Debt to Equity
since 2005
Calculation
Fiserv Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total Fiserv, Inc. shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2021 | 0.69 | = | 21,237) | ÷ | 30,952) |
| Dec 31, 2020 | 0.64 | = | 20,684) | ÷ | 32,330) |
| Dec 31, 2019 | 0.66 | = | 21,899) | ÷ | 32,979) |
| Dec 31, 2018 | 2.60 | = | 5,959) | ÷ | 2,293) |
| Dec 31, 2017 | 1.79 | = | 4,900) | ÷ | 2,731) |
| Dec 31, 2016 | 1.80 | = | 4,562) | ÷ | 2,541) |
| Dec 31, 2015 | 1.61 | = | 4,293) | ÷ | 2,660) |
| Dec 31, 2014 | 1.15 | = | 3,803) | ÷ | 3,295) |
| Dec 31, 2013 | 1.07 | = | 3,848) | ÷ | 3,585) |
| Dec 31, 2012 | 0.95 | = | 3,230) | ÷ | 3,417) |
| Dec 31, 2011 | 1.04 | = | 3,395) | ÷ | 3,258) |
| Dec 31, 2010 | 1.04 | = | 3,356) | ÷ | 3,229) |
| Dec 31, 2009 | 1.20 | = | 3,641) | ÷ | 3,026) |
| Dec 31, 2008 | 1.58 | = | 4,105) | ÷ | 2,594) |
| Dec 31, 2007 | 2.19 | = | 5,405) | ÷ | 2,467) |
| Dec 31, 2006 | 0.31 | = | 747) | ÷ | 2,426) |
| Dec 31, 2005 | 0.24 | = | 595) | ÷ | 2,466) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The capital structure of the entity exhibits three distinct phases of leverage management between 2005 and 2021, characterized by an initial period of low debt, a middle period of escalating leverage, and a final period of significant balance sheet expansion and stabilization.
- Initial Leverage and the 2007 Shift
- From 2005 to 2006, a conservative leverage profile was maintained, with the debt-to-equity ratio remaining below 0.31. A significant shift occurred in 2007, where total debt increased from 747 million to 5.405 billion, causing the debt-to-equity ratio to spike to 2.19. This represents the first major instance of aggressive debt utilization in the observed period.
- Intermediate Deleveraging and Subsequent Rise (2008–2018)
- Following the 2007 peak, a period of gradual deleveraging is observed from 2008 through 2012, with the ratio declining from 1.58 to a low of 0.95. However, this trend reversed between 2013 and 2018. During this window, total debt rose steadily from 3.848 billion to 5.959 billion, while shareholders' equity concurrently declined from 3.585 billion to 2.293 billion. This convergence of rising liabilities and shrinking equity resulted in the ratio reaching a period high of 2.60 by December 31, 2018.
- Balance Sheet Expansion and Ratio Compression (2019–2021)
- A fundamental structural change occurred in 2019, characterized by a massive expansion of both total debt and shareholders' equity. Total debt increased from 5.959 billion to 21.899 billion, while shareholders' equity surged from 2.293 billion to 32.979 billion. Because the increase in equity significantly outpaced the increase in debt, the debt-to-equity ratio dropped sharply to 0.66. This lower leverage level remained relatively stable through 2021, ending at 0.69.
Overall, the trajectory indicates a transition from a low-debt model to a high-leverage phase, concluding with a large-scale capital restructuring that substantially increased the absolute size of the balance sheet while simultaneously reducing the relative debt burden.
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Comparison to Competitors
Fiserv Inc., debt to equity, long-term trends, comparison to competitors
| Fiserv Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | 0.69 | 0.00 | 0.28 | 1.51 | 0.13 | 0.71 | 2.74 | 0.21 | 0.50 | 16.08 | 0.00 | 5.08 | 0.07 | 0.43 | 0.02 | 0.55 |
| Dec 31, 2020 | 0.64 | 0.00 | 0.31 | — | 0.14 | 0.60 | 2.99 | 0.66 | 0.62 | 5.93 | 0.13 | 2.80 | 0.09 | 0.58 | 0.03 | 0.51 |
| Dec 31, 2019 | 0.66 | 0.00 | 0.39 | — | 0.16 | 0.00 | 3.02 | 0.12 | 0.77 | 2.58 | — | 0.90 | 0.22 | 0.33 | 0.03 | 0.62 |
| Dec 31, 2018 | 2.60 | 0.00 | 0.44 | — | 0.35 | — | 2.73 | 0.19 | 0.97 | 1.33 | — | 1.99 | 0.21 | 0.60 | 0.13 | 0.94 |
| Dec 31, 2017 | 1.79 | 0.00 | 0.22 | — | 0.74 | — | 2.66 | 0.36 | 1.23 | 1.08 | — | 0.69 | 0.32 | 2.01 | 0.04 | 0.46 |
| Dec 31, 2016 | 1.80 | 0.00 | 0.26 | — | 0.93 | — | 2.31 | 0.86 | 0.76 | 0.93 | — | 0.64 | 0.36 | 1.31 | 0.06 | 0.45 |
| Dec 31, 2015 | 1.61 | 0.00 | 0.27 | — | 0.25 | — | 2.80 | 0.21 | 0.44 | 0.86 | — | 1.00 | 0.49 | 0.84 | 0.07 | 0.44 |
| Dec 31, 2014 | 1.15 | 0.00 | 0.22 | — | 0.52 | — | 3.44 | 0.16 | 0.25 | 0.52 | — | 1.00 | 0.79 | 1.04 | 0.02 | 0.41 |
| Dec 31, 2013 | 1.07 | 0.01 | 0.23 | — | 0.28 | — | 1.74 | 0.14 | 0.20 | 0.41 | — | 0.00 | 0.25 | 1.05 | 0.04 | 0.04 |
| Dec 31, 2012 | 0.95 | 0.00 | 0.23 | — | 0.49 | — | 1.76 | 0.18 | 0.18 | 0.38 | — | 0.00 | 0.35 | 0.00 | 0.05 | — |
| Dec 31, 2011 | 1.04 | 0.00 | 0.26 | — | 1.04 | — | 1.56 | 0.38 | 0.21 | 0.40 | — | — | 0.38 | — | 0.00 | — |
| Dec 31, 2010 | 1.04 | 0.00 | 0.29 | — | 1.99 | — | 1.24 | 0.35 | 0.13 | 0.48 | — | — | 0.45 | — | 0.00 | — |
| Dec 31, 2009 | 1.20 | 0.00 | 0.20 | — | 4.02 | — | 1.15 | 0.39 | 0.15 | 0.41 | — | — | 0.01 | — | 0.00 | — |
| Dec 31, 2008 | 1.58 | 0.00 | 0.08 | — | 4.91 | — | 2.52 | 0.48 | 0.00 | 0.49 | — | — | 0.00 | — | 0.00 | — |
| Dec 31, 2007 | 2.19 | 0.01 | 0.00 | — | 0.35 | — | 1.24 | 0.49 | 0.00 | 0.45 | — | — | 0.00 | — | 0.00 | — |
| Dec 31, 2006 | 0.31 | 0.03 | 0.00 | — | 0.45 | — | 0.80 | 0.00 | 0.00 | 0.39 | — | — | 0.00 | — | 0.00 | — |
| Dec 31, 2005 | 0.24 | 0.04 | 0.00 | — | 0.31 | — | 0.68 | 0.00 | 0.00 | 0.26 | — | — | 0.01 | — | 0.00 | — |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Software & Services)
Fiserv Inc., debt to equity, long-term trends, comparison to sector (software & services)
| Fiserv Inc. | Software & Services | |
|---|---|---|
| Dec 31, 2021 | 0.69 | 0.83 |
| Dec 31, 2020 | 0.64 | 0.95 |
| Dec 31, 2019 | 0.66 | 1.04 |
| Dec 31, 2018 | 2.60 | 1.07 |
| Dec 31, 2017 | 1.79 | 1.14 |
| Dec 31, 2016 | 1.80 | 0.90 |
| Dec 31, 2015 | 1.61 | 0.73 |
| Dec 31, 2014 | 1.15 | 0.54 |
| Dec 31, 2013 | 1.07 | 0.46 |
| Dec 31, 2012 | 0.95 | 0.44 |
| Dec 31, 2011 | 1.04 | 0.47 |
| Dec 31, 2010 | 1.04 | 0.46 |
| Dec 31, 2009 | 1.20 | 0.44 |
| Dec 31, 2008 | 1.58 | 0.56 |
| Dec 31, 2007 | 2.19 | 0.50 |
| Dec 31, 2006 | 0.31 | 0.31 |
| Dec 31, 2005 | 0.24 | 0.26 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Fiserv Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Fiserv Inc. | Information Technology | |
|---|---|---|
| Dec 31, 2021 | 0.69 | 0.82 |
| Dec 31, 2020 | 0.64 | 0.95 |
| Dec 31, 2019 | 0.66 | 0.97 |
| Dec 31, 2018 | 2.60 | 0.82 |
| Dec 31, 2017 | 1.79 | 0.80 |
| Dec 31, 2016 | 1.80 | 0.65 |
| Dec 31, 2015 | 1.61 | 0.56 |
| Dec 31, 2014 | 1.15 | 0.38 |
| Dec 31, 2013 | 1.07 | 0.28 |
| Dec 31, 2012 | 0.95 | 0.24 |
| Dec 31, 2011 | 1.04 | 0.27 |
| Dec 31, 2010 | 1.04 | 0.24 |
| Dec 31, 2009 | 1.20 | 0.25 |
| Dec 31, 2008 | 1.58 | 0.28 |
| Dec 31, 2007 | 2.19 | 0.26 |
| Dec 31, 2006 | 0.31 | 0.19 |
| Dec 31, 2005 | 0.24 | 0.15 |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).