Financials Fiserv, Inc.

Equities

FISV

US3377381088

Business Support Services

Market Closed - Nasdaq Other stock markets 04:00:00 2025-12-16 pm EST			5-day change	1st Jan Change
67.70 ^USD	-1.84%		+3.00%	-67.04%

Dec. 16	Jack Henry Likely to Benefit From Market Share Gains, RBC Says	MT
Dec. 16	Fiserv: stock plunges - a déjà vu?

Projected Income Statement: Fiserv, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	14,852	16,226	16,773	18,041	19,123	19,894	20,366	21,257
Change	-	9.25%	3.37%	7.56%	6%	4.03%	2.37%	4.38%
EBITDA ¹	5,440	6,370	7,202	8,208	9,209	9,214	8,708	9,096
Change	-	17.1%	13.06%	13.97%	12.2%	0.06%	-5.5%	4.46%
EBIT ¹	4,363	5,212	5,882	6,729	7,537	7,335	7,050	7,448
Change	-	19.46%	12.85%	14.4%	12.01%	-2.68%	-3.89%	5.65%
Interest Paid ¹	-709	-693	-733	-976	-1,195	-1,539	-1,577	-1,634
Earnings before Tax (EBT) ¹	1,171	1,666	2,913	3,898	4,506	4,213	3,983	4,366
Change	-	42.27%	74.85%	33.81%	15.6%	-6.49%	-5.47%	9.61%
Net income ¹	958	1,334	2,530	3,068	3,131	3,395	3,111	3,473
Change	-	39.25%	89.66%	21.26%	2.05%	8.43%	-8.38%	11.66%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/5/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	3,832	3,755	4,051	4,163	4,257	3,906	4,234	4,273	4,360	4,280	4,506	4,615	4,640	4,543	4,794	4,884	4,902	4,789	5,196	4,919	4,913	4,823	5,218	5,098	5,136	5,029	5,437	5,301
Change	-	-2.01%	7.88%	2.76%	2.26%	-8.25%	8.4%	0.92%	2.04%	-1.83%	5.28%	2.42%	0.54%	-2.09%	5.52%	1.88%	0.37%	-2.31%	8.5%	-5.33%	-0.11%	-1.85%	8.19%	-2.29%	0.74%	-2.08%	8.12%	-2.52%
EBITDA ¹	1,531	1,392	1,593	1,657	1,728	1,561	1,746	1,846	2,049	1,789	2,008	2,136	2,275	2,030	2,255	2,395	2,529	2,245	2,519	2,290	2,141	2,011	2,242	2,234	2,263	2,069	2,301	2,273
Change	-	-9.08%	14.44%	4.02%	4.28%	-9.66%	11.85%	5.73%	11%	-12.69%	12.24%	6.37%	6.51%	-10.77%	11.08%	6.21%	5.59%	-11.23%	12.2%	-9.09%	-6.5%	-6.07%	11.47%	-0.37%	1.33%	-8.6%	11.22%	-1.2%
EBIT ¹	1,287	1,116	1,309	1,356	1,431	1,248	1,417	1,506	1,711	1,437	1,643	1,760	1,889	1,629	1,841	1,962	2,105	1,808	2,059	1,822	1,713	1,592	1,813	1,791	1,827	1,703	1,926	1,890
Change	-	-13.29%	17.29%	3.59%	5.53%	-12.79%	13.54%	6.28%	13.61%	-16.01%	14.34%	7.12%	7.33%	-13.76%	13.01%	6.57%	7.29%	-14.11%	13.88%	-11.51%	-5.99%	-7.06%	13.86%	-1.17%	2.01%	-6.79%	13.05%	-1.85%
Charge d'intérêts ¹	-174	-176	-175	-172	-170	-168	-176	-190	-199	-202	-232	-258	-284	-261	-285	-326	-323	-331	-365	-422	-416.6	-400.6	-402.1	-404.7	-397.6	-423.4	-426.5	-432.6
Earnings before Tax (EBT) ¹	336	320	470	478	398	674	618	652	969	712	873	1,210	1,103	913	1,138	1,271	1,184	1,046	1,292	964	916	811.8	1,022	1,006	1,062	915.2	1,092	1,085
Change	-	-4.76%	46.88%	1.7%	-16.74%	69.35%	-8.31%	5.5%	48.62%	-26.52%	22.61%	38.6%	-8.84%	-17.23%	24.64%	11.69%	-6.85%	-11.66%	23.52%	-25.39%	-4.98%	-11.37%	25.91%	-1.54%	5.52%	-13.82%	19.36%	-0.69%
Net income ¹	300	304	269	428	333	669	598	481	782	563	683	952	870	735	894	564	938	851	1,026	792	731.3	644.1	817.2	799.7	845.6	731.3	878.9	852.3
Change	-	1.33%	-11.51%	59.11%	-22.2%	100.9%	-10.61%	-19.57%	62.58%	-28.01%	21.31%	39.39%	-8.61%	-15.52%	21.63%	-36.91%	66.31%	-9.28%	20.56%	-22.81%	-7.66%	-11.93%	26.87%	-2.13%	5.74%	-13.52%	20.18%	-3.02%
Announcement Date	2/9/21	4/27/21	7/27/21	10/27/21	2/8/22	4/27/22	7/26/22	10/27/22	2/7/23	4/25/23	7/26/23	10/24/23	2/6/24	4/23/24	7/24/24	10/22/24	2/5/25	4/24/25	7/23/25	10/29/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Fiserv, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	19,778	20,402	20,516	21,914	23,604	26,726	25,454	23,999
Change	-	3.16%	0.56%	6.81%	7.71%	13.23%	-4.76%	-5.72%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/5/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Fiserv, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	900	1,160	1,479	1,388	1,569	1,772	1,725	1,716
Change	-	28.89%	27.5%	-6.15%	13.04%	12.93%	-2.66%	-0.49%
Free Cash Flow (FCF) ¹	3,247	3,532	3,515	4,016	5,233	4,303	3,850	4,108
Change	-	8.78%	-0.48%	14.25%	30.3%	-17.77%	-10.52%	6.69%
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/5/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Fiserv, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	36.63%	39.26%	42.94%	45.5%	48.16%	46.32%	42.76%	42.79%
EBIT Margin (%)	29.38%	32.12%	35.07%	37.3%	39.41%	36.87%	34.62%	35.04%
EBT Margin (%)	7.88%	10.27%	17.37%	21.61%	23.56%	21.18%	19.56%	20.54%
Net margin (%)	6.45%	8.22%	15.08%	17.01%	16.37%	17.06%	15.27%	16.34%
FCF margin (%)	21.86%	21.77%	20.96%	22.26%	27.36%	21.63%	18.91%	19.32%
FCF / Net Income (%)	338.94%	264.77%	138.93%	130.9%	167.14%	126.74%	123.78%	118.27%
Profitability
ROA	3.97%	4.97%	5.25%	5.3%	6.1%	5.36%	4.87%	5.24%
ROE	9.25%	11.84%	13.61%	15.27%	18%	16.72%	15.98%	17.04%
Financial Health
Leverage (Debt/EBITDA)	3.64x	3.2x	2.85x	2.67x	2.56x	2.9x	2.92x	2.64x
Debt / Free cash flow	6.09x	5.78x	5.84x	5.46x	4.51x	6.21x	6.61x	5.84x
Capital Intensity
CAPEX / Current Assets (%)	6.06%	7.15%	8.82%	7.69%	8.2%	8.91%	8.47%	8.07%
CAPEX / EBITDA (%)	16.54%	18.21%	20.54%	16.91%	17.04%	19.23%	19.81%	18.87%
CAPEX / FCF (%)	27.72%	32.84%	42.08%	34.56%	29.98%	41.18%	44.8%	41.78%
Items per share
Cash flow per share ¹	6.068	6.007	7.128	8.381	11.39	12.24	11.56	13.11
Change	-	-1.01%	18.66%	17.59%	35.92%	7.45%	-5.56%	13.41%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	47.31	47.62	48.93	50.26	46.5	50.6	54.94	60.3
Change	-	0.66%	2.76%	2.72%	-7.49%	8.82%	8.57%	9.77%
EPS ¹	1.4	1.99	3.91	4.98	5.38	6.187	6.099	7.13
Change	-	42.14%	96.48%	27.37%	8.03%	14.99%	-1.42%	16.92%
Nbr of stocks (in thousands)	670,438	660,232	635,028	600,186	568,919	537,852	537,852	537,852
Announcement Date	2/9/21	2/8/22	2/7/23	2/6/24	2/5/25	-	-	-