Fiserv FCF yield and adjusted EPS valuation

Fiserv, Inc. (FISV)
By@hypertonx
Assumptions as of 2026-08-06
USD
Updated Aug 11, 2026 · Revised 2 times
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Fiserv FCF yield and adjusted EPS valuation

Blended forward adjusted-EPS and FCF-yield valuation refreshed with Q2 2026 release and earnings-call context. FY2026 adjusted EPS is reset to the new $7.20-$7.40 guide, the later EPS path is moderated, and FCF conversion falls to 85%. Conservative 7.5x P/E and 12.5% FCF-yield assumptions reflect a second quarter that did not confirm the expected revenue trough.

as of 2026-08-06

Fair value
$56.92
Upside/downside
8.0%
2027E adjusted EPS
$8.00
2027E FCF/share
$6.80
Current 2026E FCF yield
11.8%
Implied equity value ($B)
$30.4

Cash Flow

85.0%

Earnings

FY2026EFY2027EFY2028EFY2029E
Adjusted EPS path$/share

Market

$52.72$/share
Latest FISV quote · updated Aug 11, 2026 2:00 PM MDT
534million

Valuation

45.0%
12.5%
7.5x

Adjusted EPS to FCF/share bridge

FY2026EFY2027EFY2028EFY2029E
Adjusted EPS$7.30$8.00$9.20$11.00
FCF/share$6.21$6.80$7.82$9.35

Fair value vs target FCF yield and P/E

Target FCF yield6.5 x7.5 x8.5 x9.5 x10.5 x
9.0%$64.96$68.56$72.16$75.76$79.36
10.5%$59.02$62.62$66.22$69.82$73.42
11.5%$55.92$59.52$63.12$66.72$70.32
13.0%$52.17$55.77$59.37$62.97$66.57
14.5%$49.19$52.79$56.39$59.99$63.59

Sources

  1. Q2 organic revenue declined 5%, adjusted EPS was $1.84, and FY2026 adjusted EPS guidance was cut to $7.20-$7.40; first-half free cash flow was $1.36B. — storage.googleapis.com (accessed 2026-08-06)
  2. On the Q2 earnings call, management described Q2 results as in line with guidance, said second-half adjusted revenue should grow about 2% with Q3 down low-single digits and Q4 up mid-single digits, and called out incremental technology and cybersecurity investment as a margin headwind. — investors.fiserv.com (accessed 2026-08-11)

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