Fidelity National Information Services, Inc. FIS
FIS trades at 6.2x P/E and 6.7x EV/EBITDA—roughly 87% and 81% below peer medians of 46.4x and 35.5x respectively—while operating income held stable at $1.76B on FY2025 revenue that accelerated to 5.4% YoY growth. The post-Worldpay deleveraging story is tangible: total debt fell from $20.4B in 2022 to $4.0B in 2025, and free cash flow surged to $2.81B (26.3% FCF margin), though GAAP net income dropped 73.7% to $382M on below-the-line charges that did not touch operating performance.
The stock remains under technical pressure at $40.66—20% below its 200-day MA of $51.00—with a bearish MACD histogram, but the combination of deeply discounted valuation, improving top-line growth, and surging FCF supports a contrarian buy while the operating recovery gains traction.
What could go wrong
- Below-the-line earnings erosion. Net income fell 73.7% to $382M in FY2025 despite stable operating income of $1.76B; if below-the-line charges persist or prove recurring, the headline P/E of 6.2x may not be as cheap as it appears.
- Technical downtrend. Stock at $40.66 trades 20% below its 200-day MA of $51.00 with a negative MACD histogram of -0.41 and RSI at 42.2, suggesting ongoing selling pressure that could worsen before it reverses.
- Net insider selling. Over the trailing 24 months insiders were net sellers by $6.25M in value despite net positive share count of 369,759, and recent acquisitions were predominantly RSU grants rather than open-market purchases.
- Margin pressure from rising tech costs. Industry commentary notes rising technology costs and consumer spending pressures weighing on margins for payments players including FIS, which could constrain the operating margin recovery from its current 16.5% level.
What would change my mind
Where this comes from: peer_relative (as of 2026-08-19) · fundamentals FY2025 + derived_metrics FY2025 (year ended 2025-12-31) · fundamentals FY2022 vs FY2025 + derived_metrics FY2025 (years ended 2022-12-31 and 2025-12-31) · fundamentals + derived_metrics FY2025 (year ended 2025-12-31). Orin's read on FIS; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All FIS filings| Form | Filed | What it says | Read |
|---|---|---|---|
| 10-Q | 4 Aug | Revenue for the three months ended June 30, 2026, was $3,377 million, an increase of 29% year-over-year from $2,616 million. | read |
| 8-K | 4 Aug | Fidelity National Information Services, Inc. | read |
| 13G/A | 27 Jul | — | on file |
| 8-K | 18 Jun | Caroline Tsai will step down as Chief Legal & Corporate Affairs Officer and Corporate Secretary of Fidelity National Information Services, Inc. | read |
| 8-K | 12 Jun | Fidelity National Information Services, Inc. | read |
| 13G/A | 14 May | — | on file |
| 13G/A | 12 May | — | on file |
| 10-Q | 8 May | FIS reported first-quarter 2026 revenue of $3.295 billion, up 30% year-over-year and 7% organically, driven by the January 9 acquisition of the Issuer Solutions business and 9%… | read |
Largest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $1.3B | 0.0% of fund |
| Jpmorgan Chase & | $1.0B | 0.1% of fund |
| State Street | $1.0B | 0.0% of fund |
| Vanguard Portfolio Management | $941.6M | 0.0% of fund |
| Capital World Investors | $811.4M | 0.1% of fund |
| Capital Research Global Investors | $704.4M | 0.1% of fund |
93 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 99 Form 4 filings, net −$6.3M. Of the 50 on hand, 3 were open-market purchases and 0 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about FIS
Orin answers questions about FIS from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 5.3× | — | 53.3× |
| EV/EBITDA | 6.2× | 17.1× | — |
| P/S | 1.44× | 4.22× | — |
| P/B | 1.1× | 1.9× | — |
Its P/E sits 40th percentile of its own last 5 years (−0.78σ from its own mean).
-8.4%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.8B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$48
$42 – $57 · +39% against today's price
- 21 buy or overweight
- 15 hold
- 1 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| FISFidelity National Information Services, Inc. | $18B | 5.3× | 6.2× | 37.1% | 27.2% | 23% |
| ALABAstera Labs, Inc. Common Stock | $62B | 166.1× | 184.7× | 75.1% | 30.7% | 25% |
| BRBroadridge Financial Solutions, Inc. | $19B | 16.9× | 11.6× | 31.8% | 15.0% | 40% |
| CRDOCredo Technology Group Holding Ltd | $36B | 65.7× | 62.7× | 67.1% | 33.8% | 27% |
| CTSHCognizant Technology Solutions Corporation | $27B | 12.7× | 7.0× | 32.0% | 10.3% | 15% |
| HPEHewlett Packard Enterprise Company | $83B | 31.0× | 17.1× | 36.0% | 6.6% | 11% |
| KEYSKeysight Technologies, Inc. | $60B | 48.7× | 35.3× | 64.7% | 19.1% | 20% |
| LDOSLeidos Holdings, Inc. | $16B | 11.5× | 9.4× | 17.4% | 7.9% | 28% |
| PSTGEverpure, Inc | $28B | 126.3× | 84.8× | 70.2% | 5.7% | 21% |
The median is of the 8 peers listed above and nothing else — check it against the column. This company trades 86.7% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $78 | $39.33 · +97% | 2026-06-10 |
| Levered DCF | $112 | $39.33 · +185% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.