MeritValue

Fidelity National Information Services, Inc.

FISdata completeness 100%19 fiscal years on file
The thesis, from the filings

Fidelity National Information Services, Inc. earns about -2% on invested capital, below its ~9% cost of capital, and has bought back 15% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $7.54 and $23.29 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$9.34B1$9.72B2$9.83B3$10.1B3$10.7B3
Net income$417M4−$16.8B5−$6.66B6$1.45B6$382M6
Operating cash flow$4.81B7$3.94B7$4.34B7$2.18B8$2.61B8
Capital expenditure$320M9$227M10$115M11$97M11$154M11
Free cash flow (derived)$4.49B7$3.71B7$4.22B7$2.08B8$2.45B8
Total debt$36.8B12$36.4B13$33.4B14$21.9B15$23.4B15
Cash & equivalents$2.01B16$456M17$440M18$834M19$599M19
Diluted shares621.0M604.0M591.0M555.0M525.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$264.74
your share of equity
Profit it earned you last year
$7.28
Free cash flow it threw off
$46.74
Debt you’d be carrying
$446.38

10 shares is a claim on $264.74 of net worth that earned you $7.28 and generated $46.74 of cash last year, against $446.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 1%FY22 -20%FY23 2%FY24 3%FY25 2%

It earned about -2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−15% shares · 5y

Share count is down 15% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 36% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $7.54 and $23.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$18.26
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$2.45B
DCF · Growth Exit 5Y
$23.29
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$2.45B
Earnings Power Value
$7.54
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$382M
  • growthAssumed0.0%
Graham Number
$20.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $23.29
The three cases
Bear0.0%$23.29
Base0.0%$23.29
Bull5.0%$39.45

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001136893-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001136893-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001136893-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001136893-24-000015 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001136893-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001136893-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001136893-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001136893-26-000013 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0001136893-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001136893-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001136893-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001136893-23-000028 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001136893-24-000015 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001136893-25-000014 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001136893-26-000013 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001136893-23-000028 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001136893-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001136893-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001136893-26-000013 (CashAndCashEquivalentsAtCarryingValue)