Financials · Transaction & Payment Processing Services · US stock · price as of 22 Oct 2026
Key indicators
Price
$50.82
52-week range
$43.87 – $128.78
Market cap
$27.1B
P/E (trailing)
9.8×
EV / EBITDA
11.7×
Free-cash-flow yield
14.5%
Dividend yield
–
Revenue (last 12 months)
$20.9B
Revenue growth (3y a year)
6.1%
Operating margin
22.3%
Return on invested capital
7.2%
Net debt / EBITDA
5.8×
Fair value
Fair value (average of valid models)$80.06 middle half of models $75 – $86
Versus priceUndervalued+58% to fair value
P/E multiple
$65.85
P/B multiple
$91.03
P/S multiple
$99.83
EV/EBITDA multiple
$69.49
EV/revenue multiple
$86.11
10-year DCF, EBITDA exit
$81.17
5-year DCF, EBITDA exit
$76.69
10-year DCF, revenue exit
$75.78
5-year DCF, revenue exit
$74.55
Model uncertainty
Low
X-Ray Score
49/ 100 · High confidence · ahead of 41% of sector peers
Valuation81
Growth41
Profitability46
Financial health21
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Fiserv provides payment and financial technology to banks, credit unions and merchants. It runs the core systems that financial institutions use for accounts, loans and digital banking, processes card and electronic payments, and supplies the Clover point-of-sale platform to small businesses. Customers are therefore financial institutions and merchants of all sizes, and its business spans both merchant payments and bank technology.
Revenue is largely recurring, coming from processing fees, software and service charges, and fees tied to payment volumes. It was $20.9 billion over the last twelve months, with growth of 6.1% a year across the last three years. The operating margin is 22.3%, and the business earns a profit of 7% on the capital invested in it. Net debt is 5.8 times EBITDA, and no dividend is paid.
StocksXray gives Fiserv Inc an X-Ray Score of 49 out of 100 (high confidence), ahead of 41% of the S&P 500 stocks in its sector. Its strongest lens is valuation (81) and its weakest is financial health (21).
Our fair value (the average of the valid models) is $80.06 (range $74.55 to $86.11). At $50.82 the stock trades 37% below that value, so the label is "Undervalued" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Fiserv Inc (FISV)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$103.79
$101.07
$132.84
$205.42
$67.17
$50.82
Market cap
$69.7B
$65.5B
$81.8B
$119.6B
$36.9B
$27.1B
P/E
52.2×
25.8×
26.7×
38.2×
10.6×
9.8×
EV / revenue
5.6×
4.9×
5.5×
7.0×
3.1×
2.6×
EV / EBITDA
16.4×
12.5×
12.8×
24.5×
11.2×
11.7×
Price / free cash flow
24.3×
20.9×
21.7×
23.6×
8.6×
6.9×
Free-cash-flow yield
4.1%
4.8%
4.6%
4.2%
11.7%
14.5%
Price / book
2.3×
2.1×
2.7×
4.4×
1.4×
1.0×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 3 Good · ● 7 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.7%Good
Free-cash-flow yield14.5%Good
Risk models
Altman Z score2.1×Average
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)17.5%Average
Free-cash-flow growth (3y)11.1%Average
Revenue growth (3y)6.1%Average
Growth consistency80%Bad
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA5.8×Bad
Interest cover3.0×Bad
Valuation
Fair value vs price1.6×Good
EBIT / EV yield8.6%Average
Profitability
Return on invested capital7.2%Bad
Operating margin22.3%Average
XStocksXray
Fiserv Inc (FISV)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
16,226
17,737
19,093
20,456
21,193
20,866
Gross profit
–
–
–
–
–
–
Operating income
2,288
3,740
5,014
5,879
5,818
4,660
Net income
1,334
2,530
3,068
3,131
3,480
2,801
Diluted EPS ($)
1.99
3.91
4.98
5.38
6.34
5.19
Free cash flow
2,874
3,139
3,774
5,062
4,299
3,926
Gross margin
–
–
–
–
–
–
Operating margin
14.1%
21.1%
26.3%
28.7%
27.5%
22.3%
Net margin
8.2%
14.3%
16.1%
15.3%
16.4%
13.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
76,249
83,869
90,890
77,176
80,133
80,886
Cash
835
902
1,204
1,236
798
627
Total debt
21,237
21,418
23,118
24,840
28,997
27,886
Equity
30,952
30,828
29,857
27,068
25,792
26,904
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
5,130
5,516
5,263
5,284
5,027
5,292
Growth vs a year earlier
+5.1%
+8.0%
+0.9%
+0.6%
−2.0%
−4.1%
Net income ($M)
851
1,026
792
811
571
627
Diluted EPS ($)
1.51
1.86
1.46
–
1.07
1.17
XStocksXray
Fiserv Inc (FISV)
Peers in Transaction & Payment Processing Services
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
