XStocksXray

Research report · 16 October 2026

Fidelity National Information Services, Inc. (FIS)

Financials · Transaction & Payment Processing Services · US stock · price as of 16 Oct 2026

Key indicators

Price	$36.01
52-week range	$32.10 – $66.44
Market cap	$18.6B
P/E (trailing)	5.5×
EV / EBITDA	9.4×
Free-cash-flow yield	–
Dividend yield	4.8%
Revenue (last 12 months)	$12.2B
Revenue growth (3y a year)	3.2%
Operating margin	15.7%
Return on invested capital	3.9%
Net debt / EBITDA	4.9×

Fair value

Blended fair value$79.55 range $31 – $80

Versus priceUndervalued+121% to fair value

Peer multiples	$45.41
Fundamentals-adjusted multiple	$113.69
10-year DCF (market-scaled)	$4.05
Earnings power value (floor, not blended)	$1.74
Model uncertainty	Medium

X-Ray Score

36/ 100 · Medium confidence · ahead of 10% of sector peers

Valuation66

Growth43

Profitability24

Financial health6

Dividends35

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Fidelity National Information Services, known as FIS, provides technology for banks, credit unions, capital markets firms and other financial institutions. Its offerings include core banking software, payments and card processing, digital banking, fraud and risk tools, and trading and capital markets systems. Customers are financial institutions, along with the businesses and consumers they serve.

FIS earns revenue from software licences, recurring processing fees and services charged to financial institutions. Revenue is $12.2 billion over the last twelve months, with growth of 3.2% a year across three years. The operating margin is 15.7%, and the business earns a profit of 4% on the capital invested in it. It carries net debt of 4.9 times EBITDA, and the dividend yield is 4.8%.

StocksXray gives Fidelity National Information Services, Inc. an X-Ray Score of 36 out of 100 (medium confidence), ahead of 10% of the S&P 500 stocks in its sector. Its strongest lens is valuation (66) and its weakest is financial health (6).

Our fair value blend is $79.55 (range $30.83 to $79.55). At $36.01 the stock trades 55% below that blend, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Fidelity National Information Services, Inc. (FIS)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$95.14	$60.45	$55.88	$76.53	$64.41	$36.01
Market cap	$59.1B	$36.5B	$33.0B	$42.5B	$33.8B	$18.6B
P/E	142.0×	–	–	29.3×	88.2×	5.5×
EV / revenue	8.3×	5.8×	5.3×	5.2×	4.3×	3.2×
EV / EBITDA	15.3×	18.4×	16.2×	15.4×	12.8×	9.4×
Price / free cash flow	13.2×	9.8×	7.8×	–	–	–
Free-cash-flow yield	7.6%	10.2%	12.8%	–	–	–
Price / book	1.2×	1.3×	1.7×	2.7×	2.4×	1.2×
Dividend yield	1.64%	3.11%	3.72%	1.88%	2.48%	4.78%

Fundamentals checklist ● 2 Good · ● 0 Average · ● 10 Bad · each check graded against the sector

Risk models

Altman Z score-1.3×Bad

Piotroski F-Score4 of 9Bad

Growth

Revenue growth (3y)3.2%Bad

Growth consistency100%Good

Balance sheet

Current ratio0.5×Bad

Net debt / EBITDA4.9×Bad

Interest cover3.2×Bad

Valuation

Fair value vs price2.2×Good

EBIT / EV yield4.9%Bad

Profitability

Return on invested capital3.9%Bad

Operating margin15.7%Bad

Gross profitability9.9%Bad

XStocksXray

Fidelity National Information Services, Inc. (FIS)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	9,339	9,720	9,831	10,127	10,677	12,201
Gross profit	3,349	3,461	3,656	3,804	3,936	4,386
Operating income	1,040	1,176	1,447	1,709	1,741	1,916
Net income	417	-16,752	-6,655	1,450	382	3,372
Diluted EPS ($)	0.67	-27.74	-11.26	2.61	0.73	6.50
Free cash flow	4,490	3,712	4,220	–	–	–
Gross margin	35.9%	35.6%	37.2%	37.6%	36.9%	35.9%
Operating margin	11.1%	12.1%	14.7%	16.9%	16.3%	15.7%
Net margin	4.5%	−172.3%	−67.7%	14.3%	3.6%	27.6%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	82,931	63,278	54,973	33,784	33,488	44,106
Cash	2,010	456	440	834	599	744
Total debt	20,353	20,091	19,078	11,290	13,082	21,174
Equity	47,347	27,218	19,050	15,698	13,899	16,038
Dividend per share ($)	1.56	1.88	2.08	1.44	1.60	2.48

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	2,532	2,616	2,717	2,812	3,295	3,377
Growth vs a year earlier	+2.6%	+5.1%	+5.7%	+8.2%	+30.1%	+29.1%
Net income ($M)	77	-470	264	511	2,366	231
Diluted EPS ($)	0.15	-0.90	0.50	–	4.58	0.45

XStocksXray

Fidelity National Information Services, Inc. (FIS)

Peers in Transaction & Payment Processing Services

Company	X-Ray
FIS · Fidelity National Informat...	36
JKHY · Jack Henry & Associates In...	65
PYPL · PayPal Holdings, Inc.	65
MA · Mastercard Inc	60
CPAY · Corpay, Inc.	54

Market Compass outlook for Financials: Favourable (72/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+5.8%
1 month	−1.2%
3 months	−13.8%
6 months	−24.0%
1 year	−43.8%
3 years	−26.5%
5 years	−65.5%

Technical summary

DailyBearish5 bullish · 3 neutral · 8 bearish

WeeklyStrongly bearish0 bullish · 1 neutral · 11 bearish

MonthlyStrongly bearish0 bullish · 1 neutral · 7 bearish

50-day / 200-day average	$37.77 / $44.30
52-week low / high	$32.10 / $66.44
Classic pivot, support and resistance	S2 35.11 · S1 35.56 · P – · R1 36.56 · R2 37.11

Recent dividends

Ex-dividend date	Amount per share
11 Sep 2026	$0.4400
11 Jun 2026	$0.4400
10 Mar 2026	$0.4400
9 Dec 2025	$0.4000
10 Sep 2025	$0.4000
10 Jun 2025	$0.4000

XStocksXray

Fidelity National Information Services, Inc. (FIS)

Strengths

No check stands out as a clear strength against its sector.

Risks and weak spots

Altman Z score is weak against Financials peers (-1.3×).
Piotroski F-Score is weak against Financials peers (4 of 9).
Revenue growth (3y) is weak against Financials peers (3.2%).
Current ratio is weak against Financials peers (0.5×).
Net debt / EBITDA is weak against Financials peers (4.9×).
Interest cover is weak against Financials peers (3.2×).
EBIT / EV yield is weak against Financials peers (4.9%).
Return on invested capital is weak against Financials peers (3.9%).

Latest SEC filings

Date	Form	Items
4 Aug 2026	10-Q
4 Aug 2026	8-K	2.02,9.01
18 Jun 2026	8-K	5.02
12 Jun 2026	8-K	5.07
8 May 2026	10-Q
8 May 2026	8-K	2.02,9.01
28 Apr 2026	DEF 14A
3 Apr 2026	8-K	5.02

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.