Bullish (BLSH) vs Shift4 Payments, Inc. (FOUR)

Bullish and Shift4 Payments, Inc. are both Software Infrastructure companies. Bullish and Shift4 Payments, Inc. are of similar size ($3.5B and $3.3B). Bullish has negative trailing earnings, so its P/E is not meaningful; Shift4 Payments, Inc. trades at 66.3×. Shift4 Payments, Inc. grew revenue faster over the last twelve months: 32.4% against −26.5%. Shift4 Payments, Inc. has the higher net margin (0.92% vs −0.72%) and the higher return on invested capital (4.12% vs −56.9%). Across the 18 metrics below, Shift4 Payments, Inc. leads on 12 and Bullish on 6.

Valuation

Metric BLSH FOUR Software Infrastructure median
P/E n/m 66.35 26.15
P/S 0.02 0.69 2.87
P/B 1.41 1.91 2.94
Price to free cash flow 29.76 10.66 17.26
EV/EBITDA n/m 7.94 15.00
EV/Sales 0.01 1.56 2.95
Earnings yield (40.40%) 1.51% 0.00%
Free cash flow yield 3.36% 9.38% 0.39%

Profitability

Metric BLSH FOUR Software Infrastructure median
Gross margin 0.16% 35.91% 59.21%
Operating margin (0.78%) 8.11% 0.00%
Net margin (0.72%) 0.92% 0.00%
Free cash flow margin 0.06% 6.50% 0.00%
Return on equity (55.08%) 3.20% 0.00%
Return on assets (43.56%) 0.56% 0.00%
Return on invested capital (56.90%) 4.12% 0.00%

Growth

Metric BLSH FOUR Software Infrastructure median
Revenue growth (TTM) (26.47%) 32.44% 13.57%
EPS growth (last fiscal year) (991.95%) (64.36%) 20.22%
Revenue growth, 5-year CAGR — 40.37% 16.02%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BLSH FOUR Software Infrastructure median
Debt to equity 0.20 2.60 0.02
Current ratio 23.52 1.21 1.54
Net debt to EBITDA 1.40 4.44 0.05

Dividend

Metric BLSH FOUR Software Infrastructure median
Dividend yield — — 1.09%
Payout ratio — — 0.30

Size

Metric BLSH FOUR Software Infrastructure median
Market cap 3.45b 3.28b 655.75m

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