# Fidelity National Information Services (FIS.US)

Canonical: https://gigainvestors.com/s/FIS

Analysis as of: 2026-10-16T07:28:31.708Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.13 per share; close as of 2026-10-15.

Estimated value: low $52.10 per share, central $59.15 per share, high $68.53 per share. Buy at or below the central value $59.15 per share. Valuation as of 2026-10-16T07:28:31.708Z; scenarios are not confidence intervals.

Expected annual return: 14.8% at the stated quote. About 14.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.19×

- FY2018: 0.20×

- FY2019: 0.17×

- FY2020: 0.12×

- FY2021: 0.15×

- FY2022: 0.20×

- FY2023: 0.21×

- FY2024: 0.17×

- FY2025: 0.16×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.6%

- ROIC, second-lowest year: 4.1%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 36.0%

- Recent gross margin (lower of latest and 3-year median): 36.9%

- Years with nonpositive capital: 1

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.2%

- FY2017: 31.7%

- FY2018: 27.9%

- FY2019: 7.9%

- FY2020: 6.8%

- FY2021: 2.8%

- FY2022: 4.1%

- FY2023: 7.4%

- FY2024: 12.8%

- FY2025: 6.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$13B

- Net income, five-year total: -$21B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -6.6 pp

- Working capital / revenue, final three-year average: 19.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $3.2B

- FY2022: -$16B

- FY2023: -$5.2B

- FY2024: $3.1B

- FY2025: $2.1B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.9% vs 7.4%

- Per-share earnings: 2.19 to 0.73 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.2%

- Ordinary dilution, 5-year annual growth: -3.5%

- Market cap gain: $9.9B

- Cumulative retained earnings: -$26B

- Diluted shares, 10-year annual growth: 6.2%

- Diluted shares, 5-year annual growth: -3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -12.9%

- Per-share value change: -$1.46

- Per-share value, starting three-year median: $2.19

- Per-share value, ending three-year median: $0.73

- Buybacks concentrated in cheaper years (correlation): 0.04

- Average buyback yield: 2.8%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $52B

- Cumulative net income, 10 years: -$18B

- ROIC, first three-year median: 27.9%

- ROIC, last three-year median: 7.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.72

- FY2017: $3.75

- FY2018: $2.55

- FY2019: $0.66

- FY2020: $0.25

- FY2021: $0.67

- FY2022: -$27.68

- FY2023: -$11.26

- FY2024: $2.61

- FY2025: $0.73

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 7.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -2.0%

- FY2018: -4.8%

- FY2019: -2.5%

- FY2020: -5.1%

- FY2021: -5.3%

- FY2022: -32.6%

- FY2023: -20.0%

- FY2024: -1.8%

- FY2025: -7.7%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 70% since Jan 2022 · "Payments firm FIS shares slide after outlook cut" (finance.yahoo.com, Aug 2026) · sales +5.4%

Story as of 2026-10-16T09:58:45.478Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.4% a year for ten years

- 2025-05-06: Payments processor FIS forecasts weak Q2 profit as spending slowdown concerns mount ([finance.yahoo.com](https://finance.yahoo.com/news/payments-processor-fis-forecasts-weak-115552324.html))

- 2025-08-05: Update: Fidelity National Information Services Shares Fall After Q3 Guidance Trails Estimates ([finance.yahoo.com](https://finance.yahoo.com/news/fidelity-national-information-services-shares-182523731.html))

- 2025-11-05: FIS Reports Strong Third Quarter 2025 Results and Raises Full-Year Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/fis-reports-strong-third-quarter-120000576.html))

- 2026-02-24: Fidelity National Q4 Earnings Miss Estimates on Increasing Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/fidelity-national-q4-earnings-miss-184900156.html))

- 2026-03-01: FIS Gets Lower Baird Target Following Updated Financial Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/fis-gets-lower-baird-target-032906655.html))

- 2026-08-04: Payments firm FIS shares slide after outlook cut ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/payments-firm-fis-shares-slide-122411721.html))

### Sales · FY2024–2025

sales +5.4%; source https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm; observed 2026-02-24.

- FY2016: $9.2B 

- FY2017: $8.7B 

- FY2018: $8.4B 

- FY2019: $10B 

- FY2020: $13B 

- FY2021: $14B 

- FY2022: $9.7B 

- FY2023: $9.8B 

- FY2024: $10B 

- FY2025: $11B 

### Gross margin · FY2025

gross margin 36.9%; source https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm; observed 2026-02-24.

- FY2016: 32.6% 

- FY2017: 33.2% 

- FY2018: 33.9% 

- FY2019: 36.0% 

- FY2020: 33.5% 

- FY2021: 37.4% 

- FY2022: 36.0% 

- FY2023: 37.2% 

- FY2024: 37.6% 

- FY2025: 36.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 10.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); FY2025: revenue 10677000000; grossProfit 3936000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FIS.US: Fidelity National Information Services, Inc. provides solutions to financial institutions, businesses, and developers worldwide. The company operates through Banking Solutions, Capital Market Solutions, and Corporate and Other segments. It provides core processing and ancillary applications; mobile and online banking; fraud, risk management, and compliance; card and retail payment; electronic funds transfer and network; wealth and retirement; and item processing and output solutions. The company also offers trading and assets, lending, leveraged and syndicated loan markets, and treasury and risk solutions. Fidelity National Information Services, Inc. was founded in 1968 and is headquartered in Jacksonville, Florida.

### Why customers stay

Margins ranged from 36.9% to 37.6% during 2023–25; it earns 7.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 37.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 37.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 36.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.1915872121240587],[2017,0.3169915337664895],[2018,0.27919616935992325],[2019,0.07861197850907005],[2020,0.068393112366433],[2021,0.02772130582100757],[2022,0.04101770564438417],[2023,0.0742478090196677],[2024,0.1281542357693943],[2025,0.06383150960250111]]; median 0.07642989376436887. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 36% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); Gross margin observations: [[2021,0.37436045254738054],[2022,0.36042802757485337],[2023,0.3718848540331604]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 0; upkeep 616000000; owner earnings 1126000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 0; upkeep 613000000; owner earnings 2014000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2018: growth capex 0; upkeep 622000000; owner earnings 1644000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2019: growth capex 0; upkeep 828000000; owner earnings 1914000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2020: growth capex 0; upkeep 1129000000; owner earnings 2743000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 0; upkeep 1251000000; owner earnings 3182000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 0; upkeep 97000000; owner earnings 3090000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); FY2025: growth capex 0; upkeep 154000000; owner earnings 2111000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,341000000],[2017,385000000],[2018,421000000],[2019,656000000],[2020,868000000],[2021,961000000],[2022,1138000000],[2023,1231000000],[2024,800000000],[2025,847000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 1425000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FIS.US SharesStats.PercentInsiders = 0.131 percentage points; cache date 2026-10-16.

### What could break it

"We have exposure to fluctuations in the Euro-USD exchange rates" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm (filed 2026-02-24); We have exposure to fluctuations in the Euro-USD exchange rates

### What the price says

The price assumes cash profits shrink 5.4% yearly over ten years; actual growth was 2.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate -0.08916306016564085. Price 36.13; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.065743944636678 → FY2025 4.020952380952381. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $73.92 per share

- 2016-11: $77.19 per share

- 2016-12: $75.64 per share

- 2017-01: $79.42 per share

- 2017-02: $82.27 per share

- 2017-03: $79.62 per share

- 2017-04: $84.19 per share

- 2017-05: $85.87 per share

- 2017-06: $85.40 per share

- 2017-07: $91.22 per share

- 2017-08: $92.92 per share

- 2017-09: $93.39 per share

- 2017-10: $92.76 per share

- 2017-11: $94.33 per share

- 2017-12: $94.09 per share

- 2018-01: $102.36 per share

- 2018-02: $97.18 per share

- 2018-03: $96.30 per share

- 2018-04: $94.97 per share

- 2018-05: $102.22 per share

- 2018-06: $106.03 per share

- 2018-07: $103.13 per share

- 2018-08: $108.17 per share

- 2018-09: $109.07 per share

- 2018-10: $104.10 per share

- 2018-11: $107.95 per share

- 2018-12: $102.55 per share

- 2019-01: $104.53 per share

- 2019-02: $108.15 per share

- 2019-03: $113.10 per share

- 2019-04: $115.93 per share

- 2019-05: $120.30 per share

- 2019-06: $122.68 per share

- 2019-07: $133.25 per share

- 2019-08: $136.22 per share

- 2019-09: $132.76 per share

- 2019-10: $131.76 per share

- 2019-11: $138.15 per share

- 2019-12: $139.09 per share

- 2020-01: $143.66 per share

- 2020-02: $139.72 per share

- 2020-03: $121.64 per share

- 2020-04: $131.89 per share

- 2020-05: $138.83 per share

- 2020-06: $134.09 per share

- 2020-07: $146.31 per share

- 2020-08: $150.85 per share

- 2020-09: $147.21 per share

- 2020-10: $124.59 per share

- 2020-11: $148.41 per share

- 2020-12: $141.46 per share

- 2021-01: $123.46 per share

- 2021-02: $138.00 per share

- 2021-03: $140.61 per share

- 2021-04: $152.90 per share

- 2021-05: $148.98 per share

- 2021-06: $141.67 per share

- 2021-07: $149.05 per share

- 2021-08: $127.77 per share

- 2021-09: $121.68 per share

- 2021-10: $110.74 per share

- 2021-11: $104.50 per share

- 2021-12: $109.15 per share

- 2022-01: $119.92 per share

- 2022-02: $95.23 per share

- 2022-03: $100.42 per share

- 2022-04: $99.15 per share

- 2022-05: $104.50 per share

- 2022-06: $91.67 per share

- 2022-07: $102.16 per share

- 2022-08: $91.37 per share

- 2022-09: $75.57 per share

- 2022-10: $82.99 per share

- 2022-11: $72.58 per share

- 2022-12: $67.85 per share

- 2023-01: $75.04 per share

- 2023-02: $63.37 per share

- 2023-03: $54.33 per share

- 2023-04: $58.72 per share

- 2023-05: $54.57 per share

- 2023-06: $54.70 per share

- 2023-07: $60.38 per share

- 2023-08: $55.86 per share

- 2023-09: $55.27 per share

- 2023-10: $49.11 per share

- 2023-11: $58.64 per share

- 2023-12: $60.07 per share

- 2024-01: $62.26 per share

- 2024-02: $69.19 per share

- 2024-03: $74.18 per share

- 2024-04: $67.92 per share

- 2024-05: $75.88 per share

- 2024-06: $75.36 per share

- 2024-07: $76.83 per share

- 2024-08: $82.45 per share

- 2024-09: $83.75 per share

- 2024-10: $89.73 per share

- 2024-11: $85.30 per share

- 2024-12: $80.77 per share

- 2025-01: $81.47 per share

- 2025-02: $71.12 per share

- 2025-03: $74.68 per share

- 2025-04: $78.88 per share

- 2025-05: $79.61 per share

- 2025-06: $81.41 per share

- 2025-07: $79.41 per share

- 2025-08: $69.81 per share

- 2025-09: $65.94 per share

- 2025-10: $62.52 per share

- 2025-11: $65.77 per share

- 2025-12: $66.46 per share

- 2026-01: $55.25 per share

- 2026-02: $50.96 per share

- 2026-03: $46.91 per share

- 2026-04: $46.53 per share

- 2026-05: $42.99 per share

- 2026-06: $38.88 per share

- 2026-07: $44.77 per share

- 2026-08: $40.77 per share

- 2026-09: $32.90 per share

- 2026-10: $36.13 per share

## Annual estimated value (USD per share)

- FY2016: low $42.62 per share, central $48.29 per share, high $55.84 per share

- FY2017: low $39.34 per share, central $44.56 per share, high $51.51 per share

- FY2018: low $41.97 per share, central $47.53 per share, high $54.94 per share

- FY2019: low $49.24 per share, central $56.67 per share, high $65.53 per share

- FY2020: low $45.43 per share, central $51.32 per share, high $59.16 per share

- FY2021: low $56.17 per share, central $63.53 per share, high $73.32 per share

- FY2022: low $34.76 per share, central $39.49 per share, high $45.80 per share

- FY2023: low $34.09 per share, central $38.73 per share, high $44.92 per share

- FY2024: low $44.72 per share, central $50.73 per share, high $58.73 per share

- FY2025: low $44.68 per share, central $50.74 per share, high $58.81 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1136893/000113689326000013/fis-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.