Shift4 Payments, Inc. FOUR

FinancialsProfessional & Commercial ServicesUnited States of America

Last close 40.03 USD on Nov 1, 2026, −36.4% year to date

Quant rating

Quant rating B Rank 202 of 799 in Financials

Growth A 64 of 799
Valuation A 87 of 799
Quality A 46 of 799
Revisions C 400 of 799
Momentum D 688 of 799

Wall Street consensus Buy (2.40)Average target 52.36 USD +30.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.2B
Enterprise value: 8.4B
52-week range: 34.75 – 76.00
3-year range: 34.75 – 125.66
Dividend yield: –
Beta (5 years): 1.52
Shares outstanding: 79.0M
Next earnings: Nov 5, 2026

About the company

Shift4 Payments, Inc. is engaged in commerce-enabling technology. The Company is a provider of software and payment processing solutions in the United States based on the total volume of payments processed. Its payments platform provides omnichannel card acceptance and processing solutions across multiple payment types, including credit, debit, contactless card, Europay, MasterCard and Visa (EMV), QR Pay, and mobile wallets, as well as alternative payment methods, such as Apple Pay, Google Pay, Alipay and WeChat Pay. Through its proprietary gateway, its payments platform is integrated with hundreds of software suites. It enables connectivity with the payment processors, alternative payment rails and many different payment devices. Its suite of technology solutions includes SkyTab POS, SkyTab Mobile, SkyTab Venue, Lighthouse, The Giving Block, Shift4Shop, Marketplace and TFS Services. Its SkyTab POS offering helps its merchants scale their business and improve operational efficiency.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,180	3,331	2,565	1,994	1,368	–
Revenue growth	25.5%	29.9%	28.7%	45.8%	78.3%	40.4%
EPS (basic, normalized)	5.17	3.92	2.83	1.39	0.43	–
EPS growth	31.9%	38.5%	103.6%	223.3%	–	–
Gross margin	34.2%	29.2%	26.8%	23.6%	20.4%	26.8%
Net margin	1.9%	6.8%	3.4%	3.8%	−3.6%	2.5%
ROE	10.6%	31.5%	17.2%	24.2%	−13.2%	14.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	356
Current ratio	1.21x
Long-term debt (mil)	4,501
Net debt (mil)	5,283
Total equity (mil)	1,618
Net debt / equity	3.27x
Net debt / EBITDA	5.45x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,180	+25.5%	2.0x	970	+42.6%	8.7x	5.17	+31.9%	7.7x
2026	5,106	+22.2%	1.7x	1,135	+17.0%	7.4x	5.16	−0.1%	7.8x
2027	5,801	+13.6%	1.5x	1,292	+13.9%	6.5x	6.18	+19.7%	6.5x
2028	6,504	+12.1%	1.3x	1,437	+11.3%	5.9x	7.41	+19.8%	5.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,106	−0.2%	0.0%	+0.3%	5.16	−0.4%	−6.9%	−7.4%
2027	5,801	−0.4%	0.0%	−0.4%	6.18	−0.9%	−8.0%	−7.4%
2028	6,504	−0.9%	−0.6%	−3.3%	7.41	−1.9%	−5.0%	−7.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	707	827	909	887	848	966	1,177	1,189	1,121	1,295
Sales mean (mil)	752	859	969	1,006	868	977	1,169	1,199	1,089	1,239
Surprise	−5.9%	−3.7%	−6.2%	−11.8%	−2.3%	−1.1%	+0.7%	−0.8%	+2.9%	+4.5%
EPS reported	0.54	0.96	1.04	1.35	1.07	1.10	1.47	1.60	0.97	1.32
EPS mean	0.62	0.87	1.07	1.14	0.71	1.20	1.43	1.59	0.97	1.25
Surprise	−13.2%	+11.0%	−2.6%	+18.2%	+49.9%	−8.2%	+2.9%	+0.3%	+0.3%	+5.4%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FOUR Shift4 Payments, Inc.	3.2B	5.45x	1.9%	1.95x	7.8x	6.5x	7.4x	6.5x
V Visa Inc.	768.7B	0.26x	49.6%	20.24x	27.5x	24.1x	21.6x	19.4x
PYPL PayPal Holdings, Inc.	47.4B	0.44x	15.8%	2.45x	10.2x	9.7x	6.9x	7.4x
XYZ Block, Inc.	45.8B	−0.17x	5.4%	2.08x	18.9x	14.6x	9.7x	7.9x
CPAY Corpay, Inc.	26.3B	3.05x	23.6%	7.43x	14.6x	12.9x	11.8x	10.8x
FISV Fiserv Inc	26.6B	2.80x	16.4%	0.99x	6.9x	6.3x	6.4x	6.3x
Mean		1.97x	18.8%	5.86x	14.3x	12.4x	10.6x	9.7x
Median		1.62x	16.1%	2.26x	12.4x	11.3x	8.5x	7.7x

Technical analysis

1M+8.1%
3M−27.0%
1Y−46.7%
3Y−8.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Shift4 Payments, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,180	3,331	2,565	1,994	1,368	767
Cost of revenue	2,752	2,358	1,877	1,523	1,089	589
Gross profit	1,428	973	688	470	278	178
Selling, general & administrative expenses	670	458	330	284	203	192
Research & development	6.0	4.3	1.2	0.5	1.8	1.2
Depreciation/amortization	290	200	154	96.5	62.2	51.9
Interest expense (income), operating	10.0	−1.4	4.0	–	–	–
Unusual expense (income)	117	61.5	61.1	31.3	60.4	18.8
Other operating expenses	−4.0	4.0	23.1	−36.6	0	−12.4
Operating income	339	247	115	94.7	−49.4	−74.2
Net interest income (expense)	−131	38.6	12.0	−6.6	−28.0	−40.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−13.0	−287	−7.3	−1.2	0.3	0.6
Net income before taxes	195	−1.6	120	86.9	−77.1	−114
Provision for taxes	48.0	−296	−3.4	0.2	−3.1	−2.4
Minority interest	−28.0	−64.9	−36.7	−11.6	25.8	93.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	119	230	86.2	75.1	−48.2	−18.4
Extraordinary items	–	–	–	–	–	–
Net income	119	230	86.2	75.1	−48.2	−18.4
EBIT, normalized	466	307	180	126	11.0	−64.0
EBITDA, normalized	898	604	394	275	115	20.2
Basic EPS, normalized	5.17	3.92	2.83	1.39	0.43	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Shift4 Payments, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	964	1,212	455	776	1,232	928
Receivables	742	349	257	197	208	94.2
Total inventory	–	8.9	3.4	4.8	3.5	1.5
Prepaid expenses	125	42.8	32.5	12.3	10.1	9.0
Other current assets	350	298	406	1.2	0.3	1.0
Total current assets	2,181	1,910	1,153	992	1,454	1,034
Property, plant & equipment	342	229	174	122	95.3	51.7
Goodwill	2,704	1,456	1,111	735	538	477
Intangibles	3,010	981	830	647	224	216
Long-term investments	–	–	62.2	47.1	30.5	–
Note receivable	–	–	–	–	–	–
Other long-term assets	476	465	56.4	10.9	1.9	0.6
Total assets	8,713	5,041	3,388	2,554	2,343	1,779
Liabilities
Accounts payable	679	248	205	167	121	60.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	269	132	91.7	61.4	26.4	9.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.0	687	–	–	0	0.9
Other current liabilities	356	313	408	40.2	36.3	28.6
Total current liabilities	1,314	1,380	704	268	184	99.4
Long-term debt	4,536	2,154	1,750	1,742	1,738	1,005
Minority interest	515	211	215	133	127	210
Other liabilities	906	490	64.8	63.2	20.6	4.5
Total liabilities	7,271	4,235	2,734	2,207	2,070	1,320
Shareholders' equity
Preferred stock	–	0	0	0	0	–
Common stock	0	0	0	0	0	–
Additional paid-in capital	889	1,063	986	703	619	738
Retained earnings (accumulated deficit)	−467	−228	−347	−364	−325	−279
Treasury stock	–	–	0	0	−21.1	–
Other equity	1,020	−28.2	14.1	8.3	0	0
Total equity	1,442	807	653	347	273	460
Total liabilities & shareholders' equity	8,713	5,041	3,388	2,554	2,343	1,779

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Shift4 Payments, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	147	294	123	86.7	−74.0	−111
Depreciation, depletion & amortization	432	297	215	149	104	84.2
Deferred taxes	7.0	−322	−8.1	−2.1	−2.5	−1.3
Non-cash items	120	307	112	18.6	59.1	77.9
Changes in working capital	−72.0	−75.9	−95.2	23.1	−84.0	−45.4
Cash from operations	634	500	346	275	3.0	4.0
Investing activities
Capital expenditures	−234	−174	−138	−104	−75.1	−29.0
Other investing cash flows	−2,764	−517	−164	−412	−95.4	−53.7
Cash from investing	−2,998	−691	−302	−517	−170	−82.7
Financing activities
Financing cash flow items	−184	−98.1	−4.5	−28.7	−141	155
Cash dividends paid	−30.0	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,269	1,027	−105	−186	612	847
Cash from financing	2,055	929	−110	−215	471	1,003
Foreign exchange effects	55.0	−21.6	11.1	1.0	–	0
Net change in cash	−254	717	−54.7	−455	304	924
Free cash flow	400	326	208	171	−72.1	−25.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.