Does SHIFT4 PAYMENTS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores SHIFT4 PAYMENTS, INC. (FOUR) 27.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 37, returns on capital 0, balance-sheet safety 0, capital discipline 80.

How has FOUR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 27.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

SHIFT4 PAYMENTS, INC.

FOUR · Technology · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power37

Median gross margin 23.4% over 4y, stable.

Returns on capital0

Median ROIC 2.3%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 4.6x, interest coverage 2x.

Capital discipline80

Owner earnings +68.9%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $287.0M
Est. intrinsic value / share: —
Recent price: $50.33
Discount to value: No price data

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

9 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $560.6M (FY2018) to $4.2B (FY2025) — about 33.2% a year compounded over 7 years.

It earned 5.3% on invested capital in FY2025, with a median of 2.3% across 8 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $4.5B of total debt in FY2025 against $541.0M of owner earnings — roughly 8.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Returns on Capital the weakest (0/100), which is how FOUR lands at 27/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$4.2B FY2025

Gross marginRevenue kept after cost of goods20.4% FY2021

Return on invested capitalOperating profit on the capital employed5.3% FY2025

Owner earningsCash an owner could take out$541.0M FY2025

Gaps in a line mean that item isn’t in FOUR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.1 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — FOUR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#444 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#442AOSL Alpha and Omega Semiconductor Limited27.3 out of 100, No moatNo moat
#443XYZ Block, Inc.27.1 out of 100, No moatNo moat
#445ONDS Ondas Inc.26.8 out of 100, No moatNo moat
#446TCX TUCOWS INC /PA/26.6 out of 100, No moatNo moat

Compare FOUR with its nearest peers →All Technology companies on the Index →

Common questions about FOUR

Does SHIFT4 PAYMENTS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores SHIFT4 PAYMENTS, INC. (FOUR) 27.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 37, returns on capital 0, balance-sheet safety 0, capital discipline 80.
How has FOUR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 27.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell FOUR. See the disclaimer.