A Business at a Glance
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Shift4 Payments, Inc.
FOUR
$64M
Mkt Cap
$48.35
+4.36%
Shift4 Payments, Inc. (FOUR) has a current P/E ratio of 44.8, 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) has a market capitalization of $3.8B. It is classified as a mid-cap stock.
Yes, Shift4 Payments, Inc. (FOUR) pays a dividend with a trailing twelve-month yield of 46.52%. The company also returns capital through share buybacks, with a buyback yield of 17.86%.
Based on historical P/E analysis, Shift4 Payments, Inc. (FOUR) appears fair. The current P/E of 44.8 is 13% below its historical median of 51.6. The estimated fair value CAGR (P/E method) is 39.9%.
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 is a leading independent provider of software-integrated payment processing solutions in the U.S. and expanding internationally, with a diversified merchant base spanning restaurants, hospitality, specialty retail, and unified commerce. Following the acquisition of Global Blue Group in July 2025, the company is also a leader in tax-free shopping, dynamic currency conversion, and travel services for luxury retail brands. The company's core business model is built on three pillars: a proprietary omni-channel payments platform supporting card, mobile wallet, and alternative payment methods; complementary technology solutions including POS software, business intelligence tools, and eCommerce capabilities; and a hybrid distribution model combining internal sales teams with independent software vendors and value-added resellers. Revenue is predominantly recurring, derived primarily from processing fees charged as a percentage of volume or per transaction, supplemented by subscription revenue from software licensing and device management; the merchant base is highly diversified with no single customer exceeding 3% of total revenue. The company's competitive moat is built on decades of solving complex commerce challenges, an extensive library of intellectual property, deep vertical expertise, and a network of hundreds of integrated software partnerships that create switching costs and distribution advantages.
【International expansion accelerating】 Management is targeting 15 countries for Global Blue payments launch in 2026, with plans to replicate vertical success from the U.S. restaurant, hotel, and stadium products across these markets. The company expects to add thousands of new merchants through cross-selling capabilities, particularly leveraging dynamic currency conversion ahead of the World Cup and Summer Olympics. While acknowledging macro headwinds including a weakening U.S. dollar relative to the euro and cross-border travel tensions in Asia, management maintains a neutral outlook for same-store sales trends in the Americas and expects the tax-free shopping business to rebound within four to eight weeks from travel disruptions. Capital allocation priorities remain disciplined, with the business expected to de-lever by approximately a quarter turn per quarter and end 2026 near long-term average net leverage in the low threes.
| Metric | Target | Period |
|---|---|---|
| Gross Revenue Less Network Fees (GRLNF) | $2.5 billion–$2.6 billion | FY2026 |
| Adjusted EBITDA | $1.165 billion–$1.215 billion | FY2026 |
| Non-GAAP EPS | $5.50–$5.70 | FY2026 |
| Volume | $240 billion–$260 billion | FY2026 |
Gross Revenue Less Network Fees (GRLNF) (FY2026): “GRLNF range of $2.5 billion-$2.6 billion, representing 26%-31% year-over-year growth.”
Adjusted EBITDA (FY2026): “We are guiding an Adjusted EBITDA range of $1.165 billion-$1.215 billion, representing 20%-25% year-over-year growth and representing margins of approximately 47%.”
Non-GAAP EPS (FY2026): “We are introducing a non-GAAP EPS guidance range of $5.50-$5.70.”
Volume (FY2026): “Volume of $240 billion-$260 billion, representing 15%-24% year-over-year growth.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.5B | 4.2B | 3.3B | 2.6B | 2.0B | 1.4B |
| Net Income | 60M | 78M | 228M | 86M | 75M | -49M |
| EPS | $0.00 | $58.48 | $136.62 | $44.28 | $19.43 | - |
| Free Cash Flow | 657M | 499M | 392M | 254M | 214M | -51M |
| ROIC | 4.3% | 7.0% | 11.2% | 6.8% | 8.6% | -2.8% |
| Gross Margin | - | 31.8% | 23.1% | 27.2% | 26.9% | 20.4% |
| Debt/Equity | 2.74 | 3.20 | 3.57 | 2.72 | 5.08 | 6.46 |
| Dividends/Share | $0.00 | $22.49 | $0.00 | $0.00 | $0.00 | - |
| Operating Income | 376M | 351M | 247M | 115M | 95M | -49M |
| Operating Margin | 8.4% | 8.4% | 7.4% | 4.5% | 4.8% | -3.6% |
| ROE | 3.6% | 6.9% | 31.2% | 17.2% | 24.2% | -13.4% |
| Shares Outstanding | 79M | 1M | 2M | 2M | 4M | - |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 561M | 731M | 767M | 1.4B | 2.0B | 2.6B | 3.3B | 4.2B | 4.5B |
| Gross Margin | 25.1% | 23.7% | 23.2% | 20.4% | 26.9% | 27.2% | 23.1% | 31.8% | N/A |
| 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 | 744M |
| EBIT | -13M | -4.4M | -58M | -49M | 95M | 115M | 247M | 351M | 376M |
| 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 | 60M |
| Net Margin | -9.9% | -7.7% | -2.5% | -3.6% | 3.8% | 3.4% | 6.8% | 1.9% | 1.4% |
| 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% | 3.6% |
| ROA | -105.5% | -13.5% | -1.5% | -2.4% | 3.1% | 2.9% | 5.4% | 1.1% | 0.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | 26M | 8.0M | 4.0M | 3.0M | 275M | 346M | 500M | 634M | 671M |
| Free Cash Flow | 24M | -200K | -15M | -51M | 214M | 254M | 392M | 499M | 657M |
| Owner Earnings | -45M | -55M | -146M | -142M | 77M | 74M | 138M | 120M | 118M |
| CapEx | 1.6M | 8.2M | 19M | 54M | 62M | 92M | 108M | 135M | 15M |
| Maint. CapEx | 71M | 63M | 84M | 104M | 149M | 215M | 297M | 432M | 482M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 71M | 63M | 84M | 104M | 149M | 215M | 297M | 432M | 482M |
| CapEx/OCF | N/A | N/A | 482.5% | 1803.3% | 22.4% | 26.4% | 21.6% | 21.3% | 2.2% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 8.5M | 900K | 0 | 0 | 0 | 0 | 30M | 0 |
| Dividend Yield | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | 25.4% | N/A |
| Share Buybacks | 0 | 0 | 0 | 20M | 186M | 105M | 146M | 453M | 685M |
| Buyback Yield | 0.0% | N/A | N/A | 0.6% | 4.9% | 2.3% | 1.8% | 6.3% | 17.9% |
| Stock-Based Comp | N/A | 0 | 66M | 41M | 50M | 57M | 65M | 82M | 72M |
| 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 | 4.0B |
| Cash & Equiv. | 4.8M | 3.7M | 928M | 1.2B | 703M | 455M | 1.2B | 964M | 473M |
| 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 | 2.74 |
| Interest Coverage | -0.3 | -0.1 | -1.4 | -1.8 | 2.9 | 3.6 | 27.4 | 23.4 | 751.2 |
| Equity | 36M | -33M | 460M | 273M | 347M | 653M | 807M | 1.4B | 1.7B |
| Total Assets | 53M | 784M | 1.8B | 2.3B | 2.6B | 3.4B | 5.0B | 8.7B | 8.8B |
| Total Liabilities | 15M | 817M | 1.1B | 1.9B | 2.1B | 2.5B | 4.0B | 6.8B | 7.0B |
| Intangibles | N/A | 209M | 186M | 189M | 647M | 830M | 981M | 3.0B | 3.0B |
| Retained Earnings | -119M | -182M | -279M | -325M | -364M | -347M | -228M | -467M | -644M |
| Working Capital | N/A | -24M | 934M | 1.3B | 723M | 449M | 531M | 867M | 375M |
| Current Assets | N/A | 106M | 1.0B | 1.5B | 992M | 1.2B | 1.9B | 2.2B | 2.1B |
| Current Liabilities | N/A | 130M | 99M | 184M | 268M | 704M | 1.4B | 1.3B | 1.7B |
| Per Share Data | |||||||||
| EPS | N/A | N/A | -0.24 | N/A | 19.43 | 44.28 | 136.62 | 58.48 | 0.00 |
| Owner EPS | N/A | N/A | -1.82 | N/A | 19.85 | 38.10 | 82.69 | 89.98 | 1.48 |
| Book Value | N/A | N/A | 5.71 | N/A | 89.87 | 336.40 | 483.57 | 1,081.21 | 20.84 |
| Cash Flow/Share | N/A | N/A | 0.05 | N/A | 71.26 | 178.16 | 299.61 | 475.37 | 6.83 |
| Dividends/Share | N/A | N/A | 0.01 | N/A | 0.00 | 0.00 | 0.00 | 22.49 | 0.00 |
| Shares Out. | N/A | N/A | 80.6M | N/A | 3.9M | 1.9M | 1.7M | 1.3M | 79.3M |
| 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 | 1.0 | 0.6 | 0.4 | 0.2 | 5.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | 43.9 | 46.5 | 36.6 | 28.0 | 21.0 |
| Price/Book | N/A | N/A | 6.6 | 11.4 | 11.0 | 6.9 | 9.8 | 5.0 | 2.3 |
| Price/Sales | N/A | N/A | 2.8 | 3.2 | 1.7 | 1.5 | 1.8 | 2.3 | 0.9 |
| FCF Yield | N/A | N/A | -0.5% | -1.6% | 5.6% | 5.6% | 4.9% | 6.9% | 17.1% |
| Market Cap | 0 | N/A | 3.1B | 3.1B | 3.8B | 4.5B | 7.9B | 7.2B | 3.8B |
| Avg. Price | 0.00 | N/A | 49.71 | 80.64 | 47.36 | 62.49 | 79.02 | 88.65 | 48.35 |
| Year-End Price | 0.00 | N/A | 71.40 | 57.48 | 53.45 | 74.71 | 104.70 | 65.23 | 48.35 |
Shift4 Payments, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Shift4 Payments, Inc. trades at 44.8x trailing earnings, compared to its 15-year median P/E of 51.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.3x vs a median of 0.5x. The company's 5-year average ROIC is 6.2% with a gross margin of 25.9%. Total shareholder yield (dividends + buybacks) is 64.4%. At current prices, the estimated annualized return to fair value is +119.9%.
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) reported earnings per share (EPS) of $58.48 in its most recent fiscal year.
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.
Shift4 Payments, Inc. (FOUR) has a book value per share of $1081.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is targeting 15 countries for Global Blue payments launch in 2026, with plans to replicate vertical success from the U.S. restaurant, hotel, and stadium products across these markets. The company expects to add thousands of new merchants through cross-selling capabilities, particularly leveraging dynamic currency conversion ahead of the World Cup and Summer Olympics. While acknowledging macro headwinds including a weakening U.S. dollar relative to the euro and cross-border travel tensions in Asia, management maintains a neutral outlook for same-store sales trends in the Americas and expects the tax-free shopping business to rebound within four to eight weeks from travel disruptions. Capital allocation priorities remain disciplined, with the business expected to de-lever by approximately a quarter turn per quarter and end 2026 near long-term average net leverage in the low threes.
Based on recent SEC filings and earnings calls, Shift4 Payments, Inc. (FOUR) has provided the following forward guidance: Gross Revenue Less Network Fees (GRLNF): $2.5 billion–$2.6 billion (FY2026); Adjusted EBITDA: $1.165 billion–$1.215 billion (FY2026); Non-GAAP EPS: $5.50–$5.70 (FY2026); Volume: $240 billion–$260 billion (FY2026).