Block, Inc. (XYZ)

Financials · Transaction & Payment Processing Services · US stock · S&P 500 component

$79.02 ▲ +0.81 (1.04%)

At close 22 Oct 2026 · USD · Volume 3,836,155

Compare with MA

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueFair

$72 −9.3% to fair value

$36fair band $61–$87$108

Day's range

$77.81 – $79.87

52-week range

$48.21 – $86.92

About Block, Inc.

Block builds financial tools for individuals and merchants. Its Square ecosystem provides payment acceptance, point-of-sale software, banking and lending services for businesses of all sizes, while Cash App lets consumers send money, spend with a debit card, save, invest and use bitcoin. Block also owns Afterpay, an instalment payment service that retailers offer at checkout.

Block earns revenue from transaction fees on payments, from subscriptions and services, and from Cash App features and bitcoin-related activity. Over the last twelve months revenue was $25.0 billion, and it has grown at 11.3% a year across the last three years. The operating margin is 4.7%, and the business earns a profit of 4% on the capital invested in it. It has net debt of -0.5 times EBITDA, meaning more cash than debt. No dividend is paid. On the site's X-Ray Score it receives 45 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $48.21 – $86.92Volume 3,836,155Daily, split-adjusted

Vitals

Market cap$48.1B

52-week range$48.21 – $86.92

Volume (last day)3,836,155

P/E (TTM)135.6

EBIT / EV yield2.5%

Free-cash-flow yield8.1%

Dividend yieldNo dividend

Revenue (TTM)$25.0B

Net income (TTM)$357M

Operating margin4.7%

Return on capital3.8%

Debt incl. leases$5.7B

Cash & securities$6.4B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$72middle half of models $71 – $82

Fair −9.3% to fair value

Average of the 12 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High

Price $79

Undervalued < $61Fair $61 – $87Overvalued > $87

P/E multiple

$71

P/B multiple

$76

P/S multiple

$78

EV/EBITDA multiple

$76

EV/EBIT multiple

$71

EV/revenue multiple

$87

10-year DCF, EBITDA exit

$80

5-year DCF, EBITDA exit

$86

10-year DCF, revenue exit

$81

5-year DCF, revenue exit

$84

10-year DCF, growth exit

$36

5-year DCF, growth exit

$34

Earnings power value · not used

$27

Growth the price implies

24.5%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Average business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better ✓ 52 The price is not above fair value $72 fair value Debt looks manageable -0.5× EBITDA Revenue has been growing 11.3% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

26/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield2.5%

Free-cash-flow yield8.1%

Fair value vs price0.9×

Growth Fair

54/100

Growing at a typical pace for its sector.

See the numbers →

Revenue growth (3y)11.3%

Growth consistency80%

Profitability Weak

42/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital3.8%

Operating margin4.7%

Gross profitability29.6%

Financial health Fair

61/100

Balance sheet is in typical shape for its sector.

See the numbers →

Piotroski F-Score5 / 9

Net debt / EBITDA-0.5×

Interest coverNo interest cost

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

-3.1%

Mar '25

-1.6%

Jun '25

+2.3%

Sep '25

+3.6%

Dec '25

+4.9%

Mar '26

+9.3%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $6.6B, diluted EPS $0.15.

Compare with peers

PYPL PayPal Holdings, Inc.65 JKHY Jack Henry & Associate...63 MA Mastercard Inc57 CPAY Corpay, Inc.55

Other Transaction & Payment Processing Services companies by X-Ray Score.

SWOT analysis: Block, Inc.

Strengthsinside the company

Revenue has grown 11.3% a year over three years (median 6.4% for industry peers).
Free cash flow equals 8.1% of the market value, which funds dividends, buybacks or debt paydown.
Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Operating profit covers interest 50x, so debt costs are a small drag.

Weaknessesinside the company

Return on invested capital is only 3.8% (median 9.9% for industry peers), so the business earns little above its cost of capital.
Operating margin of 4.7% is thin against 22.3% for industry peers.

Opportunitiesvaluation and setting

Our Market Compass rates the backdrop for Financials as favourable.
Price momentum is strong on the weekly and monthly signals (trends can reverse).

Threatsvaluation and setting

Revenue growth slowed to 0.3% last year from 11.3% a year over three years.
Trades at 134.7x earnings, 701% above the 16.8x median of industry peers, so the price already assumes better results.
Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare XYZ with peers and sector

Medians of 7 Transaction & Payment Processing Services peers and of 70 Financials stocks in our universe. Largest peers (X-Ray Score): MA 57, PYPL 65, CPAY 55, FISV 49, GPN 29, FIS 36.

Metric	XYZ	Peers	Sector
X-Ray Score (out of 100)	45	55	50
Valuation	26	63	52
Growth	54	54	54
Profitability	42	63	49
Financial health	61	22	50
Dividends	–	37	54

Sector leaders: highest X-Ray Score in Financials

XYZ ranks #50 of 71 in Financials and #6 of 8 in Transaction & Payment Processing Services by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 PGR Progressive Corp	69
#2 SCHW Schwab Charles Corp	68
#3 AMP Ameriprise Financial Inc	67
#4 AIZ Assurant, Inc.	66
#5 PYPL PayPal Holdings, Inc.	65
…
#50 XYZ Block, Inc. (this stock)	45

Metric	XYZ	Peers	Sector
P/E ratio	134.7x	16.8x	13.7x
PEG ratio	–	1.98	1.20
Price / book	2.2x	2.6x	2.2x
Price / sales	1.9x	2.3x	3.1x
EV / EBITDA	30.6x	11.7x	10.7x
Price / free cash flow	12.4x	16.8x	17.1x
Dividend yield	–	1.2%	1.9%
Gap to our fair value	−9.3%	+24.7%	+5.9%

Metric	XYZ	Peers	Sector
Price change, 1 month	+1.9%	+8.8%	+4.1%
Price change, 3 months	+2.0%	+9.1%	−0.3%
Price change, 6 months	+9.0%	+13.0%	+6.8%
Price change, 1 year	+4.1%	+1.6%	+14.9%

Metric	XYZ	Peers	Sector
Market value	$48.1B	$27.1B	$46.7B
Revenue (last 12 months)	$25.0B	$12.2B	$15.6B
EBITDA (last 12 months)	$1.5B	$4.2B	$4.7B
Net income (last 12 months)	$357M	$2.8B	$3.3B
Free cash flow (last 12 months)	$3.9B	$2.8B	$2.2B

Metric	XYZ	Peers	Sector
Revenue growth, last year	+0.3%	+5.4%	+6.9%
Revenue growth, 3 years a year	+11.3%	+6.4%	+8.1%
EPS growth, 3 years a year	–	+17.4%	+12.7%
Free cash flow growth, 3 years a year	+681.1%	+14.0%	+12.5%
Dividend growth	–	+0.2%	+5.4%

Metric	XYZ	Peers	Sector
Gross margin	46.4%	43.7%	59.0%
EBITDA margin	6.2%	34.1%	31.4%
Operating margin	4.7%	22.3%	29.3%
Net margin	1.4%	19.8%	22.1%
Return on invested capital	3.8%	9.9%	13.6%
Return on equity	1.6%	24.5%	16.0%

Metric	XYZ	Peers	Sector
Net debt / EBITDA	-0.5x	4.5x	1.1x
Interest cover	50.0x	5.0x	50.0x
Current ratio	2.2x	1.0x	1.0x
Piotroski F-score (0 to 9)	5	5	7

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for XYZ

Each factor is rated by where XYZ stands among the 71 Financials stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 11 Good · 2 Average · 9 Bad of 22 Growth: 1 · 0 · 1 Profitability: 0 · 1 · 4 Financial strength: 3 · 0 · 1 Valuation: 2 · 1 · 2 Cash flow: 3 · 0 · 1 Efficiency: 2 · 0 · 0

Factor	XYZ	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+11.3%	Good beats 73%	+8.3%	–	–
Revenue growth, last year	+0.3%	Bad beats 14%	+6.9%	+10.1%	▼ Worse
Profitability
Gross margin	46.4%	Average beats 49%	47.1%	34.2%	▲ Better
Operating margin	4.7%	Bad beats 2%	29.1%	0.9%	▲ Better
Net margin	1.4%	Bad beats 5%	21.8%	0.9%	≈ In line
Return on invested capital	3.8%	Bad beats 4%	13.5%	–	–
Return on equity	1.6%	Bad beats 5%	15.7%	5.1%	▼ Worse
Financial strength
Net debt / EBITDA	-0.5x	Good beats 81%	1.1x	-2.0x	▼ Worse
Interest cover	50.0x	Good beats 73%	50.0x	5.4x	▲ Better
Current ratio	2.21	Good beats 93%	1.05	2.01	▲ Better
Piotroski F-score	5 / 9	Bad beats 23%	7 / 9	–	–
Valuation
P/E ratio	134.7x	Bad beats 1%	13.8x	259.2x	▲ Better
Price / book	2.2x	Average beats 51%	2.2x	2.5x	▲ Better
Price / sales	1.9x	Good beats 72%	3.1x	2.2x	≈ In line
EV / EBITDA	30.6x	Bad beats 4%	10.8x	156.2x	▲ Better
Free cash flow yield	8.1%	Good beats 72%	5.8%	0.9%	▲ Better
Cash flow
Free cash flow margin	15.5%	Bad beats 26%	23.2%	4.0%	▲ Better
Cash from operations / net income	11.36	Good beats 99%	1.25	3.54	▲ Better
Free cash flow growth, 3 years a year	+681.1%	Good beats 99%	+12.7%	–	–
Accruals (lower is better)	−9.5%	Good beats 98%	−1.0%	–	–
Efficiency
Inventory turnover	67.5x	Good beats 98%	4.2x	130.9x	▼ Worse
Days sales outstanding	3 days	Good beats 97%	53 days	2 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 8 Good · ● 1 Average · ● 6 Bad

Cash quality

Earnings backed by cashGood

Free-cash-flow yieldGood

Risk models

Altman Z''Good

Piotroski F-ScoreBad

Growth

Free-cash-flow growth (3y)Good

Revenue growth (3y)Good

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAGood

Interest coverGood

Valuation

Fair value vs priceBad

EBIT / EV yieldBad

Profitability

Return on invested capitalBad

Operating marginBad

Gross profitabilityAverage

Each check is graded against the company's sector, not a fixed number. Checklist score 52/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$17.7B	$17.5B	$21.9B	$24.1B	$24.2B
Operating income	$161M	−$625M	−$279M	$892M	$1.7B
Net income	$166M	−$541M	$10M	$2.9B	$1.3B
Operating cash flow	$848M	$176M	$101M	$1.7B	$2.6B
Operating margin	0.9%	-3.6%	-1.3%	3.7%	7.1%
Free cash flow	$714M	$5M	−$50M	$1.6B	$2.4B
Diluted EPS	$0.33	$-0.93	$0.02	$4.56	$2.10

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 3 neutral · 1 bearish

Weekly

Strongly bullish

10 bullish · 1 neutral · 1 bearish

Monthly

Strongly bullish

6 bullish · 1 neutral · 1 bearish

Moving averages (daily)

SMA 10	77.73	Bullish
EMA 10	77.73	Bullish
SMA 20	76.35	Bullish
EMA 20	77.35	Bullish
SMA 50	78.64	Bullish
EMA 50	77.65	Bullish
SMA 100	77.74	Bullish
EMA 100	76.51	Bullish
SMA 200	70.94	Bullish
EMA 200	73.87	Bullish

Oscillators (daily)

RSI (14)	55.69	Neutral
MACD (12, 26)	0.18	Bullish
Momentum (12)	3.24	Bullish
Stochastic %K (14)	73.40	Neutral
Williams %R (14)	-26.60	Neutral
CCI (20)	117.3	Bearish

Pivot points (classic, last session)

75.86

76.83

77.93

Pivot

78.90

79.99

80.96

82.06

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

ETFs that hold XYZ

ETF	Share of the fund
ARKK ARK Innovation	2.13%
SPHB Invesco S&P 500 High Beta	1.08%
VOT Vanguard Mid-Cap Growth	0.89%
JTEK JPMorgan U.S. Tech Leaders	0.64%
CGMM Capital Group U.S. Small and Mid Cap	0.56%
XLF Financial Select Sector SPDR	0.54%
WGMI Valkyrie Bitcoin Miners	0.52%
IYJ iShares U.S. Industrials	0.51%

The eight funds with the largest weight in XYZ among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.