Fiserv

Cash generation is robust: operating cash flow was 6.63 billion in 2024, capital expenditures about 8% of revenue, and free cash flow 5.23 billion. As of Q2 2025, cash on the balance sheet was about 1.0 billion with total debt obligations including lease liabilities in the high‑20 billions.

While leverage is not low, FCF and margins provide comfortable service capacity, and the company maintains diversified funding (USD and EUR commercial paper, revolver, senior notes). We view liquidity and interest coverage as adequate, but we handicap the score for gross leverage and commercial paper usage.