Common-Size Income Statement
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Fiserv Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Revenue Composition
- Processing and services consistently represent the largest portion of revenue, fluctuating mostly between approximately 81% and 87% across the periods. There is a slight downward trend from around 86-87% in early years to about 81-82% in recent quarters. Conversely, product revenue as a percentage of total revenue has a complementary increase, rising from about 13-15% in earlier periods to nearing 18-19% in later periods, indicating a gradual shift or diversification in revenue streams.
- Cost Structure
- The cost of processing and services generally mirrors the trend in its revenue share but shows notable volatility. The cost percentage varies between roughly 34.7% and 43.4%, with some periods displaying marked reductions in cost ratio, such as a drop to the mid-30s in 2020 and early 2022, implying efficiency gains or cost controls during those intervals. The cost of product maintains a somewhat stable range mostly between 11.5% and 14.1%, with occasional fluctuations but no clear persistent upward or downward movement. Overall, cost of revenue remains in the range of approximately 47.7% to 57.5%, showing higher spikes notably at the start of 2020 indicating an increase in total costs relative to revenues during that period, before returning to lower levels subsequently.
- Profitability Indicators
- Gross profit margins oscillate between approximately 42.5% and 52.3%, showing a clear recovery and strengthening from the lower margins observed in early 2020 to higher margins post-2020, likely reflecting improved cost management or revenue mix changes. Operating income as a percentage of revenue experiences significant volatility; a peak exceeding 42% in early 2018 is an outlier, whereas most other periods range between 11% and 28%, with a dip to single digits in mid to late 2019 indicating pressure on operating profitability during that timeframe. The pattern subsequently stabilizes but does not return to earlier highs. Net income shows a wide range with peaks close to or above 35% in certain quarters, particularly in 2017 and early 2018, followed by a decline and some fluctuation between about 6% and 17%, suggesting episodic impacts from other costs or gains.
- Operating Expenses and Other Items
- Selling, general and administrative expenses relative to revenue increased notably post-2018, jumping from the low 20% range to exceed 35% from late 2019 onward, indicating rising overheads or investments. The gain (loss) on sales of assets is irregular with some large positive spikes, particularly early 2018 and early 2020, contributing positively to net results in those periods. Interest expense as a percentage of revenue trends marginally upwards through time, peaking around 5% during 2019-2020, then easing somewhat but remaining above early period levels, which may reflect changes in debt structure or financing costs.
- Income Taxes and Non-Operating Items
- Income tax provision shows high variability, including occasional negative values reflecting benefits or credits, notably in late 2017 and some quarters in 2020, indicating fluctuating tax impacts possibly from deferred taxes or discrete events. Other income and expenses remain minimal relative to revenue, generally close to zero with some small positive and negative deviations, indicating minor influence on overall profitability.
- Overall Financial Performance Trends
- The company exhibits a generally stable revenue composition with consistent dominance of processing and services revenues and a gradual increase in product revenues. Profit margins have been subject to fluctuations reflecting shifts in cost control, operating expenses, and one-time gains or losses. There was a notable pressure on profitability during 2019 and early 2020, followed by a recovery. Increasing administrative expenses as a portion of revenue may warrant attention regarding operational efficiency. The fluctuation in interest expense and tax provisioning also suggests areas potentially influenced by broader financial management or external economic factors.