Fiserv Financial Services 4000-word in-depth Research Report

$Fiserv(FI.US)$PAB(000001.SZ) $CM BANK(03968.HK) Recently studied Fiserv's financial services, the biggest takeaway is its high profitability efficiency and strong cash flow advantage, but need to be cautious about high leverage and goodwill risks.

🎯Core logic: Global payment infrastructure leader, fintech service provider for banks and merchants. Weak industry cycle (payment is a necessity), moat lies in scale effect (network value) and high switching cost (system replacement cost is extremely high). Profit model includes transaction processing fees (per transaction/amount) + system service fees (subscription/usage), with growth driven by Clover cloud platform and value-added services.

📈Financial highlights: Gross margin stable around 60% (2025Q2 61.8%), net margin 18.6% (2025Q2); 2024 free cash flow 5.06B, net profit cash ratio 2.16 (high cash content of profits); H1 2025 net profit growth 13.06%, higher than revenue growth 6.57%; but debt-to-asset ratio 68.4% (2025Q2), goodwill $37.47B (45% of total assets), need to monitor debt and impairment risks.