NASDAQ · None

Fiserv, Inc.

FISV · None

$62.81

▲ 0.67 (1.08%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Fiserv, Inc. at $62.81.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 59.4%

Operating Margin 26.9%

Net Income Margin 16.4%

Fin. Health D

Years to Pay Off Debt 8.4 yrs

Working Capital vs Long-Term Debt -$25.4B

Working Capital $764M

Valuation C

Margin of Safety 24.4%

Price-to-Book 1.30x

Cash Flow C

Free Cash Flow $4.3B

CapEx % of Net Income 50.7%

Owner Earnings $8.4B

5/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $33.6B

Enterprise Value N/A

P/E (TTM) 9.91

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 59.4%

Operating Margin 26.9%

Net Margin 16.4%

Company Info

📖

Full Graham Analysis

Mr. Market is currently offering Fiserv, Inc. at $62.81.

The business passes 5 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $62.81, the stock trades below its Graham Number of $83.08 — suggesting a margin of safety exists.

The margin of safety of 24.4% offers some protection but falls short of Graham's preferred 33% buffer.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	59.4% ▼	60.8%	59.8%	54.9%
Operating Margin %	26.9% ▼	28.7%	25.4%	20.8%
Net Income %	16.4% ▲	15.3%	16.1%	14.3%
Diluted EPS	6.34 ▲	5.38	4.98	3.91

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$80.1B	$77.2B	$90.9B	$83.9B	N/A
Total Debt	$29.1B ↑	$25.0B	$23.2B	$21.5B	N/A
Working Capital	$764M ▼	$1.3B	$1.3B	$1.1B	N/A
Years to Pay Debt	8.37	7.97	7.57	8.51	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$4.3B ▼	$5.1B	$3.8B	$3.1B	N/A
Owner Earnings	$8.4B	$7.8B	$7.6B	$7.2B	N/A
CapEx % of Net Income	50.7%	50.1%	45.2%	58.5%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	22,800	0	32,231	10,206
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,836,000	8,839,000	7,856,000	6,774,000
Total Unusual Items	120,000	0	167,000	54,000
Total Unusual Items Excluding Goodwill	120,000	0	167,000	54,000
Net Income From Continuing Operation Net Minority Interest	3,480,000	3,131,000	3,068,000	2,530,000
Reconciled Depreciation	3,161,000	3,095,000	3,121,000	3,169,000
Reconciled Cost Of Revenue	8,612,000	8,013,000	7,670,000	7,992,000
EBITDA	8,956,000	8,839,000	8,023,000	6,828,000
EBIT	5,795,000	5,744,000	4,902,000	3,659,000
Net Interest Income	-1,493,000	-1,195,000	-976,000	-733,000
Interest Expense	1,531,000	1,238,000	1,004,000	746,000
Interest Income	38,000	43,000	28,000	13,000
Normalized Income	3,382,800	3,131,000	2,933,231	2,486,206
Net Income From Continuing And Discontinued Operation	3,480,000	3,131,000	3,068,000	2,530,000
Total Expenses	15,495,000	14,577,000	14,246,000	14,051,000
Total Operating Income As Reported	5,818,000	5,879,000	5,014,000	3,740,000
Diluted Average Shares	549,000	582,100	616,064	647,900
Basic Average Shares	534,000	564,000	616,064	630,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,480,000	3,131,000	3,068,000	2,530,000
Net Income Common Stockholders	3,480,000	3,131,000	3,068,000	2,530,000
Net Income	3,480,000	3,131,000	3,068,000	2,530,000
Minority Interests	-10,000	-49,000	-61,000	-52,000
Net Income Including Noncontrolling Interests	3,490,000	3,180,000	3,129,000	2,582,000
Net Income Continuous Operations	3,490,000	3,180,000	3,129,000	2,582,000
Earnings From Equity Interest Net Of Tax	37,000	-685,000	-15,000	220,000
Tax Provision	811,000	641,000	754,000	551,000
Pretax Income	4,264,000	4,506,000	3,898,000	2,913,000
Other Income Expense	59,000	-178,000	27,000	-40,000
Other Non Operating Income Expenses	-61,000	-178,000	-140,000	-94,000
Special Income Charges	120,000	0	167,000	54,000
Gain On Sale Of Business	120,000	0	167,000	54,000
Net Non Operating Interest Income Expense	-1,493,000	-1,195,000	-976,000	-733,000
Interest Expense Non Operating	1,531,000	1,238,000	1,004,000	746,000
Interest Income Non Operating	38,000	43,000	28,000	13,000
Operating Income	5,698,000	5,879,000	4,847,000	3,686,000
Operating Expense	6,883,000	6,564,000	6,576,000	6,059,000
Selling General And Administration	6,883,000	6,564,000	6,576,000	6,059,000
Gross Profit	12,581,000	12,443,000	11,423,000	9,745,000
Cost Of Revenue	8,612,000	8,013,000	7,670,000	7,992,000
Total Revenue	21,193,000	20,456,000	19,093,000	17,737,000
Operating Revenue	21,193,000	20,456,000	19,093,000	17,737,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	250,000	220,000	190,000	154,000
Ordinary Shares Number	534,000	564,000	594,000	630,000
Share Issued	784,000	784,000	784,000	784,000
Net Debt	26,087,000	22,622,000	20,949,000	19,707,000
Total Debt	29,123,000	24,956,000	23,236,000	21,542,000
Tangible Book Value	-22,072,000	-19,456,000	-18,558,000	-18,398,000
Invested Capital	52,677,000	50,926,000	52,010,000	51,437,000
Working Capital	764,000	1,320,000	1,259,000	1,086,000
Net Tangible Assets	-22,072,000	-19,456,000	-18,558,000	-18,398,000
Capital Lease Obligations	2,238,000	1,098,000	1,083,000	933,000
Common Stock Equity	25,792,000	27,068,000	29,857,000	30,828,000
Total Capitalization	51,915,000	50,142,000	51,568,000	51,239,000
Total Equity Gross Minority Interest	25,809,000	27,686,000	30,669,000	31,688,000
Minority Interest	17,000	618,000	812,000	860,000
Stockholders Equity	25,792,000	27,068,000	29,857,000	30,828,000
Gains Losses Not Affecting Retained Earnings	-984,000	-1,413,000	-783,000	-1,189,000
Other Equity Adjustments	-984,000	-1,413,000	-783,000	-1,189,000
Treasury Stock	23,547,000	18,182,000	12,915,000	8,378,000
Retained Earnings	27,055,000	23,575,000	20,444,000	17,376,000
Additional Paid In Capital	23,260,000	23,080,000	23,103,000	23,011,000
Capital Stock	8,000	8,000	8,000	8,000
Common Stock	8,000	8,000	8,000	8,000
Total Liabilities Net Minority Interest	54,324,000	49,490,000	60,221,000	52,181,000
Total Non Current Liabilities Net Minority Interest	30,434,000	27,333,000	26,669,000	25,723,000
Other Non Current Liabilities	939,000	863,000	978,000	936,000
Preferred Securities Outside Stock Equity				161,000	278,000
Non Current Deferred Liabilities	1,737,000	2,740,000	3,328,000	3,837,000
Non Current Deferred Revenue	259,000	263,000	250,000	235,000
Non Current Deferred Taxes Liabilities	1,478,000	2,477,000	3,078,000	3,602,000
Long Term Debt And Capital Lease Obligation	27,758,000	23,730,000	22,363,000	20,950,000
Long Term Capital Lease Obligation	1,635,000	656,000	652,000	539,000
Long Term Debt	26,123,000	23,074,000	21,711,000	20,411,000
Current Liabilities	23,890,000	22,157,000	33,552,000	26,458,000
Other Current Liabilities	16,479,000	15,524,000	27,681,000	21,482,000
Current Deferred Liabilities	1,853,000	1,804,000	1,692,000	1,496,000
Current Deferred Revenue	1,853,000	1,804,000	1,692,000	1,496,000
Current Debt And Capital Lease Obligation	1,365,000	1,226,000	873,000	592,000
Current Capital Lease Obligation	603,000	442,000	431,000	394,000
Current Debt	762,000	784,000	442,000	198,000
Line Of Credit	762,000	784,000	442,000	198,000
Pensionand Other Post Retirement Benefit Plans Current	299,000	296,000	344,000	279,000
Payables And Accrued Expenses	3,894,000	3,307,000	2,962,000	2,609,000
Current Accrued Expenses	1,928,000	1,669,000	1,506,000	1,525,000
Interest Payable	417,000	335,000	298,000	216,000
Payables	1,966,000	1,638,000	1,456,000	1,084,000
Total Tax Payable	1,169,000	1,127,000	1,007,000	432,000
Income Tax Payable	801,000	866,000	804,000	0
Accounts Payable	797,000	511,000	449,000	652,000
Total Assets	80,133,000	77,176,000	90,890,000	83,869,000
Total Non Current Assets	55,479,000	53,699,000	56,079,000	56,325,000
Other Non Current Assets	2,446,000	2,299,000	2,273,000	1,833,000
Non Current Deferred Assets	1,039,000	996,000	968,000	905,000
Investments And Advances	1,046,000	1,506,000	2,262,000	2,403,000
Long Term Equity Investment	1,046,000	1,506,000	2,262,000	2,403,000
Investmentsin Associatesat Cost					2,561,000
Goodwill And Other Intangible Assets	47,864,000	46,524,000	48,415,000	49,226,000
Other Intangible Assets	10,161,000	9,940,000	11,210,000	12,415,000
Goodwill	37,703,000	36,584,000	37,205,000	36,811,000
Net PPE	3,084,000	2,374,000	2,161,000	1,958,000
Accumulated Depreciation	-3,054,000	-2,698,000	-2,683,000	-2,208,000
Gross PPE	6,138,000	5,072,000	4,844,000	4,166,000
Other Properties	4,812,000	3,789,000	3,630,000	3,025,000
Machinery Furniture Equipment	417,000	394,000	365,000	370,000
Buildings And Improvements	865,000	845,000	801,000	724,000
Land And Improvements	44,000	44,000	48,000	47,000
Current Assets	24,654,000	23,477,000	34,811,000	27,544,000
Other Current Assets	17,337,000	16,129,000	30,025,000	23,057,000
Prepaid Assets	2,390,000	1,886,000			1,523,000
Receivables	4,129,000	4,226,000	3,582,000	3,585,000
Taxes Receivable	148,000	501,000
Accounts Receivable	3,981,000	3,725,000	3,582,000	3,585,000
Allowance For Doubtful Accounts Receivable	-84,000	-71,000	-86,000	-52,000
Gross Accounts Receivable	4,065,000	3,796,000	3,668,000	3,637,000
Cash Cash Equivalents And Short Term Investments	798,000	1,236,000	1,204,000	902,000
Cash And Cash Equivalents	798,000	1,236,000	1,204,000	902,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	4,299,000	5,062,000	3,774,000	3,139,000
Repurchase Of Capital Stock	-5,899,000	-5,837,000	-4,827,000	-2,677,000
Repayment Of Debt	-3,955,000	-5,396,000	-3,015,000	-3,315,000
Issuance Of Debt	6,504,000	6,783,000	5,567,000	1,624,000
Issuance Of Capital Stock	62,000	97,000	101,000	149,000
Capital Expenditure	-1,763,000	-1,569,000	-1,388,000	-1,479,000
Interest Paid Supplemental Data	1,408,000	1,153,000	879,000	703,000
Income Tax Paid Supplemental Data	1,369,000	1,169,000	1,219,000	709,000
End Cash Position	2,802,000	2,993,000	2,963,000	3,192,000
Beginning Cash Position	2,993,000	2,963,000	3,192,000	3,205,000
Effect Of Exchange Rate Changes	99,000	-32,000	33,000	-41,000
Changes In Cash	-290,000	62,000	-262,000	28,000
Financing Cash Flow	-3,832,000	-4,165,000	-4,356,000	-2,478,000
Cash Flow From Continuing Financing Activities	-3,832,000	-4,165,000	-4,356,000	-2,478,000
Net Other Financing Charges	-174,000	-90,000	-726,000	-96,000
Net Common Stock Issuance	-5,837,000	-5,740,000	-4,726,000	-2,528,000
Common Stock Payments	-5,899,000	-5,837,000	-4,827,000	-2,677,000
Common Stock Issuance	62,000	97,000	101,000	149,000
Net Issuance Payments Of Debt	2,179,000	1,665,000	1,096,000	146,000
Net Short Term Debt Issuance	-370,000	278,000	-1,456,000	1,837,000
Net Long Term Debt Issuance	2,549,000	1,387,000	2,552,000	-1,691,000
Long Term Debt Payments	-3,955,000	-5,396,000	-3,015,000	-3,315,000
Long Term Debt Issuance	6,504,000	6,783,000	5,567,000	1,624,000
Investing Cash Flow	-2,520,000	-2,404,000	-1,068,000	-2,112,000
Cash Flow From Continuing Investing Activities	-2,520,000	-2,404,000	-1,068,000	-2,112,000
Net Other Investing Changes	-129,000	-801,000	-3,000
Dividends Received Cfi	42,000	60,000	136,000	138,000
Net Investment Purchase And Sale	675,000	-94,000	-34,000	-29,000
Sale Of Investment	756,000	61,000	5,000	23,000
Purchase Of Investment	-81,000	-155,000	-39,000	-52,000
Net Business Purchase And Sale	-1,345,000	-801,000	221,000	-742,000
Sale Of Business	0	0	234,000	246,000
Purchase Of Business	-1,345,000	-801,000	-13,000	-988,000
Capital Expenditure Reported	-1,763,000	-1,569,000	-1,388,000	-1,479,000
Operating Cash Flow	6,062,000	6,631,000	5,162,000	4,618,000
Cash Flow From Continuing Operating Activities	6,062,000	6,631,000	5,162,000	4,618,000
Dividend Received Cfo	44,000	39,000	55,000	73,000
Change In Working Capital	-9,000	-338,000	-912,000	-744,000
Change In Other Working Capital	-236,000	-197,000	-91,000	-232,000
Change In Payables And Accrued Expense	878,000	426,000	-54,000	511,000
Change In Payable	878,000	426,000	-54,000	511,000
Change In Account Payable	878,000	426,000	-54,000	511,000
Change In Prepaid Assets	-528,000	-398,000	-790,000	-253,000
Change In Receivables	-123,000	-169,000	23,000	-770,000
Changes In Account Receivables	-123,000	-169,000	23,000	-770,000
Other Non Cash Items	33,000	26,000	14,000	47,000
Stock Based Compensation	357,000	367,000	342,000	323,000
Asset Impairment Charge			0	14,000	15,000
Deferred Tax	-942,000	-662,000	-511,000	-558,000
Deferred Income Tax	-942,000	-662,000	-511,000	-558,000
Depreciation Amortization Depletion	3,161,000	3,095,000	3,121,000	3,169,000
Depreciation And Amortization	3,161,000	3,095,000	3,121,000	3,169,000
Amortization Cash Flow	1,304,000	1,423,000	1,642,000	1,849,000
Amortization Of Intangibles	1,304,000	1,423,000	1,642,000	1,849,000
Depreciation	1,857,000	1,672,000	1,479,000	1,320,000
Operating Gains Losses	-72,000	924,000	-76,000	-274,000
Pension And Employee Benefit Expense	0	147,000	0	0
Earnings Losses From Equity Investments	-37,000	685,000	15,000	-220,000
Gain Loss On Investment Securities	-74,000
Net Foreign Currency Exchange Gain Loss	159,000	92,000	76,000	0
Gain Loss On Sale Of Business	-120,000	0	-167,000	-54,000
Net Income From Continuing Operations	3,490,000	3,180,000	3,129,000	2,582,000

These metrics estimate what Fiserv, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$83.08

Margin of Safety

24.4%

Market Cap ÷ Company Value

2.01

P/B Ratio

1.30

Warren's Owner Earnings

$8.4B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

5/7 — Enterprising Investor

✅ Adequate Size

$21.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.03x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+62.1% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

9.9x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.30x P/B (P/E×P/B: 12.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-55.67

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$118.78

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	50.7%	50.1%	45.2%	58.5%	N/A
Repurchase of Capital Stock	-$5.9B	-$5.8B	-$4.8B	-$2.7B	N/A
Free Cash Flow	$4.3B ▼	$5.1B ▲	$3.8B ▲	$3.1B •	N/A •
Warren's Owner Earnings	$8.4B	$7.8B	$7.6B	$7.2B	N/A

Peers & Industry

No auto-detected peers for this industry. You can manually compare FISV against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Return on Equity (ROE)

13.5%

Adequate — returns are moderate

Return on Assets (ROA)

4.3%

Fair — average asset utilization

Share Buybacks (Latest Year)

$5.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+16.7% YoY

Debt is growing — management is leveraging up

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.71%	52,211,751
Dodge & Cox Inc.	9.20%	49,474,622
Blackrock Inc.	7.82%	42,040,076
State Street Corporation	4.40%	23,651,379
Harris Associates L.P.	2.89%	15,554,703
Bank of America Corporation	2.48%	13,352,515
Geode Capital Management, LLC	2.37%	12,772,123
Amundi	2.29%	12,294,465

Risk Analysis

52-Week Price Range

Low: $52.91 Current: $62.81 High: $191.91

Currently at 7% of 52-week range

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