Fidelity National Information Services
FISFinancial Snapshot
ticker: FIS step: 04 generated: 2026-05-13 source: quick-research
Fidelity National Information Services, Inc. (FIS) — Financial Snapshot
Note: FY2022/FY2023 include Worldpay (sold Feb 2024); FY2024/FY2025 reflect the continuing FIS businesses. The Worldpay sale makes YoY comparisons complex.
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$9.72B | $9.831B | $10.127B | +3.0% |
| Gross Margin | ~38% | ~38% | ~37.6% | stable |
| Adj. EBITDA Margin | ~38% | ~37% | ~38% | stable |
| GAAP Net Income | ~-$2.5B | ~-$4.5B | ~+$0.5B | improving |
| Adj. EPS | ~$6.50 | ~$7.00 | ~$7.70 | growing |
FY2025: Revenue $10.677B (+5.4%); 24% recurring ACV growth; FCF conversion target 85% in FY2025, 90% in FY2026. GAAP losses in FY2022-2023 driven by Worldpay goodwill impairments ($18B+ written down). Underlying adj. EPS growing mid-single-digits. Down 30% in last 12 months (May 2025 data) as market concerns about Global Payments Issuer Solutions acquisition ($13.5B) + margin compression.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Free Cash Flow | ~$2.5–3.0B |
| Operating Cash Flow | ~$3.5B |
| Cash & Equivalents | ~$1.5B + Worldpay JV proceeds |
| Total Debt | ~$10–12B (senior notes, reduced post-Worldpay) |
| Worldpay Stake Value | ~$8–9B (45% of JV at ~$18.5B enterprise value) |
FIS received $11.7B in gross proceeds from the Worldpay GTCR transaction, deploying capital into debt reduction and the $13.5B Global Payments Issuer Solutions acquisition. The Issuer Solutions deal (if approved and closed in H1 2026) would significantly increase revenue but also increase leverage. The Worldpay 45% stake provides non-operating income as Worldpay continues operating independently.
Key Ratios (approximate)
- P/E: ~8–10x (adj.) — severely discounted | EV/EBITDA: ~8–10x | FCF Yield: ~8–10%
- Revenue Growth (TTM): ~5% | Adj. EBITDA Margin: ~38%
Growth Profile
FIS's post-Worldpay core business (Banking Solutions + Capital Markets) is growing at 5–7% organically — modest but very high quality (81% recurring revenue, 49 of top 50 global bank clients). The investment thesis is primarily a transformation/re-rating story: after the massive Worldpay goodwill impairments ($18B+ over 2022-2023), FIS trades at 8–10x adj. earnings — deeply discounted vs. Fiserv's 20x+. The Global Payments Issuer Solutions acquisition would add card issuer processing to FIS's banking portfolio, potentially accelerating growth and justifying multiple expansion.
Forward Estimates
- FY2026: Revenue ~$14–16B (including Issuer Solutions); adj. EPS growing toward $9–10
- Global Payments Issuer Solutions close: H1 2026; adds ~$3B+ in incremental revenue
- FCF conversion: 90% target in FY2026
- Analyst consensus PT: ~$78–81 (13 analysts; majority Buy)
- Stock down 30% in last 12 months; significant potential re-rating if execution improves
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $FIS.