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ZYBERNO
Stock Report
Updated Aug 30, 2026

SHIFT4 PAYMENTS, INC. (FOUR)

NYSE

$43.96
Shift4 Payments Inc. is an American payment processing company headquartered in Center Valley, Pennsylvania, that provides end-to-end payment processing, commerce technology, and business management solutions. The company primarily serves the hospitality, foodservice, and gaming industries, and has expanded internationally through acquisitions in Europe and Latin America, processing approximately $100 billion in payments annually.

Professional Investment Analysis

ZYBERNO SCORE →
Is it a great business? Is it getting better?
43.0/100
WEAK BUSINESS
SHIFT4 PAYMENTS, INC. (FOUR) scores 43/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
+82.2%
Undervalued
Is the market underestimating or overestimating what this business is capable of going forward?
+21.3%
Market Underestimates
↑ UNDER
+50%
Brina Gap
-50%
↓ OVER
← OVERVALUED
-100%
Margin of Safety
UNDERVALUED →
+100%
UNDERESTIMATED
GROWTH
DOUBLE
DISCOUNT
EXPENSIVE
HYPE
VALUE
TRAP
0,0
MoS +82.2%  ·  Gap +21.3%

Two independent signals. One tells you if the stock is cheap relative to what the business has historically generated for owners — the Margin of Safety. The other tells you if the market is underestimating what the business is capable of going forward — the Brina Gap.

They are calculated from completely different data sources and answer completely different questions. The Margin of Safety reads the past. The Brina Gap reads the present economics and compares them against what the current stock price is assuming about the future.

When both point in the same direction simultaneously — DOUBLE DISCOUNT — the probability of genuine mispricing is high. The market is wrong on two independent dimensions at once, which is rare and significant.

The most dangerous scenario is not an overvalued stock — those are easy to avoid. It is a VALUE TRAP: a stock that appears cheap historically but where the market is already pricing in stronger growth than the business fundamentals support. Without the Brina Gap signal this looks identical to a genuine opportunity. The matrix separates them instantly.

The Brina Gap is the more powerful of the two signals. Most investors and analytical tools focus on valuation alone — whether a stock is cheap relative to earnings. Far fewer systematically compare what the business economics structurally support against what the stock price is actually assuming. That gap between fundamental growth potential and market expectations is where the most reliable mispricings live, and where this matrix earns its value.

Use this as your first filter. A stock in DOUBLE DISCOUNT territory is worth investigating. Everything else requires either more caution or a specific reason to act.

DOUBLE DISCOUNT OPPORTUNITY
SHIFT4 PAYMENTS, INC. (FOUR) scores a Double Discount — Margin of Safety +82.2% against historical owner earnings and Brina Gap +21.3% against forward business economics. Both independent signals point to undervaluation simultaneously.
🎯 Expected Annual Return →
69.4%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
30.4%
Brina Gap convergence — your return if the market corrects the growth mispricing the Gap measures
38.0%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (5.5%)
Debt-to-Equity (Solvency Risk):CRITICAL (2.63x)
Operating Margin (Operational Efficiency):AVERAGE (8.1%)
Return on Capital (Capital Efficiency):CRITICAL (3.9%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
💎
Intrinsic Value
DCF Fair Value
$246.51
🛡️
Margin of Safety
Valuation Gap
82.2%
🎯
Expected Return
Projected Annual
69.4%
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

According to Zyberno, SHIFT4 PAYMENTS, INC. (FOUR) is a buy opportunity — WEAK BUSINESS (43/100) trading at a Margin of Safety of +82.2% against historical owner earnings, with a Brina Gap of +21.3% confirming the market is underestimating its forward growth capacity.

According to Zyberno's DCF model, SHIFT4 PAYMENTS, INC. (FOUR) trades at $43.96 against an estimated intrinsic value per share of $246.51 — a +82.2% Margin of Safety based on Owner Earnings of $656.90M TTM, projected at 31.0% growth for 10 years with a 2.5% terminal growth rate. The Brina Gap of +21.3% strengthens the case: based on the company's ROIC (3.9%) and reinvestment rate (924.2%), the business can fundamentally grow at 35.6% — but the current enterprise value implies the market expects 14.4%. This places FOUR in the Double Discount quadrant of the Brina Matrix, the rarest and most attractive position. Zyberno's model translates this into a 5-year expected return of 69.4% annually.

Over the trailing twelve months, FOUR generated $656.90M in Owner Earnings. Capital was deployed as follows: $295.00M returned via share buybacks, $14.50M invested in capital expenditures. Reinvestment rate: 924.2%. Owner Earnings have grown at 31.0% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:43.96
Market Cap:$3.65B

Valuation Multiples (3)

P/B Ratio:2.10x
P/S Ratio:0.76x
Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$8.43B
Ev Ebitda Ratio:9.17x
Pfcf Ratio:5.55x

Price Action & Momentum (3)

12-1 Momentum:
-53.1% (8th pctile)
📈 Click to view full FOUR Momentum analysis →
Momentum Percentile:8 / 100
% of 52-Week High:47.5%
B. Profitability Assessment

Return Metrics (7)

ROE:
5.5%
📊 Click to view full FOUR ROE analysis →
ROA:1.2%
Roic:
3.9%
📊 Click to view full FOUR ROIC analysis →
Reinvestment Rate:924.2%
Fundamental Growth Rate (g):35.6%
Market-Implied Growth Rate:14.4%
Brina Gap:
21.3%
☷ Click to view full FOUR Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:8.1%
Net Margin Ttm:2.2%
Ebitda Margin:19.2%

TTM Performance (2)

Operating Margin Ttm:8.1%
Net Margin Ttm:2.2%

Yield Metrics (3)

Earnings Yield:-$999.00
Owner Earnings Yield:$18.02
Dividend Yield:0.0%
C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):27.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):0.1%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):31.0%
Operating Cash Flow Growth Rate (Linear):30.3%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):45.8%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.21x
Quick Ratio:1.21x
Cash Ratio:0.21x

Leverage Analysis (3)

Debt To Equity Ttm:2.63x
Debt-to-Equity Ratio:2.63x
Debt To Ebitda:5.59x

Coverage Ratios (2)

Interest Coverage Ratio:1.39x
Times Interest Earned:1.39

Capital Structure (4)

Working Capital:361,000,000.00
Cash And Cash Equivalents:356,000,000.00
Long Term Debt:$4.50B
Net Debt:$4.79B
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $4.78B
Linear Growth: 27.1%
📊 Click to view full FOUR Revenue analysis & methodology →
Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00
Operating income TTM: $387.50M
Linear Growth: 45.8%
📊 Click to view full FOUR Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $105.30M
Linear Growth: 6.0%
📊 Click to view full FOUR Net Income analysis & methodology →
Income Before Tax:$152.90M
Ebitda Ttm:919,900,000.00

Operating Expenses (5)

Operating Expenses:0.00
R And D Expense:6,000,000.00
Sga Expense:844,600,000.00
Income Tax Expense:$30.50M
Interest Expense:252,100,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.5%
Sga To Revenue Percentage:65.2%
Ebitda Margin:19.2%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$8.70B
Current Assets:$2.07B
Ppe Net:0.00
Goodwill:2,713,000,000.00
Intangible Assets:$2.91B

Liability Structure (4)

Total Liabilities:6,958,000,000.00
Current Liabilities:1,710,000,000.00
Long Term Debt:$4.50B
Short Term Debt:$643.00M

Equity & Capital (3)

Equity:$1.74B
Retained Earnings:-$648.00M
Common Stock:0.00

Working Capital Items (3)

Accounts Receivable:809,000,000.00
Inventory:6,400,000.00
Accounts Payable:633,000,000.00

Special Items (2)

Contract Liabilities:12,000,000.00
Stock Based Compensation:31,000,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $671.40M
Linear Growth: 30.3%
Free cash flow TTM: $656.90M
Linear Growth: 31.0%
📊 Click to view full FOUR Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:$16.00M
Capital Expenditures Ttm:14,500,000.00

Financing Activities (3)

Financing Cash Flow:-$401.00M
Dividends Paid Ttm:0.00
Stock Repurchase:295,000,000.00

Capital Transactions (3)

Common Stock Issuance:88,000,000.00
Long Term Debt Issuance:$2.83B
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:532,400,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$1.27

Revenue & Cash Per Share (3)

Sales Per Share Ttm:57.66
Operating Cash Flow Per Share:$7.65
Fcf Per Share Ttm:7.92

Book Value & Capital (2)

Book Value Per Share:$20.92
Cash Per Share:4.29

Dividend Policy (1)

Dividend Payout Ratio:0.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.54x
Working Capital Turnover Ttm:13.25x

Receivables Management (2)

Receivables Turnover Ttm:5.91x
Days Sales Outstanding Ttm:61.76

Inventory Management (2)

Inventory Turnover Ttm:747.11x
Days Inventory Outstanding Ttm:0.49

Payables & Cash Cycle (2)

Days Payable Outstanding:48.32
Cash Conversion Cycle:13.92
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00
Quality Score:75.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $656.90M
Linear Growth: 31.0%
📊 Click to view full FOUR Owner Earnings analysis & methodology →
Owner Earnings Per Share:$7.92
Owner Earnings Yield:$18.02

Growth Assessment (1)

Owner Earnings Growth Rate:$31.00

Damodaran Growth Analysis (4)

Reinvestment Rate:924.2%
Fundamental Growth Rate (g):35.6%
Market-Implied Growth Rate:14.4%
Brina Gap:
21.3%
☷ Click to view full FOUR Brina Gap analysis →

Intrinsic Value Models (1)

Intrinsic Value:
$20.44B
📊 Click to view full FOUR DCF valuation →

Margin of Safety (1)

Margin Of Safety:
82.2%
📊 Click to view full FOUR valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:
69.4%
📊 Click to view full FOUR expected return analysis →
Forward Expected Return (Yield + Growth):
38.0%
📊 Click to view full FOUR expected return analysis →

Investment Assessment (1)

Buffett Assessment:Excellent margin of safety
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):27.1%
Net Income Growth Rate (Linear):0.1%
Operating Income Growth Rate (Linear):45.8%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):31.0%
Operating Cash Flow Growth Rate (Linear):30.3%

Other Growth Rates (2)

Book Value Growth Rate (Linear):63.3%
Owner Earnings Growth Rate:$31.00
C. Company Profile & Context

Corporate Information (6)

Symbol:FOUR
Company Name:SHIFT4 PAYMENTS, INC.
Sector:Unknown
Industry:Business Services
Exchange:NYSE
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:medium
Volume Category:N/A

Share Structure (3)

Shares Outstanding:82.92M
Shares Outstanding Basic:82.92M
Shares Outstanding Diluted:1.33M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-08-30 14:12:31 UTC
Data Timestamp:2026-08-30T14:12:31.700103
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