Fidelity National Information Services vs Toast
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The short version
- Fidelity National Information Services is the larger business, with $10.7B of revenue in fiscal 2025 against $6.2B for Toast, about 1.7 times as much.
- Toast grew revenue faster (24.1%, against 5.4%).
- Fidelity National Information Services kept more of each dollar of sales as operating profit (16.3% operating margin, against 4.8%).
- Fidelity National Information Services turned more of its sales into free cash flow (23.0% FCF margin, against 9.9%).
- Investors pay more for each dollar of Toast’s earnings: a P/E of 41.4x against 5.8x for Fidelity National Information Services.
| Latest fiscal year | FIS · FY25 | TOST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $19.4B | $19.3B |
| Revenue | $10.7B | $6.2B |
| Free cash flow | $2.5B | $608M |
| Net income | $382M | $342M |
| Growth | ||
| Revenue growth | 5.4% | 24.1% |
| 5-year growth | −3.2% | 49.5% |
| Share count change | −5.4% | 2.7% |
| Profitability | ||
| Gross margin | 36.9% | 25.9% |
| Operating margin | 16.3% | 4.8% |
| Net margin | 3.6% | 5.6% |
| FCF margin | 23.0% | 9.9% |
| Return on capital | 5.1% | — |
| Return on equity | 2.6% | 18.6% |
| Balance sheet | ||
| Net debt | $12.5B | −$2.0B |
| Net debt / EBITDA | 3.4x | −5.6x |
| Dividends and buybacks | $2.3B | $107M |
| Valuation & quality | ||
| P/E | 5.8x | 41.4x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
FIS $8.8B
TOST —
FY17
FIS $8.7B
TOST —
FY18
FIS $8.4B
TOST —
FY19
FIS $10.3B
TOST $665M
FY20
FIS $12.6B
TOST $823M
FY21
FIS $9.3B
TOST $1.7B
FY22
FIS $9.7B
TOST $2.7B
FY23
FIS $9.8B
TOST $3.9B
FY24
FIS $10.1B
TOST $5.0B
FY25
FIS $10.7B
TOST $6.2B
FIS
TOST
Operating margin
FY16
FIS 13.9%
TOST —
FY17
FIS 16.5%
TOST —
FY18
FIS 17.3%
TOST —
FY19
FIS 9.4%
TOST −32.0%
FY20
FIS 4.4%
TOST −26.7%
FY21
FIS 11.1%
TOST −13.4%
FY22
FIS 12.1%
TOST −14.1%
FY23
FIS 14.7%
TOST −7.4%
FY24
FIS 16.9%
TOST 0.3%
FY25
FIS 16.3%
TOST 4.8%
FIS
TOST
Free cash flow
FY16
FIS $1.8B
TOST —
FY17
FIS $1.6B
TOST —
FY18
FIS $1.9B
TOST —
FY19
FIS $2.2B
TOST −$135M
FY20
FIS $4.2B
TOST −$153M
FY21
FIS $4.5B
TOST −$10.0M
FY22
FIS $3.7B
TOST −$172M
FY23
FIS $4.2B
TOST $93.0M
FY24
FIS $2.1B
TOST $306M
FY25
FIS $2.5B
TOST $608M
FIS
TOST
Return on capital
FY16
FIS 4.0%
TOST —
FY17
FIS 7.4%
TOST —
FY18
FIS 6.3%
TOST —
FY19
FIS 1.7%
TOST —
FY20
FIS 0.5%
TOST —
FY21
FIS 0.8%
TOST —
FY22
FIS 1.7%
TOST —
FY23
FIS 2.6%
TOST —
FY24
FIS 3.9%
TOST —
FY25
FIS 5.1%
TOST —
FIS
TOST
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.