Fidelity National Information Services (FIS)
Financials · $14.6B market cap · SEC CIK 0001136893
ahead of 39% of the S&P 500 · #54 of 76 in Financials
Next reports on Feb 22, 2027, after the close, with analysts expecting $1.51 in earnings per share.
52-week range $27.93 to $68.37. 59% below its 52-week high and 1% above its low.
The case for FIS
- Revenue up 23.6% on the year.
- Cheap for its growth: 4.2× earnings, where 10%+ a year of growth plus a 3.7% dividend would justify about 29×.
- 27% of revenue drops through to net profit.
- Earnings per share up 2313.6%.
- Pays a 3.7% dividend while you wait.
- Trades at 1.05× book value, close to what the balance sheet says it owns.
The case against
- Down 56.3% over the past year.
- Revenue has shrunk 3.2% a year over five years.
- Near the bottom of its 52-week range, 59% below the high. Falling prices usually have a reason; find it first.
- Stability is weak (39/100): beta 0.88, a 59% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 87 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 49 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 68 |
| Momentumhow the price has behaved lately | 4 |
| Stabilityhow violently it moves, what it owes and what it pays you | 39 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 76 Financials companies.
The financials
Revenue growth
Is the business growing? Yes
| Last 12 months | +23.6% |
|---|---|
| Over 5 years | −3.2% a year |
| FY2025 revenue | $10.7B (+5%) |
Free cash flow
Is it generating real cash? Not meaningful for a financial company
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 36% |
|---|---|
| Operating margin | 16% |
| Net margin, FY24 → FY25 → now | 14.3% → 3.6% → 26.8% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $599M |
|---|---|
| Long-term debt | $9.1B |
| Net debt | $8.5B |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 4.2× |
|---|---|
| Fair P/E for its growth | 29× |
| Forward P/E | 5.9× |
| EV / EBITDA | 7.6× |
At 4.2× earnings it trades well below the 29× that 10%+ a year of growth plus a 3.7% dividend would justify. It is judged on earnings alone: its book value is not what it earns on, as it would be for a bank or insurer.
The financials, five years deep
Pulled from Fidelity National Information Services's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $10.7B | $10.1B | $9.8B | $9.7B | $9.3B |
| Change on the year | +5% | +3% | +1% | +4% | — |
| Free cash flow | |||||
| Free cash flow | $2.5B | $2.1B | $3.5B | $2.9B | $3.9B |
| Of revenue | 23% | 21% | 36% | 30% | 41% |
| Profit margins | |||||
| Gross margin | 36.9% | 37.6% | 37.2% | 35.6% | 35.9% |
| Operating margin | 16.3% | 16.9% | 14.7% | 12.1% | 11.1% |
| Net margin | 3.6% | 14.3% | −67.7% | −172.3% | 4.5% |
| Debt vs. cash | |||||
| Cash | $599M | $834M | $440M | $456M | $2.0B |
| Long-term debt | $9.1B | $9.7B | $13.0B | $14.2B | $14.8B |
| Net cash (debt) | −$8.5B | −$8.9B | −$12.5B | −$13.8B | −$12.8B |
What Fidelity National Information Services says it does
Overview About FIS FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial systems. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. FIS is incorporated under the laws of the State of Georgia as Fidelity National Information Services, Inc., and our stock is traded under the trading symbol "FIS" on the New York Stock Exchange. Growth and…
Risk factors FIS lists in its 10-K
- We operate in a competitive business environment; if we are unable to compete effectively, our business, financial condition or results of operations may be adversely affected
- Failure to obtain new clients or renew client contracts on favorable terms could adversely affect our business, financial condition or results of operations
- Bank failures or sustained financial market disruptions could adversely affect our business, financial condition and results of operations
- The Company is subject to regulation, supervision, and enforcement authority of numerous governmental and regulatory bodies in the jurisdictions in which it operates
- High profile digital banking security breaches or information system failures could impact consumer payment behavior patterns in the future and reduce our transaction volumes
- Misappropriation of and infringement on our intellectual property and proprietary rights, or a finding that our patents are invalid, could impair our competitive position
- If our applications or services are found to infringe the proprietary rights of others, then we may be required to change our business practices and may also become subject to significant costs and monetary penalties
- Some of our solutions contain "open source" software, and any failure to comply with the terms of one or more of these open source licenses could adversely affect our business
- Lack of system integrity, fraudulent payments, credit quality, and undetected errors related to funds settlement or the availability of clearing services could result in a financial loss
- Our business is subject to the risks of international operations, including movements in foreign currency exchange rates
- Failure to comply with anti-bribery and anti-corruption laws could subject us to penalties and other adverse consequences
- We have businesses in emerging markets that may experience significant economic volatility
- The direct and indirect effects of climate change, including increased legal and regulatory requirements and stakeholder expectations, could adversely affect our business
- Failure to attract and retain talent, including senior management and highly skilled technology personnel, could harm our ability to grow
- We are the subject of various legal proceedings that could have an adverse effect on us
- Unfavorable resolution of tax contingencies or unfavorable future tax law changes could adversely affect our tax expense
- A material weakness in our internal controls could have a material adverse effect on us
- Strategic transactions, including acquisitions and divestitures, involve significant risks and uncertainties that could adversely affect our business, financial condition, results of operations and cash flows
- We have exposure to fluctuations in the Euro-USD exchange rates, which could negatively affect our cost to service or refinance our Euro-denominated debt securities
- Rising interest rates could increase our borrowing costs
- Credit ratings, if lowered below investment grade, would adversely affect our cost of funds and liquidity
- Statement Regarding Forward-Looking Information