Financials · Transaction & Payment Processing Services · US stock · price as of 22 Oct 2026
Key indicators
Price
$79.02
52-week range
$48.21 – $86.92
Market cap
$48.1B
P/E (trailing)
135.6×
EV / EBITDA
30.6×
Free-cash-flow yield
8.1%
Dividend yield
–
Revenue (last 12 months)
$25.0B
Revenue growth (3y a year)
11.3%
Operating margin
4.7%
Return on invested capital
3.8%
Net debt / EBITDA
-0.5×
Fair value
Fair value (average of valid models)$71.68 middle half of models $71 – $82
Versus priceFair−9% to fair value
P/E multiple
$71.09
P/B multiple
$76.05
P/S multiple
$77.63
EV/EBITDA multiple
$76.09
EV/EBIT multiple
$71.21
EV/revenue multiple
$86.87
10-year DCF, EBITDA exit
$79.51
5-year DCF, EBITDA exit
$85.79
10-year DCF, revenue exit
$80.70
5-year DCF, revenue exit
$84.41
10-year DCF, growth exit
$36.33
5-year DCF, growth exit
$34.49
Model uncertainty
High
X-Ray Score
45/ 100 · High confidence · ahead of 30% of sector peers
Valuation26
Growth54
Profitability42
Financial health61
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Block, Inc. an X-Ray Score of 45 out of 100 (high confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is financial health (61) and its weakest is valuation (26).
Our fair value (the average of the valid models) is $71.68 (range $71.18 to $81.63). At $79.02 the stock trades 10% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Block, Inc. (XYZ)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$161.51
$62.84
$77.35
$84.99
$65.09
$79.02
Market cap
$81.0B
$36.4B
$47.5B
$54.1B
$40.5B
$48.1B
P/E
489.4×
–
3,867.5×
18.6×
31.0×
135.6×
EV / revenue
4.5×
2.0×
2.1×
2.2×
1.7×
1.9×
EV / EBITDA
271.5×
–
359.4×
41.1×
19.8×
30.6×
Price / free cash flow
113.6×
7,150.4×
–
34.8×
16.7×
12.4×
Free-cash-flow yield
0.9%
0.0%
−0.1%
2.9%
6.0%
8.1%
Price / book
24.8×
2.1×
2.5×
2.5×
1.8×
2.2×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 8 Good · ● 1 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−9.5%Good
Free-cash-flow yield8.1%Good
Risk models
Altman Z score4.0×Good
Piotroski F-Score5 of 9Bad
Growth
Free-cash-flow growth (3y)681.1%Good
Revenue growth (3y)11.3%Good
Growth consistency80%Bad
Balance sheet
Current ratio2.2×Good
Net debt / EBITDA-0.5×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield2.5%Bad
Profitability
Return on invested capital3.8%Bad
Operating margin4.7%Bad
Gross profitability29.6%Average
XStocksXray
Block, Inc. (XYZ)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
17,661
17,532
21,916
24,121
24,194
25,042
Gross profit
4,420
5,992
7,505
8,889
10,360
11,609
Operating income
161
-625
-279
892
1,708
1,170
Net income
166
-541
10
2,897
1,306
357
Diluted EPS ($)
0.33
-0.93
0.02
4.56
2.10
0.58
Free cash flow
714
5
-50
1,553
2,425
3,882
Gross margin
25.0%
34.2%
34.2%
36.9%
42.8%
46.4%
Operating margin
0.9%
−3.6%
−1.3%
3.7%
7.1%
4.7%
Net margin
0.9%
−3.1%
0.0%
12.0%
5.4%
1.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
15,026
31,364
33,031
36,778
39,550
39,157
Cash
4,444
4,544
4,996
8,075
6,564
6,427
Total debt
4,560
4,110
4,120
6,105
7,289
5,721
Equity
3,273
17,223
18,695
21,268
22,204
22,047
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,772
6,054
6,115
6,252
6,057
6,618
Growth vs a year earlier
−3.1%
−1.6%
+2.3%
+3.6%
+4.9%
+9.3%
Net income ($M)
190
538
462
116
-309
89
Diluted EPS ($)
0.30
0.87
0.74
–
-0.52
0.15
XStocksXray
Block, Inc. (XYZ)
Peers in Transaction & Payment Processing Services
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
