Explain this page
Arphra AIPlain-English read on Fiserv, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +49.91% | +54.94% | +59.83% | +60.83% | +59.36% | +59.35% | +58.39% | +61.24% | +58.40% |
| Operating margin | +14.10% | +21.09% | +26.26% | +28.74% | +26.89% | +27.05% | +28.07% | +26.67% | +26.72% |
| EBITDA margin | +34.25% | +38.50% | +42.02% | +43.21% | +42.25% | +41.94% | +42.60% | +41.91% | +43.03% |
| EBIT margin | +14.56% | +20.63% | +25.67% | +28.08% | +27.34% | +27.66% | +26.88% | +27.49% | +26.22% |
| Pre-tax margin | +10.88% | +17.66% | +20.34% | +18.68% | +20.29% | +20.27% | +19.30% | +20.14% | +19.21% |
| Net margin | +8.22% | +14.26% | +16.07% | +15.31% | +16.42% | +15.78% | +15.48% | +16.28% | +16.02% |
| Cost structure | |||||||||
| Cost of revenue / sales | +50.09% | +45.06% | +40.17% | +39.17% | +40.64% | +40.91% | +39.77% | +39.42% | +40.02% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +35.81% | +34.16% | +34.44% | +32.09% | +32.48% | +33.49% | +33.00% | +33.84% | +32.74% |
| Effective tax rate | +20.55% | +17.59% | +19.42% | +16.78% | +18.86% | +17.49% | +18.78% | +18.12% | +18.91% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +4.18% | +7.98% | +10.00% | +11.31% | +13.48% | +11.65% | +11.23% | +11.52% | +11.67% |
| Return on assets (ROA) | +1.75% | +3.02% | +3.38% | +4.06% | +4.34% | +3.87% | +3.75% | +3.92% | +3.91% |
| Return on capital (ROC) | +4.30% | +7.03% | +9.30% | +11.17% | +10.37% | +10.28% | +10.54% | +9.83% | +10.10% |
| Return on invested capital (ROIC) | +2.51% | +4.75% | +5.69% | +5.95% | +6.34% | +6.00% | +5.81% | +6.00% | +6.05% |
| Asset turnover | +21.28% | +21.15% | +21.01% | +26.51% | +26.45% | +24.54% | +24.22% | +24.07% | +24.41% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.22% | +14.26% | +16.07% | +15.31% | +16.42% | +15.78% | +15.48% | +16.28% | +16.02% |
| Asset turnover (× revenue / assets) | +21.28% | +21.15% | +21.01% | +26.51% | +26.45% | +24.54% | +24.22% | +24.07% | +24.41% |
| Equity multiplier (× assets / equity) | +238.65% | +264.67% | +296.36% | +278.75% | +310.48% | +300.81% | +299.39% | +293.91% | +298.39% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.21 | 0.21 | 0.21 | 0.27 | 0.26 | 0.25 | 0.24 | 0.24 | 0.24 |
| Fixed-asset turnover | 9.31 | 9.06 | 8.84 | 8.62 | 6.87 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.67 | 4.95 | 5.33 | 4.84 | 5.13 | — | — | — | — |
| Payables turnover | 13.71 | 12.26 | 17.08 | 15.68 | 10.81 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 64.34 | 73.77 | 68.48 | 75.41 | 71.11 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 26.63 | 29.78 | 21.37 | 23.28 | 33.78 | — | — | — | — |
| Cash conversion cycle | 37.71 | 44.00 | 47.11 | 52.13 | 37.33 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.02 | 1.83 | 1.68 | 2.12 | 1.75 | 1.85 | 1.95 | 1.85 | 1.84 |
| FCF / Net income | 2.15 | 1.24 | 1.23 | 1.62 | 1.25 | 1.34 | 1.41 | 1.31 | 1.38 |
| FCF margin | +17.71% | +17.70% | +19.77% | +24.75% | +20.48% | +21.21% | +21.77% | +21.26% | +22.04% |
| OCF margin | +24.86% | +26.04% | +27.04% | +32.42% | +28.80% | +29.21% | +30.19% | +30.16% | +29.48% |
| CapEx / Revenue | +7.15% | +8.34% | +7.27% | +7.67% | +8.32% | +7.55% | +7.94% | +7.57% | +7.68% |
| CapEx / D&A | 0.36 | 0.47 | 0.47 | 0.51 | 0.56 | — | — | — | — |
| Stock-based comp / Revenue | +1.47% | +1.82% | +1.79% | +1.79% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.99 | 3.90 | 4.98 | 5.38 | 6.34 | 8.14 | 8.95 | 10.38 | 12.59 |
| EPS · basic | 2.01 | 3.94 | 5.02 | 5.41 | 6.34 | 8.14 | 8.93 | 10.39 | 12.51 |
| Book value / share | 47.57 | 48.91 | 49.80 | 47.56 | 47.01 | 49.95 | 52.65 | 56.42 | 57.14 |
| Tangible BV / share | -27.53 | -27.07 | -28.81 | -32.36 | -40.17 | 49.95 | 52.65 | 56.42 | 57.14 |
| Sales / share | 24.16 | 27.38 | 31.00 | 35.14 | 38.60 | 36.87 | 38.18 | 39.91 | 41.62 |
| Operating CF / share | 6.01 | 7.13 | 8.38 | 11.39 | 11.12 | 10.77 | 11.53 | 12.04 | 12.27 |
| Free cash flow / share | 4.28 | 4.84 | 6.13 | 8.70 | 7.91 | 7.82 | 8.31 | 8.48 | 9.17 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +9.31% | +7.65% | +7.14% | +3.60% | -5.41% | +4.09% | +3.94% | +4.69% | +4.29% |
| Gross profit · YoY | — | +20.34% | +17.22% | +8.93% | +1.11% | -5.42% | +2.40% | +9.01% | -0.16% | +6.36% |
| Profit | ||||||||||
| Operating income · YoY | — | +63.46% | +34.06% | +17.25% | -3.08% | -4.83% | +8.01% | -1.25% | +4.91% | +12.97% |
| EBITDA · YoY | — | +22.85% | +17.50% | +10.17% | +1.31% | -6.11% | +5.72% | +2.26% | +7.47% | +7.31% |
| Net income · YoY | — | +89.66% | +21.26% | +2.05% | +11.15% | -9.09% | +2.11% | +9.31% | +3.00% | +13.36% |
| Operating | ||||||||||
| EBIT · YoY | — | +54.91% | +33.97% | +17.18% | +0.87% | -4.28% | +1.13% | +6.32% | -0.13% | +12.25% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +95.98% | +27.69% | +8.03% | +17.84% | +28.34% | +10.02% | +15.94% | +21.33% | +25.94% |
| EPS · basic · YoY | — | +96.02% | +27.41% | +7.77% | +17.19% | +28.39% | +9.71% | +16.39% | +20.38% | +25.68% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $21.24B | $21.54B | $23.24B | $24.96B | $29.12B | $25.61B | $26.82B | $28.19B | $28.91B |
| Net debt | $20.4B | $20.64B | $22.03B | $23.72B | $28.33B | $24.51B | $25.7B | $27.04B | $27.68B |
| Net debt / EBITDA | 3.67 | 3.02 | 2.75 | 2.68 | 3.16 | 2.92 | 2.89 | 2.97 | 2.83 |
| Debt / equity | 0.66 | 0.68 | 0.76 | 0.90 | 1.13 | 0.94 | 0.93 | 0.92 | 0.93 |
| Debt / assets | +27.85% | +25.69% | +25.56% | +32.34% | +36.34% | +31.36% | +31.13% | +31.28% | +31.09% |
| Equity / assets | +41.90% | +37.78% | +33.74% | +35.87% | +32.21% | +33.24% | +33.40% | +34.02% | +33.51% |
| Coverage | |||||||||
| EBITDA / interest expense | 7.99 | 9.15 | 7.99 | 7.14 | 6.00 | 6.88 | 6.87 | 7.04 | 6.83 |
| Operating income / interest | 3.29 | 5.01 | 4.99 | 4.75 | 3.82 | 4.44 | 4.53 | 4.48 | 4.24 |
| Interest expense | $696M | $746M | $1B | $1.24B | $1.49B | $1.22B | $1.29B | $1.29B | $1.43B |
| Liquidity | |||||||||
| Current ratio | 1.03 | 1.04 | 1.04 | 1.06 | 1.03 | — | — | — | — |
| Quick ratio | 0.20 | 0.17 | 0.14 | 0.25 | 0.21 | — | — | — | — |
| Cash ratio | 0.05 | 0.03 | 0.04 | 0.06 | 0.03 | — | — | — | — |
| Working capital | $575M | $1.09B | $1.26B | $1.32B | $764M | — | — | — | — |
| Working capital / revenue | +3.54% | +6.12% | +6.59% | +6.45% | +3.60% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).