Block (XYZ)
Forward P/E is 16.40x against a peer median of 7.48x, a ratio of 2.19x — well above the fair range — with trailing P/E 127.74x and PEG 0.50. Latest-quarter revenue grew 9.3% year over year (PRIMARY, EDGAR), exactly at the cluster pace, so delivered growth does not offset a multiple more than twice the peer median. Delivered demand check: the Payments & consumer finance group's median growth was 9.3% — demand rising at a steady cluster pace, not accelerating enough to justify paying 2.19x the peer multiple.
What would change this label: Move to FAIRLY PRICED if the forward P/E compresses to about 8.60x or below (1.15x the peer median) at unchanged estimates, or if revenue growth rises well above the 9.3% cluster median for two quarters. Move toward BUBBLE if the forward P/E rises further above 16.40x while revenue growth falls below 5% year over year.
Block runs Square for shops and Cash App for consumers, and its sales grew about 9%, in line with similar payment companies. Its shares, however, cost more than twice as much per dollar of expected profit as those similar companies. That makes the shares overvalued — the price assumes much more than the company has delivered so far.
Both lines start at 100 on 2020-09-01. Over the full window Block returned -55.08% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Block: -86.1% (2021-08-05 to 2023-10-30). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 16.40x against a peer median of 7.48x, a ratio of 2.19x — well above the fair range — with trailing P/E 127.74x and PEG 0.50. Latest-quarter revenue grew 9.3% year over year (PRIMARY, EDGAR), exactly at the cluster pace, so delivered growth does not offset a multiple more than twice the peer median. Delivered demand check: the Payments & consumer finance group's median growth was 9.3% — demand rising at a steady cluster pace, not accelerating enough to justify paying 2.19x the peer multiple. The company’s forward P/E is 16.4× against a peer median of 7.5×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Payments & consumer finance group's median latest-quarter revenue growth was 9.3% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +9.3% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Block (XYZ) | $75.15 | 16.4× | 127.7× |
| PYPL | $55.91 | 9.6× | 10.6× |
| CPAY | $395.00 | 13.5× | 24.1× |
| FISV | $47.49 | 6.5× | 9.1× |
| SYF | $74.99 | 7.5× | 7.9× |
| GPN | $82.10 | 5.6× | — |
| Peer median | 7.5× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $6.6B | 47.8% | $89M | 0.15 | $967M |
| Q/E Mar 2026 2026-03-31 | $6.1B | 48.0% | $-309M | -0.52 | $935M |
| Q/E Dec 2025 2025-12-31 | $6.3B | 45.9% | $116M | — | $580M |
| Q/E Sep 2025 2025-09-30 | $6.1B | 43.5% | $462M | 0.74 | $1.4B |
| Q/E Jun 2025 2025-06-30 | $6.1B | 41.9% | $538M | 0.87 | $343M |
| Q/E Mar 2025 2025-03-31 | $5.8B | 39.7% | $190M | 0.30 | $101M |
| Q/E Dec 2024 2024-12-31 | $6.0B | 38.3% | $1.9B | — | $-13M |
| Q/E Sep 2024 2024-09-30 | $6.0B | 37.6% | $284M | 0.45 | $628M |
| Q/E Jun 2024 2024-06-30 | $6.2B | 36.3% | $195M | 0.31 | $481M |
| Q/E Mar 2024 2024-03-31 | $6.0B | 35.2% | $472M | 0.74 | $457M |
| Q/E Dec 2023 2023-12-31 | $5.8B | 35.1% | $178M | — | $-850M |
| Q/E Sep 2023 2023-09-30 | $5.6B | 33.8% | $-29M | -0.05 | $453M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Block, Inc. |
| Chief executive | Jack Dorsey (source: https://en.wikipedia.org/wiki/Block%2C_Inc.) |
| Sector | Financials — Transaction & Payment Processing Services — runs Square payment services for sellers and Cash App money services for consumers |
| Share price (Oct 28, 2026) | $75.15 |
| Market value (market cap) | $45.6B — share price times shares outstanding of 608,847,000 (SEC filings; SEC EDGAR WeightedAverageNumberOfDilutedSharesOutstanding (latest quarter; dei EntityCommonStockSharesOutstanding series is stale for this filer)) |
| Sales, last twelve months | $25.0B |
| Net income, last twelve months | $357M |
| Free cash flow, last twelve months | $3.9B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | -55.08% vs +118.28% |
| Worst peak-to-trough fall | -86.1% (2021-08-05 to 2023-10-30) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001512673.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001512673.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/XYZ/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.