FISVFISERV INC

Services-Business Services, NEC

Revenue: $21.2B; 3.6% YoY
Operating margin: 27.5%; 4.5% YoY
EBITDA: $6.5B; 0.3% YoY
Market cap: $26.6B
Employees: 38,000; $558K revenue each
Net debt / EBITDA: 3.7×; $24.2B net debt
AI in 10-K: 4.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
174% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
32% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
46% of assets
Over 40% of assets
Shareholder dissentYes
78% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$558K · 60th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.1 per 10K words · 79th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$26.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.2B	$17.7B	$19.1B	$20.5B	$21.2B	3.6%
Operating income	$2.3B	$3.7B	$5.0B	$5.9B	$5.8B	1.0%
Net income	$1.3B	$2.5B	$3.1B	$3.1B	$3.5B	11%
Operating cash flow	$4.0B	$4.6B	$5.2B	$6.6B	$6.1B	8.6%
Capex	$1.2B	$1.5B	$1.4B	$1.6B	$1.8B	12%
Stock-based comp	$239M	$323M	$342M	$367M	$357M	2.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 1, 2022	KKR 2006 Fund L.P.	SC 13D/A	—	Passive
May 10, 2022	KKR 2006 Fund L.P.	SC 13D/A	—	Passive
Mar 24, 2022	KKR 2006 Fund L.P.	SC 13D/A	6.6%	Passive
Dec 20, 2021	KKR 2006 Fund L.P.	SC 13D/A	—	Passive
Oct 15, 2021	KKR 2006 Fund L.P.	SC 13D/A	—	Passive
Aug 6, 2021	KKR 2006 Fund L.P.	SC 13D/A	9.4%	Passive
May 4, 2021	KKR 2006 Fund L.P.	SC 13D/A	9.4%	Passive
Dec 14, 2020	KKR 2006 Fund L.P.	SC 13D/A	12.8%	Passive
Aug 21, 2020	KKR 2006 Fund L.P.	SC 13D/A	15.7%	Passive
Sep 9, 2019	KKR 2006 Fund L.P.	SC 13D/A	16.2%	Passive

Insider trading

Open-market buys, 12 mo: $4M · 9
Open-market sells, 12 mo: $0 · 0
Net: $4M

Pay vs performance

No pay-versus-performance disclosure yet.