Block, Inc. (XYZ) 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

-62.2%

$29.50

vs $78.07 price

Levered DCF

$50.75

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.83

Grey zone

Rating

B-

Overall 2 / 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	30.56×	18.08×	4,834.37×	-67.57×	448.64×	453.42×	71.09×	-591.67×
P/B	1.79×	2.47×	2.52×	2.11×	22.62×	35.96×	15.5×	20.31×
P/S	1.65×	2.17×	2.15×	2.08×	4.19×	10.15×	5.64×	6.9×
EV / EBITDA	17.12×	27.6×	118.6×	-185.56×	135.34×	270.99×	54.57×	538.91×
Gross margin	42.8%	36.9%	34.2%	34.2%	25.0%	28.8%	40.1%	39.5%
Operating margin	12.6%	7.0%	1.7%	-0.2%	0.9%	-0.2%	0.6%	-1.1%
Net margin	5.4%	12.0%	0.0%	-3.1%	0.9%	2.2%	8.0%	-1.2%
Current ratio	2.2×	2.33×	2.01×	1.85×	1.94×	1.88×	1.9×	2.07×
Debt / equity	0.4×	0.37×	0.32×	0.37×	1.69×	1.3×	0.63×	0.8×
Interest coverage	23.54×	181.31×	0×	-0.75×	4.86×	-0.33×	1.23×	-2.04×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.9%	13.6%	0.1%	-3.1%	5.1%	7.9%	21.9%	-3.4%
Return on invested capital	7.5%	5.7%	1.1%	-0.1%	1.8%	-0.3%	0.9%	-1.6%
Return on assets	3.3%	7.9%	0.0%	-1.7%	1.2%	2.2%	8.2%	-1.2%
Free cash flow yield	6.1%	3.0%	-0.1%	0.0%	0.7%	-0.0%	1.0%	1.0%
Earnings yield	3.3%	5.5%	0.0%	-1.5%	0.2%	0.2%	1.4%	-0.2%
Enterprise value	$37.5B	$48.1B	$45B	$35B	$75.1B	$96.8B	$25.9B	$23.1B
Net debt / EBITDA	-1.08×	-2.49×	-5.52×	7.38×	1.93×	0.94×	-1.36×	7.39×
Cash conversion cycle (days)	135	85	119	96	36	29	42	32