$FISV: One year since the last collapse and still no signs of fundamental improvement

Like many of us, I am following FISV since it was such an incredible company for so long it is hard to believe the stock will not recover at some point. I do not think that point is here yet.

For this post, I used the Seeking Alpha data feed, looking at TTM ("Trailing 12 month") quarterly numbers through the June reporting period. I see no sign of a business turnaround.

1) TTM revenues are down the last 2 quarters. This is probably from some business unit sales but the fact the company needs to sell small pieces shows the lack of conviction by management still. One would think the best way to spend resources would be on fixing, not selling.

2) TTM Gross Profit has collapsed much more than Revenues. A year ago, TTM GP was $12.9B. Now it is $11.7B. The company is telling us that it does not have pricing power. It is giving away business to hold share. That is not the behavior of a dominant business franchise.

3) SG&A has soared from TTM in June 2025 of $6.5B to $7.3B. Once again, this suggests the company is scrambling to keep clients, likely increasing commissions to sales staff. Not a good sign from management at all when revenues are declining.

4) 2+3 = a total collapse in operating margin. Very ugly.

The only good trend I see is that incremental share repurchases continue despite the weakness in financial performance. Those bodes well for EPS momentum IF management can grow this business again.