One-glance verdict
Undervalued
$77.48 our estimate vs market $32.51
Wall Street consensus: $49.67 (-35.9% lower than our fair-value estimate)
58% below our estimate, below the bear case
Fundamentals snapshot
Fidelity National Information Services, Inc.
FIS · NYQ · Technology · Information Technology Services
Current price
$32.51
52-week range
$32.10 - $69.14
Market cap
$16.77B
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) provides the essential technology that powers banks and other financial companies, handling everything from online banking and payment processing to systems for trading stocks. The company makes most of its money from its Banking Solutions division, which sells the core software that financial institutions use to manage customer accounts and transactions. This matters because FIS acts as the digital backbone for thousands of banks, making its services critical for the daily operations of the financial world.
How the company got here
FIS started in 1968 as a company called Systematics, providing technology to banks. [1, 2, 5] It grew over many years by acquiring other financial technology companies, which is a common way for companies to expand their services and customer base. [1, 5] A major turning point was its 2019 purchase of Worldpay, a large payment processing company, which briefly made FIS the biggest in its field. [2, 5] More recently, FIS has refocused by selling off the Worldpay business to concentrate on its core strengths: providing technology to banks and investment firms. [1, 4, 5]
What it actually does
You've likely used FIS technology without ever seeing its name, as it works behind the scenes to power the global financial system. [10] The company provides the essential software and technology that banks, investment firms, and businesses use to manage money. [4, 5] This includes everything from the core systems that run a bank's daily operations to the technology behind mobile banking apps, card payments, and ATM networks. [10, 17] Essentially, FIS builds and maintains the technological plumbing that allows money to be stored and moved securely for thousands of clients worldwide. [2, 19]
Banking Solutions
This is the company's largest business, making up the majority of its revenue (the total money it brings in from sales). [11, 16] It provides the fundamental software that allows banks and credit unions to function, such as systems for managing customer accounts, deposits, and loans, often called 'core processing'. [17, 18] This segment also offers the technology for online and mobile banking, fraud detection, and processing card payments. [17] Banks pay FIS for these critical, long-term services to run their day-to-day operations smoothly and securely. [4]
Capital Market Solutions
This part of the business serves the investment world, including asset managers (firms that manage investments for others), traders, and large corporations. [1, 4] It provides specialized software for activities like trading stocks, managing investment portfolios, and handling corporate treasuries (how a company manages its money). [4, 17] These clients pay for technology that helps them manage complex financial activities, stay compliant with regulations, and manage risk. [4] This is a significant but smaller piece of the company's overall business compared to its banking solutions. [11]
What management is betting on now
The company's main strategy is to focus on its core strengths in banking and capital markets technology after selling its merchant-focused business, Worldpay. [4] A major priority is investing in Artificial Intelligence (AI) to create smarter tools for its clients, such as systems that can automatically detect financial crime. [6, 21, 29] Management is also concentrating on serving the world's largest banks, aiming to sell them a wider range of integrated services. [11] Finally, the company is focused on increasing its free cash flow (the cash left over after paying for operating expenses and capital expenditures, which are investments in its business) and returning money to its investors through dividends (a share of the profits) and share buybacks (when a company buys its own stock to reduce the number of shares available). [8, 14]
Price history
How the share price has moved
—
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 $77.48 vs current price $32.51
Wall Street consensus is the average analyst price target: $49.67 (-35.9% lower than our fair-value estimate).
Our most-likely fair value is $77.48 a share — about 138.3% above today's price of $32.51, 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 $7.78B 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)
4.99x
Forward P/E
4.85x
P/B
1.05x
P/S
1.37x
EV/EBITDA
10.66x
PEG ratio
0.17x
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
5.3%
Payout ratio
25.8%
Last ex-div date
2026-09-11