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ZYBERNO
Stock Report
Updated Jun 13, 2026

FISERV, INC. (FI)

Financial Services • NYSE

$56.74
Fiserv Inc. is an American multinational financial technology company headquartered in Milwaukee, Wisconsin, that provides fintech and payments solutions for banking, global commerce, merchant acquiring, billing and payments, and point-of-sale systems worldwide. The company processes debit and credit card transactions, loyalty programs, loans, electronic bill pay, wires and ACH transfers, check deposits, and ATM transactions on behalf of banking institutions, while also producing debit and credit cards and point of sale terminals. Listed on the New York Stock Exchange under ticker symbol FI (changed from FISV on June 6, 2023), Fiserv serves customers primarily in the financial services sector including banks, credit unions, securities brokers, mortgage companies, insurance companies, leasing firms, and retailers, with 85% of 2024 revenues from the U.S. and Canada, and processing representing 81% of revenues.

Professional Investment Analysis

ZYBERNO SCORE →
Is it a great business? Is it getting better?
49.0/100
WEAK BUSINESS
FISERV, INC. (FI) scores 49/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
+8.1%
Fairly Valued
Is the market underestimating or overestimating what this business is capable of going forward?
0.0%
Fairly Priced
↑ UNDER
+50%
Brina Gap
-50%
↓ OVER
← OVERVALUED
-100%
Margin of Safety
UNDERVALUED →
+100%
UNDERESTIMATED
GROWTH
DOUBLE
DISCOUNT
EXPENSIVE
HYPE
VALUE
TRAP
0,0
MoS +8.1%  ·  Gap 0.0%

Two independent signals. One tells you if the stock is cheap relative to what the business has historically generated for owners — the Margin of Safety. The other tells you if the market is underestimating what the business is capable of going forward — the Brina Gap.

They are calculated from completely different data sources and answer completely different questions. The Margin of Safety reads the past. The Brina Gap reads the present economics and compares them against what the current stock price is assuming about the future.

When both point in the same direction simultaneously — DOUBLE DISCOUNT — the probability of genuine mispricing is high. The market is wrong on two independent dimensions at once, which is rare and significant.

The most dangerous scenario is not an overvalued stock — those are easy to avoid. It is a VALUE TRAP: a stock that appears cheap historically but where the market is already pricing in stronger growth than the business fundamentals support. Without the Brina Gap signal this looks identical to a genuine opportunity. The matrix separates them instantly.

The Brina Gap is the more powerful of the two signals. Most investors and analytical tools focus on valuation alone — whether a stock is cheap relative to earnings. Far fewer systematically compare what the business economics structurally support against what the stock price is actually assuming. That gap between fundamental growth potential and market expectations is where the most reliable mispricings live, and where this matrix earns its value.

Use this as your first filter. A stock in DOUBLE DISCOUNT territory is worth investigating. Everything else requires either more caution or a specific reason to act.

FAIRLY PRICED
FISERV, INC. (FI) is fairly priced — Margin of Safety +8.1%, Brina Gap 0.0%. The market accurately reflects both historical performance and forward economics.
🎯 Expected Annual Return →
-3.4%
5-year annualised assuming price converges to intrinsic value
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):AVERAGE (12.4%)
Debt-to-Equity (Solvency Risk):AVERAGE (0.80x)
Operating Margin (Operational Efficiency):EXCELLENT (25.3%)
Return on Capital (Capital Efficiency):POOR (8.9%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
💎
Intrinsic Value
DCF Fair Value
$61.75
🛡️
Margin of Safety
Valuation Gap
8.1%
🎯
Expected Return
Projected Annual
-3.4%
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

According to Zyberno, FISERV, INC. (FI) is not a buy — WEAK BUSINESS (49/100) with a negative Margin of Safety of +8.1% and a Brina Gap of 0.0% showing the market already prices in more growth than the fundamentals support.

According to Zyberno's DCF model, FISERV, INC. (FI) trades at $56.74 against an estimated intrinsic value per share of $61.75 — a +8.1% Margin of Safety based on Owner Earnings of $4.13B TTM, projected at -5.1% growth for 10 years with a 2.5% terminal growth rate. The Brina Gap of 0.0% weakens the case: based on the company's ROIC (8.9%) and reinvestment rate (5.5%), the business can fundamentally grow at 0.5% — but the current enterprise value implies the market expects 0.5%. This places FI in the Expensive Hype quadrant of the Brina Matrix, the most fragile combination — overvalued on cash AND overpriced on growth. Zyberno's model translates this into a 5-year expected return of -3.4% annually.

Over the trailing twelve months, FI generated $4.13B in Owner Earnings. Capital was deployed as follows: $1.89B invested in capital expenditures. Reinvestment rate: 5.5%. Owner Earnings have declined at 5.1% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:56.74
Market Cap:$30.32B

Valuation Multiples (4)

P/E Ratio:
9.62x
📊 Click to view full FI P/E analysis →
P/B Ratio:1.16x
P/S Ratio:1.44x
Peg Ratio:2.18x

Enterprise Metrics (3)

Enterprise Value:$61.94B
Ev Ebitda Ratio:6.18x
Pfcf Ratio:7.35x
B. Profitability Assessment

Return Metrics (7)

ROE:
12.4%
📊 Click to view full FI ROE analysis →
ROA:4.0%
Roic:
8.9%
📊 Click to view full FI ROIC analysis →
Reinvestment Rate:5.5%
Fundamental Growth Rate (g):0.5%
Market-Implied Growth Rate:0.5%
Brina Gap:
0.0%
☷ Click to view full FI Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:25.3%
Net Margin Ttm:15.2%
Ebitda Margin:47.5%

TTM Performance (2)

Operating Margin Ttm:25.3%
Net Margin Ttm:15.2%

Yield Metrics (3)

Earnings Yield:$10.40
Owner Earnings Yield:$13.61
Dividend Yield:0.0%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):
-2.12
📊 Click to view full FI Earnings Surprise analysis →
EPS Surprise vs Expected:-40.0%
Latest Earnings Filed:2026-05-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):5.6%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):7.3%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-5.0%
Operating Cash Flow Growth Rate (Linear):2.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):10.1%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.06x
Quick Ratio:1.06x
Cash Ratio:0.04x

Leverage Analysis (3)

Debt To Equity Ttm:0.80x
Debt-to-Equity Ratio:0.80x
Debt To Ebitda:3.24x

Coverage Ratios (2)

Interest Coverage Ratio:3.76x
Times Interest Earned:3.76

Capital Structure (4)

Working Capital:1,364,000,000.00
Cash And Cash Equivalents:829,000,000.00
Long Term Debt:$27.86B
Net Debt:$31.62B
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $21.09B
Linear Growth: 5.6%
📊 Click to view full FI Revenue analysis & methodology →
Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00
Operating income TTM: $5.34B
Linear Growth: 10.1%
📊 Click to view full FI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $3.20B
Linear Growth: 7.3%
📊 Click to view full FI Net Income analysis & methodology →
Income Before Tax:$3.81B
Ebitda Ttm:10,025,000,000.00

Operating Expenses (5)

Operating Expenses:15,749,000,000.00
R And D Expense:0.00
Sga Expense:7,086,000,000.00
Income Tax Expense:$645.00M
Interest Expense:1,547,000,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%
Sga To Revenue Percentage:141.0%
Ebitda Margin:47.5%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$80.55B
Current Assets:$24.78B
Ppe Net:3,225,000,000.00
Goodwill:37,602,000,000.00
Intangible Assets:$9.98B

Liability Structure (4)

Total Liabilities:54,327,000,000.00
Current Liabilities:23,418,000,000.00
Long Term Debt:$27.86B
Short Term Debt:$4.59B

Equity & Capital (3)

Equity:$26.22B
Retained Earnings:$27.63B
Common Stock:1,800,000,000.00

Working Capital Items (3)

Accounts Receivable:3,882,000,000.00
Inventory:0.00
Accounts Payable:4,591,000,000.00

Special Items (2)

Contract Liabilities:1,087,000,000.00
Stock Based Compensation:118,000,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $6.01B
Linear Growth: 2.8%
Free cash flow TTM: $4.13B
Linear Growth: -5.0%
📊 Click to view full FI Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$201.00M
Capital Expenditures Ttm:1,886,000,000.00

Financing Activities (3)

Financing Cash Flow:-$923.00M
Dividends Paid Ttm:0.00
Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:12,000,000.00
Long Term Debt Issuance:$409.00M
Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:4,684,000,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):5.91
Eps diluted TTM: $5.90
Linear Growth: 13.5%
📊 Click to view full FI EPS analysis & methodology →
Earnings Per Share Ttm:$5.99

Revenue & Cash Per Share (3)

Sales Per Share Ttm:39.47
Operating Cash Flow Per Share:$11.35
Fcf Per Share Ttm:7.72

Book Value & Capital (2)

Book Value Per Share:$49.08
Cash Per Share:1.55

Dividend Policy (1)

Dividend Payout Ratio:0.00x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.26x
Working Capital Turnover Ttm:15.46x

Receivables Management (2)

Receivables Turnover Ttm:5.43x
Days Sales Outstanding Ttm:67.18

Inventory Management (2)

Inventory Turnover Ttm:-999.00x
Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:79.46
Cash Conversion Cycle:-1,011.27
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00
Quality Score:80.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $4.13B
Linear Growth: -5.1%
📊 Click to view full FI Owner Earnings analysis & methodology →
Owner Earnings Per Share:$7.72
Owner Earnings Yield:$13.61

Growth Assessment (1)

Owner Earnings Growth Rate:-$5.06

Damodaran Growth Analysis (4)

Reinvestment Rate:5.5%
Fundamental Growth Rate (g):0.5%
Market-Implied Growth Rate:0.5%
Brina Gap:
0.0%
☷ Click to view full FI Brina Gap analysis →

Intrinsic Value Models (1)

Intrinsic Value:
$33.00B
📊 Click to view full FI DCF valuation →

Margin of Safety (1)

Margin Of Safety:
8.1%
📊 Click to view full FI valuation analysis →

Return Scenarios (1)

Theoretical 5-Year Return:
-3.4%
📊 Click to view full FI expected return analysis →

Investment Assessment (1)

Buffett Assessment:Fair value
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):5.6%
Net Income Growth Rate (Linear):7.3%
Operating Income Growth Rate (Linear):10.1%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-5.0%
Operating Cash Flow Growth Rate (Linear):2.8%

Other Growth Rates (2)

Book Value Growth Rate (Linear):-6.0%
Owner Earnings Growth Rate:-$5.06
C. Company Profile & Context

Corporate Information (6)

Symbol:FI
Company Name:FISERV, INC.
Sector:Financial Services
Industry:Business Services
Exchange:NYSE
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:high
Volume Category:N/A

Share Structure (3)

Shares Outstanding:534.30M
Shares Outstanding Basic:534.30M
Shares Outstanding Diluted:535.40M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-06-13 06:36:25 UTC
Data Timestamp:2026-06-13T06:36:25.603991
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