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Research · S&P 500 · Financials
XYZ · Block, Inc.
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
30/55
low-moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: -$0.93 (2022), $0.02 (2023), $4.56 (2024), $2.10 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
1/5ROE (net income / common equity): -3.1% (2022), 0.1% (2023), 13.6% (2024), 5.9% (2025). Median 3.0%, lowest -3.1%; the framework scores a median 5% or less as 1.
ROIC
2/5ROIC of 5.9%: operating income of $1.71B divided by $29.17B of capital (total assets $39.55B minus current liabilities $10.38B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.
Profit Margins
2/5Net margin of 1.4%; the framework scores 0-5% as 2; gross margin 46.6%, operating margin 7.0%.
Balance sheet & cash
Debt-to-Equity
4/5Debt-to-equity of 0.33; the framework scores 0.3-0.8 as 4 (total debt $7.17B, total cash $6.74B).
Free Cash Flow
4/5Free cash flow (operating cash flow minus capital expenditure): $5.09M (2022), -$50.19M (2023), $1.55B (2024), $2.42B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): -$568.71M (2022), -$528.43M (2023), $2.37B (2024), $3.67B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
1/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $0.56 x (8.5 + 2 x 20.0) x (4.4 / 4.5) = $26.56 (EPS CAGR 924.7% capped at 20%). Current price $77.89; price is 193.3% above the model value.
DCF Value
1/5Free cash flow per share is -$0.05; a two-stage DCF cannot be computed from negative free cash flow.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $26.56 (price is 193.3% above the model value); DCF value N/A (not comparable).
Price-to-Book
3/5P/B of 2.12; the framework scores 1.5-3.0 as 3.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Above 15% in 0 of 10 years (2016-2025); lowest -26.9%, highest 5.9%.
Gross margin, each year
Between 25.0% and 42.8% over 10 years (a range of 17.8 points).
Competition, in the company’s own words · 10-K filed Feb 26, 2026
The markets in which our Square ecosystem operates are competitive and evolving. Our competitors range from large, well-established vendors to smaller, earlier-stage companies. We seek to differentiate ourselves from competitors primarily on the basis of our extensive commerce ecosystem and our focus on building remarkable products and services that are cohesive, fast, self-serve, and elegant. In addition, we differentiate ourselves by offering transparent pricing, no mandatory long-term contracts, and our ability to innovate and reshape the industries we operate in to expand access to traditionally unserved or underserved sellers. With respect to each of these factors, we believe that we compare favorably to our competitors. Competitors that overlap with certain functions and features that we provide include: • Business software providers such as those that provide point of sale, website building, inventory management, employee management, customer relationship management invoicing, and appointment booking solutions; • Payment terminal vendors; • Merchant acquirers; • Banks that provide payment processing, checking, savings, loans, and payroll; • Pen and paper, manual processes, and paper currency;
The opening of the company’s “Our Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
3/5Capital allocation, 2022-2025: dividends or buybacks paid in 3 of 4 years (fail); $3.66B paid out against $3.93B of free cash flow (pass); total debt $6.33B to $8.97B, up 41.6%, 2.6x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.60B to 0.60B, up 0.3% (pass). 2 of 4 tests passed; the framework scores that as 3.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $0.56, g = 20.0%, Y = 4.5
g capped at 20.0% (3-year EPS CAGR was 924.7%)
IV = $26.56
Current price $77.89 vs Graham value $26.56 — price is 193.3% above the model value.
DCF:
FCF/share -$0.050 — a two-stage DCF cannot be computed from negative free cash flow.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $77.89. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.