FIS vs IBM: Fidelity National Information Services and International Business Machines compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- International Business Machines is the larger company, worth $221.1B, about 12.8 times Fidelity National Information Services.
- Fidelity National Information Services grew revenue faster over the last year (+29.1% vs +1.1%).
- On earnings, Fidelity National Information Services is the cheaper stock (6.5x vs 20.8x).
- International Business Machines's price assumes faster free cash flow growth: about 4% a year, against -3% for Fidelity National Information Services (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FIS | IBM |
|---|---|---|
| Market cap | $17.3B | $221.1B |
| Share price | $34.04 | $227.13 |
| Revenue (last fiscal year) | $10.7B | $67.5B |
| Free cash flow (last fiscal year) | $1.6B | $12.1B |
| Revenue growth, last year | +29.1% | +1.1% |
| Revenue growth per year, last 5 fiscal years | +3.4% | +4.2% |
| Operating margin | 15.7% | — |
| Net margin | 27.6% | 15.5% |
| Return on equity | 21.0% | 31.1% |
| P/E (trailing) | 6.47x | 20.8x |
| Price / free cash flow | 6.14x | 19.1x |
| EV / EBITDA | 7.35x | 15.9x |
| FCF growth the price implies | -3.3% | 3.8% |
| Dividend yield | 4.9% | 2.9% |
| Debt / equity | 1.75x | 3.41x |
| Fundamental grade | B | C |
| Superinvestors holding it | 9 | 10 |
| Insider purchases, last 12 months | 9 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fidelity National Information Services
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.3B | $3.6B | 11.1% |
| 2022 | $9.7B | $2.9B | 12.1% |
| 2023 | $9.8B | $3.6B | 14.7% |
| 2024 | $10.1B | $1.4B | 16.9% |
| 2025 | $10.7B | $1.6B | 16.3% |
International Business Machines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $57.4B | $10.7B | — |
| 2022 | $60.5B | $9.1B | — |
| 2023 | $61.9B | $12.7B | — |
| 2024 | $62.8B | $12.4B | — |
| 2025 | $67.5B | $12.1B | — |
Where the revenue comes from
Fidelity National Information Services · by segments, 2025
International Business Machines · by segments, 2025
Questions
Which is bigger, Fidelity National Information Services or International Business Machines?
International Business Machines (IBM), at $221.1B against $17.3B.
Is FIS or IBM cheaper?
By trailing P/E, Fidelity National Information Services (6.47x) is cheaper than International Business Machines (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, FIS or IBM?
Fidelity National Information Services: revenue grew +29.1% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.