Fiserv (STU:FIV) Beneish M-Score : -2.58 (As of Mar. 30, 2025)

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What is Fiserv Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Fiserv's Beneish M-Score or its related term are showing as below:

STU:FIV' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.62 Max: -1.43
Current: -2.58

During the past 13 years, the highest Beneish M-Score of Fiserv was -1.43. The lowest was -2.81. And the median was -2.62.

Fiserv Beneish M-Score Historical Data

The historical data trend for Fiserv's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Fiserv Beneish M-Score Chart

Fiserv Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.71

-2.57

-2.49

-2.69

-2.58

Fiserv Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-2.68	-2.67	-2.56	-2.58

Competitive Comparison of Fiserv's Beneish M-Score

For the Information Technology Services subindustry, Fiserv's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Fiserv's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Fiserv's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Fiserv's Beneish M-Score falls into.

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Fiserv Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Fiserv for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0122

0.528 * 0.9833

0.404 * 1.1211

0.892 * 1.0699

0.115 * 1.0633

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9312

4.679 * -0.041623

0.327 * 0.9665

-2.53

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was €3,557 Mil.
Revenue was 5014.705 + 4698.715 + 4744.403 + 4492.36 = €18,950 Mil.
Gross Profit was 3086.56 + 2890.408 + 2903.125 + 2647.76 = €11,528 Mil.
Total Current Assets was €22,421 Mil.
Total Assets was €73,703 Mil.
Property, Plant and Equipment(Net PPE) was €2,267 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,866 Mil.
Selling, General, & Admin. Expense(SGA) was €6,078 Mil.
Total Current Liabilities was €21,160 Mil.
Long-Term Debt & Capital Lease Obligation was €22,662 Mil.
Net Income was 895.79 + 508.164 + 830.526 + 676.2 = €2,911 Mil.
Non Operating Income was -153.755 + -4.505 + -4.645 + -6.44 = €-169 Mil.
Cash Flow from Operations was 2121.055 + 2016.438 + 1245.789 + 764.52 = €6,148 Mil.

Total Receivables was €3,285 Mil.
Revenue was 4508.889 + 4566.001 + 4389.788 + 4246.898 = €17,712 Mil.
Gross Profit was 2819.775 + 2791.323 + 2609.321 + 2374.228 = €10,595 Mil.
Total Current Assets was €31,922 Mil.
Total Assets was €83,346 Mil.
Property, Plant and Equipment(Net PPE) was €1,982 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,895 Mil.
Selling, General, & Admin. Expense(SGA) was €6,101 Mil.
Total Current Liabilities was €30,767 Mil.
Long-Term Debt & Capital Lease Obligation was €20,507 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(3557.375 / 18950.183)	/	(3284.694 / 17711.576)
	=	0.187722	/	0.185455
	=	1.0122

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(10594.647 / 17711.576)	/	(11527.853 / 18950.183)
	=	0.598176	/	0.608324
	=	0.9833

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (22420.535 + 2267.17) / 73703.08)	/	(1 - (31921.687 + 1981.637) / 83346.13)
	=	0.665038	/	0.593223
	=	1.1211

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	18950.183	/	17711.576
	=	1.0699

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(2895.482 / (2895.482 + 1981.637))	/	(2866.213 / (2866.213 + 2267.17))
	=	0.593687	/	0.558348
	=	1.0633

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(6078.379 / 18950.183)	/	(6100.676 / 17711.576)
	=	0.320756	/	0.344446
	=	0.9312

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((22662.15 + 21159.935) / 73703.08)	/	((20506.871 + 30767.184) / 83346.13)
	=	0.594576	/	0.615194
	=	0.9665

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(2910.68 - -169.345	-	6147.802)	/	73703.08
	=	-0.041623

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Fiserv has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Fiserv Beneish M-Score Related Terms

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Fiserv Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Fiserv Inc (STU:FIV) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

FI:USA FI:Mexico 1FISV:Italy 0IP9:UK FIV:Germany FIV:Germany F1IS34:Brazil FISV:Austria

Address

600 North Velarde Road, Phillips Avenue, Milwaukee, WI, USA, 53203

Website

https://www.fiserv.com

Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for us banks and credit unions, with a focus on small and midsize banks. Through the merger with First Data in 2019, Fiserv also provides payment processing services for merchants. About 10% of the company's revenue is generated internationally.