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Back of Napkin

Fiserv, Inc. FISV

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Fiserv shares are $52.56 against a 52-week high of $238.59, and both the Securities and Exchange Commission's enforcement division and the United States Attorney for the Southern District of New York are investigating the company's own 2025 guidance.

The metric at the centre of the shareholder suit, the payment volume running through Clover, does not appear anywhere in the company's filings.

FISV · price with moving averages

Daily · 6MWeekly · 3Y
$33$87$142$196$251 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Fiserv does two things that sit at opposite ends of the same money. Financial Solutions is the core processing that runs inside banks and credit unions: the system of record, card issuing, digital banking. Merchant Solutions is the acquiring side, and its visible face is Clover, the small white terminal on the counter at the coffee shop, which takes the card and also sells the merchant software for payroll and inventory.

Both are supposed to be sticky. A bank does not change its core platform casually and a restaurant does not rip out the till. That is the entire premise on which this company was assembled through acquisition, and it is the premise the last four quarters have been arguing with.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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