Price to Book Value (P/BV)
since 2005
Calculation
Fiserv Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Fiserv, Inc. shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 2.01 | = | 95.56 | ÷ | 47.46 | 47.46 | = | 30,952 | ÷ | 652,196,905 | |
| Feb 26, 2021 | 2.39 | = | 115.37 | ÷ | 48.29 | 48.29 | = | 32,330 | ÷ | 669,459,877 | |
| Feb 27, 2020 | 2.24 | = | 108.54 | ÷ | 48.56 | 48.56 | = | 32,979 | ÷ | 679,098,783 | |
| Feb 21, 2019 | 14.47 | = | 84.75 | ÷ | 5.86 | 5.86 | = | 2,293 | ÷ | 391,586,971 | |
| Feb 22, 2018 | 10.75 | = | 71.06 | ÷ | 6.61 | 6.61 | = | 2,731 | ÷ | 413,215,728 | |
| Feb 23, 2017 | 9.70 | = | 57.45 | ÷ | 5.92 | 5.92 | = | 2,541 | ÷ | 429,127,900 | |
| Feb 19, 2016 | 8.10 | = | 48.33 | ÷ | 5.97 | 5.97 | = | 2,660 | ÷ | 445,874,602 | |
| Feb 20, 2015 | 5.73 | = | 39.53 | ÷ | 6.90 | 6.90 | = | 3,295 | ÷ | 477,385,630 | |
| Feb 20, 2014 | 4.06 | = | 28.59 | ÷ | 7.04 | 7.04 | = | 3,585 | ÷ | 508,973,046 | |
| Feb 22, 2013 | 3.14 | = | 20.06 | ÷ | 6.40 | 6.40 | = | 3,417 | ÷ | 534,014,116 | |
| Feb 24, 2012 | 2.84 | = | 16.72 | ÷ | 5.88 | 5.88 | = | 3,258 | ÷ | 554,354,588 | |
| Feb 24, 2011 | 2.81 | = | 15.51 | ÷ | 5.53 | 5.53 | = | 3,229 | ÷ | 584,308,404 | |
| Feb 26, 2010 | 2.43 | = | 12.06 | ÷ | 4.97 | 4.97 | = | 3,026 | ÷ | 609,281,616 | |
| Feb 27, 2009 | 1.96 | = | 8.16 | ÷ | 4.16 | 4.16 | = | 2,594 | ÷ | 624,001,668 | |
| Feb 28, 2008 | 3.52 | = | 13.22 | ÷ | 3.75 | 3.75 | = | 2,467 | ÷ | 657,664,524 | |
| Feb 28, 2007 | 3.72 | = | 13.24 | ÷ | 3.55 | 3.55 | = | 2,426 | ÷ | 682,355,912 | |
| Mar 15, 2006 | 3.08 | = | 10.61 | ÷ | 3.45 | 3.45 | = | 2,466 | ÷ | 715,717,600 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Fiserv Inc. Annual Report.
The Price to Book Value (P/BV) ratio for Fiserv Inc. exhibits three distinct phases between 2006 and 2022: a period of relative stability and volatility, a phase of aggressive valuation expansion, and a subsequent sharp normalization.
- Initial Stability and Market Volatility (2006–2009)
- Between 2006 and 2009, the P/BV ratio fluctuated between 1.96 and 3.72. A significant trough occurred in February 2009, where the ratio reached 1.96, coinciding with a sharp decline in share price to 8.16 US$, despite a steady increase in book value per share (BVPS).
- Aggressive Valuation Expansion (2010–2019)
- From 2010 to 2019, a sustained upward trend in the P/BV ratio is observed, escalating from 2.43 to a peak of 14.47. This period is characterized by share price growth that significantly outpaced the growth of book value. While the share price rose from 12.06 US$ in 2010 to 84.75 US$ in 2019, the BVPS remained relatively stagnant, fluctuating between 5.53 US$ and 7.04 US$, leading to an expanded valuation multiple.
- Structural Shift and Normalization (2020–2022)
- A dramatic shift occurred between February 2019 and February 2020. The BVPS increased from 5.86 US$ to 48.56 US$, representing a substantial increase in the underlying book value. This adjustment caused the P/BV ratio to collapse from 14.47 to 2.24, despite the share price continuing to rise to 108.54 US$. Following this correction, the ratio remained stable and low, ending at 2.01 in February 2022 as the share price moderated to 95.56 US$ and BVPS slightly declined to 47.46 US$.
The overall trajectory indicates a transition from a moderately valued asset to a highly premium valuation, followed by a structural reset in book value that brought the P/BV ratio back to levels comparable to those seen during the 2006-2009 period.
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Comparison to Competitors
Fiserv Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 2.01 | 11.06 | 15.94 | 7.83 | 13.68 | 48.66 | 5.90 | 15.71 | 15.16 | 41.57 | 10.48 | 71.88 | 4.73 | 30.36 | 10.50 | 18.38 |
| Feb 26, 2021 | 2.39 | 8.51 | 16.53 | — | 14.90 | 31.25 | 5.24 | 17.71 | 13.11 | 14.01 | 28.60 | 20.61 | 4.48 | 40.91 | 7.57 | 15.54 |
| Feb 27, 2020 | 2.24 | 8.15 | 16.03 | — | 9.51 | 16.83 | 6.04 | 20.00 | 10.30 | 8.59 | — | 12.91 | 7.66 | 31.48 | 5.16 | 21.26 |
| Feb 21, 2019 | 14.47 | 9.44 | 12.76 | — | 12.50 | — | 7.40 | 24.12 | 10.02 | 3.84 | — | 22.92 | 9.93 | 39.03 | 3.68 | 18.62 |
| Feb 22, 2018 | 10.75 | 10.08 | 11.50 | — | 11.49 | — | 8.20 | 26.72 | 7.69 | 3.90 | — | 17.37 | 7.78 | 48.15 | 3.99 | 14.93 |
| Feb 23, 2017 | 9.70 | 9.83 | 7.37 | — | 11.10 | — | 9.30 | 24.96 | 6.08 | 3.49 | — | 16.91 | 9.45 | 37.73 | 2.81 | 12.36 |
| Feb 19, 2016 | 8.10 | 11.33 | 6.35 | — | 4.61 | — | 8.92 | 10.00 | 4.66 | 3.66 | — | 32.11 | 10.57 | 15.42 | 2.20 | 13.98 |
| Feb 20, 2015 | 5.73 | 8.96 | 5.26 | — | 4.06 | — | 13.73 | 7.79 | 3.96 | 3.82 | — | 16.81 | 12.79 | 26.77 | 2.12 | 14.17 |
| Feb 20, 2014 | 4.06 | 10.06 | 4.49 | — | 3.74 | — | 8.37 | 5.28 | 3.36 | 3.13 | — | 12.19 | 11.74 | 24.35 | 2.19 | 17.51 |
| Feb 22, 2013 | 3.14 | 11.05 | 2.84 | — | 4.38 | — | 11.77 | 6.46 | 3.68 | 3.11 | — | 19.49 | 12.73 | 19.86 | 1.93 | — |
| Feb 24, 2012 | 2.84 | 10.33 | 2.66 | — | 7.87 | — | 11.39 | 5.46 | 4.07 | 4.12 | — | — | 12.71 | — | 1.84 | — |
| Feb 24, 2011 | 2.81 | 11.06 | 3.29 | — | 9.33 | — | 8.57 | 5.05 | 4.84 | 3.52 | — | — | 9.19 | — | 1.93 | — |
| Feb 26, 2010 | 2.43 | 9.61 | 3.68 | — | 14.21 | — | 7.26 | 3.50 | 5.36 | 4.29 | — | — | 5.65 | — | 1.71 | — |
| Feb 27, 2009 | 1.96 | 9.15 | 2.34 | — | 10.30 | — | 8.61 | 4.76 | 6.47 | 4.66 | — | — | 15.76 | — | 1.68 | — |
| Feb 28, 2008 | 3.52 | 14.69 | 4.24 | — | 1.49 | — | 5.56 | 4.74 | 33.73 | 5.96 | — | — | 17.53 | — | 2.67 | — |
| Feb 28, 2007 | 3.72 | 13.85 | 4.39 | — | 3.45 | — | 4.96 | 6.56 | 19.86 | 5.28 | — | — | 21.98 | — | 3.34 | — |
| Mar 15, 2006 | 3.08 | 13.33 | 12.48 | — | 2.78 | — | 3.80 | 4.73 | 17.90 | 6.31 | — | — | 10.50 | — | 2.57 | — |
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., P/BV, long-term trends, comparison to sector (software & services)
| Fiserv Inc. | Software & Services | |
|---|---|---|
| Feb 24, 2022 | 2.01 | 13.51 |
| Feb 26, 2021 | 2.39 | 11.67 |
| Feb 27, 2020 | 2.24 | 10.06 |
| Feb 21, 2019 | 14.47 | 8.75 |
| Feb 22, 2018 | 10.75 | 7.21 |
| Feb 23, 2017 | 9.70 | 6.29 |
| Feb 19, 2016 | 8.10 | 5.39 |
| Feb 20, 2015 | 5.73 | 5.16 |
| Feb 20, 2014 | 4.06 | 4.47 |
| Feb 22, 2013 | 3.14 | 4.89 |
| Feb 24, 2012 | 2.84 | 5.40 |
| Feb 24, 2011 | 2.81 | 5.32 |
| Feb 26, 2010 | 2.43 | 5.46 |
| Feb 27, 2009 | 1.96 | 6.11 |
| Feb 28, 2008 | 3.52 | 15.50 |
| Feb 28, 2007 | 3.72 | 11.43 |
| Mar 15, 2006 | 3.08 | 11.13 |
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., P/BV, long-term trends, comparison to industry (information technology)
| Fiserv Inc. | Information Technology | |
|---|---|---|
| Feb 24, 2022 | 2.01 | 12.37 |
| Feb 26, 2021 | 2.39 | 10.94 |
| Feb 27, 2020 | 2.24 | 8.41 |
| Feb 21, 2019 | 14.47 | 7.00 |
| Feb 22, 2018 | 10.75 | 5.46 |
| Feb 23, 2017 | 9.70 | 4.53 |
| Feb 19, 2016 | 8.10 | 4.30 |
| Feb 20, 2015 | 5.73 | 4.36 |
| Feb 20, 2014 | 4.06 | 3.50 |
| Feb 22, 2013 | 3.14 | 3.75 |
| Feb 24, 2012 | 2.84 | 3.98 |
| Feb 24, 2011 | 2.81 | 4.16 |
| Feb 26, 2010 | 2.43 | 4.31 |
| Feb 27, 2009 | 1.96 | 4.00 |
| Feb 28, 2008 | 3.52 | 8.64 |
| Feb 28, 2007 | 3.72 | 7.24 |
| Mar 15, 2006 | 3.08 | 7.40 |
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).