FISFidelity National Information Services, Inc.

Services-Business Services, NEC

Revenue: $10.7B; 5.4% YoY
Operating margin: 16.3%; 3.4% YoY
EBITDA: $3.6B; 5.2% YoY
Market cap: $19.9B
Employees: 44,000; $243K revenue each
Net debt / EBITDA: 4.1×; $14.7B net debt
AI in 10-K: 6.1; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 3 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
683% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
87% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
57% of assets
Over 40% of assets
Shareholder dissentYes
71% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$243K · 15th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$19.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.3B	$9.7B	$9.8B	$10.1B	$10.7B	5.4%
Operating income	$1.0B	$1.2B	$1.4B	$1.7B	$1.7B	1.9%
Net income	$417M	−$16.8B	−$6.7B	$1.4B	$382M	74%
Operating cash flow	$4.8B	$3.9B	$4.3B	$2.2B	$2.6B	20%
Capex	$320M	$227M	$115M	$97M	$154M	59%
Stock-based comp	$383M	$189M	$120M	$186M	$181M	2.7%
Buybacks	$2.1B	$1.9B	$522M	$4.0B	$1.4B	65%
Dividends	$961M	$1.1B	$1.2B	$800M	$847M	5.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 5
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	53	105
FY2024	—	—	62	101
FY2023	—	—	45	95
FY2022	—	—	50	80
FY2021	—	—	78	96