Fiserv Inc.
FIFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$5.3B
Q3 2025 · +3% YoY
TTM ROIC
6.8%
FY2025 · NOPAT (adj, excl. amortization) / Total Invested Capital (incl. goodwill) · WACC ~8.25% · Moat spread +-1.45pp
Financial Snapshot
ticker: FI step: 04 generated: 2026-05-12 source: quick-research
Fiserv, Inc. (FI) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue | $17.7B | $19.1B | $20.5B | $21.6B | +5.4% |
| Organic Growth | +11% | +12% | +16% | +4.0% | |
| Adj Operating Margin | 36.5% | 38.7% | 39.4% | 37.4% | |
| Net Income (GAAP) | $2.5B | $3.1B | $3.5B | $3.3B | -6% |
| Adjusted EPS | $6.65 | $7.52 | $8.80 | $8.64 | -2% |
FY24 organic growth +16% (Argentina inflation tailwind). FY25 normalized to +4% as Argentina inflation flow-through reversed + Clover Argentina challenges + guidance cut. Adj op margin -200bps YoY on mix shift.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$5.0B |
| Free Cash Flow | ~$4.6B |
| FCF Conversion | ~85% |
| Cash & Equivalents | ~$1.5B |
| Total Debt | ~$25B |
| Net Debt/EBITDA | ~3.0x |
Key Ratios (approximate)
- P/E: ~10x GAAP / ~9x Adj | EV/EBITDA: ~11x | FCF Yield: ~9%
- Revenue Growth (TTM): ~5% | Op Margin: ~37%
- No dividend | Aggressive buybacks: $3B+ annually
Growth Profile
FY24 was inflated by Argentina hyperinflation pass-through. FY25 normalized growth profile is mid-single-digit organic (excluding Argentina) + ~10% adj EPS growth model. Clover targeted to reach $3.3B revenue (cut from $3.5B). Carat enterprise commerce growing +20%. Financial Solutions ~2% organic. Long-term: 7-9% organic + 11-13% EPS.
Forward Estimates
- FY 2026: Organic +3.5-4%; adj EPS $8.50-8.60 (essentially flat YoY)
- FY 2027: Adj EPS forecast cut ~30% from prior path — now ~$9.50
- Lower trajectory reflects Argentina normalization + Clover deceleration + Financial Solutions weakness
- Stock at distressed multiple — ~9x P/E reflects skepticism
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $FI.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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