On the Block #5 recap

Research evidence excerpt

On the Block #5 recap

Global Research

15 July 2026ab

Block Equities

AmericasOn the Block #5 recap

Diversified Technology Services

12-month rating Buy

Willem Avé provides a detailed view of Square’s product strategy and AI

roadmap: Willem Avé (Global Head of Product) joined Matt Ross (Head of Investor

12m price target US$92.00

Relations) for “On the Block #5,” the fifth installment of Block’s Q&A series with

company leadership. The session focused primarily on Square’s product evolution and

the opportunity for AI tools to help SMBs run better businesses, with particular emphasis Price (14 Jul 2026) US$79.99

on Managerbot, the strategic pillars underpinning Square’s product reset (commerce RIC: XYZ.N BBG: XYZ US

tools that make selling easier, automation, and ecosystem connectivity), Square’s

platform-first architecture, Neighborhoods, seller data / insights, inventory and staffing Trading data and key metrics

workflows, marketing automation, and how AI could reshape what is possible for small 52-wk range US$81.11-49.09

and medium-sized businesses on Square. Market cap. US$43.9b

Shares o/s 548m (COM)

Square product strategy: Avé described Square’s evolution over the past two years as Free float 70%

a deliberate product reset focused on making the broader Square ecosystem easier for Avg. daily volume ('000) 1,579

sellers to adopt and use. Specifically, Avé noted that Square had historically built Avg. daily value (m) US$115.3

substantial product breadth, but that the product lineup had become too complex Common s/h equity (12/26E) US$22.0b

(multiple SKUs, multiple POS experiences, and too many decisions for sellers), creating P/BV (12/26E) 2.2x

friction in the adoption journey despite the underlying value of the tools. Square’s Net debt to EBITDA (12/26E) 0.7x