Shift4
FOUR · Transaction & Payment Processing Services
$38.79
3.4%WEX
WEX · Transaction & Payment Processing Services
$197.46
0.3%The short version
- Shift4 is the larger business, with $4.2B of revenue in fiscal 2025 against $2.7B for WEX, about 1.6 times as much.
- Shift4 grew revenue faster (25.5%, against 1.2%).
- WEX kept more of each dollar of sales as operating profit (25.0% operating margin, against 8.4% operating margin).
- Shift4 turned more of its sales into free cash flow (14.9% FCF margin, against 11.8% FCF margin).
| Latest fiscal year | FOUR · FY25 | WEX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $50.4M | $6.9B |
| Revenue | $4.2B | $2.7B |
| Free cash flow | $624M | $314M |
| Net income | $119M | $304M |
| Growth | ||
| Revenue growth | 25.5% | 1.2% |
| 5-year growth | 40.4% | 11.3% |
| Share count change | −20.1% | −13.1% |
| Profitability | ||
| Gross margin | — | 58.6% |
| Operating margin | 8.4% | 25.0% |
| Net margin | 2.9% | 11.4% |
| FCF margin | 14.9% | 11.8% |
| Return on capital | 6.5% | — |
| Return on equity | 10.6% | 22.3% |
| Balance sheet | ||
| Net debt | $3.6B | −$326M |
| Net debt / EBITDA | 4.6x | −0.3x |
| Dividends and buybacks | $453M | $800M |
| Valuation & quality | ||
| P/E | — | 19.7x |
| Piotroski F-score | 6 | 7 |
FY16
FOUR —
WEX $1.0B
FY17
FOUR —
WEX $1.2B
FY18
FOUR $561M
WEX $1.5B
FY19
FOUR $731M
WEX $1.7B
FY20
FOUR $767M
WEX $1.6B
FY21
FOUR $1.4B
WEX $1.9B
FY22
FOUR $2.0B
WEX $2.4B
FY23
FOUR $2.6B
WEX $2.5B
FY24
FOUR $3.3B
WEX $2.6B
FY25
FOUR $4.2B
WEX $2.7B
FOUR
WEX
FY16
FOUR —
WEX 15.7%
FY17
FOUR —
WEX 18.7%
FY18
FOUR −2.3%
WEX 25.5%
FY19
FOUR −0.6%
WEX 22.4%
FY20
FOUR −7.5%
WEX −5.9%
FY21
FOUR −3.6%
WEX 18.5%
FY22
FOUR 4.8%
WEX 20.0%
FY23
FOUR 4.5%
WEX 25.4%
FY24
FOUR 7.4%
WEX 26.1%
FY25
FOUR 8.4%
WEX 25.0%
FOUR
WEX
FY16
FOUR —
WEX −$203M
FY17
FOUR —
WEX $56.2M
FY18
FOUR $23.9M
WEX $313M
FY19
FOUR −$0.2M
WEX $560M
FY20
FOUR −$0.8M
WEX $656M
FY21
FOUR −$5.2M
WEX −$129M
FY22
FOUR $267M
WEX $567M
FY23
FOUR $332M
WEX $764M
FY24
FOUR $493M
WEX $334M
FY25
FOUR $624M
WEX $314M
FOUR
WEX
FY16
FOUR —
WEX —
FY17
FOUR —
WEX —
FY18
FOUR —
WEX 8.3%
FY19
FOUR —
WEX 7.7%
FY20
FOUR −6.6%
WEX −1.8%
FY21
FOUR −4.6%
WEX 6.3%
FY22
FOUR 7.7%
WEX 11.5%
FY23
FOUR 6.2%
WEX 24.3%
FY24
FOUR 8.1%
WEX 30.8%
FY25
FOUR 6.5%
WEX —
FOUR
WEX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.