Fiserv Inc.
FIBusiness Overview
ticker: FI step: 01 generated: 2026-05-12 source: quick-research
Fiserv, Inc. (FI) — Business Overview
Business Description
Fiserv is a global financial technology company providing payment processing, merchant acquiring (Clover, Carat), and core banking software to merchants, banks, credit unions, and fintechs. The largest non-bank merchant acquirer in the US, Fiserv serves approximately 6 million merchant locations globally and processes trillions in annual transaction volume.
Revenue Model
$20B+ FY2025 revenue across two main segments: Merchant Solutions ($11B) and Financial Solutions (~$9B). Revenue is recurring transaction-based fees (merchant acquiring + Clover SaaS + core banking processing) — exceptional revenue visibility. Merchant Solutions has higher growth + margin volatility; Financial Solutions has stable 45%+ margins + slower growth.
Products & Services
- Clover — Cloud-based POS + business operating system for SMBs (~$3.3B revenue target)
- Carat — Enterprise commerce platform for large merchants (+22% YoY in 2025)
- Merchant acquiring — Card processing for 6M+ locations globally
- Core account processing — DNA, Premier, Signature platforms for banks/CUs
- Digital banking + bill pay — Online + mobile banking software for FIs
- Output Solutions — Print + electronic statement delivery
- Card services — Issuer processing, debit network (STAR, ACCEL)
Customer Base & Go-to-Market
6M merchant locations + 10,000+ financial institution clients globally. Top 25 US banks all use Fiserv for some service. Clover SMB segment most growth-leveraged. Carat enterprise (Doordash, Uber Eats, McDonald's, Starbucks) high-volume. International expansion via Brazil Clover factory (2026) + Argentina + Latin America.
Competitive Position
Top 3 US merchant acquirer with JPM + Worldpay (former FIS). In core banking, Fiserv competes with FIS + Jack Henry — Fiserv dominates mid-market + community banks. Clover competes with Square (Block) + Toast + Shopify in SMB POS. Differentiation: Fiserv's flywheel (acquiring + core banking + card issuing) creates cross-sell + data advantages.
Key Facts
- Founded: 1984 (CEO Frank Bisignano spun First Data merger 2019)
- Headquarters: Milwaukee, WI
- Employees: ~38,000
- Exchange: NYSE (FI, formerly FISV)
- Sector / Industry: Financials / Financial Services & Technology
- Market Cap: ~$50B (down from $100B+ peak after 2025 guidance cut)
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.