Fiserv vs Mastercard
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KIRA’s take AI analyst
I put Fiserv and Mastercard side by side, using each one’s latest annual report. Here is what stands out:
- Mastercard is the larger business, with $32.8B of revenue in fiscal 2025 against $21.2B for Fiserv, about 1.5 times as much.
- Mastercard grew revenue faster (16.4%, against 3.6%).
- Mastercard kept more of each dollar of sales as operating profit (57.6% operating margin, against 27.5%).
- Mastercard turned more of its sales into free cash flow (52.3% FCF margin, against 20.3%).
- Mastercard earned a higher return on the capital invested in it (93.8%, against 9.0%).
- Investors pay more for each dollar of Mastercard’s earnings: a P/E of 33.7x against 9.3x for Fiserv.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Fiserv
FISV
1/10
Share count change
Mastercard
MA
9/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | FISV FY25 | MA FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.8B | $541.7B |
| Revenue | $21.2B | $32.8B |
| Free cash flow | $4.3B | $17.2B |
| Net income | $3.5B | $15.0B |
| Growth | ||
| Revenue growth | 3.6% | 16.4% |
| 5-year growth | 7.4% | 16.5% |
| Share count change | −5.7% | −2.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.5% | 57.6% |
| Net margin | 16.4% | 45.7% |
| FCF margin | 20.3% | 52.3% |
| Return on capital | 9.0% | 93.8% |
| Return on equity | 13.2% | 210.5% |
| Balance sheet | ||
| Net debt | $28.2B | $8.4B |
| Net debt / EBITDA | 3.2x | 0.4x |
| Dividends and buybacks | $0.0M | $14.5B |
| Valuation & quality | ||
| P/E | 9.3x | 33.7x |
| Piotroski F-score | 6 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.