FOUR
Shift4 Payments, Inc.
Technology • CIK: 0001794669
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Market Cap
$225.75M
P/E (TTM)
1.3x
Rev Growth (TTM)
+23.2%
Net Margin (TTM)
4.3%
FCF Yield (TTM)
235.2%
FCF Margin (TTM)
13.7%
Cash Flow Health
Free Cash Flow7/8 positive
TTM$531M
Q3 '25
$165M
Q2 '25
$0-100%
FCF Margin
TTM13.7%
Q3 '2514.1%
Sector: 10.0%Above Avg
OCF Margin14.0%
OCF/NI3.23x
CapEx Coverage52.0x
FCF Yield235.2%
FCF Growth (2Y)+26%
Cash Conversion Cycle
-6 days
DSO: 38+DIO: 1−DPO: 45
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM114.4%
Div Yield0.0%
+Buyback (TTM)114.4%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$530.9M
Stock Repurchases (TTM)$258.2M
Capital Return / FCF48.6%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.9%
Stable
+0.2% YoY-1.7%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
7.4%
8Q: 5.2%
Asset Turnover
0.60x
8Q: 0.69x
Leverage (1+D/E)
3.83x
D/E: 2.83x
DuPont: 16.9% ≈ 5.9% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
36.79x
8Q:43.22x
-6800.3%
Invested Cap Turn
0.88x
8Q:1.13x
-37.4%
CapEx Intensity
0.2%
8Q:0.2%
CapEx/Depreciation
0.03x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $3.9B | $1.2B↑21.8% | $966.2M↑13.9% | $848.3M↓4.4% | $887.0M↓2.4% | $909.2M↑9.9% | $827.0M↑16.9% | $707.4M↑0.3% | $705.4M |
Operating Income | $309.1M | $114.6M | $0↓100.0% | $83.1M↑227.2% | $25.4M↓70.5% | $86.0M↑7.0% | $80.4M↑35.8% | $59.2M↑176.6% | $21.4M |
Net Income | $167.8M | $13.0M↓46.9% | $24.5M↑46.7% | $16.7M↓85.3% | $113.6M↑111.2% | $53.8M↑37.2% | $39.2M↑90.3% | $20.6M↑50.4% | $13.7M |
Operating Cash Flow | $541.3M | $171.8M↑21.1% | $141.9M↑46.9% | $96.6M↓26.3% | $131.0M↓8.1% | $142.5M↑27.5% | $111.8M↓2.8% | $115.0M↑82.5% | $63.0M |
Free Cash Flow | $530.9M | $165.4M | $0↓100.0% | $141.0M↑48.3% | $95.1M↓26.5% | $129.4M↓7.9% | $140.5M↑28.2% | $109.6M↓3.6% | $113.7M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
1.3x
Volatile
8Q: 63.0x+88525%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
1.3x
vs – sector
Cash Flow
2.6x
EV/FCF vs –
Growth-Adj
0.0xPEG
Undervalued for growth
Quality-Adj
0.2P/E per %ROIC
ROIC: 5.9%
Shareholder Returns
Dividend
–
Buyback
114.4%
Total Yield
114.4%
Market Cap$225.75M
EV$1.38B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
72/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
12.8%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.9%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 7.4%
Asset Turnover: 0.60x
Earnings Quality
Cash Conversion
3.23x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin32.6%
Capital Efficiency
Invested Capital Turnover0.88x
Working Capital
Cash Conversion Cycle-6 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
23.2%
OpInc Growth YoY
33.3%
EPS Growth YoY
4998.8%
FCF 3Y CAGR
25.7%
Growth Quality Analysis
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
32.6%
Operating
8.0%
Above Avg in sector
Net
4.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+9.4 pts
FCF: 13.7% | Net: 4.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $3.01B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.83x
Balance sheet risk & solvency analysis