Latest Ratios: P/E Ratio 47.4x · EV/EBITDA 9.2x · ROE 8.0%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $5.6B | $9.5B | $4.5B | $4.6B | $3.2B | $3.4B | — | — |
| Enterprise Value | $7.2B | $9.3B | $11.2B | $5.9B | $5.6B | $3.7B | $3.5B | — | — |
| P/E Ratio → | 47.41 | 58.31 | 34.25 | 51.99 | 53.27 | — | — | — | — |
| P/S Ratio | 0.85 | 1.34 | 2.85 | 1.77 | 2.32 | 2.33 | 4.43 | — | — |
| P/B Ratio | 2.33 | 2.86 | 9.33 | 5.22 | 9.63 | 7.96 | 5.07 | — | — |
| P/FCF | 7.10 | 11.23 | 30.58 | 18.09 | — | — | — | — | — |
| P/OCF | 5.59 | 8.84 | 18.99 | 11.68 | 16.81 | 108.96 | 145.10 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.21 | 3.35 | 2.28 | 2.82 | 2.71 | 4.53 | — | — |
| EV / EBITDA | 9.19 | 11.82 | 20.54 | 17.78 | 23.04 | 67.24 | 130.60 | — | — |
| EV / EBIT | 20.50 | 24.03 | 185.51 | 38.63 | 47.05 | — | — | — | — |
| EV / FCF | — | 18.54 | 35.96 | 23.36 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.2% | 34.2% | 29.2% | 26.8% | 23.6% | 20.4% | 23.2% | 23.7% | 25.1% |
| Operating Margin | 8.4% | 8.4% | 7.4% | 4.5% | 4.8% | -3.6% | -7.5% | -0.6% | -2.3% |
| Net Profit Margin | 2.8% | 2.8% | 6.9% | 3.4% | 3.8% | -3.6% | -2.4% | -7.7% | -9.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | 24.3% | 12.8% | 17.1% | -9.1% | -5.7% | -905.6% | -133.8% |
| ROA | 1.7% | 1.7% | 5.4% | 2.9% | 3.1% | -2.4% | -1.4% | -7.4% | -7.5% |
| ROIC | 6.3% | 6.3% | 7.6% | 4.7% | 5.9% | -4.4% | -6.4% | -0.6% | -1.7% |
| ROCE | 6.3% | 6.3% | 7.8% | 4.6% | 4.3% | -2.6% | -4.9% | -0.7% | -2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.36 | 2.36 | 2.83 | 2.05 | 3.67 | 4.41 | 1.50 | — | 13.37 |
| Debt / EBITDA | 5.90 | 5.90 | 5.30 | 5.39 | 7.24 | 31.91 | 37.83 | 11.00 | 12.75 |
| Net Debt / Equity | — | 1.87 | 1.64 | 1.52 | 2.06 | 1.33 | 0.12 | — | 13.25 |
| Net Debt / EBITDA | 4.66 | 4.66 | 3.07 | 4.01 | 4.06 | 9.60 | 2.95 | 10.94 | 12.64 |
| Debt / FCF | — | 7.32 | 5.37 | 5.27 | — | — | — | 93.63 | 33.87 |
| Interest Coverage | 2.03 | 2.03 | 0.97 | 4.72 | 3.67 | -1.75 | -1.83 | -0.07 | 0.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.66 | 1.66 | 1.38 | 1.64 | 3.70 | 7.91 | 10.40 | 0.82 | 0.72 |
| Quick Ratio | 1.66 | 1.66 | 1.38 | 1.63 | 3.68 | 7.89 | 10.38 | 0.75 | 0.67 |
| Cash Ratio | 0.73 | 0.73 | 0.88 | 0.65 | 2.89 | 6.70 | 9.33 | 0.03 | 0.05 |
| Asset Turnover | — | 0.48 | 0.66 | 0.76 | 0.78 | 0.58 | 0.43 | 0.93 | 0.76 |
| Inventory Turnover | — | — | 264.89 | 552.06 | 317.38 | 311.17 | 392.73 | 65.65 | 82.33 |
| Days Sales Outstanding | — | 64.79 | 38.21 | 36.55 | 36.05 | 55.57 | 44.83 | 42.87 | 36.46 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.5% | — | — | — | — | 0.0% | — | — |
| Payout Ratio | 25.2% | 25.2% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 1.7% | 2.9% | 1.9% | 1.9% | — | — | — | — |
| FCF Yield | 14.1% | 8.9% | 3.3% | 5.5% | — | — | — | — | — |
| Buyback Yield | 13.7% | 8.7% | 1.5% | 2.3% | 4.0% | 0.6% | 0.0% | — | — |
| Total Shareholder Yield | 14.4% | 9.2% | 1.5% | 2.3% | 4.0% | 0.6% | 0.0% | — | — |
| Shares Outstanding | — | $89M | $92M | $61M | $83M | $55M | $45M | $46M | $39M |
High leverage and goodwill
Based on current market data, Shift4 trades at a forward P/E of 8.51, which appears to discount the company's 25.50% year-over-year growth rate, suggesting that investors remain skeptical regarding the sustainability of long-term earnings power compared to higher-multiple peers like Flywire Corporation.
The significant divergence between the trailing P/E of 44.08 and the forward multiple implies that the market is pricing in a substantial, albeit uncertain, expansion in profitability. This valuation gap warrants caution, as it suggests that the current share price is highly sensitive to management's ability to convert top-line growth into consistent bottom-line earnings.
As reported in recent financial statements, Shift4's ROIC has struggled to gain traction, hovering at a modest 0.7% in 2026Q1, which indicates that the company's aggressive acquisition strategy has yet to yield meaningful returns on the capital deployed into its complex payment infrastructure.
The persistent low return on invested capital suggests that the costs associated with integrating disparate legacy systems may be offsetting the benefits of scale. Investors should monitor whether future capital allocation shifts toward organic growth, which may be necessary to improve these returns above the company's cost of capital.
According to quarterly filings, Shift4's asset turnover ratio has declined to 0.13 in 2026Q1 from 0.23 in 2023Q4, reflecting a potential decrease in the efficiency with which the company utilizes its expanding asset base to generate revenue across its diverse hospitality and stadium verticals.
The compression in asset turnover, coupled with fluctuating DSO figures, suggests that the company's working capital management is becoming increasingly complex as it scales. This trend may indicate that the integration of recent acquisitions is creating operational friction that hinders the efficient conversion of transactions into cash.
Based on the provided balance sheet data, Shift4's debt-to-equity ratio reached 2.57 in 2026Q1, a level that appears elevated compared to industry peers and suggests that the company's reliance on external financing for its inorganic growth strategy is creating a vulnerable capital structure.
The interest coverage ratio of 0.82 in 2026Q1 is particularly concerning, as it implies that operating income is currently insufficient to cover interest expenses comfortably. This leverage profile necessitates close scrutiny, as any downturn in transaction volumes could significantly impair the company's ability to service its debt obligations.
The P/E ratio is frequently misapplied to Shift4, as it fails to account for the significant non-cash charges and acquisition-related amortization that distort reported net income, making the EV/EBITDA metric a more reliable indicator of the company's underlying operational cash-generating capacity.
Relying solely on P/E ratios obscures the impact of the company's aggressive M&A strategy on the bottom line. Analysts should instead focus on adjusted EBITDA and free cash flow to better understand the true economic value being generated by the core payment processing business.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying FOUR stock.
Shift4 Payments, Inc.'s current P/E ratio is 47.4x. The historical average is 49.5x. This places it at the 25th percentile of its historical range.
Shift4 Payments, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.1x.
Shift4 Payments, Inc.'s return on equity (ROE) is 8.0%. The historical average is -12.4%.
Based on historical data, Shift4 Payments, Inc. is trading at a P/E of 47.4x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Shift4 Payments, Inc.'s current dividend yield is 0.66% with a payout ratio of 25.2%.
Shift4 Payments, Inc. has 34.2% gross margin and 8.4% operating margin.
Shift4 Payments, Inc.'s Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.