Fidelity National Information Services, Inc.

FIS

TechnologyInformation Technology ServicesNYSE

$43.50

Market Cap: $22.48B

Fidelity National Information Services, Inc. (FIS) Valuation Summary

Updated May 9, 2026 19:37

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$28.38 – $93.50	$45.13	+3.8%
Growth Exit 10Y	$22.54 – $64.66	$33.69	-22.6%
EBITDA Exit 5Y	$28.96 – $67.41	$46.60	+7.1%
EBITDA Exit 10Y	$25.24 – $56.98	$38.83	-10.7%
▸ Trading Multiples
P/E	$8.60 – $104.88	$73.74	+69.5%
EV/EBITDA	$42.40 – $240.03	$87.81	+101.9%
EV/Revenue	$28.31 – $234.13	$62.61	+43.9%
▸ PEG
PEG Fair Value	$156.75 – $156.75	$156.75	+260.4%
▸ Earnings Power Value
Earnings Power Value	$16.20 – $25.74	$20.14	-53.7%
▸ Dividend Discount
Dividend Discount	$19.04 – $41.82	$26.88	-38.2%

Valuation History

DCF Analysis

Fair Value

$45.13

Market Price

$43.50

Upside / Downside

+3.8%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to -6.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $45.13 per share, suggesting FIS is fairly valued by 3.8% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,938
(−) Net Interest	517	542	564	555	519	532
(+) D&A	377	211	246	315	387	396
EBITDA	2,777	2,726	2,864	2,889	2,797	2,867

(−) Tax	667	699	728	715	670	687
(−) CapEx	422	443	461	453	424	435
(−) ΔWC	1,811	201	181	-78	-285	-292
Free Cash Flow (FCFF)	-124	1,384	1,495	1,799	1,988	2,037

Terminal Value						33,044
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	21,809

Enterprise Value	26,838
Projection Period	5,030	18.7%
Terminal Value	21,809	81.3%

(−) Current Net Debt	3,414

Equity Value	23,424
(/) Outstanding Shares	519

Fair Price	$45.13

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$59	$65	$72	$81	$94
7.7%	$47	$51	$56	$62	$69
8.7%	$39	$42	$45	$49	$53
9.7%	$33	$35	$37	$40	$43
10.7%	$28	$30	$32	$33	$36

Current price: $43.50. Green = undervalued, Red = overvalued.

Fair Value

$33.69

Market Price

$43.50

Upside / Downside

-22.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to 1.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (54% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $33.69 per share, suggesting FIS is overvalued by 22.6% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,800	1,742	1,713	1,711	1,736	1,779
(−) Net Interest	517	542	564	555	519	495	479	471	470	477	489
(+) D&A	377	211	246	315	387	441	437	427	411	398	408
EBITDA	2,777	2,726	2,864	2,889	2,797	2,736	2,658	2,610	2,593	2,610	2,676

(−) Tax	667	699	728	715	670	638	617	607	606	615	630
(−) CapEx	422	443	461	453	424	404	391	384	384	390	399
(−) ΔWC	1,811	201	181	-78	-285	-201	-129	-65	-4	55	56
Free Cash Flow (FCFF)	-124	1,384	1,495	1,799	1,988	1,895	1,779	1,684	1,607	1,551	1,590

Terminal Value											25,783
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	1,200	1,037	903	793	704	11,231

Enterprise Value	20,897
Projection Period	9,666	46.3%
Terminal Value	11,231	53.7%

(−) Current Net Debt	3,414

Equity Value	17,483
(/) Outstanding Shares	519

Fair Price	$33.69

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$45	$48	$52	$58	$65
7.7%	$37	$39	$41	$44	$48
8.7%	$31	$32	$34	$36	$38
9.7%	$26	$27	$28	$29	$31
10.7%	$23	$23	$24	$25	$26

Current price: $43.50. Green = undervalued, Red = overvalued.

Fair Value

$46.61

Market Price

$43.50

Upside / Downside

+7.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to -6.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.9x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $46.60 per share, suggesting FIS is fairly valued by 7.1% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

EV/EBITDA Exit Multiple

11.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,938
(−) Net Interest	517	542	564	555	519	532
(+) D&A	377	211	246	315	387	396
EBITDA	2,777	2,726	2,864	2,889	2,797	2,867

(−) Tax	667	699	728	715	670	—
(−) CapEx	422	443	461	453	424	—
(−) ΔWC	1,811	201	181	-78	-285	—
Free Cash Flow (FCF)	-124	1,384	1,495	1,799	1,988	—

Peers' EBITDA Multiple						11.9x
Terminal Value						34,202
WACC / Discount Rate	8.67%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	22,573

Enterprise Value	27,603
Projection Period	5,030	18.2%
Terminal Value	22,573	81.8%

(−) Current Net Debt	3,414
Equity Value	24,189
(÷) Outstanding Shares	519M
Fair Price	$47	+7.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.9x	9.9x	11.9x	13.9x	15.9x
6.7%	$35	$43	$51	$59	$67
7.7%	$34	$41	$49	$57	$64
8.7%	$32	$39	$47	$54	$61
9.7%	$30	$37	$44	$51	$58
10.7%	$29	$36	$42	$49	$56

Current price: $43.50. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$38.84

Market Price

$43.50

Upside / Downside

-10.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to 1.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (59% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.9x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $38.83 per share, suggesting FIS is fairly valued by 10.7% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

EV/EBITDA Exit Multiple

11.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,800	1,742	1,713	1,711	1,736	1,779
(−) Net Interest	517	542	564	555	519	495	479	471	470	477	489
(+) D&A	377	211	246	315	387	441	437	427	411	398	408
EBITDA	2,777	2,726	2,864	2,889	2,797	2,736	2,658	2,610	2,593	2,610	2,676

(−) Tax	667	699	728	715	670	638	617	607	606	615	—
(−) CapEx	422	443	461	453	424	404	391	384	384	390	—
(−) ΔWC	1,811	201	181	-78	-285	-201	-129	-65	-4	55	—
Free Cash Flow (FCF)	-124	1,384	1,495	1,799	1,988	1,895	1,779	1,684	1,607	1,551	—

Peers' EBITDA Multiple											11.9x
Terminal Value											31,919
WACC / Discount Rate	8.67%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	1,200	1,037	903	793	704	13,904

Enterprise Value	23,570
Projection Period	9,666	41.0%
Terminal Value	13,904	59.0%

(−) Current Net Debt	3,414
Equity Value	20,156
(÷) Outstanding Shares	519M
Fair Price	$39	-10.7%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.9x	9.9x	11.9x	13.9x	15.9x
6.7%	$35	$41	$46	$52	$57
7.7%	$32	$37	$42	$47	$52
8.7%	$30	$34	$39	$43	$48
9.7%	$27	$32	$36	$40	$44
10.7%	$25	$29	$33	$36	$40

Current price: $43.50. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$73.74

Market Price

$43.50

Upside / Downside

+69.5%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Fidelity National Information Services, Inc. (FIS) has a fair value of $73.74 based on 7 comparable companies in the Information Technology Services industry.

P/E Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Fidelity National Information Services, Inc.FIS	22,577	58.0x	7.5x
Keysight Technologies, Inc.KEYS	61,793	73.8x	50.9x
Astera Labs, Inc. Common StockALAB	34,246	163.8x	67.6x
Cognizant Technology Solutions CorporationCTSH	24,490	11.4x	10.0x
Everpure, IncPSTG	22,131	142.5x	29.2x
Wipro LimitedWIT	20,744	12.7x	—
Broadridge Financial Solutions, Inc.BR	17,291	21.1x	15.7x
Leidos Holdings, Inc.LDOS	16,366	11.7x	12.9x
Industry Median		21.1x	22.4x
(*) Profit after tax		382	2,996
Equity Value		8,044	68,499
(/) Outstanding shares		519	519
Fair Price		$15	$132

Selected Fair Value (avg of trailing + forward)

$73.74

+69.5%

Fair Value

$87.81

Market Price

$43.50

Upside / Downside

+101.9%

Verdict

Undervalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Fidelity National Information Services, Inc. (FIS) has a fair value of $87.81 based on 7 comparable companies in the Information Technology Services industry.

EV/EBITDA Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Fidelity National Information Services, Inc.FIS	22,577	9.0x	9.0x
Keysight Technologies, Inc.KEYS	61,793	44.1x	44.5x
Hewlett Packard Enterprise CompanyHPE	41,577	22.1x	22.0x
Cognizant Technology Solutions CorporationCTSH	24,490	5.8x	5.8x
Everpure, IncPSTG	22,131	56.6x	47.5x
Wipro LimitedWIT	20,744	9.7x	—
Broadridge Financial Solutions, Inc.BR	17,291	11.9x	11.1x
Leidos Holdings, Inc.LDOS	16,366	8.8x	9.2x
Industry Median		11.9x	16.5x
(*) EBITDA		2,900	2,881
= Enterprise Value		34,590	63,385
(-) Net Debt		3,414	3,414
Equity Value		31,176	59,971
(/) Outstanding shares		519	519
Fair Price		$60	$116

Selected Fair Value (avg of trailing + forward)

$87.81

+101.9%

Fair Value

$62.61

Market Price

$43.50

Upside / Downside

+43.9%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Fidelity National Information Services, Inc. (FIS) has a fair value of $62.61 based on 9 comparable companies in the Information Technology Services industry.

EV/Revenue Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Fidelity National Information Services, Inc.FIS	22,577	2.4x	2.5x
Keysight Technologies, Inc.KEYS	61,793	11.7x	11.8x
Hewlett Packard Enterprise CompanyHPE	41,577	1.7x	1.7x
Credo Technology Group Holding LtdCRDO	34,770	79.1x	26.0x
Astera Labs, Inc. Common StockALAB	34,246	40.0x	22.3x
Cognizant Technology Solutions CorporationCTSH	24,490	1.1x	1.1x
Everpure, IncPSTG	22,131	5.9x	4.9x
Wipro LimitedWIT	20,744	1.9x	—
Broadridge Financial Solutions, Inc.BR	17,291	2.9x	2.7x
Leidos Holdings, Inc.LDOS	16,366	1.2x	1.3x
Industry Median		2.9x	3.8x
(*) Revenue		10,677	10,607
= Enterprise Value		31,289	40,524
(-) Net Debt		3,414	3,414
Equity Value		27,875	37,110
(/) Outstanding shares		519	519
Fair Price		$54	$72

Selected Fair Value (avg of trailing + forward)

$62.61

+43.9%

PEG Fair Value

Fair Value

$156.75

Market Price

$43.50

Upside / Downside

+260.4%

Verdict

Undervalued

Using the PEG framework with analyst consensus forward EPS growth of 25.0% plus 3.8% dividend yield, the company has a fair value of $156.75 based on NTM EPS (FY2026) of $6.27. The current PEG ratio is 0.08.

PEG Ratio

0.08Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 6.9 ÷ (78.9% + 3.8%) = 0.08

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	78.9%
Dividend Yield	+3.8%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$6.27
Fair Value	$156.75

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.75	—	—
FY2026E	$6.27	+736.0%	17
FY2027E	$6.88	+9.7%	17
FY2028E	$7.53	+9.5%	9
FY2029E	$7.69	+2.1%	4

4Y Forward EPS CAGR: 78.9%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$417.0M	$0.67	—
FY2022	$-16.7B	$-27.68	-4222.4%
FY2023	$-6.7B	$-11.26	—
FY2024	$1.4B	$1.42	—
FY2025	$382.0M	$0.75	-47.2%

4Y Historical EPS CAGR: 2.8%

Earnings Power Value

Fair Value

$20.14

Market Price

$43.50

Upside / Downside

-53.7%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.7% and normalized earnings of $1.2B, the company has a fair value of $20.14 per share. The EPV range is $16.20 – $25.74 based on WACC sensitivity (7.2% – 10.2%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,202	1,202	1,202
(/) WACC	10.2%	8.7%	7.2%
Enterprise Value	11,821	13,868	16,771
(-) Net debt	3,414	3,414	3,414
Equity Value	8,407	10,454	13,357
(/) Outstanding shares	519	519	519
Fair Price	$16.20	$20.14	$25.74

Dividend Discount Model

Fair Value

$26.88

Market Price

$43.50

Upside / Downside

-38.2%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.2% and projected dividend growth of 4.4%, the fair value is $26.88 per share. The DDM range is $19.04 – $41.82 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$1.63

Dividend Yield

3.77%

Payout Ratio

221.7%

Dividend Coverage

0.45x

FCF Payout Ratio30.2%

DPS CAGR (4Y)1.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.63	221.7%	+13.2%
2024	$1.44	55.2%	-30.8%
2023	$2.08	—	+10.6%
2022	$1.88	—	+21.8%
2021	$1.55	230.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.70	4.4%	0.9154	$1.56
2027	$1.78	4.4%	0.8379	$1.49
2028	$1.86	4.4%	0.7670	$1.42
2029	$1.94	4.4%	0.7021	$1.36
2030	$2.02	4.4%	0.6427	$1.30
Terminal Value	$2.07 DPS	2.5%		$19.75

PV of Projected Dividends$7.13

PV of Terminal Value$19.75

Fair Value per Share$26.88

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	2.4%	3.4%	4.4%	5.4%	6.4%
7.2%	$35	$37	$38	$40	$42
8.2%	$29	$30	$32	$33	$34
9.2%	$25	$26	$27	$28	$29
10.2%	$21	$22	$23	$24	$25
11.2%	$19	$20	$21	$22	$22

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Fidelity National Information Services, Inc. (FIS) Valuation Summary

Updated May 9, 2026 19:37

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$28.38 – $93.50	$45.13	+3.8%
Growth Exit 10Y	$22.54 – $64.66	$33.69	-22.6%
EBITDA Exit 5Y	$28.96 – $67.41	$46.60	+7.1%
EBITDA Exit 10Y	$25.24 – $56.98	$38.83	-10.7%
▸ Trading Multiples
P/E	$8.60 – $104.88	$73.74	+69.5%
EV/EBITDA	$42.40 – $240.03	$87.81	+101.9%
EV/Revenue	$28.31 – $234.13	$62.61	+43.9%
▸ PEG
PEG Fair Value	$156.75 – $156.75	$156.75	+260.4%
▸ Earnings Power Value
Earnings Power Value	$16.20 – $25.74	$20.14	-53.7%
▸ Dividend Discount
Dividend Discount	$19.04 – $41.82	$26.88	-38.2%

Valuation History

DCF Analysis

Fair Value

$45.13

Market Price

$43.50

Upside / Downside

+3.8%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,938
(−) Net Interest	517	542	564	555	519	532
(+) D&A	377	211	246	315	387	396
EBITDA	2,777	2,726	2,864	2,889	2,797	2,867

(−) Tax	667	699	728	715	670	687
(−) CapEx	422	443	461	453	424	435
(−) ΔWC	1,811	201	181	-78	-285	-292
Free Cash Flow (FCFF)	-124	1,384	1,495	1,799	1,988	2,037

Terminal Value						33,044
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	21,809

Enterprise Value	26,838
Projection Period	5,030	18.7%
Terminal Value	21,809	81.3%

(−) Current Net Debt	3,414

Equity Value	23,424
(/) Outstanding Shares	519

Fair Price	$45.13

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$59	$65	$72	$81	$94
7.7%	$47	$51	$56	$62	$69
8.7%	$39	$42	$45	$49	$53
9.7%	$33	$35	$37	$40	$43
10.7%	$28	$30	$32	$33	$36

Current price: $43.50. Green = undervalued, Red = overvalued.

Fair Value

$33.69

Market Price

$43.50

Upside / Downside

-22.6%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,800	1,742	1,713	1,711	1,736	1,779
(−) Net Interest	517	542	564	555	519	495	479	471	470	477	489
(+) D&A	377	211	246	315	387	441	437	427	411	398	408
EBITDA	2,777	2,726	2,864	2,889	2,797	2,736	2,658	2,610	2,593	2,610	2,676

(−) Tax	667	699	728	715	670	638	617	607	606	615	630
(−) CapEx	422	443	461	453	424	404	391	384	384	390	399
(−) ΔWC	1,811	201	181	-78	-285	-201	-129	-65	-4	55	56
Free Cash Flow (FCFF)	-124	1,384	1,495	1,799	1,988	1,895	1,779	1,684	1,607	1,551	1,590

Terminal Value											25,783
WACC / Discount Rate	8.7%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	1,200	1,037	903	793	704	11,231

Enterprise Value	20,897
Projection Period	9,666	46.3%
Terminal Value	11,231	53.7%

(−) Current Net Debt	3,414

Equity Value	17,483
(/) Outstanding Shares	519

Fair Price	$33.69

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.7%	$45	$48	$52	$58	$65
7.7%	$37	$39	$41	$44	$48
8.7%	$31	$32	$34	$36	$38
9.7%	$26	$27	$28	$29	$31
10.7%	$23	$23	$24	$25	$26

Current price: $43.50. Green = undervalued, Red = overvalued.

Fair Value

$46.61

Market Price

$43.50

Upside / Downside

+7.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to -6.3% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.9x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $46.60 per share, suggesting FIS is fairly valued by 7.1% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

EV/EBITDA Exit Multiple

11.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,938
(−) Net Interest	517	542	564	555	519	532
(+) D&A	377	211	246	315	387	396
EBITDA	2,777	2,726	2,864	2,889	2,797	2,867

(−) Tax	667	699	728	715	670	—
(−) CapEx	422	443	461	453	424	—
(−) ΔWC	1,811	201	181	-78	-285	—
Free Cash Flow (FCF)	-124	1,384	1,495	1,799	1,988	—

Peers' EBITDA Multiple						11.9x
Terminal Value						34,202
WACC / Discount Rate	8.67%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	22,573

Enterprise Value	27,603
Projection Period	5,030	18.2%
Terminal Value	22,573	81.8%

(−) Current Net Debt	3,414
Equity Value	24,189
(÷) Outstanding Shares	519M
Fair Price	$47	+7.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.9x	9.9x	11.9x	13.9x	15.9x
6.7%	$35	$43	$51	$59	$67
7.7%	$34	$41	$49	$57	$64
8.7%	$32	$39	$47	$54	$61
9.7%	$30	$37	$44	$51	$58
10.7%	$29	$36	$42	$49	$56

Current price: $43.50. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$38.84

Market Price

$43.50

Upside / Downside

-10.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Fidelity National Information Services, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 28.9% to 1.4% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 94, DPO 33, DIO 60). At a 8.7% WACC with mid-year discounting, the terminal value (59% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 11.9x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $38.83 per share, suggesting FIS is fairly valued by 10.7% at the current price of $43.50.

FCFF Present Value Calculation

WACC

8.67%

3% – 20%

EV/EBITDA Exit Multiple

11.93x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,882	1,973	2,054	2,019	1,891	1,800	1,742	1,713	1,711	1,736	1,779
(−) Net Interest	517	542	564	555	519	495	479	471	470	477	489
(+) D&A	377	211	246	315	387	441	437	427	411	398	408
EBITDA	2,777	2,726	2,864	2,889	2,797	2,736	2,658	2,610	2,593	2,610	2,676

(−) Tax	667	699	728	715	670	638	617	607	606	615	—
(−) CapEx	422	443	461	453	424	404	391	384	384	390	—
(−) ΔWC	1,811	201	181	-78	-285	-201	-129	-65	-4	55	—
Free Cash Flow (FCF)	-124	1,384	1,495	1,799	1,988	1,895	1,779	1,684	1,607	1,551	—

Peers' EBITDA Multiple											11.9x
Terminal Value											31,919
WACC / Discount Rate	8.67%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-119	1,221	1,215	1,345	1,367	1,200	1,037	903	793	704	13,904

Enterprise Value	23,570
Projection Period	9,666	41.0%
Terminal Value	13,904	59.0%

(−) Current Net Debt	3,414
Equity Value	20,156
(÷) Outstanding Shares	519M
Fair Price	$39	-10.7%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	7.9x	9.9x	11.9x	13.9x	15.9x
6.7%	$35	$41	$46	$52	$57
7.7%	$32	$37	$42	$47	$52
8.7%	$30	$34	$39	$43	$48
9.7%	$27	$32	$36	$40	$44
10.7%	$25	$29	$33	$36	$40

Current price: $43.50. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$73.74

Market Price

$43.50

Upside / Downside

+69.5%

Verdict

Undervalued

P/E Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Fidelity National Information Services, Inc.FIS	22,577	58.0x	7.5x
Keysight Technologies, Inc.KEYS	61,793	73.8x	50.9x
Astera Labs, Inc. Common StockALAB	34,246	163.8x	67.6x
Cognizant Technology Solutions CorporationCTSH	24,490	11.4x	10.0x
Everpure, IncPSTG	22,131	142.5x	29.2x
Wipro LimitedWIT	20,744	12.7x	—
Broadridge Financial Solutions, Inc.BR	17,291	21.1x	15.7x
Leidos Holdings, Inc.LDOS	16,366	11.7x	12.9x
Industry Median		21.1x	22.4x
(*) Profit after tax		382	2,996
Equity Value		8,044	68,499
(/) Outstanding shares		519	519
Fair Price		$15	$132

Selected Fair Value (avg of trailing + forward)

$73.74

+69.5%

Fair Value

$87.81

Market Price

$43.50

Upside / Downside

+101.9%

Verdict

Undervalued

EV/EBITDA Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Fidelity National Information Services, Inc.FIS	22,577	9.0x	9.0x
Keysight Technologies, Inc.KEYS	61,793	44.1x	44.5x
Hewlett Packard Enterprise CompanyHPE	41,577	22.1x	22.0x
Cognizant Technology Solutions CorporationCTSH	24,490	5.8x	5.8x
Everpure, IncPSTG	22,131	56.6x	47.5x
Wipro LimitedWIT	20,744	9.7x	—
Broadridge Financial Solutions, Inc.BR	17,291	11.9x	11.1x
Leidos Holdings, Inc.LDOS	16,366	8.8x	9.2x
Industry Median		11.9x	16.5x
(*) EBITDA		2,900	2,881
= Enterprise Value		34,590	63,385
(-) Net Debt		3,414	3,414
Equity Value		31,176	59,971
(/) Outstanding shares		519	519
Fair Price		$60	$116

Selected Fair Value (avg of trailing + forward)

$87.81

+101.9%

Fair Value

$62.61

Market Price

$43.50

Upside / Downside

+43.9%

Verdict

Undervalued

EV/Revenue Valuation — Information Technology Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Fidelity National Information Services, Inc.FIS	22,577	2.4x	2.5x
Keysight Technologies, Inc.KEYS	61,793	11.7x	11.8x
Hewlett Packard Enterprise CompanyHPE	41,577	1.7x	1.7x
Credo Technology Group Holding LtdCRDO	34,770	79.1x	26.0x
Astera Labs, Inc. Common StockALAB	34,246	40.0x	22.3x
Cognizant Technology Solutions CorporationCTSH	24,490	1.1x	1.1x
Everpure, IncPSTG	22,131	5.9x	4.9x
Wipro LimitedWIT	20,744	1.9x	—
Broadridge Financial Solutions, Inc.BR	17,291	2.9x	2.7x
Leidos Holdings, Inc.LDOS	16,366	1.2x	1.3x
Industry Median		2.9x	3.8x
(*) Revenue		10,677	10,607
= Enterprise Value		31,289	40,524
(-) Net Debt		3,414	3,414
Equity Value		27,875	37,110
(/) Outstanding shares		519	519
Fair Price		$54	$72

Selected Fair Value (avg of trailing + forward)

$62.61

+43.9%

PEG Fair Value

Fair Value

$156.75

Market Price

$43.50

Upside / Downside

+260.4%

Verdict

Undervalued

PEG Ratio

0.08Deep Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 6.9 ÷ (78.9% + 3.8%) = 0.08

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG moderately applicable

Growth above 25% is capped — hypergrowth may not be sustainable long-term.

Fair Value Calculation

EPS Growth RateForward	78.9%
Dividend Yield	+3.8%
Adjusted Growth (clamped 8–25%)Clamped	25.0%
Fair P/E	25.0x
NTM EPS (FY2026)	$6.27
Fair Value	$156.75

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.75	—	—
FY2026E	$6.27	+736.0%	17
FY2027E	$6.88	+9.7%	17
FY2028E	$7.53	+9.5%	9
FY2029E	$7.69	+2.1%	4

4Y Forward EPS CAGR: 78.9%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$417.0M	$0.67	—
FY2022	$-16.7B	$-27.68	-4222.4%
FY2023	$-6.7B	$-11.26	—
FY2024	$1.4B	$1.42	—
FY2025	$382.0M	$0.75	-47.2%

4Y Historical EPS CAGR: 2.8%

Earnings Power Value

Fair Value

$20.14

Market Price

$43.50

Upside / Downside

-53.7%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,202	1,202	1,202
(/) WACC	10.2%	8.7%	7.2%
Enterprise Value	11,821	13,868	16,771
(-) Net debt	3,414	3,414	3,414
Equity Value	8,407	10,454	13,357
(/) Outstanding shares	519	519	519
Fair Price	$16.20	$20.14	$25.74

Dividend Discount Model

Fair Value

$26.88

Market Price

$43.50

Upside / Downside

-38.2%

Verdict

Overvalued

Dividend Profile

Current DPS

$1.63

Dividend Yield

3.77%

Payout Ratio

221.7%

Dividend Coverage

0.45x

FCF Payout Ratio30.2%

DPS CAGR (4Y)1.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$1.63	221.7%	+13.2%
2024	$1.44	55.2%	-30.8%
2023	$2.08	—	+10.6%
2022	$1.88	—	+21.8%
2021	$1.55	230.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.70	4.4%	0.9154	$1.56
2027	$1.78	4.4%	0.8379	$1.49
2028	$1.86	4.4%	0.7670	$1.42
2029	$1.94	4.4%	0.7021	$1.36
2030	$2.02	4.4%	0.6427	$1.30
Terminal Value	$2.07 DPS	2.5%		$19.75

PV of Projected Dividends$7.13

PV of Terminal Value$19.75

Fair Value per Share$26.88

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	2.4%	3.4%	4.4%	5.4%	6.4%
7.2%	$35	$37	$38	$40	$42
8.2%	$29	$30	$32	$33	$34
9.2%	$25	$26	$27	$28	$29
10.2%	$21	$22	$23	$24	$25
11.2%	$19	$20	$21	$22	$22