Shift4 Payments, Inc.

NYSE-FOUR

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	64.4	103.8	74.3	55.9	57.9	75.4
Total Shares Outstanding	68.7	69.3	62.4	57	56.8	49.9
Market Cap	4,423.3	7,187.5	4,635.8	3,190.4	3,292.1	3,764.5
Total Enterprise Value (TEV)	8,947.7	8,769.9	5,851.5	4,381.2	3,948.7	4,053.4
Dividend Yield	—	—	—	—	—	0%
Buyback Yield	6.7%	2.5%	2.9%	6.6%	4.4%	-14.9%
Debt Paydown Yield	-2.6%	-16.3%	—	—	-19.2%	-12.6%
Shareholder Yield	4.1%	-13.8%	2.9%	6.6%	-14.8%	-27.6%
P/S	1.1	2.2	1.8	1.6	2.4	4.9
P/Gross Profit	3.5	7.4	6.7	6.8	11.8	21.2
P/E	30.2	34.3	52	53.3	-65.1	-175.3
Earnings Yield	3.3%	2.9%	1.9%	1.9%	-1.5%	-0.6%
P/OCF	8	14.4	13.4	11.6	1,097.4	941.1
P/FCF	10.3	18.3	18.2	14.9	-64.4	-246
FCF Yield	9.7%	5.5%	5.5%	6.7%	-1.6%	-0.4%
P/B	2.6	8.9	7.1	9.2	12.1	8.2
EV/Sales	2.3	2.6	2.3	2.2	2.9	5.3
EV/Gross Profit	7.1	9	8.5	9.3	14.2	22.8
EV/EBITDA	12.9	16.1	17.8	18	71.5	152.4
EV/EBIT	28.9	35.5	51	46.3	-80.3	-70.4
EV/OCF	16.1	17.5	16.9	15.9	1,316.2	1,013.3
EV/FCF	20.8	22.4	23	20.5	-77.3	-264.9

Dividends

Dividends	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Dividend Yield	—	—	—	—	—	0%
DPS	—	—	—	—	—	0
Payout Ratio	—	—	—	—	—	-2.7%

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	32.6%	29.2%	26.8%	23.6%	20.4%	23.2%
Operating Margin	8%	7.4%	4.5%	4.8%	-3.6%	-7.5%
EBITDA Margin	17.8%	16.3%	12.8%	12.2%	4%	3.5%
Net Profit Margin	6%	8.8%	4.8%	4.3%	-5.4%	-14.5%
Effective Tax Rate	7.3%	18,506.3%	-2.8%	0.2%	4%	2.1%
Pre-Tax Profit Margin	6.5%	-0%	4.7%	4.4%	-5.6%	-14.8%
Free Cash Flow Margin	11.1%	11.8%	9.9%	10.7%	-3.7%	-2%
OCF / Sales	14.3%	15%	13.5%	13.8%	0.2%	0.5%
OCF / Net Income	238.2%	169.9%	281.5%	317.6%	-4.1%	-3.6%
FCF / OCF	77.4%	78.3%	73.6%	77.6%	-1,703.3%	-382.5%
FCF / Net Income	184.4%	133.1%	207.1%	246.4%	69.1%	13.7%
FCF / EBITDA	62.2%	72.1%	77.3%	87.6%	-92.6%	-57.5%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	4.6%	-1,657%	6%	7.4%	-5.5%	-7.9%
Return on Assets	4.1%	-1,078.7%	4%	3.9%	-2.3%	-4.4%
Return on Equity	14.5%	31.2%	18.2%	19.7%	-13.8%	-35%
Return on Total Capital	4.5%	-1,788.4%	6.1%	5%	-3%	-5.5%
Return on Capital Employed	4.4%	7.8%	4.6%	4.3%	-2.6%	-4.9%
Return on Tangible Assets	6.6%	14.5%	9.4%	6.3%	-5.5%	-18.4%
Receivables Turnover	6.9	11	11.4	9.9	9.2	9
Days Sales Outstanding	52.7	33.2	32.1	36.7	39.8	40.8
Payables Turnover	5.7	10.4	10.1	10.6	12	9.9
Days Payables Outstanding	64.1	35.1	36.1	34.5	30.4	36.8
Inventory Turnover	—	1,386.8	457.8	367.1	435.6	117.8
Days Inventory Outstanding	—	0.3	0.8	1	0.8	3.1
Cash Conversion Cycle	-11.4	-1.6	-3.2	3.2	10.2	7.1
Asset Turnover	0.6	0.8	0.9	0.8	0.7	0.6
Fixed Asset Turnover	14.2	16.5	17.3	18.3	18.6	22.9
Operating Cycle	52.7	33.4	32.9	37.7	40.7	43.9
CapEx to OCF	0.2	0.2	0.3	0.2	18	4.8
CapEx to Revenue	0	0	0	0	0	0
CapEx to Depreciation	0.3	0.4	0.4	0.4	0.5	0.2

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	4,788.4	2,881.3	1,776.8	1,760	1,761.2	1,006.3
Net Debt	2,988.9	1,371.3	1,000.6	1,057.5	529.7	78.5
Current Ratio	1.4	1.4	1.6	3.7	7.9	10.4
Quick Ratio	1.3	1.3	1.5	3.3	7.8	10.3
Cash Ratio	0.9	1.1	1.1	2.6	6.7	9.3
Debt Ratio	0.5	0.6	0.5	0.7	0.8	0.6
Assets to Equity	4.1	5	3.9	5.3	5.9	2.7
Cash Flow to Debt Ratio	0.1	0.2	0.2	0.2	0	0
Long-term Debt to Assets	0.5	0.4	0.5	0.7	0.7	0.6
Intangibles to Total Assets	0.6	0.5	0.6	0.5	0.3	0.4
Net Current Asset Value	-5,593.2	-2,324.4	-1,581.2	-1,215	-616.2	-286.2
Goodwill / Assets	0.3	0.3	0.3	0.3	0.2	0.3
Debt / Equity	2.2	2.8	2	3.7	4.4	1.5
Total Debt / Capitalization	0.8	0.9	0.9	0.9	0.9	0.8
Long Term Debt / Capitalization	0.6	0.7	0.9	0.9	0.9	0.8
Long-Term Debt / Equity	1.8	2.1	2	3.7	4.4	1.5
Net Debt / EBITDA	4.3	2.5	3	4.3	9.6	3
EBIT / Interest Expense	2	4	3.6	2.9	-1.8	-1.4
EBITDA / Interest Expense	4.4	8.8	10.3	7.5	2	0.7
(EBITDA - Capex) / Interest Expense	3.6	7	7.4	5.6	0	0.2

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	45.9	37.1	43.4	25.3	28.7	17.7
Basic EPS	2.4	3.4	1.5	1.3	-0.9	-0.4
Diluted EPS	2.1	3	1.4	1.1	-0.9	-0.4
Book Value per Share	19.7	9	11.1	4.4	5.7	10.6
Tangible Book Value per Share	-45.1	-18.1	-21.8	-13.1	-10.3	-5.4
Cash per Share	21.3	16.8	13.1	8.9	25.9	21.4
Operating Cash Flow per Share	6.6	5.6	5.9	3.5	0.1	0.1
Free Cash Flow per Share	5.1	4.4	4.3	2.7	-1.1	-0.4
CapEx per Share	1.5	1.2	1.5	0.8	1.1	0.4
Weighted Avg. Shares Outstanding	67.7	66	58.7	56.7	47.6	43.4
Weighted Avg. Shares Outstanding Diluted	84.5	89.9	59	78.9	47.6	43.4

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
SG&A to Revenue	18.2%	15.7%	14.7%	15.8%	19.4%	26.3%
Stock-based Comp to Revenue	1.8%	2%	2.2%	2.5%	3%	8.6%