NEURACAP
Company ReportSep 25, 2026 · 11 pages · Free to read

Fidelity National Information Services Company Valuation & Strategic Insights — September 2026

This report values Fidelity National Information Services (FIS) as of September 25, 2026, using comparable multiples, precedent transactions and the company's filed results. It is built for bankers, boards and advisors assessing where FIS's market price diverges from its operating performance.

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Key figures

$113.10
Methods' median implied share price
vs $34.99 current price
6.7x
EV / CY2027E EBITDA
peer median 14.0x
27.9%
CY2027E revenue growth
peer average 1.7%
42.1%
CY2027E EBITDA margin
peer average 36.9%

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COMPANY VALUATION & STRATEGIC INSIGHTS

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FIDELITY NATIONAL INFORMATION SERVICES, INC. (FIS) · FINANCIALS › FINANCIAL SERVICES › BANKING-AS-A-SERVICE AND INFRASTRUCTURE

Fidelity National Information Services: Scale Is Built, the Market Prices Doubt

Fidelity National Information Services, Inc. (FIS), as of Sep 25, 2026 — how the valuation methods, the peer set and the transaction record read against the company's own filed trajectory.

Sep 25, 2026 snapshot

Prepared by NeuraCap AI · Confidential

Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target.

FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice

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Executive summary

Fidelity National Information Services trades at $34.99, well below the $113.10 median implied by the valuation methods, with a reference range of $60.94–$127.45. The company outgrows and out-earns its peer set on the benchmarked year, posting 27.9% revenue growth and a 42.1% EBITDA margin against peer averages of 1.7% and 36.9%. Precedent transactions in this category price system-of-record platforms at a median 14.9x EV/EBITDA, well above the 6.7x FIS carries today. The gap tracks integration and leverage progress rather than the underlying platform's scale.

Key findings

  • FIS trades at $34.99 vs a $113.10 methods' median — a +223% gap
  • FIS's 6.7x EV/CY2027E EBITDA sits far below the 14.0x peer median
  • FIS out-grows peers: 27.9% revenue growth vs 1.7% peer average
  • Precedent deals paid 14.9x EBITDA vs FIS's 6.7x market multiple

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    COMPANY VALUATION & STRATEGIC INSIGHTS

    FIDELITY NATIONAL INFORMATION SERVICES, INC. (FIS) · FINANCIALS › FINANCIAL SERVICES › BANKING-AS-A-SERVICE AND INFRASTRUCTURE

    Cover slide introducing the FIS valuation and strategic insights deck as of September 25, 2026.

    We open with Fidelity National Information Services as of September 25, 2026, framing the questions this deck answers: what the valuation methods imply, how the market has priced the company, where it ranks operationally, what buyers have paid, and what the strategic options are. Everything that follows is illustrative analysis, not an opinion of value.

    Everything on this page

    COMPANY VALUATION & STRATEGIC INSIGHTS FIDELITY NATIONAL INFORMATION SERVICES, INC. (FIS) · FINANCIALS › FINANCIAL SERVICES › BANKING-AS-A-SERVICE AND INFRASTRUCTURE Fidelity National Information Services: Scale Is Built, the Market Prices Doubt Fidelity National Information Services, Inc. (FIS), as of Sep 25, 2026 — how the valuation methods, the peer set and the transaction record read against the company's own filed trajectory. Sep 25, 2026 snapshot Prepared by NeuraCap AI · Confidential Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    THE BOTTOM LINE

    FIS Has Built the Scale; The Market Is Still Pricing the Integration, Not the Platform

    This slide states the deck's central conclusion: FIS has built scale but the market has not yet re-rated it.

    We start with the headline: FIS has built the scale the market historically pays up for, yet the trading multiple still reads like an integration story rather than a platform story. The evidence spans valuation methods, the market record, operating benchmarks and precedent transactions, sourced from filings, consensus estimates and market prices through September 25, 2026. So what: closing that gap is the single question this deck is built to answer.

    Everything on this page

    THE BOTTOM LINE FIS Has Built the Scale; The Market Is Still Pricing the Integration, Not the Platform Fidelity National Information Services (FIS) · Sep 25, 2026 · valuation methods, market record, operating benchmarks, precedent transactions Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 FIS Trades Far Below the Median the Valuation Methods Imply At $34.99 the shares sit below almost every band the methods produce, and the methods' median lands at $113.10 — a +223% gap. That is illustrative of what peer and precedent multiples imply, not a view of value; the reference range spans $60.94 – $127.45. 2 FIS Is Priced Near the Sector Lens While Its Peer Set Is Paid Platform Multiples FIS is marked at 6.7x EV / CY2027E EBITDA against a peer median of 14.0x and a sector median of 6.9x on the same lens. The market is paying for a processing cycle rather than for the installed base, and closing that gap is an argument about recurring revenue mix. 3 FIS Out-Grows and Out-Earns the Peer Average on the Benchmarked Year The estimates carry 27.9% CY2027E revenue growth at a 42.1% EBITDA margin, against benchmarked peer averages of 1.7% growth and a 36.9% EBITDA margin. Much of that growth arrives with Issuer Solutions, so the CY2028E step down to 4.4% is where durability gets tested. 4 FIS's Own Filings Put Deleveraging Ahead of Buybacks Through 2026 Management has committed to returning to its pre-acquisition leverage ratio in 2026 and has curtailed repurchases to get there, with $1.7 billion left of the $3.0 billion authorization and the dividend held at $0.44 a share. Landing it removes the clearest overhang on the multiple. $113.10 Median of the valuation methods vs the $34.99 share price — a +223% gap the deck explains 6.7x EV / CY2027E EBITDA — where FIS trades peer median 14.0x — the multiple gap is the sentiment story 14.9x Median EV / LTM EBITDA paid for control across 6 precedent transactions — vs 6.7x in the market today 27.9% CY2027E revenue growth at a 42.1% EBITDA margin — the profile the market is pricing

  3. 03
    FOOTBALL FIELD VALUATION

    FIS: The Methods and the Market Disagree About the Integration, Not the Platform

    This slide compares FIS's traded price against the range each valuation method implies.

    Each bar here represents a valuation method's median multiple, plus or minus 10%, applied to FIS's own financials as of September 25, 2026. Across these methods the median implied share price lands at $113.10, against a $34.99 traded price — a +223% gap — with a reference range of $60.94–$127.45. This is illustrative of what the methods imply, not an opinion of value or a price target. So what: the size of the gap tells us which parts of the story the market has not yet priced.

    Everything on this page

    FOOTBALL FIELD VALUATION FIS: The Methods and the Market Disagree About the Integration, Not the Platform Sep 25, 2026 snapshot · each bar = the method's median multiple ±10%, applied to the company's own financials · Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 3 Taken together the comparable-company and precedent methods produce a median implied share price of $113.10 against the $34.99 traded price, with a reference range of $60.94 – $127.45. $0 $50 $100 $150 $200 Multiples teal line = median of the valuation methods (+223% vs the share price) · amber line = current share price · shaded band = middle half of the methods TRADING 52-Week High-Low $34.22 $69.14 Analyst target range $42.00 $57.00 PUBLIC COMPARABLES EV / 2026E EBITDA $104.78 $128.06 12.60x – 15.40x EV / 2027E EBITDA $84.84 $103.70 10.18x – 12.44x EV / 2025A Revenue $45.19 $55.23 3.91x – 4.78x EV / 2026E Revenue $57.25 $69.97 3.51x – 4.29x EV / 2027E Revenue $52.43 $64.09 3.19x – 3.90x P/E (2026E Non-GAAP EPS) $108.69 $132.85 17.52x – 21.42x P/E (2027E Non-GAAP EPS) $101.79 $124.41 15.19x – 18.57x PRECEDENT TRANSACTIONS EV / LTM EBITDA $46.60 $56.96 13.43x – 16.41x EV / NTM EBITDA $165.04 $201.72 18.00x – 22.00x EV / LTM Revenue $120.72 $147.54 7.56x – 9.24x EV / NTM Revenue $157.30 $192.26 7.29x – 8.91x Methods median $113.10 Share price $34.99

  4. 04
    MARKET PRICES & THE FILING RECORD

    FIS: The Market Priced the Debt in This Window Before It Priced the Earnings

    This slide tracks FIS's weekly closing price against the filing events in the window.

    Over the year shown, FIS's weekly closes ranged from $34.99 to $67.79, ending the period at $34.99, with numbered markers linking each move to a specific filing. We calibrate the language on every move: where a filing plausibly explains it, we say so, and where none does, the page says that too. So what: the price record shows the market reacting to financing and structural events before it reacts to earnings.

    Everything on this page

    MARKET PRICES & THE FILING RECORD FIS: The Market Priced the Debt in This Window Before It Priced the Earnings Weekly closes, Sep 28, 2025 – Sep 25, 2026 · range $34.99 – $67.79 · last $34.99 · numbered markers = the filings below Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Move-to-event links use calibrated language; where no filing explains a move, the page says so. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 4 $40 $60 2025-09 2025-11 2026-01 2026-03 2026-05 2026-07 2026-08 1 2 3 4 5 6 7 8 Weekly closes ran from $64.24 to $34.99 between Sep 28, 2025 and Sep 25, 2026, a -46% move with the high at $67.79 and the low at the current level. 1 Mar 1, 2026 · Merger, Acquisition, Divestiture & Business Combination Filed 8-K - 2026-02-24 - On January 9, 2026 FIS completed the acquisition of Global Payments' Issuer Solutions Business (based on a $13.5… 2 Mar 1, 2026 · Merger, Acquisition, Divestiture & Business Combination Filed 8-K/A - 2026-02-24 - FIS filed an 8-K amendment to include audited financial statements of the acquired Issuer Solutions business and… 3 Mar 15, 2026 · Debt, Credit Facility & Other Financing Filed 8-K - 2026-03-10 - Fidelity National Information Services completed the issuance and sale of several USD and Euro senior notes… 4 Mar 15, 2026 · Debt, Credit Facility & Other Financing Filed 8-K - 2026-03-09 - FIS entered into underwriting agreements to issue $7.0 billion of senior notes in USD and €1.0 billion in Euro… 5 Mar 22, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-03-20 - Fidelity National Information Services announced that Chief Product Technology Officer Firdaus Bhathena will resign… 6 Apr 5, 2026 · Executive, Officer & Director Appointment / Departure Filed 8-K - 2026-04-03 - Director Mark Benjamin will not stand for re-election at the 2026 shareholder meeting, and the board size will be…

  5. 05
    PERFORMANCE METRICS

    FIS: The Acquired Scale Lands in 2027, and the EBITDA Margin Has to Hold After It

    This slide shows FIS's published revenue, growth and margin trajectory from CY2026 through CY2029E.

    The bars show the level and the line shows growth and margin, computed from the platform's published estimates for CY2026 through CY2029E, with estimate years marked E. The acquired scale lands most visibly in 2027, and CY2027E carries a 42.1% EBITDA margin. So what: the test for the multiple is whether that margin holds once the acquisition-year growth normalizes.

    Everything on this page

    PERFORMANCE METRICS FIS: The Acquired Scale Lands in 2027, and the EBITDA Margin Has to Hold After It CY2026 – CY2029E · bars = level, line = growth / margin · estimates are the platform's, shown as published Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Growth and margin are computed from the published series; estimate years are marked E. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 5 CY2026 carries $10.7B of revenue at $3.2B EBITDA and a 29.6% EBITDA margin, and the estimates then step to $13.7B of revenue, 27.9% growth and a 42.1% EBITDA margin in CY2027E. REVENUE & REVENUE GROWTH $10.7B 2026 $13.7B 2027E $14.3B 2028E $14.7B 2029E 27.9% 4.4% 3.1% bars: revenue (navy = actual, blue = estimate) · line: revenue growth EBITDA & EBITDA MARGIN $3.2B 2026 $5.8B 2027E $6.1B 2028E 29.6% 42.1% 42.9% bars: ebitda (navy = actual, teal = estimate) · line: ebitda margin · CY2029E not shown: no EBITDA figure published

  6. 06
    INVESTMENT BANKING KPI BENCHMARKING

    FIS Leads Its Peer Group on Margin and on the Benchmarked Growth Year

    This slide benchmarks FIS's growth and margin against its peer group average.

    With FIS highlighted against the peer average, the benchmarked measures show FIS delivering 27.9% revenue growth against a 1.7% peer average, and a 42.1% EBITDA margin against a 36.9% peer average — with only NDAQ ahead of it on margin at 60.1%. So what: on the metrics buyers and the market actually pay for, FIS already leads this peer set.

    Everything on this page

    INVESTMENT BANKING KPI BENCHMARKING FIS Leads Its Peer Group on Margin and on the Benchmarked Growth Year Fidelity National Information Services (FIS) highlighted · vertical line = peer average excluding the target Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. On the benchmarked measures FIS shows 27.9% revenue growth against a peer average of 1.7%, and a 42.1% EBITDA margin against a peer average of 36.9%, with only NDAQ at 60.1% ahead of it on margin. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 6 CY2026 REVENUE GROWTH FIS 27.9% † ACIW 8.3% FISV -7.7% MKTX 5.7% NCNO 8.4% NDAQ -28.4% QTWO 11.4% TW 14.1% Peer average 1.7% † bar not to scale: the value exceeds the axis set by the rest of the set and is shown at its true figure CY2026 EBITDA MARGIN FIS 42.1% ACIW 29.0% FISV 41.3% NCNO 26.1% NDAQ 60.1% QTWO 27.9% Peer average 36.9%

  7. 07
    COMPANY VALUATION METRICS

    The Comparable Set, with FIS Highlighted

    This slide lays out the peer comparable set's trading multiples with FIS shown for reference.

    Across the peer set, the market pays a median 19.5x P/E on CY2026E non-GAAP EPS, 16.9x on CY2027E, a median 3.9x EV/CY2026E revenue and a median 14.0x EV/EBITDA. Summary rows are computed over the peer set with outlier multiples excluded, and FIS is shown for reference rather than folded into its own benchmark. So what: this is the multiple set FIS is being measured against, and where FIS sits inside it is the valuation question.

    Everything on this page

    COMPANY VALUATION METRICS The Comparable Set, with FIS Highlighted Across the 7-company peer set the market pays a median 19.5x P / E on CY2026E non-GAAP EPS, 16.9x on CY2027E, a median 3.9x EV / CY2026E revenue and a median 14.0x EV / EBITDA Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Summary rows are computed over the peer set (outlier multiples excluded); the target row is shown for reference, not included in its own benchmark. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 7 Company Price EV Mkt cap CY2027E Rev CY2027E Growth CY2027E Margin P/E 2027E P/E 2028E EV/Rev 2027E EV/EBITDA 2027E FIS — Fidelity National Information Services, Inc. $34.99 $38.6B $18.0B $13.7B 27.9% 42.1% 5.6x 5.2x 2.8x 6.7x ACIW — ACI Worldwide, Inc. $49.62 $5.7B $5.0B $1.9B 8.3% 29.0% 19.2x 16.9x 3.0x 10.3x FISV — Fiserv, Inc. $45.98 $51.9B $24.5B $19.6B -7.7% 41.3% 6.3x 5.8x 2.7x 6.4x MKTX — MarketAxess Holdings Inc. $163.77 $5.5B $5.8B $895M 5.7% n/a 20.6x 18.9x 6.2x n/a NCNO — nCino, Inc. $19.97 $2.4B $2.1B $642M 8.4% 26.1% 17.1x 12.8x 3.7x 14.1x NDAQ — Nasdaq, Inc. $94.55 $61.7B $53.1B $5.9B -28.4% 60.1% 22.9x 20.2x 10.4x 17.4x QTWO — Q2 Holdings, Inc. $56.45 $3.5B $3.5B $885M 11.4% 27.9% 19.5x 16.3x 3.9x 14.0x TW — Tradeweb Markets Inc. $101.13 $22.5B $23.7B $2.3B 14.1% n/a 25.2x 22.1x 9.6x n/a Peer average 18.7x 16.1x 5.6x 12.5x Peer median 19.5x 16.9x 3.9x 14.0x

  8. 08
    MERGERS & ACQUISITIONS

    FIS: Buyers Pay for the System-of-Record Position, and That Is Where the Gap Closes

    This slide reads the precedent transactions that inform how buyers have priced comparable platforms.

    The deals that read onto FIS are system-of-record platforms with contracted revenue, including State Street Corporation's acquisition of Charles River Systems, Inc. at 14.4x LTM EV/EBITDA, and SS&C Technologies Holdings, Inc. Across the precedent set the median paid is 14.9x LTM EV/EBITDA. So what: buyers in this category have consistently paid up for the system-of-record position, and that is the multiple gap FIS's platform argument needs to close.

    Everything on this page

    MERGERS & ACQUISITIONS FIS: Buyers Pay for the System-of-Record Position, and That Is Where the Gap Closes The deals that read onto FIS are the system-of-record platforms with contracted revenue: State Street Corporation / Charles River Systems, Inc. at 14.4x LTM EV / EBITDA, SS&C Technologies Holdings, Inc. Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists. Summary rows exclude outlier multiples (disclosed on the sources page), show their n, and are suppressed (n/a) where fewer than 3 deals carry the multiple. The strategic read is a NeuraCap analytical view. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 8 Announced Acquirer Target Deal value EV LTM Rev LTM EBITDA LTM EV/Rev LTM EV/EBITDA NTM EV/Rev NTM EV/EBITDA 2025-12-20 GT Silver BidCo, Inc. Clearwater Analytics Holdings, Inc. $7.1B $8.4B $640M $216M 9.3x 38.9x 9.3x 26.6x 2025-05-27 Salesforce, Inc. Informatica Inc. $7.6B $8.5B $1.7B $548M 5.1x 15.4x 5.1x 15.1x 2019-08-08 Roper Technologies, Inc. iPipeline Holdings, Inc. $1.6B n/a n/a n/a 8.4x 21.0x 8.1x 20.0x 2018-07-01 State Street Corporation Charles River Systems, Inc. $2.6B n/a n/a n/a n/a 14.4x n/a n/a 2018-07-01 SS&C Technologies Holdings, Inc. Eze Software $1.4B n/a n/a n/a n/a 13.8x n/a n/a 2015-08-01 Fidelity National Information Services SunGard $9.1B n/a n/a n/a n/a 11.2x n/a n/a 75th percentile 8.9x 19.6x 8.7x 23.3x Average 7.6x 19.1x 7.5x 20.6x Median 8.4x 14.9x 8.1x 20.0x 25th percentile 6.8x 14.0x 6.6x 17.6x n (deals carrying the… n=3 n=6 n=3 n=3 THE STRATEGIC READ Across 6 precedent transactions the median EV / LTM EBITDA paid is 14.9x, against 6.7x EV / CY2027E EBITDA in the market today. The spread is not a bid — it is a read on what acquirers in this category underwrite: switching costs, multi-year contracts with deconversion protection, and installed-base cross-sell.

  9. 09
    STRATEGIC ROADMAP

    FIS: Four Operating Moves That Decide Which Multiple the Market Applies

    This slide lays out four operating moves that could change which multiple the market applies to FIS.

    These are analytical observations, not recommendations, grounded in the sector study, the market window and the precedent transaction record. They range from landing the deleveraging commitment to converting the installed base into contracted recurring revenue, attaching issuer processing across the core banking base, and holding the margin as cash conversion. So what: each move is a lever on the same question — what does the market need to see before it prices FIS like the peer set it out-performs.

    Everything on this page

    STRATEGIC ROADMAP FIS: Four Operating Moves That Decide Which Multiple the Market Applies NeuraCap analytical views grounded in the sector study, the latest market window and the precedent transactions · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. Each option is framed for evaluation, not as an instruction; the evidence chips show where each input comes from. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 9 EVIDENCE Bi-Weekly window September 11–25, 2026 Precedent transactions: 6 NEAR TERM Land the Deleveraging Commitment Before Anything Else Management has filed a 2026 target of returning to pre-acquisition leverage. Repurchases are curtailed to fund it, with $1.7 billion of the $3.0 billion authorization unused. Landing it in 2026 takes the balance sheet out of the multiple argument and lets the CY2027E margin carry the case. MEDIUM TERM Convert the Installed Base into Contracted Recurring Revenue Banking Technology Solutions is 68% of revenue and Capital Markets Technology Solutions 29%, both sold on licensing and processing fees. Tilting mix toward multi-year contracted core processing with deconversion protection, and pressing renewal uplift, changes which multiple this peer set supports. MEDIUM TERM Attach Issuer Processing Across the Core Banking Base Issuer Solutions arrived on a $13.5 billion enterprise valuation, and Q2 2026 revenue of $3,377 million was up 29% year over year with it.

  10. 10
    WHAT IT MEANS

    FIS: What the Gap Between the Record and the Multiple Asks of Each Audience

    This slide translates the valuation gap into implications for the board, counterparties and advisors.

    We translate the evidence for the audiences who act on it: the board controls the deleveraging timeline and the margin trajectory, counterparties are shown the category's track record of paying for switching costs and contracted revenue, and advisors are shown where revenue quality separates the multiple debate from headline scale. This is analytical interpretation, not investment advice. So what: each audience has a distinct, evidence-based lever to work with.

    Everything on this page

    WHAT IT MEANS FIS: What the Gap Between the Record and the Multiple Asks of Each Audience The evidence translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (financials, estimates, comparables, transaction record, filings); market data through 2026-09-25. This page is analytical interpretation drawn from the recorded evidence. It is not investment advice. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice Sources & methodology 10 FOR THE BOARD & OWNERS The Discount Is Operating and Dated, Not Structural The methods' median of $113.10 against $34.99 is illustrative, but the drivers behind it are ones the board controls: the 2026 leverage commitment, the 42.1% CY2027E EBITDA margin the estimates carry, and the contracted share of revenue. FOR POTENTIAL COUNTERPARTIES This Category Pays for Switching Costs and Contracted Revenue The record shows strategic adjacency buyers — State Street Corporation, SS&C Technologies Holdings, Inc., Salesforce, Inc. and Roper Technologies, Inc. — alongside sponsor capital in GT Silver BidCo, Inc. / Clearwater Analytics Holdings, Inc. FOR ADVISORS Revenue Quality, Not Headline Scale, Settles the Multiple Debate Reading FIS's 6.7x EV / CY2027E EBITDA against a 14.0x peer median means separating contracted core processing revenue from volume-sensitive and pass-through amounts, and net revenue from gross.

  11. 11
    SOURCES & METHODOLOGY

    Sources, Methodology and Important Notice

    Sources, Methodology and Important Notice.

    Sources, Methodology and Important Notice How this company deck is built and what each kind of statement rests on · Sep 25, 2026 Every figure on these pages links to the record it was taken from; where a figure has no link, this page names its source and the basis on which it was read. 11

    Everything on this page

    SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this company deck is built and what each kind of statement rests on · Sep 25, 2026 Every figure on these pages links to the record it was taken from; where a figure has no link, this page names its source and the basis on which it was read. FIS Valuation & Strategy | Sep 25, 2026 | Confidential | Not investment advice 11 OBSERVED DATA Prices, financials, estimates, comparables and the transaction record come from the NeuraCap analytics platform exactly as recorded; filings link to their source. Nothing on any page is re-derived from outside data. PEER SET & PRECEDENTS The peer set is the platform's own refined competitor list for Fidelity National Information Services (7 names), used as the product's company screen uses it. The precedent transactions are the platform's own record for Fidelity National Information Services; summary rows carry their n and are suppressed where fewer than 3 deals carry the multiple. VALUATION METHODS Each football-field bar applies a method’s median multiple, ±10% (peer multiples, or precedent-transaction multiples), to the company’s own financials; per-share values bridge enterprise value through recorded net debt and diluted shares. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. MULTIPLE QUALITY All recorded multiples passed the sanity bounds; none were excluded. INHERITED CONTEXT Sector positioning and the market window are inherited from sector study run_20260925T163256Z_603_prod and bi-weekly update weekly_20260925T172051Z_603_production — distilled, never re-derived. Their own sources pages govern that content. DRIVER ATTRIBUTION A share-price move is linked to a filing only in calibrated language ("the move appears to reflect…"). Where no filing explains a move, the page says so. ANALYTICAL INTERPRETATION The roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, labeled as such, framed for evaluation. IMPORTANT NOTICE This report is informational only. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources: sec.gov

Sources and methodology

Fidelity National Information Services's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Fidelity National Information Services's, selected by comparing reported business segments: ACI Worldwide, Inc. (ACIW), Fiserv, Inc. (FISV), MarketAxess Holdings Inc. (MKTX), nCino, Inc. (NCNO), Nasdaq, Inc. (NDAQ), Q2 Holdings, Inc. (QTWO), Tradeweb Markets Inc. (TW). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

What this report is built from

Fidelity National Information Services's financials, share price, market capitalisation and enterprise value are as recorded from its SEC filings and market data as of September 25, 2026; forward figures are analyst consensus estimates. The peer set is the listed companies whose business most closely overlaps Fidelity National Information Services's, selected by comparing reported business segments: ACI Worldwide, Inc. (ACIW), Fiserv, Inc. (FISV), MarketAxess Holdings Inc. (MKTX), nCino, Inc. (NCNO), Nasdaq, Inc. (NDAQ), Q2 Holdings, Inc. (QTWO), Tradeweb Markets Inc. (TW). Peer multiples, growth and margins are computed from their filings, consensus estimates and market prices as of September 25, 2026.

The valuation methods and how the ranges are computed

Each football-field bar applies one valuation method to Fidelity National Information Services's own financials. For a peer method the multiple is the median of the peer set's multiples (for example EV over the calendar-year consensus EBITDA); for a precedent method it is the median multiple paid in the recorded transactions (EV over the target's last-twelve-month revenue or EBITDA at announcement). Each bar spans that median ±10% and is applied to the company's own revenue or EBITDA for the same basis; enterprise value is bridged to a per-share value through recorded net debt and diluted shares, and the trading range and analyst range are shown alongside for reference. A multiple outside sanity bounds (P/E 2–100x, EV/EBITDA 1–60x, EV/Revenue 0.2–30x) is excluded from every range and disclosed. The methods' median is the median of the bar midpoints. All valuation content is an illustrative perspective, not an opinion of value.

KPI benchmarking

Growth and EBITDA margin are compared across the peer set; the peer average excludes Fidelity National Information Services so the company is measured against its peers rather than a set it is part of. Metrics benchmarked: CY2026 Revenue Growth, CY2026 EBITDA Margin. Where one peer's figure is far outside the rest of the set, its bar is drawn not to scale and marked, and its true figure is printed.

Precedent transactions

The precedent record is the set of recorded transactions involving Fidelity National Information Services's peers and closest comparables, taken from SEC filings, with the 75th percentile, average, median and 25th percentile of the disclosed multiples. Multiples are LTM/NTM at announcement where disclosed; values link to the record where a link exists.

Inherited context

Sector positioning is inherited from NeuraCap's latest sector outlook for this industry and the latest bi-weekly update frames the current market window; both are distilled, never re-derived, and their own methodology governs their content.

Sources

Company financials and filings: the company's SEC filings on EDGAR. Peer financials, transaction terms and events: SEC filings on EDGAR, linked from each figure. Forward figures: analyst consensus estimates. Prices and market capitalisations: market data as of September 25, 2026.

Interpretation and important notice

The strategic roadmap and what-it-means pages are NeuraCap analytical views drawn from the recorded evidence, framed for evaluation and not as instructions. Illustrative valuation perspectives — not an opinion of value, not a fairness opinion, not a price target. This report is informational and not investment advice.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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