Fiserv (FISV)
Financials · $25.1B market cap · SEC CIK 0000798354
ahead of 20% of the S&P 500 · #66 of 76 in Financials
Next reports on Nov 3, 2026, before the open, with analysts expecting $1.75 in earnings per share.
52-week range $43.87 to $128.78. 62% below its 52-week high and 11% above its low.
The case for FISV
- Cheap for its growth: 9.0× earnings, where 10%+ a year of growth would justify about 23×.
- Trades at 0.97× book value, below what the balance sheet says it owns.
- Gross margin of 56% absorbs cost shocks.
- Price/sales of 1.2× is lower than 89% of Financials companies.
The case against
- Down 62.1% over the past year.
- Revenue was flat on the year (−1.2%).
- Earnings per share fell 12.9%.
- Near the bottom of its 52-week range, 62% below the high. Falling prices usually have a reason; find it first.
- Stability is weak (34/100): beta 0.88, a 66% 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 | 33 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 44 |
| Momentumhow the price has behaved lately | 11 |
| Stabilityhow violently it moves, what it owes and what it pays you | 34 |
- 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? No, flat
| Last 12 months | −1.2% |
|---|---|
| Over 5 years | +7.4% a year |
| FY2025 revenue | $21.2B (+4%) |
Free cash flow
Is it generating real cash? Not meaningful for a financial company
Profit margins
Is profitability improving? No, slipping
| Gross margin | 56% |
|---|---|
| Operating margin | 23% |
| Net margin, FY24 → FY25 → now | 15.3% → 16.4% → 13.4% |
Debt vs. cash
Is the balance sheet healthy? Not judged for a financial company
| Cash | $798M |
|---|---|
| Long-term debt | $27.8B |
| Net debt | $27.0B |
Valuation
Is the stock price reasonable? Yes, it looks cheap
| P/E | 9.0× |
|---|---|
| Fair P/E for its growth | 23× |
| Forward P/E | 5.9× |
| EV / EBITDA | 7.7× |
At 9.0× earnings it trades well below the 23× that 10%+ a year of growth 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 Fiserv's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $21.2B | $20.5B | $19.1B | $17.7B | $16.2B |
| Change on the year | +4% | +7% | +8% | +9% | — |
| Free cash flow | |||||
| Free cash flow | $4.3B | $5.1B | $3.8B | $3.1B | $2.9B |
| Of revenue | 20% | 25% | 20% | 18% | 18% |
| Profit margins | |||||
| Operating margin | 27.5% | 28.7% | 26.3% | 21.1% | 14.1% |
| Net margin | 16.4% | 15.3% | 16.1% | 14.3% | 8.2% |
| Debt vs. cash | |||||
| Cash | $798M | $1.2B | $1.2B | $902M | $835M |
| Long-term debt | $27.8B | $23.7B | $22.4B | $20.9B | $20.7B |
| Net cash (debt) | −$27.0B | −$22.5B | −$21.2B | −$20.0B | −$19.9B |
What Fiserv says it does
Overview Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the NASDAQ Global Select Market and part of the S&P 500 Index. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions, corporate and public sector clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover ® cloud-based point-of-sale (“POS”) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are therefore non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including…