Shift4 Payments, Inc. (FOUR) Stock

Shift4 Payments, Inc. (FOUR) is a Technology stock trading at $47.91 (as of 2026-08-21), with a market capitalization of $3.78B and a trailing P/E of 49.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Shift4 Payments, Inc. provides payment processing and related technology for merchants, including merchant acquiring, an omni-channel payment gateway, integrated point-of-sale solutions, and security, risk management, and reporting tools. It also offers venue-focused mobile ordering and kiosk services (VenueNext) and eCommerce website and storefront solutions (Shift4Shop).

Understand Shift4 Payments, Inc.: how it makes money

Shift4 Payments provides integrated payment processing and related technology solutions for merchants, and it makes money primarily from payment processing economics tied to payment volume (including Payments-Based Revenue Less Network Fees), plus smaller contributions from GlobalBlue-related activity, tax-free shopping revenue, and subscription and other revenue.

The core profit model is payment-volume economics, where end-to-end payment volume translates into Payments-Based Revenue Less Network Fees through a blended net spread on payment volume, supported by proprietary omni-channel gateway technology, with additional revenue from subscription and other sources.

Revenue by segment (latest quarter)
Payments$0.6B
GlobalBlue$0.2B
OtherPay$0.1B
Tax-Free$0.1B
Sub/Other$0.1B

Business quality (Mixed): The disclosures point to a straightforward volume and spread profit engine, but the disclosed operating margin is modest and the contribution from non-core components (tax-free, subscription and other, and GlobalBlue-related activity) means results can be mixed when mix or volume changes.

Valuation: Trades at 27× trailing earnings · $3B market cap.

Bull case

  • Payment-volume driven model: Reported operating metrics tie results to end-to-end payment volume and a blended net spread on payment volume (Payments-Based Revenue Less Network Fees).
  • Scale of merchants using Shift4 technology: Merchants Using Shift4 Technology (Including Future Gift and Loyalty Customers) is reported at 225000.
  • Gateway reach as a processing backbone: Gateway Volume is reported at 170 USD_B, supporting the idea that the proprietary gateway is central to monetizing merchant transactions.

Bear case

  • Margin sensitivity: Operating margin is reported at 4.5%, which can leave less room for unfavorable changes in volume, pricing/spread, or operating costs.
  • Spread reliance: Because Payments-Based Revenue Less Network Fees is linked to the blended net spread on payment volume, adverse spread movement could pressure results even if volume stays steady.
  • Revenue mix includes multiple components: Segment-level contributions shown include Payments, GlobalBlue-related activity, tax-free shopping revenue, and subscription and other revenue, so performance may be mixed if one component softens.
Valuation — source: SEC EDGAR (first-party)
Price$47.91
Market Cap$3.78B
P/E Ratio49.1
EV / EBITDA8.9
Price / Book2.18
Price / Sales0.80
FCF Yield22.3%
DCF Value (model)$78.18
DCF Upside vs Price63.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.18B
Net Margin2.8%
Revenue Growth (YoY)25.5%
FCF Growth (YoY)26.5%
Financial Health — source: SEC EDGAR
Altman Z-Score1.00 (distress)
Valuation vs Sector & Industry
Stock P/E49.1
Sector P/E (Technology)33.9
Industry P/E (Business Services)29.9
vs Sector44.9%
vs Industry64.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($382.23M)
Institutional Holders Tracked10
Congressional Trades (recent)4
Company
SectorTechnology
IndustryBusiness Services
CEODavid Taylor Lauber
Employees4,000
CountryUS
IPO Date2020-06-05

Related Companies (Business model: IT Services / Consulting and Managed Services; 8 closest by market cap; US-domiciled)

  • Remitly Global, Inc. (RELY)
  • Amentum Holdings, Inc. (AMTM)
  • Paymentus Holdings, Inc. (PAY)
  • Sezzle Inc. (SEZL)
  • Xometry, Inc. (XMTR)
  • TriNet Group, Inc. (TNET)
  • Maximus, Inc. (MMS)
  • CBIZ, Inc. (CBZ)
FOUR earnings history · FOUR institutional & insider holders · FOUR KPIs & operating metrics · FOUR financials · FOUR investor presentations & press releases · FOUR SEC filings · FOUR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.