Margins varied 27.1% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 23.8%
- Worst year
- 12.5%
- Latest · LTM
- 21.4%
# Fiserv (FISV.US) Canonical: https://gigainvestors.com/s/FISV Analysis as of: 2026-10-16T07:28:31.896Z. Financial observations: FY1996–FY2026. 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: $47.21 per share; close as of 2026-10-15. Estimated value: low $96.00 per share, central $109.19 per share, high $126.74 per share. Buy at or below the central value $109.19 per share. Valuation as of 2026-10-16T07:28:31.896Z; scenarios are not confidence intervals. Expected annual return: 19.8% at the stated quote. About 19.8% 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 - 1 revenue decline in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 1 - Years with a net loss: 0 - Operating margin variation: 0.27× Chart: Operating margin; fiscal year observations. - FY2017: 0.27× - FY2018: 0.30× - FY2019: 0.16× - FY2020: 0.12× - FY2021: 0.14× - FY2022: 0.21× - FY2023: 0.26× - FY2024: 0.29× - FY2025: 0.27× - LTM to Jun 2026: 0.21× ### moat: fail - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 25.0% - ROIC, second-lowest year: 9.8% - Typical minus recent gross margin: 1.7 pp - Typical gross margin (annual median): 48.9% - Recent gross margin (lower of latest and 3-year median): 47.2% - Years with nonpositive capital: 0 - Capital spending / revenue: 7.2% - ROIC including acquisitions, ten-year median: 9.0% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 79.1% - FY2018: 62.2% - FY2019: 7.4% - FY2020: 9.8% - FY2021: 12.2% - FY2022: 21.0% - FY2023: 27.5% - FY2024: 34.4% - FY2025: 28.2% - LTM to Jun 2026: 22.5% ### economics: pass - Owner earnings / net income, 5-yr: 1.62× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $22B - Net income, five-year total: $14B - Return on incremental invested capital: >100% - Working capital / revenue, annual change: -0.0 pp - Working capital / revenue, change between three-year averages: 0.5 pp - Working capital / revenue, final three-year average: 16.8% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 2.53× - FY2022: 1.67× - FY2023: 1.56× - FY2024: 1.49× - FY2025: 1.40× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 66.1% vs 28.2% - Per-share earnings: 2.11 to 5.38 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 1.7% - Ordinary dilution, 5-year annual growth: -4.2% - Market cap gain: $14B - Cumulative retained earnings: $18B - Diluted shares, 10-year annual growth: 1.7% - Diluted shares, 5-year annual growth: -4.2% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 12.4% - Per-share value change: $3.26 - Per-share value, starting three-year median: $2.11 - Per-share value, ending three-year median: $5.38 - Buybacks concentrated in cheaper years (correlation): 0.79 - Average buyback yield: 5.4% - Buyback history: 10 years - Debt-funded buybacks: Yes - Acquisition spending: $48B - Cumulative net income, 10 years: $19B - ROIC, first three-year median: 66.1% - ROIC, last three-year median: 28.2% Chart: Earnings per share; fiscal year observations. - FY2016: $2.11 - FY2017: $2.93 - FY2018: $2.93 - FY2019: $1.29 - FY2020: $1.41 - FY2021: $2.01 - FY2022: $3.96 - FY2023: $4.98 - FY2024: $5.38 - FY2025: $6.34 ### accounting: pass - Sloan accruals: -3.2% - Receivables to sales index (DSRI): 0.94× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 5.9% - Earnings backed by cash: Yes - Operating cash / earnings: 1.74× - Accounting red flags: 0 - Goodwill and intangibles / equity: 1.86× Chart: Sloan accruals; fiscal year observations. - FY2016: -5.1% - FY2017: -2.3% - FY2018: -3.2% - FY2019: -2.6% - FY2020: -4.3% - FY2021: -3.5% - FY2022: -2.5% - FY2023: -2.3% - FY2024: -4.5% - FY2025: -3.2% ## Holders - [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Samantha McLemore](https://gigainvestors.com/PTNT): tracked 13F investor; follow the investor page for holding quarter and amounts. - [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 80% since Feb 2025 · "Fiserv's 2026 Outlook Cut Puts Revenue and Margin Pressure in Focus" (finance.yahoo.com, Aug 2026) · sales -1.5% Story as of 2026-10-16T09:58:45.558Z; price observation 2026-10-15. Price needs cash profits to shrink 9.8% a year for ten years - 2025-10-29: Fintech company Fiserv slashes guidance, shuffles leadership after big earnings miss ([finance.yahoo.com](https://finance.yahoo.com/news/fintech-company-fiserv-slashes-guidance-162020876.html)) - 2026-03-27: Fiserv (FISV) Became the Biggest Detractor After Lowered Guidance and Accounting Concerns ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fiserv-fisv-became-biggest-detractor-162443273.html)) - 2026-05-05: Fiserv (FISV) Is Down 7.0% After Softer Q1 Earnings Amid New Small-Business Platform Rollout ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fiserv-fisv-down-7-0-232622869.html)) - 2026-08-20: Fiserv's 2026 Outlook Cut Puts Revenue and Margin Pressure in Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fiservs-2026-outlook-cut-puts-140400955.html)) ### Sales · FY2025–2026 sales -1.5%; source https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm; observed 2026-02-19. - FY2017: $5.7B - FY2018: $5.8B - FY2019: $10B - FY2020: $15B - FY2021: $16B - FY2022: $18B - FY2023: $19B - FY2024: $20B - FY2025: $21B - FY2026: $21B ### Gross margin · FY2026 gross margin 47.2%; source https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm; observed 2026-02-19. - FY2017: 46.9% - FY2018: 47.3% - FY2019: 47.9% - FY2020: 47.4% - FY2021: 49.9% - FY2022: 54.9% - FY2023: 59.8% - FY2024: 60.8% - FY2025: 59.4% - FY2026: 47.2% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in software; annual sales are USD 21.2 billion. - Source: https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm (filed 2026-02-19); FY2025: revenue 21193000000; grossProfit 12581000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FISV.US: Fiserv, Inc. provides payments and financial services technology solutions in the United States, Europe, the Middle East and Africa, Latin America, the Asia-Pacific, and internationally. It operates through the Merchant Solutions and Financial Solutions segments. The company provides merchant acquiring and digital commerce services, mobile payment services, security and fraud protection solutions, stored-value solutions, software-as-a-service, and pay-by-bank solutions, as well as Clover, a point-of-sale and business management platform through various channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, independent sales organizations, financial institutions, and other strategic partners. It also offers debit card processing services, debit network services, security and fraud protection products, bill payment; person-to-person payments, account-to-account transfers, credit card processing services, prepaid card processing services, card production services, print services, government payment processing, student loan processing, and customer loan and deposit account processing; digital banking; financial and risk management; and professional services and consulting, check processing, automated clearing house, and real-time payments. It serves large enterprise, small business, banks, credit union, large financial institution, fintech, public sectors, and software providers. Fiserv, Inc. was incorporated in 1984 and is headquartered in Milwaukee, Wisconsin. ### Why customers stay Margins ranged from 59.4% to 60.8% during 2023–25; it earns 25% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 59.8%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 60.8%. - Source: https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 59.4%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2017,0.7912931193506733],[2018,0.6215949945258228],[2019,0.07368949661132519],[2020,0.09768246366890725],[2021,0.12182181383675426],[2022,0.2102918092077677],[2023,0.27515545449424267],[2024,0.3444632373333542],[2025,0.2816851811051448],[2026,0.22463428022282395]]; median 0.2498948673585333. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid no dividends in 10 years; bought back USD 5.9 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 290000000; owner earnings 1061000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 287000000; owner earnings 1388000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 360000000; owner earnings 1372000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 0; upkeep 721000000; owner earnings 1823000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 900000000; owner earnings 3268000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 1160000000; owner earnings 3370000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 0; upkeep 1479000000; owner earnings 4220000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 1388000000; owner earnings 4801000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 1569000000; owner earnings 4657000000. Growth capex / owner earnings = 0. - Source: https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm (filed 2026-02-19); FY2025: growth capex 0; upkeep 1763000000; owner earnings 4878000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 5899000000 USD. ### Are managers owners Insiders own 0% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FISV.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16. ### What could break it "Our business depends, in part, on our merchant relationships and alliances" (SEC filing, Feb 2026) - Source: https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm (filed 2026-02-19); Our business depends, in part, on our merchant relationships and alliances ### What the price says The price assumes cash profits shrink 9.8% yearly over ten years; actual growth was 18.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate -0.14934954393316352. Price 47.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.662348877374784 → FY2025 8.885245901639344. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $49.24 per share - 2016-11: $52.31 per share - 2016-12: $53.14 per share - 2017-01: $53.72 per share - 2017-02: $57.70 per share - 2017-03: $57.66 per share - 2017-04: $59.57 per share - 2017-05: $62.64 per share - 2017-06: $61.17 per share - 2017-07: $64.25 per share - 2017-08: $61.86 per share - 2017-09: $64.48 per share - 2017-10: $64.72 per share - 2017-11: $65.73 per share - 2017-12: $65.57 per share - 2018-01: $70.42 per share - 2018-02: $71.70 per share - 2018-03: $71.31 per share - 2018-04: $70.86 per share - 2018-05: $72.60 per share - 2018-06: $74.09 per share - 2018-07: $75.48 per share - 2018-08: $80.07 per share - 2018-09: $82.38 per share - 2018-10: $79.30 per share - 2018-11: $79.13 per share - 2018-12: $73.49 per share - 2019-01: $82.93 per share - 2019-02: $84.69 per share - 2019-03: $88.28 per share - 2019-04: $87.24 per share - 2019-05: $85.86 per share - 2019-06: $91.16 per share - 2019-07: $105.43 per share - 2019-08: $106.94 per share - 2019-09: $103.59 per share - 2019-10: $106.14 per share - 2019-11: $116.24 per share - 2019-12: $115.63 per share - 2020-01: $118.61 per share - 2020-02: $109.36 per share - 2020-03: $94.99 per share - 2020-04: $103.06 per share - 2020-05: $106.77 per share - 2020-06: $97.62 per share - 2020-07: $99.79 per share - 2020-08: $99.58 per share - 2020-09: $103.05 per share - 2020-10: $95.47 per share - 2020-11: $115.18 per share - 2020-12: $113.86 per share - 2021-01: $102.69 per share - 2021-02: $115.37 per share - 2021-03: $119.04 per share - 2021-04: $120.12 per share - 2021-05: $115.20 per share - 2021-06: $106.89 per share - 2021-07: $115.11 per share - 2021-08: $117.79 per share - 2021-09: $108.50 per share - 2021-10: $98.49 per share - 2021-11: $96.52 per share - 2021-12: $103.79 per share - 2022-01: $105.70 per share - 2022-02: $97.67 per share - 2022-03: $101.40 per share - 2022-04: $97.92 per share - 2022-05: $100.18 per share - 2022-06: $88.97 per share - 2022-07: $105.68 per share - 2022-08: $101.19 per share - 2022-09: $93.57 per share - 2022-10: $102.74 per share - 2022-11: $104.36 per share - 2022-12: $101.07 per share - 2023-01: $106.68 per share - 2023-02: $115.09 per share - 2023-03: $113.03 per share - 2023-04: $122.12 per share - 2023-05: $112.19 per share - 2023-06: $126.15 per share - 2023-07: $126.21 per share - 2023-08: $121.39 per share - 2023-09: $112.96 per share - 2023-10: $113.75 per share - 2023-11: $130.61 per share - 2023-12: $132.84 per share - 2024-01: $141.87 per share - 2024-02: $149.27 per share - 2024-03: $159.82 per share - 2024-04: $152.67 per share - 2024-05: $149.76 per share - 2024-06: $149.04 per share - 2024-07: $163.57 per share - 2024-08: $174.60 per share - 2024-09: $179.65 per share - 2024-10: $197.90 per share - 2024-11: $220.96 per share - 2024-12: $205.42 per share - 2025-01: $216.04 per share - 2025-02: $235.69 per share - 2025-03: $220.83 per share - 2025-04: $184.57 per share - 2025-05: $162.79 per share - 2025-06: $172.41 per share - 2025-07: $138.94 per share - 2025-08: $138.18 per share - 2025-09: $128.93 per share - 2025-10: $66.69 per share - 2025-11: $61.47 per share - 2025-12: $67.17 per share - 2026-01: $63.73 per share - 2026-02: $62.29 per share - 2026-03: $55.80 per share - 2026-04: $62.65 per share - 2026-05: $56.56 per share - 2026-06: $49.05 per share - 2026-07: $53.94 per share - 2026-08: $53.31 per share - 2026-09: $45.18 per share - 2026-10: $47.21 per share ## Annual estimated value (USD per share) - FY2016: low $23.82 per share, central $27.04 per share, high $31.34 per share - FY2017: low $25.54 per share, central $28.99 per share, high $33.59 per share - FY2018: low $31.05 per share, central $35.23 per share, high $40.79 per share - FY2019: low $31.88 per share, central $36.14 per share, high $41.81 per share - FY2020: low $53.33 per share, central $60.56 per share, high $70.19 per share - FY2021: low $59.55 per share, central $67.65 per share, high $78.44 per share - FY2022: low $67.66 per share, central $76.87 per share, high $89.13 per share - FY2023: low $75.89 per share, central $86.17 per share, high $99.86 per share - FY2024: low $88.87 per share, central $100.92 per share, high $116.97 per share - FY2025: low $97.80 per share, central $111.19 per share, high $129.02 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 Prior published observations retained from 2026-10-15T06:34:13.689Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/798354/000079835426000009/fi-20251231.htm); period 2025-12-31, filed 2026-02-19. 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.
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Fiserv
FISV · US
S&P 500
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
- Share price
- $47.21
- Buy up to
- $109.19
- Expected / yr
- 19.8% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- Are managers owners
- What could break it
- What the price says
1. Is this a good business?
The second-worst year 9.8% (minimum 10%).
- 10y median
- 25.0%
- Worst year
- 7.4%
- Latest · LTM
- 22.5%
Each $1 of profit left $1.62 for owners over five years (minimum $0.80).
- Five-year totals
- 1.62×
- Annual median
- 1.56×
- Latest · 2025
- 1.40×
Per-share value rose from 2.11 to 5.38, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- $2.93
- Worst year
- $1.29
- Latest · 2025
- $6.34
Profits were backed by cash: accruals were -3.2% of assets (limit 10%).
- 10y median
- -3.2%
- Worst year
- -2.3%
- Latest · 2025
- -3.2%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 22.9%, three-year average owner earnings per share 8.23 USD.
2. Is the price low enough?
| Value range | $96.00 – $126.74 |
|---|---|
| Buy at or below | Central value $109.19 |
| Discount to value | 1 − 47.21 / 109.19 = 56.8% |
| Return / year | About 19.8% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 8.75/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash USD 0.38/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$21B
FY2017 · Revenue: $5.7B; FY2018 · Revenue: $5.8B; FY2019 · Revenue: $10B; FY2020 · Revenue: $15B; FY2021 · Revenue: $16B; FY2022 · Revenue: $18B; FY2023 · Revenue: $19B; FY2024 · Revenue: $20B; FY2025 · Revenue: $21B; FY2026 · Revenue: $21B
Owner earnings$4.9B
FY2016 · Owner earnings: $1.1B; FY2017 · Owner earnings: $1.4B; FY2018 · Owner earnings: $1.4B; FY2019 · Owner earnings: $1.8B; FY2020 · Owner earnings: $3.3B; FY2021 · Owner earnings: $3.4B; FY2022 · Owner earnings: $4.2B; FY2023 · Owner earnings: $4.8B; FY2024 · Owner earnings: $4.7B; FY2025 · Owner earnings: $4.9B
Operating margin21.4%
FY2017 · Operating margin: 26.9%; FY2018 · Operating margin: 30.1%; FY2019 · Operating margin: 15.8%; FY2020 · Operating margin: 12.5%; FY2021 · Operating margin: 14.1%; FY2022 · Operating margin: 21.1%; FY2023 · Operating margin: 26.3%; FY2024 · Operating margin: 28.7%; FY2025 · Operating margin: 26.9%; FY2026 · Operating margin: 21.4%
Net cash / debt-$28B
FY2016 · Net cash / debt: -$4.3B; FY2017 · Net cash / debt: -$4.6B; FY2018 · Net cash / debt: -$5.5B; FY2019 · Net cash / debt: -$21B; FY2020 · Net cash / debt: -$20B; FY2021 · Net cash / debt: -$20B; FY2022 · Net cash / debt: -$21B; FY2023 · Net cash / debt: -$22B; FY2024 · Net cash / debt: -$24B; FY2025 · Net cash / debt: -$28B
Diluted shares549M
FY2016 · Diluted shares: 440M; FY2017 · Diluted shares: 425M; FY2018 · Diluted shares: 405M; FY2019 · Diluted shares: 695M; FY2020 · Diluted shares: 681M; FY2021 · Diluted shares: 664M; FY2022 · Diluted shares: 639M; FY2023 · Diluted shares: 616M; FY2024 · Diluted shares: 582M; FY2025 · Diluted shares: 549M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·