FOUR’s position serving stadiums, resorts, and specialized venues is unique and defensible (specializing in cross serving spa’s, restaurants, pool service, stadium vendors…. and integrating into their systems. This is not what square or toast do).
Earlier in 2026 Four chairman Isaacman eliminated his super voting shares. All common now. Good.
And re the preferred - even if the stock stays below $80 common, the Max preferred dilution on conversion to common is 15%.
Doing the math on eliminating the preferred dividend, and assuming the base business only grows 15% (a slowdown to be conservative) over the next 3 years CAGR — FOUR will deliver over $9 / share of cash EPS.
They likely will get at least a 15X multiple on the clean story - Very good returns from here IMO.