | 228M | 78M | 78M |
| Net Margin | -9.9% | -7.7% | -2.5% | -3.6% | 3.8% | 3.4% | 6.8% | 1.9% | 1.9% |
| Non-Recurring | 20M | 5.7M | 400K | 200K | 0 | 19M | 0 | 9.0M | 9.0M |
| Returns on Capital | |||||||||
| ROIC | -22.2% | -1.4% | -1.9% | -2.8% | 8.6% | 6.8% | 11.2% | 7.0% | 4.3% |
| ROE | -83.9% | N/A | -9.1% | -13.4% | 24.2% | 17.2% | 31.2% | 6.9% | 5.4% |
| ROA | -105.5% | -13.5% | -1.5% | -2.4% | 3.1% | 2.9% | 5.4% | 1.1% | 0.9% |
| Cash Flow | |||||||||
| Op. Cash Flow | 26M | 8.0M | 23M | 29M | 275M | 346M | 500M | 634M | 634M |
| Free Cash Flow | 24M | -200K | 4.1M | -25M | 214M | 254M | 392M | 499M | 499M |
| Owner Earnings | -45M | -55M | -127M | -116M | 77M | 74M | 138M | 120M | 120M |
| CapEx | 1.6M | 8.2M | 19M | 54M | 62M | 92M | 108M | 135M | 135M |
| Maint. CapEx | 71M | 63M | 84M | 104M | 149M | 215M | 297M | 432M | 432M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 71M | 63M | 84M | 104M | 149M | 215M | 297M | 432M | 432M |
| CapEx/OCF | N/A | N/A | 482.5% | 1803.3% | 22.4% | 26.4% | 21.6% | 21.3% | 21.3% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 8.5M | 900K | 0 | 0 | 0 | 0 | 30M | 30M |
| Dividend Yield | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 21M | 20M | 186M | 105M | 146M | 453M | 453M |
| Buyback Yield | 0.0% | N/A | N/A | 0.6% | 4.9% | 2.3% | 1.8% | 6.3% | 0.0% |
| Stock-Based Comp | N/A | 0 | 66M | 41M | 50M | 57M | 65M | 82M | 82M |
| Debt Repayment | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | -4.7M | 637M | 79M | 530M | 1.1B | 1.3B | 1.7B | 3.7B | 3.7B |
| Cash & Equiv. | 4.8M | 3.7M | 928M | 1.2B | 703M | 455M | 1.2B | 964M | 964M |
| Long-Term Debt | N/A | 635M | 1.0B | 1.7B | 1.7B | 1.8B | 2.2B | 4.5B | 4.5B |
| Debt/Equity | 0.00 | -19.47 | 2.19 | 6.46 | 5.08 | 2.72 | 3.57 | 3.20 | 3.20 |
| Interest Coverage | -0.3 | -0.1 | -1.4 | -1.8 | 2.9 | 3.6 | 26.6 | 23.4 | 23.4 |
| Equity | 36M | -33M | 460M | 273M | 347M | 653M | 807M | 1.4B | 1.4B |
| Total Assets | 53M | 784M | 1.8B | 2.3B | 2.6B | 3.4B | 5.0B | 8.7B | 8.7B |
| Total Liabilities | 15M | 817M | 1.1B | 1.9B | 2.1B | 2.5B | 4.0B | 6.8B | 6.8B |
| Intangibles | N/A | 209M | 186M | 189M | 647M | 830M | 981M | 3.0B | 3.0B |
| Retained Earnings | -119M | -182M | -279M | -325M | -364M | -347M | -228M | -467M | -467M |
| Working Capital | N/A | -24M | 934M | 1.3B | 723M | 449M | 531M | 867M | 867M |
| Current Assets | N/A | 106M | 1.0B | 1.5B | 992M | 1.2B | 1.9B | 2.2B | 2.2B |
| Current Liabilities | N/A | 130M | 99M | 184M | 268M | 704M | 1.4B | 1.3B | 1.3B |
| Per Share Data | |||||||||
| EPS | N/A | N/A | -0.24 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | N/A | N/A | -1.58 | N/A | N/A | N/A | N/A | N/A | N/A |
| Book Value | N/A | N/A | 5.71 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Cash Flow/Share | N/A | N/A | 0.29 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Dividends/Share | N/A | N/A | 0.01 | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | N/A | N/A | 80.6M | N/A | N/A | N/A | N/A | N/A | 0.0M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 50.9 | 52.2 | 34.6 | 60.4 | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 43.9 | 46.5 | 36.6 | 28.0 | 10.4 |
| Price/Book | N/A | N/A | 6.6 | 11.4 | 11.0 | 6.9 | 9.8 | 5.0 | N/A |
| Price/Sales | N/A | N/A | 2.8 | 3.2 | 1.7 | 1.5 | 1.8 | 2.3 | N/A |
| FCF Yield | N/A | N/A | 0.1% | -0.8% | 5.6% | 5.6% | 4.9% | 6.9% | N/A |
| Market Cap | 0 | N/A | 3.1B | 3.1B | 3.8B | 4.5B | 7.9B | 7.2B | 0 |
| Avg. Price | 0.00 | N/A | 49.71 | 80.64 | 47.36 | 62.49 | 79.02 | 88.65 | 46.78 |
| Year-End Price | 0.00 | N/A | 71.40 | 57.48 | 53.45 | 74.71 | 104.70 | 65.23 | 46.78 |
Shift4 Payments, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Shift4 Payments, Inc. trades at 43.3x trailing earnings, compared to its 15-year median P/E of 51.6x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 6.2% with a gross margin of 25.9%. At current prices, the estimated annualized return to fair value is +44.2%.
Shift4 Payments, Inc. (FOUR) has a current P/E ratio of 43.3, compared to its historical median P/E of 51.6. The stock is currently considered Fair based on its historical valuation range.
Shift4 Payments, Inc. (FOUR) has a 5-year average return on invested capital (ROIC) of 6.2%. This is below average and may indicate limited pricing power.
Shift4 Payments, Inc. (FOUR) does not currently pay a regular dividend.
Based on historical P/E analysis, Shift4 Payments, Inc. (FOUR) appears fair. The current P/E of 43.3 is 16% below its historical median of 51.6. The estimated fair value CAGR (P/E method) is 44.2%.
Shift4 Payments, Inc. (FOUR) operates in the Services-Business Services, Nec industry, within the Industrials sector.
Shift4 Payments, Inc. (FOUR) reported annual revenue of $4.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Shift4 Payments, Inc. (FOUR) has a net profit margin of 1.9%. This is a modest margin.
Shift4 Payments, Inc. (FOUR) generated $499 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Shift4 Payments, Inc. (FOUR) has a debt-to-equity ratio of 3.20. This indicates higher leverage, which may increase financial risk.
Shift4 Payments, Inc. (FOUR) has a return on equity (ROE) of 6.9%. This indicates moderate shareholder returns.
Shift4 Payments, Inc. (FOUR) has a 5-year average gross margin of 25.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 8 years of financial data for Shift4 Payments, Inc. (FOUR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.