Shift4 Payments, Inc. (FOUR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+538.5%

$273.88

vs $42.90 price

Levered DCF

$307.91

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.02

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	54.76×	30.89×	51.27×	41.74×	-65.09×	-175.35×	-27.27×	-23.62×
P/B	2.97×	8.71×	6.79×	9.05×	11.66×	7.39×	-53.32×	31.62×
P/S	1.03×	2.11×	1.73×	1.58×	2.33×	4.43×	2.11×	2.33×
EV / EBITDA	11.37×	30.59×	19.56×	19.08×	85.31×	429.04×	45.02×	29.31×
Gross margin	34.2%	29.2%	26.8%	23.6%	20.4%	23.2%	23.7%	25.1%
Operating margin	8.4%	7.4%	4.5%	4.8%	-3.6%	-7.5%	-0.6%	-2.3%
Net margin	2.8%	6.9%	3.4%	3.8%	-3.6%	-2.4%	-7.7%	-9.9%
Current ratio	1.66×	1.38×	1.64×	3.7×	7.91×	10.4×	0.82×	0.72×
Debt / equity	3.2×	3.57×	2.72×	5.08×	6.46×	2.19×	-22.16×	13.37×
Interest coverage	1.85×	4×	3.58×	2.91×	-1.76×	-1.43×	-0.09×	-0.28×
Dividend yield	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.6%	0.0%
Payout ratio	25.2%	0.0%	0.0%	0.0%	0.0%	-4.9%	-15.0%	-0.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	28.5%	13.2%	21.6%	-17.9%	-4.0%	195.8%	-133.8%
Return on invested capital	3.6%	-1042.9%	4.3%	4.1%	-2.2%	-3.4%	-0.7%	-1.9%
Return on assets	1.4%	4.6%	2.5%	2.9%	-2.1%	-1.0%	-7.2%	-7.5%
Free cash flow yield	11.6%	4.4%	5.7%	-3.3%	-1.8%	-0.3%	0.4%	1.2%
Earnings yield	2.8%	3.3%	1.9%	2.4%	-1.5%	-0.5%	-3.7%	-4.2%
Enterprise value	$9.3B	$10.9B	$7.2B	$5.1B	$4.7B	$4.5B	$2.7B	$2.3B
Net debt / EBITDA	4.47×	4.68×	3.61×	3.68×	9.58×	7.41×	10.76×	7.08×
Cash conversion cycle (days)	-25	1	-3	-3	16	8	10	2