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Ramzi El-Assal

Managing Director and Senior Equity Research Analyst at Cantor Fitzgerald

Ramsey El-Assal is a Managing Director and Senior Equity Research Analyst at Cantor Fitzgerald, specializing in fintech, payments, and digital assets with a focus on financial transaction services and internet software. He covers companies such as Block (SQ), PayPal (PYPL), Affirm (AFRM), WEX, Fidelity National Information Services (FIS), Upstart (UPST), and MicroStrategy (MSTR), with a mixed performance track record including a 48% success rate and -1.40% average return per rating on TipRanks over 498 ratings, though featuring standout calls like a +220% return on MSTR. El-Assal has issued 42 ratings over the past year with 71% buys, previously worked at Barclays covering 24 companies in business services and technology, and recently asked questions on earnings calls for firms like Coinbase and Affirm.

Ramzi El-Assal's questions to Fidelity National Information Services (FIS) leadership

Question · Q4 2025

Ramzi El-Assal inquired about the pace of the shift towards higher quality recurring revenue within the Capital Markets segment, how long this trend is expected to impact segment revenue growth, and the anticipated steady-state growth profile after the shift is complete.

Answer

CEO and President Stephanie Ferris noted that recurring revenue in Capital Markets increased from 69% in 2020 to 71% in 2025, reflecting a market shift away from licenses. She expects this trend to continue, with recurring revenue growing mid to high single digits in 2026. CFO James Kehoe added that non-recurring revenue is still growing, albeit at a lower rate, and expressed optimism about the accelerating recurring revenue trend.

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