A Business at a Glance
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FISERV INC
FISV
$28.0B
Mkt Cap
$51.02
+2.10%
FISERV INC (FISV) has a current P/E ratio of 8.0, compared to its historical median P/E of 26.3. The stock is currently considered Fair based on its historical valuation range.
FISERV INC (FISV) has a 5-year average return on invested capital (ROIC) of 6.9%. This is below average and may indicate limited pricing power.
FISERV INC (FISV) has a market capitalization of $40.0B. It is classified as a large-cap stock.
FISERV INC (FISV) does not currently pay a regular dividend.
Based on historical P/E analysis, FISERV INC (FISV) appears fair. The current P/E of 8.0 is 69% below its historical median of 26.3. The estimated fair value CAGR (P/E method) is 22.7%.
FISERV INC (FISV) operates in the Services-Business Services, Nec industry, within the Industrials sector.
FISERV INC (FISV) reported annual revenue of $21.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Fiserv is a global provider of payments and financial services technology solutions serving merchants, banks, credit unions, financial institutions, and corporate and public sector clients across the United States, Canada, Europe, Middle East, Africa, Latin America, and Asia Pacific. The company operates through two primary segments: Merchant Solutions, which provides commerce-enabling products including merchant acquiring, digital commerce, mobile payments, fraud protection, stored-value solutions, software-as-a-service offerings, and the Clover cloud-based point-of-sale and business management platform distributed through direct sales, strategic partnerships, independent sales organizations, and financial institutions; and Financial Solutions, which delivers digital payments, card issuing, banking, and account processing services to financial institutions and corporate clients. Processing and services revenue, representing 80% of total revenue, is generated primarily from account- and transaction-based fees under multi-year contracts with high renewal rates, creating a non-discretionary, recurring revenue model with strong unit economics. The company's competitive moat is built on its integrated technology platforms, extensive client relationships, and the mission-critical nature of its solutions, which enable clients to operate their businesses and serve their own customers.
【Transition year with margin recovery ahead】 Management expects 2026 to be a critical investment and transition year as the company executes its One Fiserv action plan focused on client-first service delivery, operational excellence through artificial intelligence, and disciplined capital allocation. The company anticipates that headline financial results in the first half of 2026 will remain below go-forward expectations due to investments in the franchise and comparisons against higher non-recurring revenue from the prior year, but expects operating performance to become more visible in the second half of 2026 and particularly in 2027 when underlying volume and transaction growth drivers are expected to translate into clearer revenue growth. Management is targeting double-digit adjusted earnings per share growth beginning in 2027 as the benefits of improved execution, client satisfaction improvements, and operational leverage from Project Elevate investments materialize.
| Metric | Target | Period |
|---|---|---|
| Organic revenue growth | 1%-3% | FY2026 |
| Adjusted revenue growth | 1%-3% | FY2026 |
| Adjusted operating margin | approximately 34% | FY2026 |
| Clover revenue growth | low double digits | FY2026 |
| Clover GPV growth | 10%-15% | FY2026 |
| Free cash flow conversion | approximately 90% | FY2026 |
| Capital expenditures | approximately flat with 2025 levels | FY2026 |
| Weighted average share count | approximately 530 million | FY2026 |
Organic revenue growth (FY2026): “We expect 2026 organic revenue growth in the range of 1%-3%, with Merchant Solutions revenue growth in the mid-single digits and Financial Solutions flat to slightly down.”
Adjusted revenue growth (FY2026): “Consistent with February, we expect adjusted revenue growth in the range of 1%-3%.”
Adjusted operating margin (FY2026): “We continue to expect adjusted operating margin of approximately 34% for the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 21.1B | 21.2B | 20.5B | 19.1B | 17.7B | 16.2B |
| Net Income | 3.2B | 3.5B | 3.1B | 3.1B | 2.5B | 1.3B |
| EPS | $4.08 | $6.34 | $5.38 | $4.98 | $3.91 | $1.99 |
| Free Cash Flow | 4.1B | 4.3B | 5.1B | 3.8B | 3.1B | 2.9B |
| ROIC | 8.1% | 8.5% | 9.5% | 7.4% | 5.6% | 3.4% |
| Gross Margin | - | 75.9% | 75.1% | 76.7% | 77.6% | 74.2% |
| Debt/Equity | 1.12 | 1.14 | 0.96 | 0.75 | 0.78 | 0.77 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 5.3B | 5.8B | 5.9B | 5.0B | 3.7B | 2.3B |
| Operating Margin | 25.3% | 27.5% | 28.7% | 26.3% | 21.1% | 14.1% |
| ROE | 12.2% | 13.2% | 11.0% | 10.1% | 8.2% | 4.2% |
| Shares Outstanding | 784M | 549M | 582M | 616M | 647M | 670M |
FISERV INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
FISERV INC trades at 8.0x trailing earnings, compared to its 15-year median P/E of 26.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 6.3x vs a median of 24.2x. The company's 5-year average ROIC is 6.9% with a gross margin of 75.9%. At current prices, the estimated annualized return to fair value is +13.8%.
FISERV INC (FISV) has a net profit margin of 16.4%. This is a healthy margin.
FISERV INC (FISV) generated $4.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FISERV INC (FISV) has a debt-to-equity ratio of 1.14. This indicates moderate leverage.
FISERV INC (FISV) reported earnings per share (EPS) of $6.34 in its most recent fiscal year.
FISERV INC (FISV) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
FISERV INC (FISV) has a 5-year average gross margin of 75.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for FISERV INC (FISV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FISERV INC (FISV) has a book value per share of $46.99, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a critical investment and transition year as the company executes its One Fiserv action plan focused on client-first service delivery, operational excellence through artificial intelligence, and disciplined capital allocation. The company anticipates that headline financial results in the first half of 2026 will remain below go-forward expectations due to investments in the franchise and comparisons against higher non-recurring revenue from the prior year, but expects operating performance to become more visible in the second half of 2026 and particularly in 2027 when underlying volume and transaction growth drivers are expected to translate into clearer revenue growth. Management is targeting double-digit adjusted earnings per share growth beginning in 2027 as the benefits of improved execution, client satisfaction improvements, and operational leverage from Project Elevate investments materialize.
Based on recent SEC filings and earnings calls, FISERV INC (FISV) has provided the following forward guidance: Organic revenue growth: 1%-3% (FY2026); Adjusted revenue growth: 1%-3% (FY2026); Adjusted operating margin: approximately 34% (FY2026); Clover revenue growth: low double digits (FY2026); Clover GPV growth: 10%-15% (FY2026), plus 3 additional metrics.
Clover revenue growth (FY2026): “we expect Clover revenue to grow in the low double digits for 2026.”
Clover GPV growth (FY2026): “we expect Clover GPV growth of 10%-15% in 2026 ex the gateway conversion. The lower end represents the core growth rate, while the higher end assumes more significant conversion of non-Clover merchants.”
Free cash flow conversion (FY2026): “We continue to expect free cash flow conversion of approximately 90% of adjusted net income for the year, in line with historical levels and our February guidance.”
Capital expenditures (FY2026): “We continue to expect capital expenditures to remain approximately flat with 2025 levels.”
Weighted average share count (FY2026): “We expect our weighted average share count to be approximately 530 million, resulting in adjusted EPS of $8.00-$8.30”