Fiserv, Inc. (FISV) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Fiserv, Inc.

Updated on October 16, 2026 · accounts published on August 6, 2026

Reading of October 15, 2026: A cash-generative tech business weighed down by heavy debt and modest returns on capital

Fiserv trades at a P/E of 9.1 over the last 12 months, 73 % below its ten-year median of 33.1. It has traded lower only 1 % of the decade.

• Is Fiserv expensive or cheap? Its P/E of 9.1 is 73 % below its ten-year median of 33.1. It has traded lower only 1 % of the time in the past decade.
• How is the business doing? Over the last 12 months EPS rose 18 % on revenue growth of 3.6 %, but the 21 % operating margin trails fiscal 2025's 27 %.
• How strong is the balance sheet? Net debt of $54.38 per share equals 115 % of the share price (fiscal 2025), and the Altman Z of 1.4 is in the danger zone.
• Does Fiserv grow with real cash or by diluting shareholders? Free cash flow was 20 % of revenue in fiscal 2025 and stock pay just 1.7 %, but ROIC of 6.5 % misses tech's 15 % bar.
• What to expect from the next earnings? Analysts expect EPS of $1.72 when Fiserv reports on November 3, 2026, after it missed by 3.7 % in August.

Is Fiserv expensive or cheap?

Over the last 12 months Fiserv trades at a P/E of 9.1. That is 73 % below its ten-year median of 33.1 and below the sector median of 33.0 across 359 companies. The decade low was 8.5, so the stock sits close to the bottom of its own history. EV/EBITDA of 7.0× compares with a five-year average of 13.0×, and the free cash flow yield is 15 %. The share price has fallen 61 % in 12 months and is 63 % below its 52-week high of $126.54. Multiples this low signal that the market doubts how long the earnings will last or worries about the debt.

How is the business doing?

Over the last 12 months revenue rose 3.6 % and EPS 18 %, so earnings are growing much faster than sales. Margins are weaker. The operating margin of 21 % sits below the 2014-2025 average of 23 % and well below the 27 % of fiscal 2025. Return on capital is the soft spot. ROIC of 6.5 % is 1.7 points below the sector median of 8.2 % across 465 companies. It cleared 10 % in only 3 of the last 10 fiscal years, with a low of 2.1 % in 2019. ROE stands at 11 % and the net margin at 13 % over the same period.

How strong is the balance sheet?

Debt is the heaviest weight on Fiserv. At the end of fiscal 2025, net debt was $54.38 per share ($55.84 of debt against $1.45 of cash). That is 115 % of the current price, which means net debt is larger than the market value of the shares. Net debt to EBITDA of 3.2× is above the 2.0× tolerated for IT services. The Altman Z-score of 1.4 over the last 12 months falls in the danger zone. Debt to equity and the current ratio are both 1.04, which leaves a thin short-term cushion. A Piotroski score of 6 out of 9 suggests the fundamentals are in fair shape.

Does Fiserv grow with real cash or by diluting shareholders?

In technology, accounting profits can hide two problems: growth paid for with stock and capital that earns little. That is why the sector looks at cash conversion, dilution and return on capital. Fiserv passes on cash and dilution. In fiscal 2025 free cash flow was 20.3 % of revenue, just above the 20 % healthy line, and stock-based pay was 1.7 % of revenue, well under the 10 % ceiling. A gross margin of 59 % clears the 30 % bar for IT services. It fails on growth and returns. Revenue per share grew 11.8 % a year over fiscal 2022-2025, short of the 15 % threshold, and ROIC of 6.5 % misses the 15 % mark.

What to expect from the next earnings?

Fiserv reports on November 3, 2026. Analysts expect EPS of $1.72 for the quarter, below the $1.84 it delivered on August 6, 2026. That August figure missed the $1.91 consensus by 3.7 %, even though the company has beaten EPS estimates in 6 of the last 8 quarters. Full-year expectations are steady: over the past 30 days the 2026 EPS consensus moved only from $7.25 to $7.24 across 21 analysts, and revenue estimates barely changed. Of 61 analysts, 33 rate the stock a buy, 28 a hold and none a sell. A second miss in a row would test that support.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.