Fiserv Inc
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Fiserv Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 37.4B is 149% of equity (25.1B) - acquisition-heavy model creates material impairment risk if payment volumes decline.[Goodwill]
- Operating margin TTM 28.7% vs industry median of negative - dominant scale advantage in fragmented payments sector.[Operating Income]
- Total debt 30.3B at 3.3x EBITDA (9.1B TTM) with interest expense 1.5B consuming 33% of operating income.[Total Debt]
Watch Triggers
- Interest Expense: Exceeds 35% of operating income — Currently 24% - rising rates or slower EBITDA growth could squeeze margins materially.
- Goodwill: Any impairment charge announced — 37.4B goodwill vs 25.1B equity means even 10% writedown erases 15% of book value.
- Operating Income: Margin falls below 25% — Scale advantage is thesis core - margin compression signals competitive pressure.
Bull Case
Scale moat: 21.2B revenue with 28.7% operating margin vs negative industry median creates pricing power and acquisition currency.
Capital return machine: 1B+ annual buybacks funded by operations while maintaining investment in growth.
Bear Case
Leverage risk: 30.3B debt at 3.3x EBITDA with 1.5B interest expense leaves minimal cushion if payment volumes contract.
Goodwill 149% of equity - any impairment directly hits book value; intangibles 60% of total assets.
Bull vs Bear Balance
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Forward Thesis
Margin expansion to continue as Clover integration drives operating leverage on 21B revenue base.
- Gross margin 60.5% provides pricing power cushion
- Operating expenses 31.8% of revenue - room for efficiency
- Depreciation only 788M vs 6B operating income
Debt reduction will accelerate as 1B+ annual buybacks shift to deleveraging below 2.5x EBITDA.
- Net stock issuance -1B TTM shows capital return priority
- Interest expense 1.5B is 24% of EBITDA
- Cash generation supports rapid paydown
Valuation Context
Caveats
Public Strategies Rankings
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FISV Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
FISV Dividend History
FISV Stock Splits
FISV SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/19/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/25/25 | 03/31/25 | 10-Q | |
02/20/25 | 12/31/24 | Unknown | |
10/23/24 | 09/30/24 | 10-Q | |
07/25/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/23/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
07/26/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/19/16 | 12/31/15 | 10-K | |
10/28/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/20/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/20/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
07/31/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
07/31/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/02/11 | 06/30/11 | 10-Q | |
05/04/11 | 03/31/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
11/02/11 | 09/30/10 | 10-Q | |
08/02/11 | 06/30/10 | 10-Q | |
05/06/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/05/10 | 09/30/09 | 10-Q | |
11/06/09 | 09/30/09 | 10-Q | |
08/05/10 | 06/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/30/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
02/28/08 | 12/31/07 | 10-K | |
11/08/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/03/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
07/28/06 | 06/30/06 | 4 | |
04/28/06 | 03/31/06 | 8-K | |
03/15/06 | 12/31/05 | 10-K | |
10/28/05 | 09/30/05 | 10-Q | |
07/29/05 | 06/30/05 | 10-Q | |
04/29/05 | 03/30/05 | Unknown | -- |
02/25/05 | 12/31/04 | 5 | |
10/22/04 | 09/30/04 | 10-Q | |
07/22/04 | 06/30/04 | 10-Q | |
04/22/04 | 03/30/04 | Unknown | -- |
02/27/04 | 12/31/03 | 10-K | |
10/22/03 | 09/30/03 | 10-Q | |
07/23/03 | 06/30/03 | 10-Q | |
04/23/03 | 03/30/03 | Unknown | -- |
02/28/03 | 12/31/02 | 10-K | |
10/22/02 | 09/30/02 | 10-Q | |
07/23/02 | 06/30/02 | 10-Q | |
04/23/02 | 03/30/02 | Unknown | -- |
02/27/02 | 12/31/01 | 10-K405 | |
10/23/01 | 09/30/01 | 10-Q | |
07/24/01 | 06/30/01 | 10-Q | |
04/24/01 | 03/30/01 | Unknown | -- |
02/27/01 | 12/31/00 | 10-K | |
10/24/00 | 09/30/00 | 10-Q | |
07/25/00 | 06/30/00 | 10-Q | |
04/25/00 | 03/31/00 | DEF 14A |