Wednesday 28 October 2026
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Fiserv, Inc.
FISV Technology Information Technology Services
Fiserv, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $21.2 billion, up 3.60% from fiscal 2024. In the quarter to June 2026, revenue fell 4.06%, EPS fell 37.1%, free cash flow fell 17.0% and total debt fell 5.75%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for five consecutive years; insiders bought in the last twelve months.
47.49
0.84
−1.74%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Price, $ | |||||||||||||||||
| Price, $ | Low | 42.82 | 52.26 | 62.76 | 68.45 | 73.50 | 92.06 | 87.03 | 98.81 | 131.41 | 59.56 | +3.7% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| High | 55.76 | 66.68 | 82.79 | 118.00 | 125.05 | 127.34 | 110.99 | 136.49 | 223.23 | 238.59 | +17.5% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| People | |||||||||||||||||
| People | Employees | 23,000 | 24,000 | 24,000 | 44,000 | 44,000 | 44,000 | 41,000 | 42,000 | 38,000 | 38,000 | +5.7% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| Revenue/emp, $m | 0.24 | 0.24 | 0.24 | 0.23 | 0.34 | 0.37 | 0.43 | 0.45 | 0.54 | 0.56 | +9.9% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | 5,505 | 5,696 | 5,823 | 10,187 | 14,852 | 16,226 | 17,737 | 19,093 | 20,456 | 21,193 | +16.2% | 19,539 | 20,229 | 20,907 | (0.5%) | |
| Gross margin, % | 46.25 | 46.91 | 47.30 | 47.88 | 47.40 | 49.91 | 54.94 | 59.83 | 60.83 | 59.36 | +13.1 pt | ||||||
| EBT | 1,275 | 1,358 | 1,555 | 1,083 | 1,171 | 1,666 | 2,913 | 3,898 | 4,506 | 4,264 | +14.4% | ||||||
| EBT margin, % | 23.16 | 23.84 | 26.70 | 10.63 | 7.88 | 10.27 | 16.42 | 20.42 | 22.03 | 20.12 | (3.0) pt | ||||||
| Net income | 930 | 1,246 | 1,187 | 914 | 975 | 1,403 | 2,582 | 3,129 | 3,180 | 3,490 | +15.8% | ||||||
| Depreciation | 421 | 444 | 556 | 1,778 | 3,257 | 3,248 | 3,212 | 3,162 | 3,138 | 3,207 | +25.3% | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | 12.49 | 13.49 | 14.36 | 19.88 | 22.10 | 24.49 | 27.61 | 31.21 | 35.35 | 38.74 | +13.4% | |||||
| Earnings | 2.08 | 2.89 | 2.87 | 1.71 | 1.40 | 1.99 | 3.91 | 4.98 | 5.38 | 6.34 | +13.2% | ||||||
| Cash flow | 3.25 | 3.51 | 3.83 | 5.46 | 6.17 | 6.09 | 7.19 | 8.44 | 11.46 | 11.08 | +14.6% | ||||||
| Capex | (0.66) | (0.68) | (0.89) | (1.41) | (1.34) | (1.75) | (2.30) | (2.27) | (2.71) | (3.22) | +19.3% | ||||||
| Free cash flow | 2.59 | 2.83 | 2.94 | 4.05 | 4.83 | 4.34 | 4.89 | 6.17 | 8.75 | 7.86 | +13.1% | ||||||
| Book value | 5.77 | 6.47 | 5.65 | 67.53 | 49.20 | 47.80 | 49.08 | 49.87 | 47.84 | 47.17 | +26.3% | ||||||
| Shares, m | 441 | 422 | 406 | 512 | 672 | 663 | 642 | 612 | 579 | 547 | +2.4% | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | 25.87 | 22.48 | 25.70 | 63.88 | 81.33 | 52.16 | 25.82 | 26.62 | 38.11 | 10.59 | 37.3 | |||||
| P/S | 4.30 | 4.83 | 5.12 | 5.82 | 5.15 | 4.24 | 3.67 | 4.26 | 5.81 | 1.73 | 4.5 | ||||||
| P/B | 9.31 | 10.08 | 13.00 | 1.71 | 2.31 | 2.17 | 2.06 | 2.67 | 4.29 | 1.42 | 4.9 | ||||||
| EV/Sales | 5.07 | 5.64 | 6.07 | 7.88 | 6.48 | 5.50 | 4.82 | 5.41 | 6.97 | 3.06 | 5.7 | ||||||
| EV/FCF | 24.46 | 26.84 | 29.65 | 38.69 | 29.66 | 31.03 | 27.25 | 27.38 | 28.15 | 15.11 | 27.8 | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | 1,431 | 1,483 | 1,552 | 2,795 | 4,147 | 4,034 | 4,618 | 5,162 | 6,631 | 6,062 | +17.4% | |||||
| Capex | (290) | (287) | (360) | (721) | (900) | (1,160) | (1,479) | (1,388) | (1,569) | (1,763) | +22.2% | ||||||
| Free cash flow | 1,141 | 1,196 | 1,192 | 2,074 | 3,247 | 2,874 | 3,139 | 3,774 | 5,062 | 4,299 | +15.9% | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | (92) | 37 | 214 | 1,319 | 582 | 575 | 1,086 | 1,259 | 1,320 | 764 | n/m | |||||
| Total debt | 4,562 | 4,900 | 5,959 | 21,899 | 20,684 | 21,237 | 21,418 | 23,118 | 24,840 | 28,997 | +22.8% | ||||||
| Net debt | 4,262 | 4,575 | 5,544 | 21,006 | 19,778 | 20,402 | 20,516 | 21,914 | 23,604 | 28,199 | +23.4% | ||||||
| Shareholders’ equity | 2,541 | 2,731 | 2,293 | 34,595 | 33,070 | 31,672 | 31,527 | 30,508 | 27,686 | 25,809 | +29.4% | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | 9.75 | 12.44 | 11.02 | 2.01 | 1.26 | 1.77 | 3.16 | 3.51 | 3.73 | 4.42 | (5.3) pt | |||||
| ROIC | 13.28 | 13.11 | 13.98 | 1.81 | 2.19 | 2.75 | 4.49 | 5.98 | 7.16 | 6.73 | (6.6) pt | ||||||
| ROE | 35.76 | 47.27 | 47.25 | 4.84 | 2.83 | 4.12 | 8.01 | 9.89 | 10.76 | 13.01 | (22.7) pt | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Where the money comes from and where it goes Fiscal 2025
| Merchant Segment | 10,140 | 47.85% |
|---|---|---|
| Financial Segment | 9,664 | 45.60% |
| Other, not broken out | 1,389 | 6.55% |
| Gross margin | 59.36% | |
| Operating margin | 27.45% | |
| Pre-tax margin | 20.12% |
Fiserv, Inc. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CTSH Cognizant Technology Solutions Corporation | $31.2B | 14.2× | 12.5× | +4.50% (above 0%: growing) | +3.82% (above 0%: growing) | +38.67% (above 0%: growing) | 33.37% | 15.95% | Compare |
| FISV Fiserv, Inc. | $25.7B | 9.1× | 10.5× | −4.06% (below 0%: shrinking) | −37.10% (below 0%: shrinking) | −16.95% (below 0%: shrinking) | 19.07% | 19.18% | |
| WIT Wipro Limited | $20.7B | 17.0× | — | +0.15% (above 0%: growing) | −25.00% (below 0%: shrinking) | −30.13% (below 0%: shrinking) | 28.54% | 16.01% | Compare |
| BR Broadridge Financial Solutions, Inc. | $20.5B | 18.3× | 19.9× | +7.49% (above 0%: growing) | +8.46% (above 0%: growing) | −3.21% (below 0%: shrinking) | 38.43% | 24.61% | Compare |
| CDW CDW Corporation | $20.4B | 19.3× | 18.9× | +9.97% (above 0%: growing) | +4.85% (above 0%: growing) | −161.92% (below 0%: shrinking) | 20.08% | 6.52% | Compare |
| FIS Fidelity National Information Services, Inc. | $19.0B | 5.4× | 5.6× | +29.09% (above 0%: growing) | n/m | +45.12% (above 0%: growing) | 34.76% | 15.01% | Compare |
| LDOS Leidos Holdings, Inc. | $17.6B | 12.9× | 12.4× | +7.17% (above 0%: growing) | −7.26% (below 0%: shrinking) | +67.40% (above 0%: growing) | 17.92% | 11.28% | Compare |
| CACI CACI International, Inc. | $14.8B | 27.5× | 23.9× | +17.57% (above 0%: growing) | −1.25% (below 0%: shrinking) | +158.94% (above 0%: growing) | 33.72% | 10.05% | Compare |
| IT Gartner, Inc. | $14.6B | 19.7× | 16.9× | −0.62% (below 0%: shrinking) | +32.69% (above 0%: growing) | +8.94% (above 0%: growing) | 70.95% | 22.59% | Compare |
| Median of peers | $19.7B | 17.6× | 16.9× | +7.33% | +3.82% | +23.80% | 33.55% | 15.48% |
Business profile
From the latest earnings call
- Takis Georgakopoulos said Fiserv is reviewing its product portfolio, capital commitments and execution priorities while seeking greater operational and technology focus.
- Paul Todd said revised FY2026 expectations reflect delayed client ramps, hardware demand, Argentina anticipation revenue, divestitures and incremental technology infrastructure investment.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
91.66%
Held by the ten largest
51.06%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 59.45m | 11.18% | −393.93k |
| Dodge & Cox | 50.19m | 9.44% | −66.00k |
| BlackRock | 42.40m | 7.97% | +2.54m |
| State Street | 23.83m | 4.48% | +154.30k |
| First Eagle Investment Management, LLC | 21.72m | 4.08% | +14.22m |
| HARRIS ASSOCIATES L P | 21.44m | 4.03% | +2.44m |
| Capital Group | 16.86m | 3.17% | +2.55m |
| Geode Capital Management | 15.25m | 2.87% | +2.10m |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | 10.47m | 1.97% | +4.63m |
| FEDERATED HERMES, INC. | 9.91m | 1.86% | +1.25m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group, Inc.
11.90%
Dodge & Cox
9.30%
BlackRock, Inc.
7.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Fiserv, Inc. (FISV) Latest News
27 Oct
23 Oct
22 Oct
21 Oct
19 Oct
15 Oct
7 Oct
5 Oct
1 Oct
FISV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Fiserv is a global provider of payments and financial-services technology. It sells the systems that merchants use to accept and manage payments and that banks, credit unions and other financial institutions use to run accounts, issue cards, move money and serve customers digitally. Michael P. Lyons is chief executive officer.
Its Merchant Solutions segment serves small businesses, large enterprises and distribution partners. For a small business, Clover combines point-of-sale hardware and software for taking payments, orders, pickup and delivery, cash-flow management, staff, customer engagement and business operations. For larger businesses, Commerce Hub is a gateway and orchestration layer that connects payment acceptance, fraud controls, payment optimization, payouts and other commerce tools across online, mobile and in-store channels.