Fiserv
Is there value inside this enterprise that the company is not currently capturing?
Filings through Jun 30, 2026 · Market data as of Sep 16, 2026
WE MODEL THE ENTERPRISE.™
01Executive summary
Fiserv enters the engine with $21.2B of trailing revenue, $5.3B of GAAP-derived EBITDA and a — enterprise value. Token Clear detected 5 value pathways from the company's own filings, led by IP & Brand Monetization, Margin Recovery Program and Programmable Settlement & Stablecoin Rails.
- Revenue grew 3.6% in the latest fiscal year.
02Current enterprise state
| Fact | Value | Class | Period | Source |
|---|---|---|---|---|
| Revenue (TTM) | $21.2B | REPORTED | Dec 31, 2025 | 10-K · filed 2026-02-19 |
| Revenue growth (latest FY) | 3.6% | CALCULATED | Dec 31, 2025 | FY 2025-12-31 revenue ÷ FY 2024-12-31 revenue − 1 |
| EBITDA (TTM, GAAP-derived) | $5.3B | CALCULATED | Jun 30, 2026 | Operating income + D&A |
| EBITDA margin (TTM) | 25.1% | CALCULATED | Jun 30, 2026 | EBITDA ÷ revenue |
| EBITDA margin FY2024 | — | DATA REQUIRED | Dec 31, 2024 | (Operating income + D&A) ÷ revenue, prior fiscal year |
| Net income (TTM) | $2.8B | CALCULATED | Jun 30, 2026 | 10-Q · filed 2026-08-07 |
| Operating cash flow (TTM) | $5.8B | CALCULATED | Jun 30, 2026 | 10-Q · filed 2026-08-07 |
| Capital expenditures (TTM) | $1.9B | CALCULATED | Jun 30, 2026 | 10-Q · filed 2026-08-07 |
| Free cash flow (TTM) | $3.9B | CALCULATED | Jun 30, 2026 | Operating cash flow − capex |
| Cash & short-term investments | $627.0M | REPORTED | Jun 30, 2026 | 10-Q · filed 2026-08-07 |
| Total debt | — | DATA REQUIRED | — | — |
| Shareholders' equity | $26.9B | REPORTED | Jun 30, 2026 | 10-Q · filed 2026-08-07 |
| Shares outstanding | 531.8M | REPORTED | Jul 31, 2026 | 10-Q · filed 2026-08-07 |
| Share price | $49.45 | REPORTED | Sep 16, 2026 | Yahoo Finance · NasdaqGS |
| Market capitalization | $26.3B | CALCULATED | Sep 16, 2026 | Share price × shares outstanding |
| Enterprise value | — | DATA REQUIRED | Sep 16, 2026 | Market cap + total debt − cash & short-term investments |
| EV / EBITDA | — | DATA REQUIRED | Sep 16, 2026 | Enterprise value ÷ EBITDA (TTM) |
03Evidence quality
04Value pathways
Ranked by deterministic Token Clear score. Each pathway lists the evidence that triggered it, the assumptions that size it, and what stands in its way.
Fiserv carries $10.0B of identified intangible assets plus $37.5B of goodwill (58.7% of total assets). Licensing and brand partnerships can earn incremental returns on assets already paid for.
EBITDA margin of 25.1% trails the live peer median of 30.5%. Closing part of the 3.0% gap on $21.2B of revenue is a direct EBITDA lever.
Fiserv moves money at scale. Programmable settlement and stablecoin rails can add settlement revenue and reduce float and cross-border cost.
Proprietary transaction, usage and customer data across $21.2B of revenue can be packaged into permissioned benchmarking, risk and AI products for customers and partners.
Free cash flow yield is 14.9% ($3.9B on a $26.3B market cap). At this yield, repurchases, deleveraging and acquisitions compete for the same dollar; Token Clear ranks each use of cash on modeled per-share value and risk rather than defaulting to one answer.
05Financial scenarios
| Scenario | Pathway EBITDA | Modeled EBITDA | EV at today's 23.8× | vs. today | EV at peer 23.8× (re-rating) |
|---|---|---|---|---|---|
| Today (reported) | $0.00 | $5.3B | $126.6B | — | $126.6B |
| Conservative | $513.5M | $5.8B | $138.8B | — | $138.8B |
| Base | $935.8M | $6.3B | $148.9B | — | $148.9B |
| Strategic | $1.4B | $6.7B | $158.9B | — | $158.9B |
Scenario columns apply the low, midpoint and high end of every counted pathway range. The peer column isolates a market re-rating and is shown for sensitivity only.
06Multiple Intelligence™
| Driver | Fiserv | Peer median | Read |
|---|---|---|---|
| Revenue growth | 3.6% | 4.3% | in line |
| EBITDA margin | 25.1% | 30.5% | behind |
| FCF conversion | 73.7% | 77.1% | in line |
| Return on invested capital | — | 22.1% | data required |
| Net leverage | — | 0.4× | data required |
| Capex intensity | 9.0% | 2.6% | behind |
| Stock comp / revenue | 1.8% | 2.1% | in line |
Peer set (5 valid of 5): V 26.2× · MA 23.8× · PYPL 6.9× · XYZ 29.7× · GPN 12.9×.
07The 1% Thesis™ — validated bottom-up
08Recommended sequence & 90-day proof of value
- • IP & Brand Monetization
- • Programmable Settlement & Stablecoin Rails
- • Margin Recovery Program
- • Data & AI Products
- • Capital Allocation Engine
| Days 1–15 | Validate | Confirm reported facts, peer set and every ASSUMPTION with Fiserv finance leadership; close DATA REQUIRED gaps from primary filings. |
| Days 16–45 | Design | Detailed design for NOW pathways: IP & Brand Monetization, Programmable Settlement & Stablecoin Rails. Counsel review of regulatory blockers. |
| Days 46–75 | Approve & activate | Human approval gate per pathway; activate approved pathways with defined owners and baselines. |
| Days 76–90 | Measure | Baseline vs. target vs. actual on the first measurable metrics; decide on NEXT pathways and a platform engagement. |
09Risks & dependencies
- Money-transmission, stablecoin and banking-partner requirements vary by jurisdiction.
- Data rights, privacy and customer consent.
10Methodology & disclosures
Evidence classes. REPORTED taken from SEC XBRL filings or delayed market data · CALCULATED deterministic derivation with formula · BENCHMARK live peer comparable · ASSUMPTION explicit, challengeable input · SCENARIO output of stated assumptions.
Calculations. Trailing-twelve-month figures are fiscal year + current year-to-date − prior year-to-date. EBITDA is operating income plus depreciation and amortization (GAAP-derived, excluding non-GAAP adjustments). Enterprise value is market capitalization plus total debt less cash and short-term investments, excluding leases, minority interest and preferred equity. Non-USD filers are converted at spot. Recurring pathway economics are valued at today's multiple; overlapping pathways are counted once and contingent pathways are excluded.
Governance. AI does not perform or override valuation arithmetic. Scoring configuration is confidential and server-side. No pathway proceeds without human approval.
Disclosure. This study provides enterprise-value intelligence, scenario modeling and strategic analysis. Illustrative scenarios are not forecasts, guarantees, investment recommendations or assurances of market valuation. Market prices and valuation multiples are determined by investors and market conditions. Certain strategies require legal, tax, accounting, regulatory and other professional review before implementation.