Financial PerformanceFOUR is on track to generate $600mm+ of annual FCF to equity during FY26, representing a 5.6% FCF yield.
Growth PotentialFOUR is expected to guide to at least 20% organic growth in FY25, driven by dominance in the Hotel vertical, SkyTab wins in restaurants, international expansion, and land/expand opportunities within FOUR's existing customer base.
Valuation And Price TargetFOUR is raising its price target to $140 based on 14x FY26E EV/EBITDA and 20x FCF/share, with several growth drivers expected to generate high-teens organic growth.