One-glance verdict
Undervalued
$132.21 our estimate vs market $37.53
Wall Street consensus: $47.04 (-64.4% lower than our fair-value estimate)
72% below our estimate, below the bear case
Fundamentals snapshot
Fidelity National Information Services, Inc.
FIS · NYQ · Technology · Information Technology Services
Current price
$37.53
52-week range
$32.10 - $68.37
Market cap
$19.35B
Balance sheet
Stretched
4.50x Stretched
Net debt $20.51B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 14.3% last year.
- Reward Returns 22.3% on equity, ahead of 40% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 0.1% (peer median: 0.8%).
What this company does
Fidelity National Information Services, Inc.
Fidelity National Information Services (FIS) helps banks and businesses manage their money operations, offering software for things like online banking, payments, and managing investments. Most of their earnings come from these technology and processing services, which often have steady income, similar to a subscription. This is important because it means FIS can consistently make money even when the economy is a bit shaky.
How the company got here
Fidelity National Information Services, Inc. (FIS) has a long history, starting in 1968 as Systematics. Over the decades, it grew through various acquisitions, including a significant one in 2003 that led to its renaming. A major turning point was the acquisition of Worldpay in 2019, which at the time made FIS the largest processing and payments company globally. More recently, FIS has been reshaping its business, selling a majority stake in its Worldpay business in 2024 and acquiring Global Payments' Issuer Solutions business in early 2026. This strategic maneuvering has helped FIS focus on its core offerings in financial technology.
What it actually does
FIS is a financial technology company that provides essential software, transaction processing, and other services to banks, businesses, and capital markets firms. Think of them as the behind-the-scenes engine that helps financial institutions operate smoothly. They offer solutions that manage everything from core banking operations and digital customer experiences to complex trading and risk management for investment firms. Essentially, FIS builds and maintains the critical technology infrastructure that underpins much of the global financial system, enabling money to move, be managed, and be invested securely and efficiently.
Banking Solutions
This is a major part of FIS's business, focusing on services for banks and credit unions. They provide the core software that banks use to manage customer accounts, process transactions, and offer digital services like online and mobile banking. This segment also includes solutions for lending, fraud prevention, and ensuring compliance with financial regulations. Essentially, FIS helps banks run their day-to-day operations and offer modern services to their customers, making it a foundational piece of the company's revenue.
Capital Market Solutions
This segment of FIS is dedicated to serving companies involved in trading, investing, and managing assets. It provides the technology that financial institutions need for trading activities, managing risk, and processing securities. This includes software for areas like treasury management, trading platforms, and post-trade settlement. It's a complex area where FIS offers critical tools that help investment firms operate efficiently and compliantly in fast-paced markets.
What management is betting on now
FIS is currently focused on modernizing its technology platforms and improving how it brings its products to market. The company aims to drive faster growth by leveraging its existing customer base and enhancing its operational efficiency. A key priority is to increase profitability and cash generation, especially after significant changes to its business structure, like the sale of its majority stake in Worldpay. Management is betting on its ability to innovate and adapt its financial technology solutions to meet the evolving needs of its clients in the global financial system.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$398.00M
FY2024 Q4
$764.00M
FY2025 Q1
$420.00M
FY2025 Q2
$343.00M
FY2025 Q3
$952.00M
FY2025 Q4
$739.00M
FY2026 Q1
$663.00M
FY2026 Q2
$468.00M
Revenue
$3.38B
Net income
$231.00M
Diluted EPS
0.45
Operating cash flow
$494.00M
Free cash flow
$468.00M
Fetching…
Sources
Revenue
$3.29B
Net income
$2.37B
Diluted EPS
4.58
Operating cash flow
$713.00M
Free cash flow
$663.00M
Fetching…
Sources
Revenue
$2.81B
Net income
$511.00M
Diluted EPS
0.98
Operating cash flow
$758.00M
Free cash flow
$739.00M
Fetching…
Sources
Revenue
$2.72B
Net income
$264.00M
Diluted EPS
0.50
Operating cash flow
$1.01B
Free cash flow
$952.00M
Fetching…
Sources
Revenue
$2.62B
Net income
$-470.00M
Diluted EPS
-0.90
Operating cash flow
$382.00M
Free cash flow
$343.00M
Fetching…
Sources
Revenue
$2.53B
Net income
$77.00M
Diluted EPS
0.15
Operating cash flow
$457.00M
Free cash flow
$420.00M
Fetching…
Sources
Revenue
$2.60B
Net income
$281.00M
Diluted EPS
0.51
Operating cash flow
$782.00M
Free cash flow
$764.00M
Fetching…
Sources
Revenue
$2.57B
Net income
$224.00M
Diluted EPS
0.41
Operating cash flow
$641.00M
Free cash flow
$398.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $132.21 vs current price $37.53
Wall Street consensus is the average analyst price target: $47.04 (-64.4% lower than our fair-value estimate).
Our most-likely fair value is $132.21 a share — about 252.3% above today's price of $37.53, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Stretched
Net debt $20.5B. Interest coverage 4.5x.
Net debt
$20.51B
Interest coverage
4.50x
Fidelity National Information Services, Inc.'s profit covers its interest bill about 4.5 times over. which is stronger than most peers shown here.
Stretched
Worse cushion
Baseline
Better cushion
FIS
BASELINE
Fidelity National Information Services, Inc.
Total debt $21.26B Interest coverage 4.50x This is the baseline the peer rows are being compared against.
Total debt — Interest coverage 3.72x -17% vs FIS Carries about 1.2x less debt cushion than FIS.
Total debt $23.56B Interest coverage 2.27x -50% vs FIS Carries about 2.0x less debt cushion than FIS.
Total debt $77.82M Interest coverage 117.88x +2,520% vs FIS Carries about 26.2x more debt cushion than FIS.
Total debt $3.52B Interest coverage 11.63x +159% vs FIS Carries about 2.6x more debt cushion than FIS.
Total debt $7.65B Interest coverage 3.31x -27% vs FIS Carries about 1.4x less debt cushion than FIS.
What you should know
The case for and against FIS
3 Rewards
1 Risk
Rewards
-
Revenue grew 14.3% last year.
-
Returns 22.3% on equity, ahead of 40% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 0.1% (peer median: 0.8%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
5.76x
Forward P/E
5.65x
P/B
1.21x
P/S
1.59x
EV/EBITDA
11.31x
PEG ratio
0.20x
Profitability
How much profit each dollar creates
Gross margin
35.8%
Operating margin
20.7%
Net margin
27.6%
ROE
22.3%
ROA
4.3%
Health
Liquidity and balance-sheet strength
Debt / equity
1.33x
Current ratio
0.54x
Quick ratio
0.38x
Total debt
$21.26B
Total cash
$744.00M
Growth
How the business has been compounding
Revenue TTM
$12.20B
Revenue 5Y CAGR
3.4%
EPS TTM
6.51
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$2.98B
Free CF TTM
$2.45B
FCF margin
20.1%
Dividend
Shareholder payout
Yield
4.7%
Payout ratio
25.8%
Last ex-div date
2026-09-11