FOURShift4 Payments, Inc.

Services-Business Services, NEC

Revenue: $4.2B; 25% YoY
Operating margin: 8.4%; 13% YoY
EBITDA: $783M; 44% YoY
Market cap: $3.3B
Employees: 6,300; $663K revenue each
Net debt / EBITDA: 5.3×; $4.2B net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
431% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
71% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentYes
79% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$663K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$32M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$2.0B	$2.6B	$3.3B	$4.2B	25%
Operating income	−$49M	$95M	$115M	$247M	$351M	42%
Net income	−$48M	$87M	$123M	$295M	$147M	50%
Operating cash flow	$3M	$275M	$346M	$500M	$634M	27%
Capex	$8M	$8M	$14M	$7M	$10M	43%
Stock-based comp	$41M	$50M	$57M	$65M	$82M	26%
Buybacks	$20M	$186M	$105M	$146M	$453M	210%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $34M · 6
Open-market sells, 12 mo: $1M · 4
Net: $32M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	84	248
FY2024	—	—	313	262
FY2023	—	—	222	191
FY2022	—	—	167	122