XYZ
Block, Inc.
Technology • CIK: 0001512673
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Market Cap
$39.85B
P/E (TTM)
30.4x
Rev Growth (TTM)
+0.3%
Net Margin (TTM)
5.4%
FCF Yield (TTM)
6.1%
FCF Margin (TTM)
10.0%
Filing Intelligence
5.0/10
10-K filed Feb 26, 2026 • FY 2025
Executive Summary
Significant non-cancelable purchase obligations totaling $2.35 billion for cloud computing infrastructure.. Cash App Segment revenue declined 5.06% See detailed pass outputs for comprehensive...
Key Concerns
- ●The Bitcoin ecosystem revenue has declined significantly and is noted as volatile, impacting overall revenue despite being a material...
- ●Goodwill impairment charge of $73.5 million recognized in 2024 related to the TIDAL reporting unit, driven by strategic shifts and...
- ●Significant non-cancelable purchase obligations totaling $2.35 billion for cloud computing infrastructure.
Key Strengths
- ●The company is undergoing a significant restructuring (Workforce Plan) aiming for improved efficiency and alignment, with substantial...
- ●Financial solutions, particularly lending products like Cash App Borrow, are a key growth driver, contributing to revenue and gross profit...
- ●Loan losses have substantially increased due to higher loan volumes and a shift towards retaining loans on the balance sheet, impacting...
Cash Flow Health
Free Cash Flow7/8 positive
TTM$2.4B
Q4 '25
$580M-59%
Q3 '25
$1.4B+308%
FCF Margin
TTM10.0%
Q4 '259.3%-60%
Sector: 9.1%Above Avg
OCF Margin10.7%
OCF/NI1.98x
CapEx Coverage16.6x
FCF Yield6.1%
FCF Growth (2Y)+681%
Cash Conversion Cycle
6 days
DSO: 3+DIO: 21−DPO: 18
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.8%
Div Yield0.0%
+Buyback (TTM)5.8%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$2.4B
Stock Repurchases (TTM)$2.3B
Capital Return / FCF96.1%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.3%
Stable
-0.0% YoY+1.3%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
5.4%
8Q: 4.6%
Asset Turnover
0.64x
8Q: 0.65x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 3.5% ≈ 5.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
75.34x
8Q:76.45x
-745.2%
Invested Cap Turn
0.98x
8Q:0.99x
-7.6%
CapEx Intensity
0.6%
8Q:0.6%
CapEx/Depreciation
0.42x
Depreciation Rate Trend
⚠ Declining -11.3%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $24.2B | $6.3B↑2.2% | $6.1B↑1.0% | $6.1B↑4.9% | $5.8B↓4.3% | $6.0B↑0.9% | $6.0B↓2.9% | $6.2B↑3.3% | $6.0B |
Operating Income | $1.7B | $485.4M↑18.5% | $409.4M↓15.5% | $484.3M↑47.1% | $329.3M↑2430.6% | $13.0M↓96.0% | $323.0M↑5.4% | $306.6M↑22.8% | $249.7M |
Net Income | $1.3B | $115.8M↓74.9% | $461.5M↓14.3% | $538.5M↑183.6% | $189.9M↓90.2% | $1.9B↑585.8% | $283.8M↑45.3% | $195.3M↓58.6% | $472.0M |
Operating Cash Flow | $2.6B | $621.0M↓57.2% | $1.5B↑287.6% | $374.3M↑180.7% | $133.3M↑866.2% | $13.8M↓98.0% | $684.8M↑31.8% | $519.4M↑6.1% | $489.4M |
Free Cash Flow | $2.4B | $579.8M↓58.6% | $1.4B↑308.3% | $343.0M↑238.1% | $101.5M↑869.0% | $-13.2M↓102.1% | $628.2M↑30.6% | $481.0M↑5.2% | $457.4M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
30.4x
Valuation Lenses
Earnings
30.4x
vs – sector
Cash Flow
11.1x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
5.7P/E per %ROIC
ROIC: 5.3%
Shareholder Returns
Dividend
–
Buyback
5.8%
Total Yield
5.8%
Market Cap$39.85B
EV$26.84B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
69/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
5.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.3%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 5.4%
Asset Turnover: 0.64x
Earnings Quality
Cash Conversion
1.98x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin42.8%
Capital Efficiency
Invested Capital Turnover0.98x
Working Capital
Cash Conversion Cycle6 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
60/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
0.3%
OpInc Growth YoY
3629.9%
EPS Growth YoY
-53.9%
FCF 3Y CAGR
681.1%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
42.8%
Operating
7.1%
Above Avg in sector
Net
5.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+4.6 pts
FCF: 10.0% | Net: 5.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $12.48B
Interest Coverage
–
+Net cash position: $12.48B
Balance sheet risk & solvency analysis