Shift4 Payments, Inc. key statistics and ratios

In fiscal 2025, Shift4 Payments, Inc. had return on equity of 10.6%, an operating margin of 8.4%, debt equal to 318.2% of equity and a current ratio of 1.66. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Shift4 Payments, Inc.: financial ratios, annual
Fiscal year	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	25.1%	23.7%	23.2%	20.4%	—	—	—	—	—
Operating margin	−2.3%	−0.6%	−7.5%	−3.6%	4.8%	4.5%	7.4%	8.4%	8.1%
Net margin	−9.9%	−7.7%	−2.4%	−3.5%	3.8%	3.4%	6.9%	2.8%	2.2%
Free-cash-flow margin	4.3%	−0.0%	−0.1%	−0.4%	13.4%	12.9%	14.8%	14.9%	12.0%
Return on equity	−154.3%	—	−8.6%	−13.2%	24.2%	17.2%	31.5%	10.6%	6.9%
Return on assets	—	−7.2%	−1.4%	−2.3%	3.1%	2.9%	5.5%	1.7%	1.2%
Asset turnover	—	0.93	0.60	0.66	0.81	0.86	0.79	0.61	0.55
Current ratio	—	0.82	10.40	7.91	3.70	1.64	1.39	1.66	1.21
Debt to equity	—	—	223.8%	649.7%	510.4%	271.3%	355.9%	318.2%	281.1%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	2.9x	3.6x	4.0x	1.8x	1.5x
Effective tax rate	—	—	—	—	0.2%	−2.5%	—	24.6%	19.9%
R&D as % of revenue	0.3%	0.2%	0.2%	0.1%	0.0%	0.0%	0.1%	0.1%	—
Capital spending as % of revenue	0.3%	1.1%	0.6%	0.6%	0.4%	0.5%	0.2%	0.2%	0.4%
Free cash flow ÷ net income	—	—	—	—	356.1%	386.0%	214.3%	524.4%	544.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	69.5%	31.6%	29.6%	72.6%	109.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Shift4 Payments, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	8.8%	9.7%	2.9%	8.6%	9.7%	10.8%	4.5%	7.3%
Net margin	5.9%	13.1%	2.0%	3.5%	2.4%	3.4%	1.3%	1.7%
Free-cash-flow margin	15.5%	14.6%	11.2%	14.6%	14.1%	18.7%	11.4%	4.4%
Current ratio	2.98	1.39	1.36	2.53	1.38	1.66	1.22	1.21
Debt to equity	349.6%	352.0%	353.1%	234.3%	282.6%	315.3%	273.6%	278.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · June 30, 2026

What it owns · $8.7bn

Short-term assets $2.1bnLonger-term assets $6.6bn

What it owes, and who funded it · $8.6bn

Short-term liabilities $1.7bnLonger-term liabilities $5.2bnShareholders' equity $1.6bn

Short-term assets cover short-term liabilities $2.1bn of assets due within a year against $1.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities $2.1bn short-term assets against $5.2bn of longer-dated liabilities.
More cash than debt $356m of cash against $4.5bn of debt.
Debt below 40% of shareholders' equity Debt is 279% of equity.
Debt burden no higher than five years ago Debt to equity moved from 637% to 279% over five years.
A year's operating cash flow covers at least 20% of debt $593m of operating cash flow against $4.5bn of debt.
Operating profit covers interest at least five times over Operating income of $388m against $252m of interest.

From Shift4 Payments, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

17 /100

Weak moat

How hard Shift4 Payments's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Net income has been a median 1.2% of total assets over 7 years.
Durability 0 / 20

Operating margin has been a median 5.2%; its worst year was -7.7%.
Cash conversion 13 / 20

Free cash flow was positive in 5 of 7 years, at a median 12.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Shift4 Payments, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Shift4 Payments, Inc.