# Fiserv, Inc. (FISV)

> Source: Nexqual · https://nexqual.com/FISV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fiserv, Inc. (FISV), nexqual.com/FISV" · informational, not investment advice.

**Price:** USD 50.82 (+5.41% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.21 · day 48.4–50.83 · 52w 43.87–128.78 · market cap $27.0B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $20.9B, net income $2.80B (13.4% margin), free cash flow $3.93B (SEC filings).
- Valuation: P/E 9.6x (avg 25.2x at the last 3 fiscal year-ends), net debt $27.3B.
- 9 of 80 tracked superinvestors hold FISV (13F, Q2 2026): 0 new, 4 added, 5 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 7 Form 4 filings, $2.2M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.95 on a 1–5 scale) (37 analysts), mean target USD 57.7 (range 40–106).
- Total return with dividends: 1Y -59.0% vs S&P 500 +14.9%; 5Y -53.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.71, revenue estimate $4.87B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.2B | $17.7B | $19.1B | $20.5B | $21.2B | $20.9B |
| Operating income | $2.29B | $3.74B | $5.01B | $5.88B | $5.82B | $4.66B |
| Net income | $1.33B | $2.53B | $3.07B | $3.13B | $3.48B | $2.80B |
| EPS (diluted) | $1.99 | $3.91 | $4.98 | $5.38 | $6.34 | — |
| Free cash flow | $2.87B | $3.14B | $3.77B | $5.06B | $4.30B | $3.93B |
| 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% |
| Revenue growth | +9.3% | +9.3% | +7.6% | +7.1% | +3.6% | — |
| Cash + short-term investments | $835M | $902M | $1.20B | $1.24B | $798M | — |
| Total debt | $21.2B | $21.4B | $23.1B | $24.8B | $29.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 9.6x · P/S 1.3x · EV/Sales 2.6x · P/FCF 6.9x · P/B 1.0x · FCF yield 14.53% · Earnings yield 10.36% · Net debt $27.3B · EV $54.3B
P/E at fiscal year-ends: Dec 2025 10.6x, Dec 2024 38.2x, Dec 2023 26.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
9 of 80 tracked investors hold FISV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Hillman Capital | Hillman Capital Management | 2.79% | $3.8M | Reduced -2.8% |
| Samantha McLemore | Patient Capital Management | 1.55% | $46.8M | Reduced -1.5% |
| Bill Nygren | Oakmark Funds | 1.45% | $1.09B | Added +12.5% |
| Vulcan Value Partners |  | 1.33% | $43.8M | Reduced -18.3% |
| Dodge & Cox Funds | Dodge & Cox | 1.29% | $2.46B | Reduced -0.1% |
| Mairs & Power | Mairs & Power Funds | 1.03% | $112M | Added +6.5% |
| First Eagle Investment | First Eagle Investment Management | 0.89% | $533M | Added +44.9% |
| John Rogers | Ariel Investments | 0.27% | $26.7M | Added +26.0% |
| Christopher Davis | Davis Advisors | 0.11% | $26.5M | Reduced -8.3% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
7 purchases, $2.2M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-07 | Fritz Lance M | Director | 10,000 | $520K | 51.95 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Todd Paul M | Chief Financial Officer | 10,060 | $500K | 49.7 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-17 | Mamilli Wafaa | Director | 2,960 | $150K | 50.59 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Rosman Adam L. | Chief Admin. and Legal Officer | 10,150 | $501K | 49.33 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Yarkoni Charlotte | Director | 2,023 | $100K | 49.49 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Disimone Harry | Director | 2,088 | $101K | 48.41 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Nixon Gordon M. | Director | 7,500 | $372K | 49.57 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.95 on a 1–5 scale), 37 analysts; mean target USD 57.7 (low 40, high 106).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citigroup | Target lowered | Neutral | $57 → $53 |
| 2026-10-16 | Cantor Fitzgerald | Target lowered | Neutral | $53 → $48 |
| 2026-10-09 | TD Cowen | Target lowered | Hold | $55 → $49 |
| 2026-10-09 | Barclays | Target lowered | Equal-Weight | $52 → $50 |
| 2026-10-08 | Oppenheimer | Downgrade | Outperform → Perform |  |
| 2026-09-28 | B. Riley Securities | Target lowered | Neutral | $66 → $51 |
| 2026-09-03 | TD Cowen | Reiterated | Hold | $55 |
| 2026-08-31 | Cantor Fitzgerald | Reiterated | Neutral | $53 |
| 2026-08-20 | Truist Securities | Target raised | Hold | $52 → $53 |
| 2026-08-07 | UBS | Target lowered | Neutral | $65 → $60 |
| 2026-08-07 | TD Cowen | Target lowered | Hold | $63 → $55 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $75 → $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -59.0% | -53.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -59.1% | -14.3% |
| Volatility (annualized) | 69.9% | 39.5% |
| Max drawdown | -64.9% (Oct 2025→Oct 2026) | -81.2% (Feb 2025→Sep 2026) |

## Peers
FIS (Fidelity National Information S) USD 38.29 +5.13% · GPN (Global Payments Inc.) USD 85.88 +2.81% · CTAS (Cintas Corporation) USD 224.04 +1.77% · PAYX (Paychex, Inc.) USD 118.81 +5.61% · INTU (Intuit Inc.) USD 354.9 +5.75%

## More
Full page: https://nexqual.com/FISV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FISV's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Payfare | "Additionally, our embedded finance solutions enable merchants and others to deliver personalized financial experiences to their customers through a combination of Fiserv solutions including Finxact, Payfare, Commerce Hub…" |
| Partner | Sagent M&C | "We maintain noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively, the "Lending Joint Ventures")." |
| Partner | SOLUTIONS Group | "We maintain noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively, the "Lending Joint Ventures")." |

Other companies that name FISV in their own reports (relationship from FISV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | UNITED COMMUNITY BANKS INC (UCB) | 10-K 2026-02-17 | "We provide payment processing services for our commercial and small business customers through UCPS, which is a joint venture between the Bank and Clover, a merchant services provider and subsidiary o…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Merchant | $2.61B | 49.3% | -1.4% | $781.0M | 29.9% |
| Financial | $2.35B | 44.5% | -7.7% | $912.0M | 38.7% |
| Corporate costs (not allocated) | — | — | — | -$678.0M | — |
| Total revenue | $5.29B | 100% | — | $1.69B | 32.0% |
The lines above cover 93.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Processing and services revenue | $4.29B | 81.1% | -0.3% |
| Small Business | $1.76B | 33.3% | -0.8% |
| Product revenue | $1.00B | 18.9% | -17.5% |
| Digital Payments | $993.0M | 18.8% | -5.5% |
| Issuing | $784.0M | 14.8% | -10.5% |
| Enterprise | $584.0M | 11.0% | -0.5% |
| Banking | $578.0M | 10.9% | -7.5% |
| Processing | $264.0M | 5.0% | -6.7% |
| Total revenue | $5.29B | 100% | — |
The lines above cover 193.8% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.71 | $2.16 | -20.7% | $4.87B | 30 |
| Next quarter (ends 2026-12-31) | $1.89 | $2.27 | -16.7% | $5.07B | 27 |
| Current fiscal year (ends 2026-12-31) | $7.24 | $8.11 | -10.8% | $19.57B | 36 |
| Next fiscal year (ends 2027-12-31) | $8.01 | $8.93 | -10.3% | $20.30B | 38 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-03): ±9.8%; earnings reaction alone ±7.1%; last 8 reports averaged ±13.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 42.3% | ±5.0% |
| 2026-11-06 | 14 | 60.4% | ±9.8% |
| 2026-11-13 | 21 | 58.4% | ±11.5% |
| 2026-11-20 | 28 | 56.0% | ±12.7% |
| 2026-11-27 | 35 | 50.6% | ±12.7% |
| 2026-12-04 | 42 | 46.6% | ±12.8% |
| 2026-12-18 | 56 | 44.5% | ±14.1% |
| 2027-01-15 | 84 | 42.5% | ±16.4% |