Latest Ratios: P/E Ratio 8.3x · EV/EBITDA 6.4x · ROE 13.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.1B | $36.9B | $119.6B | $81.8B | $65.5B | $69.7B | $77.8B | $60.4B | $30.4B | $28.3B | $23.8B |
| Enterprise Value | $56.4B | $65.2B | $143.3B | $103.8B | $86.1B | $90.1B | $97.6B | $81.4B | $36.0B | $32.8B | $28.1B |
| P/E Ratio → | 8.31 | 10.59 | 38.18 | 26.67 | 25.92 | 52.16 | 81.33 | 67.62 | 25.61 | 22.69 | 25.55 |
| P/S Ratio | 1.33 | 1.74 | 5.85 | 4.29 | 3.69 | 4.30 | 5.24 | 5.93 | 5.22 | 4.96 | 4.32 |
| P/B Ratio | 1.12 | 1.43 | 4.32 | 2.67 | 2.07 | 2.18 | 2.33 | 1.73 | 13.26 | 10.35 | 9.36 |
| P/FCF | 6.47 | 8.49 | 23.62 | 21.68 | 20.86 | 24.25 | 23.96 | 29.14 | 25.51 | 23.64 | 20.86 |
| P/OCF | 4.60 | 6.04 | 18.03 | 15.85 | 14.18 | 17.28 | 18.76 | 21.62 | 19.59 | 19.07 | 16.63 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.08 | 7.01 | 5.44 | 4.86 | 5.55 | 6.57 | 7.99 | 6.17 | 5.77 | 5.10 |
| EV / EBITDA | 6.37 | 7.36 | 15.97 | 12.77 | 12.47 | 16.43 | 19.28 | 24.98 | 15.64 | 16.75 | 15.04 |
| EV / EBIT | 9.90 | 11.25 | 24.95 | 21.18 | 23.54 | 38.15 | 51.72 | 51.22 | 20.61 | 21.43 | 19.51 |
| EV / FCF | — | 15.02 | 28.31 | 27.52 | 27.44 | 31.35 | 30.06 | 39.26 | 30.16 | 27.47 | 24.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.4% | 59.4% | 60.8% | 59.8% | 54.9% | 49.9% | 47.4% | 47.9% | 47.3% | 46.9% | 46.2% |
| Operating Margin | 26.9% | 26.9% | 28.7% | 26.3% | 21.1% | 14.1% | 12.5% | 15.8% | 30.1% | 26.9% | 26.2% |
| Net Profit Margin | 16.4% | 16.4% | 15.3% | 16.1% | 14.3% | 8.2% | 6.5% | 8.8% | 20.4% | 21.9% | 16.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.0% | 13.0% | 10.7% | 9.8% | 8.0% | 4.1% | 2.8% | 4.8% | 47.3% | 47.3% | 35.8% |
| ROA | 4.4% | 4.4% | 3.7% | 3.5% | 3.2% | 1.8% | 1.3% | 2.0% | 11.0% | 12.4% | 9.7% |
| ROIC | 8.1% | 8.1% | 8.5% | 7.2% | 5.4% | 3.3% | 2.5% | 3.8% | 17.4% | 16.3% | 16.1% |
| ROCE | 10.2% | 10.2% | 10.5% | 8.7% | 6.5% | 3.9% | 3.1% | 4.5% | 19.9% | 18.8% | 18.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.13 | 1.13 | 0.90 | 0.76 | 0.68 | 0.66 | 0.62 | 0.63 | 2.60 | 1.79 | 1.80 |
| Debt / EBITDA | 3.29 | 3.29 | 2.78 | 2.86 | 3.12 | 3.87 | 4.09 | 6.72 | 2.59 | 2.50 | 2.44 |
| Net Debt / Equity | — | 1.10 | 0.86 | 0.72 | 0.65 | 0.64 | 0.59 | 0.60 | 2.42 | 1.68 | 1.68 |
| Net Debt / EBITDA | 3.20 | 3.20 | 2.64 | 2.71 | 2.99 | 3.72 | 3.91 | 6.44 | 2.41 | 2.33 | 2.28 |
| Debt / FCF | — | 6.52 | 4.69 | 5.84 | 6.58 | 7.10 | 6.09 | 10.13 | 4.65 | 3.83 | 3.74 |
| Interest Coverage | 3.78 | 3.78 | 4.64 | 4.88 | 4.90 | 3.39 | 2.64 | 3.14 | 9.23 | 8.76 | 8.82 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 1.06 | 1.04 | 1.04 | 1.03 | 1.04 | 1.08 | 1.11 | 1.02 | 0.95 |
| Quick Ratio | 1.03 | 1.03 | 1.06 | 1.04 | 1.04 | 1.03 | 1.04 | 1.08 | 1.11 | 1.02 | 0.95 |
| Cash Ratio | 0.03 | 0.03 | 0.06 | 0.04 | 0.03 | 0.05 | 0.06 | 0.06 | 0.21 | 0.17 | 0.16 |
| Asset Turnover | — | 0.26 | 0.27 | 0.21 | 0.21 | 0.21 | 0.20 | 0.13 | 0.52 | 0.55 | 0.57 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 71.11 | 75.41 | 68.48 | 73.77 | 64.33 | 61.00 | 99.68 | 65.75 | 63.89 | 59.81 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.0% | 9.4% | 2.6% | 3.7% | 3.9% | 1.9% | 1.2% | 1.5% | 3.9% | 4.4% | 3.9% |
| FCF Yield | 15.4% | 11.8% | 4.2% | 4.6% | 4.8% | 4.1% | 4.2% | 3.4% | 3.9% | 4.2% | 4.8% |
| Buyback Yield | 21.0% | 16.0% | 4.9% | 5.9% | 4.1% | 4.0% | 2.3% | 0.9% | 6.4% | 4.3% | 5.2% |
| Total Shareholder Yield | 21.0% | 16.0% | 4.9% | 5.9% | 4.1% | 4.0% | 2.3% | 0.9% | 6.4% | 4.3% | 5.2% |
| Shares Outstanding | — | $549M | $582M | $616M | $648M | $672M | $683M | $523M | $414M | $431M | $448M |
Elevated leverage and goodwill
According to current market data, Fiserv trades at a forward P/E of 6.09 and an EV/EBITDA of 5.33, suggesting that investors are pricing in significant skepticism regarding the company's ability to return to historical growth trajectories following recent quarterly revenue contractions and margin volatility.
The current valuation multiples appear to reflect a market re-rating, as the stock trades at a substantial discount to peers like Jack Henry & Associates. This valuation suggests that the market may be discounting the company's legacy core banking business as a value trap rather than a stable platform for future growth.
Based on reported financial statements, Fiserv's ROIC has trended downward to 1.2% in 2026Q1, a significant decline from the 2.4% observed in 2024Q4, indicating that the company is struggling to generate adequate returns on its massive invested capital base during this period of operational contraction.
The persistent decay in ROIC suggests that the capital-intensive nature of the First Data acquisition continues to weigh on the firm's ability to compound value. Investors should monitor whether management can improve capital efficiency or if the current asset base remains structurally overvalued relative to its earnings power.
As reported in recent filings, Fiserv's DSO has crept upward to 73 days in 2026Q1, reflecting a lengthening collection cycle that, when combined with volatile working capital swings, suggests potential friction in the company's ability to efficiently convert its service delivery into realized cash flow.
The lack of consistent improvement in the cash conversion cycle indicates that the company may be facing increased pressure from customers to extend payment terms. This trend warrants further investigation into whether these delays are structural or merely a temporary byproduct of recent integration challenges.
Based on the provided balance sheet data, Fiserv's debt-to-EBITDA ratio has surged to 35.10 in 2026Q1, a dramatic increase from historical levels that highlights a precarious reliance on debt financing amidst a period of declining operating income and tightening interest coverage ratios.
The sharp rise in leverage metrics suggests that the company's financial flexibility is becoming increasingly constrained, leaving little room for error in a volatile interest rate environment. This leverage profile appears to be a primary driver of the current risk premium applied to the company's equity.
The P/E ratio is frequently misapplied to Fiserv's business model, as it fails to account for the massive non-cash amortization of intangible assets resulting from the First Data acquisition, which significantly obscures the company's true underlying cash-generating capacity and operational performance for institutional investors.
Analysts should prioritize EV/EBITDA or Free Cash Flow metrics to better assess the company's ability to service its debt and fund ongoing operations. Relying on P/E ratios in this context may lead to an inaccurate assessment of the firm's valuation relative to its actual cash-based earning power.
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Quick answers to the most common questions about buying FISV stock.
Fiserv, Inc.'s current P/E ratio is 8.3x. The historical average is 28.7x.
Fiserv, Inc.'s current EV/EBITDA is 6.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.2x.
Fiserv, Inc.'s return on equity (ROE) is 13.0%. The historical average is 17.4%.
Based on historical data, Fiserv, Inc. is trading at a P/E of 8.3x. Compare with industry peers and growth rates for a complete picture.
Fiserv, Inc. has 59.4% gross margin and 26.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Fiserv, Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.