XYZ

Block, Inc.

TechnologyCIK 0001512673

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Market Cap
$36.52B
P/E (TTM)
45.3x
Rev Growth (TTM)
+2.3%
Net Margin (TTM)
3.3%
FCF Yield (TTM)
8.9%
FCF Margin (TTM)
13.3%

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LATEST EARNINGS

Q4 2025
4 months ago
View source
Revenue
$6.25B
+3.6%
Net Income
$116.00M
-94.0%
EPS
$0.19
-93.8%
Gross
46.1% +7.8%
Operating
7.9% +7.7%
Net
1.9% -30.4%
  • Gross profit grew 24% year-over-year in Q4 2025, accelerating from prior quarters.
  • Adjusted Operating Income grew 46% year-over-year in Q4 2025, demonstrating improved profitability.
  • Cash App gross profit increased 33% year-over-year, driven by strong performance in lending products and card services.
  • Financial Solutions gross profit growth accelerated to 51% year-over-year in Q4 2025.

Cash Flow Health

Free Cash Flow7/8 positive
TTM$3.3B
Q1 '26
$935M+61%
Q4 '25
$580M-59%
FCF Margin
TTM13.3%
Q1 '2615.4%+66%
Sector: 8.6%Above Avg
OCF Margin13.9%
OCF/NI4.23x
CapEx Coverage22.2x
FCF Yield8.9%
FCF Growth (2Y)+246%
Cash Conversion Cycle
4 days
DSO: 3+DIO: 4DPO: 3

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM6.9%
Div Yield0.0%
+
Buyback (TTM)6.9%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$3.3B
Stock Repurchases (TTM)$2.5B
Capital Return / FCF77.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
3.2%
Stable
-0.0% YoY-2.4%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
3.7%
8Q: 4.6%
Asset Turnover
0.64x
8Q: 0.65x
Leverage (1+D/E)
1.34x
D/E: 0.34x
DuPont: 3.2%3.2% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
76.45x
8Q:76.45x
-406.9%
Invested Cap Turn
1.79x
8Q:1.77x
+7.4%
CapEx Intensity
1.1%
8Q:1.0%
CapEx/Depreciation
0.41x
Depreciation Rate Trend
⚠ Declining -15.7%
Asset-based ROIC formula

Valuation Analysis

Fair Value
Price-to-EarningsTTM
45.3x
Volatile
8Q: 120.5x-9488%
Valuation Lenses
Earnings
45.3x
vs sector
Cash Flow
11.0x
EV/FCF vs
Growth-Adj
PEG
N/A
Quality-Adj
14.2P/E per %ROIC
ROIC: 3.2%
Shareholder Returns
Dividend
Buyback
6.9%
Total Yield
6.9%
Market Cap$36.52B
EV$35.93B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
63/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Below Avg
3.6%
8Q:
Return on Invested Capital (ROIC)Top 25%
3.2%
8Q:
-2.4%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 3.7%
Asset Turnover: 0.64x

Earnings Quality

Cash Conversion

4.23x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin44.9%

Capital Efficiency

Invested Capital Turnover1.79x

Working Capital

Cash Conversion Cycle4 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
62/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
2.3%
OpInc Growth YoY
-152.2%
EPS Growth YoY
-68.0%
FCF 3Y CAGR
245.5%

Growth Quality Analysis

Efficient Growth: Free cash flow growing faster than revenue

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
44.9%
Operating
4.9%
Above Avg in sector
Net
3.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
+10.0 pts
FCF: 13.3% | Net: 3.3%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate
Net Debt / EBITDA
Net Debt: $434.16M
Interest Coverage
Leverage Metrics
Debt-to-Equity
0.34x
Balance sheet risk & solvency analysis