Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Fiserv

FISV stock analysis · Financials · Transaction & Payment Processing Services

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$49.05HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$26.2B

Price × SEC outstanding shares. Shares measured 2026-05-01. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Reverse DCF

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Relative valuation

243.4%

8 industry peers · median 25.8×

How this is calculated ↗
Valuation

Historical multiples

38.1×

7 annual observations · snapshot P/E 7.5× · -80.3% versus history

How this is calculated ↗
Valuation

Free cash flow yield

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Quality

ROIC / quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

3.8%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Momentum

Fundamental momentum

-0.5%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 6.6B2020-12-31: cfo $4,147,000,000.002020-12-31: capex $900,000,000.0020202021-12-31: cfo $4,034,000,000.002021-12-31: capex $1,160,000,000.0020212022-12-31: cfo $4,618,000,000.002022-12-31: capex $1,479,000,000.0020222023-12-31: cfo $5,162,000,000.002023-12-31: capex $1,388,000,000.0020232024-12-31: cfo $6,631,000,000.002024-12-31: capex $1,569,000,000.0020242025-12-31: cfo $6,062,000,000.002025-12-31: capex $1,763,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%
10.0%
12.0%

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-3121.2B3.5B6.1B1.8B80.1B
2024-12-3120.5B3.2B6.6B1.6B77.2B
2023-12-3119.1B3.1B5.2B1.4B90.9B
2022-12-3117.7B2.6B4.6B1.5B83.9B
2021-12-3116.2B1.4B4B1.2B76.2B
2020-12-3114.9B975M4.1B900M74.6B
2019-12-3110.2B914M2.8B721M77.5B
2018-12-315.8B1.2B1.6B360M11.3B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue21.2BRevenues2026-02-19
netIncome3.5BProfitLoss
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-19
Parent/common earnings proxy3.5BNetIncomeLoss2026-02-19
cfo6.1BNetCashProvidedByUsedInOperatingActivities2026-02-19
capex1.8BPaymentsToAcquirePropertyPlantAndEquipment2026-02-19
operatingIncome5.8BOperatingIncomeLoss2026-02-19
assets80.1BAssets2026-02-19
equity25.8BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-19
Parent book equity proxy25.8BStockholdersEquity2026-02-19
debt29BLongTermDebtAndCapitalLeaseObligationsCurrent + LongTermDebtAndCapitalLeaseObligations2026-02-19
shortDebtNot reported under a supported tag
cash798MCashAndCashEquivalentsAtCarryingValue2026-02-19
shares549MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-19
dividendsNot reported under a supported tag
buybacksNot reported under a supported tag
issuance62MReviewed manual correction
Bounded FY2025-12-31 consolidated financing-statement extraction. Proceeds from issuance of treasury stock: 62000000 USD [us-gaap:ProceedsFromIssuanceOrSaleOfEquity]. All 12 financing lines reconcile exactly to reported financing cash flow -3832000000 USD. Cash inflows from common shares, employee plans and option exercises are summed once as displayed on the statement; noncash compensation, withholding payments, preferred and noncontrolling interests are excluded. This review applies only to this issuer and fiscal period. Source limitation: the statement also aggregates other financing cash flows (net 5000000 USD). Their common-equity portion is not separately disclosed here. Issuance is the sum of separately reported common cash-issuance lines, not an independently verified gross total; additional equity flows may be inside those aggregates.
2026-02-19