Fiserv, Inc. (FISV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+503.6%

$312.70

vs $51.81 price

Levered DCF

$190.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.23

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.59×	37.97×	26.46×	25.65×	51.64×	79.62×	66.45×	25.08×
P/B	1.43×	4.39×	2.72×	2.11×	2.22×	2.37×	1.8×	13×
P/S	1.74×	5.81×	4.26×	3.66×	4.24×	5.15×	5.81×	5.12×
EV / EBITDA	7.28×	16.13×	12.87×	12.53×	16.04×	18.89×	24.76×	15.44×
Gross margin	59.4%	60.8%	59.8%	54.9%	49.9%	47.4%	47.9%	47.3%
Operating margin	26.9%	28.7%	26.3%	21.1%	14.1%	12.5%	15.8%	30.1%
Net margin	16.4%	15.3%	16.1%	14.3%	8.2%	6.5%	8.8%	20.4%
Current ratio	1.03×	1.06×	1.04×	1.04×	1.03×	1.04×	1.08×	1.11×
Debt / equity	1.13×	0.92×	0.78×	0.7×	0.69×	0.64×	0.66×	2.6×
Interest coverage	3.72×	4.75×	4.99×	5.01×	3.29×	2.59×	3.17×	9.28×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	11.6%	10.3%	8.2%	4.3%	3.0%	2.7%	51.8%
Return on invested capital	8.0%	8.7%	6.9%	5.3%	3.1%	2.6%	2.1%	14.4%
Return on assets	4.3%	4.1%	3.4%	3.0%	1.7%	1.3%	1.2%	10.5%
Free cash flow yield	11.7%	4.3%	4.6%	4.8%	4.2%	4.2%	3.5%	4.0%
Earnings yield	9.4%	2.6%	3.8%	3.9%	1.9%	1.3%	1.5%	4.0%
Enterprise value	$65.2B	$142.6B	$103.3B	$85.6B	$89.2B	$96.3B	$80.2B	$35.3B
Net debt / EBITDA	3.16×	2.68×	2.75×	3.02×	3.67×	3.88×	6.48×	2.42×
Cash conversion cycle (days)	37	52	47	44	38	41	73	51