Shift4 2026 enterprise-value-to-FCF valuation

Shift4 Payments Inc. (FOUR)
By@hypertonx
Assumptions as of 2026-08-07
USD
Updated Aug 7, 2026 · Revised 2 times
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Shift4 2026 enterprise-value-to-FCF valuation

Enterprise-value-to-unlevered-FCF valuation updated for Q2 2026. Full-year adjusted FCF guidance remains a $470M midpoint and net interest reflects the July Term Loan B increase. Debt and cash are shown pro forma on the same pre-deployment basis. A 12.5x multiple reflects solid EBITDA growth but reduced cash-flow guidance.

as of 2026-08-07

Fair value / share
$46.23
Upside / downside
9.3%
Implied enterprise value ($M)
$8,465
FY2026 unlevered FCF ($M)
$677
Current EV / unlevered FCF
12.0

Capital structure

1,356
5,514
90.5
123

FCF

470
280
26.0%

Market

$42.29
Latest FOUR quote · updated Sep 8, 2026 2:00 PM MDT

Multiple

12.5

EV to FCF bridge ($M except per-share)

FY2026E
FY2026 adjusted FCF470
+ After-tax net interest add-back207
= Unlevered FCF677
x EV / unlevered FCF multiple12.5
= Implied enterprise value8,465
- Net debt4,158
- Noncontrolling interests and other claims123
= Common equity value4,184
Diluted shares90.5
= Fair value / share$46.23

Sources

  1. Shift4 announced Q2 2026 materials on August 6, 2026, including its shareholder letter and conference call. — investors.shift4.com (accessed 2026-08-07)
  2. Shift4 reported Q2 2026 GRLNF of $624M, adjusted EBITDA of $284M, adjusted FCF of $21M, and FY2026 adjusted FCF guidance of $465M-$475M with higher interest expense from the increased Term Loan B. — modeledge.ai (accessed 2026-08-07)
  3. Shift4's Q2 2026 10-Q reported June 30 cash and equivalents of $356M, carrying debt of about $4.514B, and Q2 diluted weighted-average Class A/Class C shares of 79.6M before broader economic dilution assumptions. — investors.shift4.com (accessed 2026-08-07)

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