Fiserv vs PayPal
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The short version
- PayPal is the larger business, with $33.2B of revenue in fiscal 2025 against $21.2B for Fiserv, about 1.6 times as much.
- PayPal grew revenue faster (4.3%, against 3.6%).
- Fiserv kept more of each dollar of sales as operating profit (27.5% operating margin, against 18.3%).
- Fiserv turned more of its sales into free cash flow (20.3% FCF margin, against 16.8%).
- PayPal earned a higher return on the capital invested in it (25.7%, against 9.0%).
- Investors pay more for each dollar of PayPal’s earnings: a P/E of 10.7x against 9.6x for Fiserv.
| Latest fiscal year | FISV · FY25 | PYPL · FY25 |
|---|---|---|
| Size | ||
| Market cap | $26.6B | $52.5B |
| Revenue | $21.2B | $33.2B |
| Free cash flow | $4.3B | $5.6B |
| Net income | $3.5B | $5.2B |
| Growth | ||
| Revenue growth | 3.6% | 4.3% |
| 5-year growth | 7.4% | 9.1% |
| Share count change | −5.7% | −6.8% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.5% | 18.3% |
| Net margin | 16.4% | 15.8% |
| FCF margin | 20.3% | 16.8% |
| Return on capital | 9.0% | 25.7% |
| Return on equity | 13.2% | 25.7% |
| Balance sheet | ||
| Net debt | $28.2B | −$418M |
| Net debt / EBITDA | 3.2x | −0.1x |
| Dividends and buybacks | $0.0M | $6.2B |
| Valuation & quality | ||
| P/E | 9.6x | 10.7x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
FISV $5.5B
PYPL $10.8B
FY17
FISV $5.7B
PYPL $13.1B
FY18
FISV $5.8B
PYPL $15.5B
FY19
FISV $10.2B
PYPL $17.8B
FY20
FISV $14.9B
PYPL $21.5B
FY21
FISV $16.2B
PYPL $25.4B
FY22
FISV $17.7B
PYPL $27.5B
FY23
FISV $19.1B
PYPL $29.8B
FY24
FISV $20.5B
PYPL $31.8B
FY25
FISV $21.2B
PYPL $33.2B
FISV
PYPL
Operating margin
FY16
FISV 26.3%
PYPL 14.6%
FY17
FISV 26.9%
PYPL 16.2%
FY18
FISV 30.1%
PYPL 14.2%
FY19
FISV 15.8%
PYPL 15.3%
FY20
FISV 12.5%
PYPL 15.3%
FY21
FISV 14.1%
PYPL 16.8%
FY22
FISV 21.1%
PYPL 13.9%
FY23
FISV 26.3%
PYPL 16.9%
FY24
FISV 28.7%
PYPL 16.8%
FY25
FISV 27.5%
PYPL 18.3%
FISV
PYPL
Free cash flow
FY16
FISV $1.1B
PYPL $2.5B
FY17
FISV $1.2B
PYPL $1.9B
FY18
FISV $1.2B
PYPL $4.7B
FY19
FISV $2.1B
PYPL $3.4B
FY20
FISV $3.2B
PYPL $5.4B
FY21
FISV $2.9B
PYPL $4.9B
FY22
FISV $3.1B
PYPL $5.1B
FY23
FISV $3.8B
PYPL $4.2B
FY24
FISV $5.1B
PYPL $6.8B
FY25
FISV $4.3B
PYPL $5.6B
FISV
PYPL
Return on capital
FY16
FISV —
PYPL —
FY17
FISV —
PYPL —
FY18
FISV —
PYPL —
FY19
FISV —
PYPL 23.0%
FY20
FISV 2.8%
PYPL 20.2%
FY21
FISV 3.4%
PYPL 23.6%
FY22
FISV 5.8%
PYPL 13.8%
FY23
FISV 7.7%
PYPL 21.6%
FY24
FISV 9.7%
PYPL 23.0%
FY25
FISV 9.0%
PYPL 25.7%
FISV
PYPL
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.