The company's aggressive acquisition strategy has resulted in a debt-to-equity ratio of 2.57 and a significant $2.7B goodwill concentration as of 2026Q1.
| Total Current Assets | 2.06B | 2.18B | 1.91B | 1.15B | 991.7M | 1.45B | 1.03B | 106.4M | 70.2M |
| Cash & Short-Term Investments | 1.23B | 964M | 1.21B | 455M | 776.5M | 1.23B | 927.8M | 3.7M | 4.8M |
| Cash Only | 473M | 964M | 1.21B | 455M | 776.5M | 1.23B | 927.8M | 3.7M | 4.8M |
| Short-Term Investments | 756M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 694M | 742M | 348.7M | 256.8M | 196.9M | 208.2M | 94.2M | 85.9M | 56M |
| Days Sales Outstanding | 52.87 | 64.79 | 38.21 | 36.55 | 36.05 | 55.57 | 44.83 | 42.87 | 36.46 |
| Inventory | 0 | 0 | 8.9M | 3.4M | 4.8M | 3.5M | 1.5M | 8.5M | 5.1M |
| Days Inventory Outstanding | - | - | 1.38 | 0.66 | 1.15 | 1.17 | 0.93 | 5.56 | 4.43 |
| Other Current Assets | 138M | 350M | 340.9M | 438.1M | 4.9M | 300K | 1M | 2.2M | 500K |
| Total Non-Current Assets | 6.7B | 6.53B | 3.13B | 2.23B | 1.56B | 889M | 745.8M | 677.6M | 668.5M |
| Property, Plant & Equipment | 100M | 342M | 229.2M | 174.5M | 122.5M | 95.3M | 51.7M | 15.4M | 26.2M |
| Fixed Asset Turnover | 17.70x | 12.22x | 14.53x | 14.70x | 16.27x | 14.35x | 14.83x | 47.49x | 21.40x |
| Goodwill | 2.71B | 2.7B | 1.46B | 1.11B | 735M | 537.7M | 477M | 421.3M | 391.8M |
| Intangible Assets | 2.88B | 2.92B | 915.6M | 778.4M | 306.8M | 188.5M | 186.3M | 235.6M | 230.7M |
| Long-Term Investments | 0 | 0 | 2.5M | 62.2M | 47.1M | 30.5M | -34.4M | 0 | -3.4M |
| Other Non-Current Assets | 406M | 565M | 131.3M | 108.1M | 339.2M | 37M | 30.8M | 5.3M | 19.8M |
| Total Assets | 8.76B | 8.71B | 5.04B | 3.39B | 2.55B | 2.34B | 1.78B | 784M | 738.7M |
| Asset Turnover | 0.53x | 0.48x | 0.66x | 0.76x | 0.78x | 0.58x | 0.43x | 0.93x | 0.76x |
| Asset Growth % | 325.96% | 72.83% | 48.81% | 32.65% | 9.02% | 31.66% | 126.95% | 6.13% | - |
| Total Current Liabilities | 1.69B | 1.31B | 1.38B | 704.4M | 268.3M | 183.8M | 99.4M | 129.9M | 97.8M |
| Accounts Payable | 615M | 679M | 248.3M | 204.6M | 166.7M | 121.1M | 60.6M | 58.1M | 44.2M |
| Days Payables Outstanding | 71.01 | 90.06 | 38.44 | 39.79 | 39.94 | 40.59 | 37.55 | 38 | 38.42 |
| Short-Term Debt | 10M | 10M | 686.9M | 0 | 5.3M | 4.8M | 900K | 5.3M | 4.8M |
| Deferred Revenue (Current) | 12.9M | 0 | 15.5M | 20.6M | 16.3M | 15M | 7.8M | 5.6M | 4.6M |
| Other Current Liabilities | 1.04B | 379M | 297.6M | 424.6M | 64.7M | 8.1M | 10.3M | 38.5M | 25.9M |
| Current Ratio | 1.22x | 1.66x | 1.38x | 1.64x | 3.70x | 7.91x | 10.40x | 0.82x | 0.72x |
| Quick Ratio | 1.22x | 1.66x | 1.38x | 1.63x | 3.68x | 7.89x | 10.38x | 0.75x | 0.67x |
| Cash Conversion Cycle | -18.14 | - | 1.15 | -2.58 | -2.74 | 16.16 | 8.22 | 10.42 | 2.47 |
| Total Non-Current Liabilities | 5.29B | 5.44B | 2.64B | 1.81B | 1.81B | 1.76B | 1.01B | 687M | 599.5M |
| Long-Term Debt | 4.51B | 4.54B | 2.15B | 1.75B | 1.74B | 1.74B | 1.01B | 635.1M | 548.7M |
| Capital Lease Obligations | 172.2M | 53M | 29.3M | 18.8M | 18.1M | 17.9M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 518.8M | 0 | 60.6M | 28.7M | 18.6M | 300K | 2.8M | 4.1M | 4.1M |
| Other Non-Current Liabilities | 259M | 853M | 399.9M | 17.3M | 26.5M | 2.4M | 1.7M | 0 | -35.2M |
| Total Liabilities | 6.98B | 6.76B | 4.02B | 2.52B | 2.07B | 1.94B | 1.11B | 816.9M | 697.3M |
| Total Debt | 4.58B | 4.62B | 2.88B | 1.78B | 1.77B | 1.76B | 1.01B | 640.4M | 553.5M |
| Net Debt | 4.11B | 3.65B | 1.67B | 1.32B | 988.8M | 529.7M | 78.5M | 636.7M | 548.7M |
| Debt / Equity | 2.57x | 2.36x | 2.83x | 2.05x | 3.67x | 4.41x | 1.50x | - | 13.37x |
| Debt / EBITDA | 5.34x | 5.90x | 5.30x | 5.39x | 7.24x | 31.91x | 37.83x | 11.00x | 12.75x |
| Net Debt / EBITDA | 4.79x | 4.66x | 3.07x | 4.01x | 4.06x | 9.60x | 2.95x | 10.94x | 12.64x |
| Interest Coverage | 1.68x | 2.03x | 0.97x | 4.72x | 3.67x | -1.75x | -1.83x | -0.07x | 0.14x |
| Total Equity | 1.78B | 1.96B | 1.02B | 868.4M | 480.6M | 399.7M | 670M | -28.9M | 41.4M |
| Equity Growth % | 388.12% | 92.3% | 17.19% | 80.69% | 20.24% | -40.34% | 2418.34% | -169.81% | - |
| Book Value per Share | 24.17 | 22.00 | 11.12 | 14.24 | 5.81 | 7.28 | 14.88 | -0.63 | 1.06 |
| Total Shareholders' Equity | 1.65B | 1.44B | 806.6M | 653.3M | 347.3M | 272.8M | 459.6M | -28.9M | 41.4M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 300K |
| Retained Earnings | -644M | -467M | -228.2M | -346.7M | -363.6M | -325.3M | -278.7M | -178.4M | -113.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -21.1M | 0 | 0 | 0 |
| Accumulated OCI | -5M | 47M | -28.2M | 14.1M | 8.3M | 0 | 0 | -43M | -28.1M |
| Minority Interest | 127M | 515M | 211.1M | 215.1M | 133.3M | 126.9M | 210.4M | 0 | 0 |
High leverage and goodwill
As reported in recent financial statements, Shift4's total debt has surged to $4.6B by 2026Q1, resulting in a debt-to-equity ratio of 2.57, which suggests that the company's aggressive inorganic growth strategy is increasingly reliant on external financing rather than internally generated cash flow.
The rapid expansion of the debt load from $1.8B in 2024Q4 to $4.6B in 2026Q1 indicates a significant shift in the capital structure toward higher leverage. Investors should monitor whether this debt burden, combined with the company's thin net margins, creates refinancing risks if interest rates remain elevated or if transaction volumes in the hospitality sector face a cyclical downturn.
Based on the company's 2026Q1 balance sheet, goodwill accounts for $2.7B of the $8.8B total asset base, representing a substantial portion of the firm's valuation that is inherently sensitive to the long-term performance of acquired entities.
The heavy reliance on intangible assets suggests that the company's book value is highly dependent on the successful integration and future profitability of its M&A targets. Should these acquisitions fail to meet growth expectations, the potential for significant impairment charges could severely impact the company's equity position and overall balance sheet stability.
According to quarterly filings, the current ratio has fluctuated significantly, dropping from a peak of 2.98 in 2024Q3 to 1.22 in 2026Q1, which indicates a tightening of the company's short-term liquidity cushion relative to its immediate obligations.
The decline in cash reserves from $1.5B in 2025Q3 to $473M in 2026Q1 highlights the impact of aggressive capital allocation and acquisition spending on the firm's liquid assets. This trend warrants close observation, as a lower liquidity buffer reduces the company's flexibility to manage unexpected operational shocks or seasonal revenue dips.
As disclosed in recent balance sheet data, Shift4 continues to report a negative retained earnings balance of $644M as of 2026Q1, reflecting a persistent inability to generate cumulative accounting profits despite the company's rapid top-line expansion.
The deepening deficit in retained earnings suggests that the company's growth has been funded primarily through equity issuance and debt rather than organic profitability. This structure places the burden of value creation entirely on future earnings growth, leaving little room for error in the company's long-term strategic execution.
Quick answers to the most common questions about buying FOUR stock.
As of 2025, Shift4 Payments, Inc. (FOUR) had total assets of $8.71B including $2.18B in current assets.
Shift4 Payments, Inc. (FOUR) carries total debt of $4.62B, offset by $964.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Shift4 Payments, Inc. (FOUR) has total shareholders' equity (book value) of $1.44B ($22.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Shift4 Payments, Inc. (FOUR) reported a current ratio of 1.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.