At a glance
Fiserv, Inc. is worth $27.61B, about 8 times its fiscal 2025 earnings. Revenue grew 3.6% to $21.19B in fiscal 2025, with 16.4% kept as profit; over 5 years it has grown 7.4% a year. It pays no dividend. The stock returned −22.1% over the past year with dividends reinvested and −12.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.7% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 2 months after the lows.
The business in plain English
Fiserv, based in Milwaukee, sells the technology behind payments and banking. Its clients include merchants, banks, credit unions and other financial institutions, plus corporate and public sector organizations. Fiserv describes most of its services as necessary for clients to operate. In 2025, revenue was $21.2 billion. About 80% came from processing and services: fees charged per account or per transaction under multi-year contracts that usually renew. Product sales made up the other 20%.
The Merchant segment, 47.8% of 2025 revenue, helps businesses accept in-store and online payments. Small businesses use Clover, a cloud-based point-of-sale (POS) system. That means checkout hardware and software that also manages orders, staff and cash flow. Clover Capital offers them working-capital advances. Large businesses use its Commerce Hub payment gateway and its gift card and loyalty programs. The segment also serves banks and independent sales organizations that resell its merchant services.
The Financial segment, 45.6% of revenue, runs loan and deposit account processing, digital banking, and debit and credit card processing for financial institutions. It owns the Accel, STAR and MoneyPass debit networks. It offers banks a ready-made version of the Zelle person-to-person payment service and runs CheckFree bill payment. The U.S. and Canada supplied 84% of 2025 revenue. Europe, the Middle East, Africa, Latin America and Asia-Pacific supplied the other 16%.
Price history
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FISV -22.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Processing and services | $16.88B | 79.6% |
| Product | $4.31B | 20.4% |
By business segment
| Merchant | $10.14B | 47.8% |
| Financial | $9.66B | 45.6% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $5.29B, down 4.1% from a year earlier, and net income was $627.0M (-38.9%).
- For fiscal 2025, revenue was $21.19B (+3.6% year over year; +7.4% a year from FY2020 to FY2025) with a 16.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.4% good |
|---|---|
| Operating margin | 27.5% good |
| Free cash flow margin | 20.3% good |
| Return on equity (FY2025) | 13.5% watch |
| Return on assets (FY2025) | 4.3% watch |
| Net cash (cash minus debt) | $-27.26B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.85B | $958.0M | $3.25B |
| FY2021 | $16.23B | $1.33B | $2.87B |
| FY2022 | $17.74B | $2.53B | $3.14B |
| FY2023 | $19.09B | $3.07B | $3.77B |
| FY2024 | $20.46B | $3.13B | $5.06B |
| FY2025 | $21.19B | $3.48B | $4.30B |
Valuation snapshot
| Market value | $27.61B |
|---|---|
| P/E ratio | 8.2 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Fiserv’s market value went from $23.07B at the end of 2016 to $27.61B on Nov 2, 2026, up 20%; since the end of 2025 it is down 24%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.61B | -23.6% |
| 2025 | $36.13B | -69.1% |
| 2024 | $116.87B | +46.6% |
| 2023 | $79.73B | +24.2% |
| 2022 | $64.18B | -6.3% |
| 2021 | $68.53B | -10.2% |
| 2020 | $76.34B | -2.9% |
| 2019 | $78.62B | +168.5% |
| 2018 | $29.28B | +7.2% |
| 2017 | $27.33B | +18.5% |
| 2016 | $23.07B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FISV price data to Nov 2, 2026 | -22.7% | -22.1% | -23.9% | -12.2% | +0.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.7% |
| 2025 | -67.3% |
| 2024 | +54.6% |
| 2023 | +31.4% |
| 2022 | -2.6% |
| 2021 | -8.8% |
| 2020 | -1.5% |
| 2019 | +57.3% |
| 2018 | +12.1% |
| 2017 | +23.6% |
| 2016 | +16.7% |
| 2015 | +29.8% |
| 2014 | +21.0% |
| 2013 | +49.5% |
| 2012 | +34.5% |
| 2011 | +0.3% |
| 2010 | +20.8% |
| 2009 | +33.3% |
| 2008 | -34.5% |
| 2007 | +5.9% |
| 2006 | +21.1% |
| 2005 | +7.7% |
| 2004 | +1.6% |
| 2003 | +16.5% |
| 2002 | -19.8% |
| 2001 | +33.8% |
| 2000 | +23.8% |
| 1999 | +11.7% |
| 1998 | +57.1% |
| 1997 | +33.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.8% over that stretch · deepest drop along the way 48.3%, back to its old high 24.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.7% over that stretch · deepest drop along the way 37.7%, back to its old high 11.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.9% over that stretch · deepest drop along the way 19.3%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 3 open-market purchases ($1.2M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Lance M Fritz Director | buy | $520K |
| Jun 17, 2026 | Paul M Todd Chief Financial Officer | buy | $500K |
| Jun 17, 2026 | Wafaa Mamilli Director | buy | $150K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 9.2% | Dec 31, 2025 |
| Vanguard Capital Management | 7.18% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 3.4% | Jun 30, 2025 |
ETFs with the most weight in FISV
| FINX Global X FinTech ETF | 6.41% |
| IPAY Amplify Mobile Payments ETF | 6.3% |
| BPAY iShares FinTech Active ETF | 4.45% |
| CWS AdvisorShares Focused Equity ETF | 4.14% |
| MILN Global X Millennial Consumer ETF | 3.89% |
| PRN Invesco Dorsey Wright Industrials Momentum ETF | 3.81% |
| BEEX Beehive ETF | 3.41% |
| EQTY Kovitz Core Equity ETF | 3.4% |
What could go wrong
- One Fiserv plan may not pay off. The One Fiserv action plan, announced in 2025, aims to win large clients, lift revenue per client and build up its small-business offering. It may not deliver. Second-quarter 2026 revenue fell 4.1% year over year.
- Heavy debt load. Total debt was about $27.9 billion as of June 30, 2026, more than shareholders' equity of $26.9 billion. Fiserv warns that leverage could harm results, and lower profits would make that debt harder to carry.
- Bank mergers shrink the client pool. The Financial segment (45.6% of 2025 revenue) mainly serves banks and credit unions. When two merge, the combined institution may choose another provider, leaving Fiserv dependent on fewer clients.
- Card network fees and rules. Fiserv must follow the rules of the payment card networks and of Nacha, which governs ACH bank transfers. Higher network fees, rule changes, or fines and suspensions for violations could raise costs or limit operations.
- Competition could cost clients at renewal. Rivals include payment firms, large tech companies, start-ups and clients' own in-house systems, and some may adopt artificial intelligence faster. Clients could leave at renewal, demand better terms or end multi-year contracts early.
- Data breaches and outages. Fiserv handles payment and account data for banks and merchants. A security incident or system failure at Fiserv, or at a client, partner or vendor, could bring legal liability, reputational harm and lost clients.
Recent events
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Fiserv does not pay a dividend. It paid none from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. An income investor would get no cash payouts and would need to sell shares to turn any gains into spending money. Instead, shares outstanding fell about 19.5% between October 22, 2021 and July 31, 2026, which typically reflects buybacks (the company repurchasing its own stock).
In the 2008 financial crisis, the stock fell 48.3% and took about 25 months to recover. It fell 37.7% in the 2020 COVID crash and recovered in about 12 months. In the 2022 bear market it fell 19.3% and recovered in about two months. Its steepest losses came later: it lost 67.3% in 2025, and its deepest fall in the three years to October 28, 2026 was 81.3%. As a single stock, Fiserv carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Fiserv make money?
Fiserv mostly earns fees for processing payments and running banking systems. In 2025, 80% of its $21.2 billion in revenue came from processing and services. These fees are charged per account or per transaction under multi-year contracts. Product sales made up the other 20%. The Merchant segment, which includes the Clover point-of-sale system, supplied 47.8% of revenue. The Financial segment, which handles account, card and digital payment processing for banks and credit unions, supplied 45.6%.
Does Fiserv pay a dividend?
No. Fiserv paid no dividends from fiscal 2021 through 2025, and its dividend yield was 0% as of October 28, 2026. Investors who rely on regular cash payouts would get none here. Any return would come from changes in the share price. Fiserv's share count did fall about 19.5% between October 2021 and July 2026, which typically reflects buybacks (the company buying back its own shares).
How much has Fiserv stock fallen?
Sharply. The share price lost 67.3% in calendar 2025 and a further 28.7% in 2026 through October 28. Its deepest decline in the three years to that date was 81.3%, and the price was about 2% below its level 10 years earlier. Results also slipped. In the quarter ended June 30, 2026, revenue fell 4.1% and net income fell 38.9% from a year earlier. The One Fiserv action plan, announced in 2025, aims to win large clients and grow revenue per client.
Is Fiserv stock cheap?
By one common measure it looks inexpensive, though a low valuation often reflects doubts about future profits. The price-to-earnings (P/E) ratio is the share price divided by a year's earnings per share. As of October 28, 2026, Fiserv's P/E was about 7.5, based on 2025 diluted earnings of $6.34 per share. The company's total market value was about $25.5 billion. Profits have weakened since then: net income fell 38.9% year over year in the quarter ended June 30, 2026.
How much debt does Fiserv have?
About $27.9 billion as of June 30, 2026. That was slightly more than its $26.9 billion of shareholders' equity (the accounting value of what shareholders own). Fiserv's annual report lists leverage as a risk to its financial condition. The company also reported a new debt obligation in a June 23, 2026 filing. On the plus side, the business generated $4.3 billion of free cash flow in 2025. That is the cash left after operating costs and capital spending, and it can help repay debt.