SHF Holdings, Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
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~$0.0
Price-to-book vs peers
Base case. Range ~$0.0–$2.0. Book value per share times peers' typical (harmonic-mean) price-to-book.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
SHF Holdings, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $8m, down 28.6% on a year earlier, a smaller fall than the 41.2% decline a quarter earlier. That puts it 25 of 25 for growth among the transaction & payment processing services companies we cover. The diluted share count is up 56.8% on a year earlier, which dilutes existing holders.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: change in growth rate of +12.6pp ranks 1 of 30 transaction & payment processing services companies we cover. Where it lags: change in share count of 56.8% ranks 26 of 26 transaction & payment processing services companies we cover.
Current signal Balance sheet growing far ahead of sales: Total assets grew 138% year over year while revenue fell 29% — the balance sheet is expanding 166 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
We value SHF Holdings, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: no positive earnings in the latest twelve months |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.0 ~$0.4–$2.0 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: pays no regular dividend |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.0 ~$0.0–$2.0 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SHF Holdings, Inc. with asset managers, brokers and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for SHF Holdings, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2022 | $12.00 | −$465.60 | −3980.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| SHFS | −82% | −20% | −68% | −88% | −100% |
| Industry peers (median) | −26% | +8% | +13% | −23% | +9% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| SHFS | 50% | 50% | 25% | 25% | 9% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| SHFS | −85% | −81% | −79% | −90% | −100% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since August 20, 2021: 100% from July 12, 2022 to November 2, 2026. Getting back needed a 5958161% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 6, 2026 | −29.5% | +0.3% | −69.2% | — |
| August 10, 2026 | 0.0% | −0.3% | −6.9% | −9.7% |
| May 18, 2026 | −8.0% | −0.7% | +6.7% | −44.4% |
| April 16, 2026 | −9.6% | +1.5% | −4.2% | −48.9% |
| April 1, 2026 | −5.9% | +0.8% | −5.1% | −5.9% |
| March 3, 2026 | +3.7% | −0.2% | +3.8% | −2.4% |
| April 1, 2025 | −26.8% | +0.9% | −48.3% | −20.4% |
| November 12, 2024 | +3.8% | −0.3% | −9.4% | +0.6% |
| October 30, 2024 | −11.4% | −2.3% | −15.9% | +3.4% |
| August 14, 2024 | +3.3% | +2.0% | +4.6% | −7.9% |
| May 13, 2024 | −3.1% | +0.5% | −4.2% | −13.3% |
| April 1, 2024 | −2.5% | −0.8% | −13.4% | −7.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $16.7M |
| FY23 Q4 | $17.6M |
| FY24 Q1 | $17.4M |
| FY24 Q2 | $16.9M |
| FY24 Q3 | $16M |
| FY24 Q4 | $15.2M |
| FY25 Q1 | $13.1M |
| FY25 Q2 | $10.9M |
| FY25 Q3 | $9.3M |
| FY25 Q4 | $7.7M |
| FY26 Q1 | $7.7M |
| FY26 Q2 | $7.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 118.9% |
| FY23 Q4 | 85.3% |
| FY24 Q1 | 45.4% |
| FY24 Q2 | 14.9% |
| FY24 Q3 | -3.7% |
| FY24 Q4 | -13.2% |
| FY25 Q1 | -24.7% |
| FY25 Q2 | -35.3% |
| FY25 Q3 | -42.2% |
| FY25 Q4 | -49.7% |
| FY26 Q1 | -41.2% |
| FY26 Q2 | -28.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -137.2% |
| FY23 Q4 | -118.0% |
| FY24 Q1 | -107.8% |
| FY24 Q2 | -3.4% |
| FY24 Q3 | -5.8% |
| FY24 Q4 | -46.5% |
| FY25 Q1 | -71.7% |
| FY25 Q2 | -97.7% |
| FY25 Q3 | -130.1% |
| FY25 Q4 | -70.4% |
| FY26 Q1 | -67.0% |
| FY26 Q2 | -67.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q3 | 35.6% |
| FY22 Q4 | 17.7% |
| FY23 Q1 | 3.3% |
| FY23 Q2 | -4.9% |
| FY23 Q3 | -4.2% |
| FY23 Q4 | -5.9% |
| Fiscal year | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 7 | 9 | 18 | 15 | 8 | 8 |
| EBITDA | 3 | −2 | −19 | −6 | −5 | — |
| Operating income | 3 | −2 | −21 | −7 | −5 | −5 |
| Net income | 3 | −35 | −17 | −48 | −2 | −4 |
| Diluted EPS | — | −$37.00 | −$8.12 | −$17.43 | −$0.82 | −$0.85 |
| Growth (year on year) | ||||||
| Revenue | — | +35.3% | +85.3% | −13.2% | −49.7% | −28.6% |
| EBITDA | — | −161.1% | — | — | — | — |
| Operating income | — | −166.9% | — | — | — | — |
| Net income | — | <−999% | — | — | — | — |
| Margins | ||||||
| EBITDA margin | 46.9% | −21.2% | −110.2% | −41.9% | −70.3% | — |
| Operating margin | 46.9% | −23.2% | −118.0% | −46.5% | −70.4% | −67.0% |
| Net margin | 46.9% | −370.6% | −98.4% | −317.0% | −28.2% | −47.3% |
| Free-cash-flow margin | 42.0% | 17.7% | −5.9% | 2.8% | −44.5% | −56.8% |
| Cash flow | ||||||
| Cash from operations | 3 | 2 | −1 | 0 | −3 | −4 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 3 | 2 | −1 | 0 | −3 | −4 |
| Stock-based pay | 0 | 3 | 4 | 2 | 2 | 1 |
| Free cash flow after stock pay | 3 | −1 | −5 | −1 | −5 | −5 |
| Balance sheet | ||||||
| Cash | 5 | 8 | 5 | 2 | 7 | 6 |
| Total debt | 0 | 19 | — | 0 | 0 | 0 |
| Net debt (negative = net cash) | −5 | 11 | −5 | −2 | −7 | −6 |
| Diluted shares | — | — | 2m | 3m | 3m | 4m |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3 | 4 | 2 | 2 | 2 | 2 | 2 | 2 |
| EBITDA | 0 | −8 | −2 | −1 | −1 | −1 | — | — |
| Operating income | 0 | −8 | −2 | −1 | −1 | −1 | −2 | −1 |
| Net income | 0 | −52 | −1 | −1 | 0 | −1 | −2 | −2 |
| Diluted EPS | $0.13 | −$18.62 | −$0.30 | −$0.33 | $0.06 | −$0.26 | −$0.43 | −$0.36 |
| Growth (year on year) | ||||||||
| Revenue | −19.6% | −18.0% | −52.3% | −54.3% | −47.3% | −43.8% | +2.2% | +4.8% |
| EBITDA | −58.8% | — | −482.2% | −296.0% | −460.2% | — | — | — |
| Operating income | −66.7% | — | −712.9% | −423.5% | −788.1% | — | — | — |
| Net income | — | <−999% | −140.4% | −198.9% | −49.3% | — | — | — |
| Diluted EPS | — | — | −141.1% | −200.0% | −53.8% | — | — | — |
| Margins | ||||||||
| EBITDA margin | 9.7% | −210.6% | −103.0% | −52.6% | −66.3% | −59.1% | — | — |
| Operating margin | 5.1% | −215.0% | −103.1% | −52.6% | −66.4% | −59.1% | −89.3% | −53.0% |
| Net margin | 10.2% | <−999% | −42.8% | −50.4% | 9.8% | −28.3% | −90.1% | −78.2% |
| Free-cash-flow margin | 14.4% | −75.6% | −59.0% | −36.6% | −29.3% | −51.6% | −54.6% | −90.7% |
| Cash flow | ||||||||
| Cash from operations | 1 | −3 | −1 | −1 | −1 | −1 | −1 | −2 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 1 | −3 | −1 | −1 | −1 | −1 | −1 | −2 |
| Stock-based pay | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| Free cash flow after stock pay | 0 | −3 | −2 | −1 | −1 | −1 | −1 | −2 |
| Last 12 months unless stated | SHFS | OLB | USIO | PAYS | EXOD | RPAY | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $8m | $7m | $93m | $101m | $109m | $338m | $1.6bn |
| Revenue growth, last 12 months | −28.6% | −32.5% | 10.4% | 46.8% | −14.2% | 8.8% | 9.3% |
| Revenue growth, 3-year average | −19.0% | −37.1% | 5.9% | 33.4% | — | 5.2% | 7.9% |
| Revenue growth, latest quarter | 4.8% | −43.6% | 18.6% | 48.1% | 1.6% | 33.2% | 14.0% |
| Gross margin | — | 72.6% | 22.3% | 61.0% | — | 73.5% | 45.0% |
| Operating margin | −67.0% | −73.3% | −1.2% | 17.0% | — | −44.2% | 9.8% |
| Operating margin, 3-year average | −56.0% | −90.6% | −1.6% | 8.8% | — | −36.4% | 11.1% |
| Net margin | −47.3% | −68.2% | −1.6% | 15.7% | −79.9% | −49.6% | 6.1% |
| Cash from operations / revenue | −56.8% | −36.3% | 0.7% | 74.4% | −60.9% | 33.3% | 18.4% |
| Free-cash-flow margin | −5.9% | −38.2% | −0.3% | 73.0% | −61.1% | 32.6% | 16.1% |
| Free-cash-flow margin, 3-year average | — | −30.8% | −8.6% | 54.9% | −27.5% | 37.6% | 16.3% |
| Stock pay / revenue | 10.8% | 1.0% | 1.8% | 5.1% | 14.8% | 5.8% | 2.2% |
| Change in share count | 56.8% | −39.3% | 2.4% | 10.6% | — | −99.9% | −2.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -28.6% | 9.7% | 29 of 30 |
| Change in growth rate Growth | +12.6pp | -0.3pp | 1 of 30 |
| Operating margin Profitability | -67.0% | 9.8% | 28 of 29 |
| Net margin Profitability | -47.3% | 6.6% | 27 of 30 |
| Stock pay as % of revenue Cash generation | 10.8% | 2.3% | 27 of 30 |
| Change in share count Balance sheet | 56.8% | -1.7% | 26 of 26 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| M3F, Inc. | $74,000 | 308K | 30.6% | 0.0% |
| HRT Financial LP | $42,000 | 175K | 17.3% | New |
| Virtu Financial LLC | $41,000 | 170K | 16.9% | New |
| Jane Street Group, LLC | $26,517 | 110K | 11.0% | New |
| Blue Owl Capital Holdings LP | $18,215 | 76K | 7.5% | 0.0% |
| Geode Capital Management, LLC | $9,158 | 38K | 3.8% | ▼ 5.6% |
| Citadel Advisors LLC | $8,682 | 36K | 3.6% | New |
| Checchi Capital Advisers, LLC | $7,618 | 32K | 3.1% | 0.0% |
| Susquehanna International Group, LLP | $6,671 | 28K | 2.8% | New |
| Sjs Investment Consulting Inc. | $2,716 | 11K | 1.1% | 0.0% |
| Xtx Topco Ltd | $2,475 | 10K | 1.0% | New |
| Vanguard Capital Management LLC | $1,822 | 8K | 0.8% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SHF Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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