Block
XYZ on NYSE. Block sells payment and banking tools to individuals and small businesses. Market value $39.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Recent profit includes a big one-time gain on shares the company owns, so we price the company excluding that gain.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.14 of spare cash in the past 12 months. A savings account pays about $4.
You pay 40.2 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 57 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.
$76.54 a share, 59% above its 1-year low
Over the past year the price has ranged from $48.21 to $86.92.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $3.9 billion in the past 12 months, $2.4 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $17.7bn | $17.5bn | $21.9bn | $24.1bn | $24.2bn |
| Operating margin | |||||
| Operating margin | 0.9% | -3.6% | -1.3% | 3.7% | 7.1% |
| Debt to equity | |||||
| Debt to equity | 1.39 | 0.24 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.50bn | 0.58bn | 0.61bn | 0.64bn | 0.62bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 20.6% a year
- Buying back its own sharesNo, 24% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.6 billion last quarter, up 9% on a year ago.
- Profit: $89 million, down 84% on a year ago.
- It keeps 5 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $3.9 billion, up from $1.1 billion.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $707 million more cash than debt, down from $1.3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $6.0bn |
| December 2024 | $6.0bn |
| March 2025 | $5.8bn |
| June 2025 | $6.1bn |
| September 2025 | $6.1bn |
| December 2025 | $6.3bn |
| March 2026 | $6.1bn |
| June 2026 | $6.6bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $284m |
| December 2024 | $1.9bn |
| March 2025 | $190m |
| June 2025 | $538m |
| September 2025 | $462m |
| December 2025 | $116m |
| March 2026 | -$309m |
| June 2026 | $89m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
8 long-term investors we follow own it, up from 5 last quarter. 1,079 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $194m | 4.2% | New |
| Glenview Capital ManagementLarry Robbins | $91m | 1.8% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $28m | <0.1% | Added |
| GMOJeremy Grantham | $18m | <0.1% | Added |
| Mawer Investment ManagementMawer team | $13m | <0.1% | Cut |
| Platinum Investment ManagementPlatinum team | $950,000 | 0.2% | New |
| LSV Asset ManagementJosef Lakonishok | $798,000 | <0.1% | Added |
| First Manhattan Co.First Manhattan partners | $346,408 | <0.1% | New |
Largest holders overall
- BlackRock$3.2bn
- Price T Rowe Associates$3.0bnCut
- Vanguard Capital Management$2.7bn
- Vanguard Portfolio Management$1.9bnCut
- State Street$1.8bn
- Capital World Investors$1.6bnAdded
- Morgan Stanley$1.2bnCut
- Geode Capital Management$1.1bnCut
- Ameriprise Financial$643mAdded
- Contour Asset Management$627mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.7%Since 31 March 2026
- T. Rowe Price Associates, Inc.Passive investor7.4%−1.2 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor7.1%+1.9 ptsSince 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.7% | 31 March 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 7.4%−1.2 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.1%+1.9 pts | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $88m, $86m of it under preset trading plans.
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 6 October 2026
- Shares
- 6,000
- Price
- $76.68
- Value
- $460,080
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 6,000
- Price
- $74.24
- Value
- $445,440
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 6,000
- Price
- $75.61
- Value
- $453,660
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 6,000
- Price
- $73.67
- Value
- $442,020
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 30 September 2026
- Shares
- 6,000
- Price
- $74.33
- Value
- $445,980
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 29 September 2026
- Shares
- 6,000
- Price
- $73.29
- Value
- $439,740
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 6,000
- Price
- $75.20
- Value
- $451,200
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 6,000
- Price
- $76.90
- Value
- $461,400
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 24 September 2026
- Shares
- 6,000
- Price
- $74.58
- Value
- $447,480
- Eisen Anthony MathewDirectorSoldunder a preset trading plan
- Date
- 23 September 2026
- Shares
- 6,000
- Price
- $76.67
- Value
- $460,020
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 October 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $76.68 | $460,080 |
| 5 October 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $74.24 | $445,440 |
| 2 October 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $75.61 | $453,660 |
| 1 October 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $73.67 | $442,020 |
| 30 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $74.33 | $445,980 |
| 29 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $73.29 | $439,740 |
| 28 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $75.20 | $451,200 |
| 25 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $76.90 | $461,400 |
| 24 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $74.58 | $447,480 |
| 23 September 2026 | Eisen Anthony Mathew Director | Sold under a preset trading plan | 6,000 | $76.67 | $460,020 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 40.2× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.