Fiserv vs Mastercard
Mastercard reported revenue of $32.8 billion in fiscal 2025, 1.5 times Fiserv's $21.2 billion in fiscal 2025. Fiserv's revenue grew 3.6% in its latest year, and Mastercard's grew 16.4%. Fiserv had an operating margin of 27.4%, against 57.6% at Mastercard. Free cash flow was $4.3 billion at Fiserv and $17.2 billion at Mastercard.
Side by side
| Fiserv | Mastercard | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $21.2B | $32.8B |
| Revenue growth | 3.6% | 16.4% |
| Revenue growth a year, last 5 years | 7.4% | 16.5% |
| Gross margin | — | — |
| Operating margin | 27.4% | 57.6% |
| Net margin | 16.4% | 45.6% |
| Free cash flow | $4.3B | $17.2B |
| Free cash flow margin | 20.3% | 52.3% |
| Return on capital | 8.9% | 93.8% |
| Net debt to EBITDA | 3.2x | 0.4x |
| Dividends and buybacks | $0M | $14.5B |
| Change in diluted share count | −5.7% | −2.3% |
| Last close | $48.33 | $613.50 |
| P/E at the last close | 9.3× | 33.7× |
| Insider trades, last 12 months | bought $4.5 million, sold $0 | sold $69.7 million |
| Piotroski F-score | 6 of 8 | 8 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
FiservMastercard
Operating margin
Percent of revenue
FiservMastercard
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
FiservMastercard
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Fiserv and Mastercard pages.