Fiserv Inc FISV

FinancialsProfessional & Commercial ServicesUnited States of America

Last close 51.93 USD on Nov 2, 2026, −22.7% year to date

Quant rating

Quant rating B Rank 166 of 799 in Financials

Growth C 426 of 799
Valuation A 16 of 799
Quality A 43 of 799
Revisions C 368 of 799
Momentum D 675 of 799

Wall Street consensus Hold (2.92)Average target 59.87 USD +15.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 27.6B
Enterprise value: 53.6B
52-week range: 43.88 – 70.40
3-year range: 43.88 – 237.79
Dividend yield: –
Beta (5 years): 0.85
Shares outstanding: 532M
Next earnings: Nov 3, 2026

About the company

Fiserv, Inc. is a global provider of payments and financial services technology solutions. Its segments include Merchant Solutions (Merchant) and Financial Solutions (Financial). The businesses in its Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; software-as-a-service; POS devices, and pay-by-bank solutions. The business lines in its Merchant segment consist of small business, enterprise, and processing. The businesses in its Financial segment provide products and services to financial institutions, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The business lines in its Financial segment consist of digital payments, issuing, and banking.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	21,193	20,456	19,093	17,737	16,226	–
Revenue growth	3.6%	7.1%	7.6%	9.3%	9.3%	7.4%
EPS (basic, normalized)	8.65	8.80	7.52	6.49	5.58	–
EPS growth	−1.7%	17.0%	15.9%	16.3%	–	–
Gross margin	59.4%	60.8%	59.8%	54.9%	49.9%	57.0%
Net margin	16.4%	15.3%	16.1%	14.3%	8.2%	14.1%
ROE	13.2%	11.0%	10.1%	8.2%	4.2%	9.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,968
Current ratio	1.04x
Long-term debt (mil)	26,679
Net debt (mil)	25,940
Total equity (mil)	26,904
Net debt / equity	0.96x
Net debt / EBITDA	2.80x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	21,193	+3.6%	2.5x	9,255	+0.8%	5.8x	8.65	−1.7%	6.0x
2026	19,534	−7.8%	2.7x	8,160	−11.8%	6.6x	7.25	−16.2%	7.2x
2027	20,194	+3.4%	2.7x	8,406	+3.0%	6.4x	7.94	+9.5%	6.5x
2028	20,905	+3.5%	2.6x	8,773	+4.4%	6.1x	8.92	+12.4%	5.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	19,534	−0.1%	−2.6%	−2.8%	7.25	−0.1%	−10.5%	−10.8%
2027	20,194	−0.1%	−3.0%	−3.5%	7.94	−0.4%	−10.3%	−11.3%
2028	20,905	−0.2%	−3.5%	−4.0%	8.92	−0.2%	−11.0%	−9.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,543	4,794	4,884	4,902	4,789	5,196	4,919	4,900	4,675	4,963
Sales mean (mil)	4,572	4,819	4,904	4,961	4,840	5,195	5,360	4,917	4,729	5,039
Surprise	−0.6%	−0.5%	−0.4%	−1.2%	−1.1%	0.0%	−8.2%	−0.3%	−1.1%	−1.5%
EPS reported	1.88	2.13	2.30	2.51	2.14	2.47	2.04	1.99	1.79	1.84
EPS mean	1.79	2.10	2.26	2.48	2.08	2.43	2.64	1.90	1.57	1.91
Surprise	+5.2%	+1.4%	+1.7%	+1.2%	+3.1%	+1.6%	−22.8%	+4.9%	+13.9%	−3.6%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FISV Fiserv Inc	27.6B	2.80x	16.4%	1.02x	7.2x	6.5x	6.6x	6.4x
V Visa Inc.	790.9B	0.26x	49.6%	20.82x	28.3x	24.8x	22.2x	20.0x
ADP Automatic Data Processing Inc	117.9B	0.26x	20.1%	23.21x	24.2x	22.1x	17.2x	15.9x
PYPL PayPal Holdings, Inc.	48.8B	0.44x	15.8%	2.53x	10.6x	10.0x	7.4x	7.6x
XYZ Block, Inc.	46.3B	−0.17x	5.4%	2.10x	19.1x	14.7x	9.8x	8.0x
PAYX Paychex, Inc.	41.1B	1.20x	27.0%	11.10x	19.4x	18.1x	13.8x	12.9x
Mean		0.80x	22.4%	10.13x	18.1x	16.0x	12.8x	11.8x
Median		0.35x	18.3%	6.81x	19.2x	16.4x	11.8x	10.5x

Technical analysis

1M+17.1%
3M−3.7%
1Y−22.1%
3Y−55.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Fiserv Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	21,193	20,456	19,093	17,737	16,226	14,852
Cost of revenue	8,612	8,013	7,670	7,992	8,128	7,812
Gross profit	12,581	12,443	11,423	9,745	8,098	7,040
Selling, general & administrative expenses	6,883	6,564	6,576	6,045	5,795	5,528
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−120	147	−167	−40.0	15.0	−340
Other operating expenses	0	0	0	0	0	0
Operating income	5,818	5,732	5,014	3,740	2,288	1,852
Net interest income (expense)	−1,569	−1,264	−1,090	−795	−622	−681
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	15.0	38.0	−26.0	−32.0	0	0
Net income before taxes	4,264	4,506	3,898	2,913	1,666	1,171
Provision for taxes	811	641	754	551	363	196
Minority interest	−10.0	−49.0	−61.0	−52.0	−69.0	−17.0
Equity in affiliates	37.0	−685	−15.0	220	100	0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,480	3,131	3,068	2,530	1,334	958
Extraordinary items	–	–	–	–	–	–
Net income	3,480	3,131	3,068	2,530	1,334	958
EBIT, normalized	5,698	5,879	4,847	3,887	2,516	1,946
EBITDA, normalized	8,859	8,974	7,773	6,883	5,562	5,032
Basic EPS, normalized	8.65	8.80	7.52	6.49	5.58	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Fiserv Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,776	2,992	2,960	902	835	906
Receivables	18,630	3,725	3,582	3,585	2,860	2,482
Total inventory	–	–	–	–	–	–
Prepaid expenses	3,248	3,087	2,344	1,575	1,523	1,310
Other current assets	0	13,673	25,925	21,482	13,652	11,521
Total current assets	24,654	23,477	34,811	27,544	18,870	16,219
Property, plant & equipment	3,673	2,969	2,789	2,544	2,317	2,132
Goodwill	37,703	36,584	37,205	36,811	36,433	36,322
Intangibles	10,161	9,940	11,210	12,415	14,009	15,358
Long-term investments	1,172	1,756	2,418	2,538	2,561	2,756
Note receivable	1,924	1,828	1,722	905	811	692
Other long-term assets	846	622	735	1,112	1,248	1,140
Total assets	80,133	77,176	90,890	83,869	76,249	74,619
Liabilities
Accounts payable	797	511	449	652	593	437
Payable/accrued	–	–	–	–	–	–
Accrued expenses	19,633	18,471	30,453	23,410	15,672	13,438
Short-term debt	0	0	442	198	240	144
Current portion of long-term debt	1,239	1,110	313	270	268	240
Other current liabilities	2,221	2,065	1,895	1,928	1,522	1,378
Total current liabilities	23,890	22,157	33,552	26,458	18,295	15,637
Long-term debt	27,758	23,730	22,363	20,950	20,729	20,300
Minority interest	17.0	618	812	860	998	999
Other liabilities	2,676	3,603	4,306	4,773	5,275	5,353
Total liabilities	54,341	50,108	61,033	53,041	45,297	42,289
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	8.0	8.0	8.0	8.0	8.0	8.0
Additional paid-in capital	23,260	23,080	23,103	23,011	22,983	23,643
Retained earnings (accumulated deficit)	27,055	23,575	20,444	17,376	14,846	13,441
Treasury stock	−23,547	−18,182	−12,915	−8,378	−6,140	−4,375
Other equity	−984	−1,413	−783	−1,189	−745	−387
Total equity	25,792	27,068	29,857	30,828	30,952	32,330
Total liabilities & shareholders' equity	80,133	77,176	90,890	83,869	76,249	74,619

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Fiserv Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,490	3,180	3,129	2,582	1,403	975
Depreciation, depletion & amortization	3,161	3,095	3,121	3,169	3,196	3,210
Deferred taxes	−942	−662	−511	−558	−262	71.0
Non-cash items	318	1,317	280	96.0	158	60.0
Changes in working capital	35.0	−299	−857	−671	−461	−169
Cash from operations	6,062	6,631	5,162	4,618	4,034	4,147
Investing activities
Capital expenditures	−1,763	−1,569	−1,388	−1,479	−1,160	−900
Other investing cash flows	−757	−835	320	−633	−470	559
Cash from investing	−2,520	−2,404	−1,068	−2,112	−1,630	−341
Financing activities
Financing cash flow items	−174	−90.0	−726	−86.0	610	289
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,658	−4,075	−3,630	−2,392	−2,351	−3,720
Cash from financing	−3,832	−4,165	−4,356	−2,478	−1,741	−3,431
Foreign exchange effects	99.0	−32.0	33.0	−41.0	−27.0	16.0
Net change in cash	−191	30.0	−229	−13.0	636	391
Free cash flow	4,299	5,062	3,774	3,139	2,874	3,247

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.