Core Scientific, Inc. (CORZ) vs Shift4 Payments, Inc. (FOUR)

Core Scientific, Inc. and Shift4 Payments, Inc. are both Software Infrastructure companies. Core Scientific, Inc. is the larger, with a market value of $4.6B against $3.3B — 1.4× the size. Core Scientific, Inc. 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 26.4%. Shift4 Payments, Inc. has the higher net margin (0.92% vs −313.5%) and the higher return on invested capital (4.12% vs 0.00%). Across the 17 metrics below, Shift4 Payments, Inc. leads on 13 and Core Scientific, Inc. on 4.

Valuation

Metric CORZ FOUR Software Infrastructure median
P/E n/m 66.35 26.15
P/S 10.45 0.69 2.87
P/B n/m 1.91 2.94
Price to free cash flow n/m 10.66 17.26
EV/EBITDA n/m 7.94 15.00
EV/Sales 15.81 1.56 2.95
Earnings yield (29.99%) 1.51% 0.00%
Free cash flow yield (25.97%) 9.38% 0.39%

Profitability

Metric CORZ FOUR Software Infrastructure median
Gross margin 28.35% 35.91% 59.21%
Operating margin (127.45%) 8.11% 0.00%
Net margin (313.53%) 0.92% 0.00%
Free cash flow margin (271.34%) 6.50% 0.00%
Return on equity 79.25% 3.20% 0.00%
Return on assets (38.84%) 0.56% 0.00%
Return on invested capital 0.00% 4.12% 0.00%

Growth

Metric CORZ FOUR Software Infrastructure median
Revenue growth (TTM) 26.37% 32.44% 13.57%
EPS growth (last fiscal year) 81.93% (64.36%) 20.22%
Revenue growth, 5-year CAGR 39.53% 40.37% 16.02%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CORZ FOUR Software Infrastructure median
Debt to equity (1.78) 2.60 0.02
Current ratio 0.89 1.21 1.54
Net debt to EBITDA (4.70) 4.44 0.05

Dividend

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

Size

Metric CORZ FOUR Software Infrastructure median
Market cap 4.58b 3.28b 655.75m

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