Fiserv (FISV)
$52.58Dividend record not assessed — stored history is shorter than Graham's required window.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Classic uses stricter thresholds (current ratio 2.0×, 10 years of positive EPS, 20 years of dividends); modern relaxes those to 1.5×, 7 years, and 10 years.
This company passes every evaluable criterion on file, but the unbroken dividend record could not be tested — we do not claim a full Graham checklist.
Listed on the NYSE as FI since June 2023. The S&P 500 constituent list still uses FISV, which is what we key on — the underlying data is Fiserv's.
✓1.Adequate size$21.2B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
—2.Strong financial conditionGraham excluded financial companies from working-capital tests (N/A).
Graham excluded banks and insurers from working-capital tests — their balance sheets are not comparable to industrial companies.
—2a. Current ratio of at least 2.0Graham excluded financial companies from working-capital tests (N/A).
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsGraham excluded financial companies from working-capital tests (N/A).
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year10 of 10 years positive (≥10 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluatedNo dividend data on file
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 0 years; Graham's rule requires 20.
✓5.Earnings growth+113% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings9.4× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 10.8 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
✓1.Adequate size$21.2B revenue vs ≥ $500.0M required
Graham wanted only substantial, established companies — small firms are more fragile and volatile.
—2.Strong financial conditionGraham excluded financial companies from working-capital tests (N/A).
Graham excluded banks and insurers from working-capital tests — their balance sheets are not comparable to industrial companies.
—2a. Current ratio of at least 1.5Graham excluded financial companies from working-capital tests (N/A).
Current assets should comfortably exceed current liabilities, so the company can cover near-term obligations.
—2b. Long-term debt within net current assetsGraham excluded financial companies from working-capital tests (N/A).
Long-term debt should not exceed working capital — heavy debt loads make earnings and dividends less secure.
✓3.Earnings every year7 of 7 years positive (≥7 required)
Graham required uninterrupted profitability over a full economic cycle, proof the business survives downturns.
◌4.Unbroken dividendsNot evaluatedNo dividend data on file
Graham's original 1973 test wanted 20 unbroken years; modern restatements of the rule accept a 10-year record.
Dividend history available covers 0 years; Graham's rule requires 10.
✓5.Earnings growth+113% vs ≥33% over 10 years
Per-share earnings should grow at least a third over ten years, showing the business is expanding, not stagnant.
✓6.Moderate price vs earnings9.4× vs ≤15× required (vs 3-yr avg earnings)
Paying too many multiples of earnings erodes the margin of safety, however good the company.
✓7.Moderate price overallP/E × P/B = 10.8 vs ≤22.5 required (P/E vs 3-yr avg earnings)
A combined check on both earnings and asset multiples — Graham's classic ceiling for a fairly priced stock.
Fair-value calculator
Graham's combined ceiling: 15× earnings · 1.5× book (defaults).
Price vs. Graham fair value, 10 years
Over the past 10 years, FISV's price has met Graham's fair value on 203 trading days — most recently 2026-08-21.
10-year per-share record
| Year | EPS | Dividend | Book value/sh |
|---|---|---|---|
| 2016 | 2.08 | — | 5.7 |
| 2017 | 2.89 | — | 6.4 |
| 2018 | 2.87 | — | 5.5 |
| 2019 | 1.71 | — | 84.2 |
| 2020 | 1.40 | — | 47.6 |
| 2021 | 1.99 | — | 46.2 |
| 2022 | 3.91 | — | 47.3 |
| 2023 | 4.98 | — | 47.5 |
| 2024 | 5.38 | — | 45.8 |
| 2025 | 6.34 | — | 46.0 |
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