# Fiserv Inc. (FI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FI/thesis · /stocks/FI/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FI/fundamental

## Navigation

- Overview: /stocks/FI
- Financials (this page): /stocks/FI/financials
- Thesis: /stocks/FI/thesis
- Investment Memo: /stocks/FI/memo
- Coverage universe: /stocks