Price to Earnings (P/E)
since 2005
Calculation
Fiserv Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Fiserv, Inc.1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2022 | 46.72 | = | 95.56 | ÷ | 2.05 | 2.05 | = | 1,334 | ÷ | 652,196,905 | |
| Feb 26, 2021 | 80.62 | = | 115.37 | ÷ | 1.43 | 1.43 | = | 958 | ÷ | 669,459,877 | |
| Feb 27, 2020 | 82.54 | = | 108.54 | ÷ | 1.31 | 1.31 | = | 893 | ÷ | 679,098,783 | |
| Feb 21, 2019 | 27.96 | = | 84.75 | ÷ | 3.03 | 3.03 | = | 1,187 | ÷ | 391,586,971 | |
| Feb 22, 2018 | 23.57 | = | 71.06 | ÷ | 3.02 | 3.02 | = | 1,246 | ÷ | 413,215,728 | |
| Feb 23, 2017 | 26.51 | = | 57.45 | ÷ | 2.17 | 2.17 | = | 930 | ÷ | 429,127,900 | |
| Feb 19, 2016 | 30.27 | = | 48.33 | ÷ | 1.60 | 1.60 | = | 712 | ÷ | 445,874,602 | |
| Feb 20, 2015 | 25.03 | = | 39.53 | ÷ | 1.58 | 1.58 | = | 754 | ÷ | 477,385,630 | |
| Feb 20, 2014 | 22.46 | = | 28.59 | ÷ | 1.27 | 1.27 | = | 648 | ÷ | 508,973,046 | |
| Feb 22, 2013 | 17.53 | = | 20.06 | ÷ | 1.14 | 1.14 | = | 611 | ÷ | 534,014,116 | |
| Feb 24, 2012 | 19.64 | = | 16.72 | ÷ | 0.85 | 0.85 | = | 472 | ÷ | 554,354,588 | |
| Feb 24, 2011 | 18.27 | = | 15.51 | ÷ | 0.85 | 0.85 | = | 496 | ÷ | 584,308,404 | |
| Feb 26, 2010 | 15.44 | = | 12.06 | ÷ | 0.78 | 0.78 | = | 476 | ÷ | 609,281,616 | |
| Feb 27, 2009 | 8.95 | = | 8.16 | ÷ | 0.91 | 0.91 | = | 569 | ÷ | 624,001,668 | |
| Feb 28, 2008 | 19.80 | = | 13.22 | ÷ | 0.67 | 0.67 | = | 439 | ÷ | 657,664,524 | |
| Feb 28, 2007 | 20.08 | = | 13.24 | ÷ | 0.66 | 0.66 | = | 450 | ÷ | 682,355,912 | |
| Mar 15, 2006 | 14.70 | = | 10.61 | ÷ | 0.72 | 0.72 | = | 516 | ÷ | 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 financial trajectory from 2006 to 2022 is characterized by a long-term expansion in both share price and earnings per share, followed by a period of significant valuation volatility. For the majority of the observed period, the valuation remained within a predictable range, but experienced a sharp divergence starting in 2020.
- Share Price and Earnings Per Share (EPS) Correlation
- A consistent upward trend in share price is observed from 2006 through 2020, with the price rising from 10.61 USD to a peak of 108.54 USD. This growth was largely supported by a steady increase in EPS, which grew from 0.72 USD in 2006 to a peak of 3.03 USD in 2019. However, a decoupling occurred in 2020, where EPS dropped sharply to 1.31 USD while the share price continued to rise to 115.37 USD by 2021, before correcting to 95.56 USD in 2022.
- Price-to-Earnings (P/E) Ratio Stability and Expansion
- Between 2006 and 2019, the P/E ratio generally fluctuated between 8.95 and 30.27, suggesting a relatively stable market valuation relative to earnings. A notable dip in the P/E ratio occurred in 2009, reaching a period low of 8.95. Following this, a gradual expansion in the multiple was observed, peaking at 30.27 in 2016, indicating increased investor confidence or higher growth expectations during that interval.
- Valuation Anomaly (2020–2022)
- A dramatic surge in the P/E ratio is evident in 2020 and 2021, with the ratio spiking to 82.54 and 80.62, respectively. This extreme expansion was not driven by price appreciation alone, but primarily by a significant contraction in EPS. By 2022, the P/E ratio began to normalize, descending to 46.72 as EPS recovered to 2.05 USD and the share price experienced a moderate decline. Despite this correction, the valuation remains substantially higher than the historical averages observed between 2006 and 2019.
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Comparison to Competitors
Fiserv Inc., P/E, 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 | 46.72 | 36.58 | 48.90 | 472.35 | 53.88 | — | 19.40 | 75.17 | 35.14 | 15.84 | — | — | 48.20 | 487.70 | 73.37 | — |
| Feb 26, 2021 | 80.62 | 28.32 | 41.69 | — | 62.89 | — | 19.30 | 49.52 | 35.04 | 16.69 | — | — | 1,204.70 | 978.49 | 55.92 | — |
| Feb 27, 2020 | 82.54 | 24.58 | 57.17 | — | 20.22 | — | 13.35 | 48.17 | 26.86 | 16.89 | — | — | 107.70 | 106.89 | 39.55 | — |
| Feb 21, 2019 | 27.96 | 24.10 | 46.11 | — | 46.59 | — | 14.25 | 46.88 | 50.00 | 45.90 | — | — | 731.11 | — | 29.60 | — |
| Feb 22, 2018 | 23.57 | 26.18 | 57.41 | — | 55.67 | — | 25.07 | 37.26 | 26.25 | 22.49 | — | — | 324.94 | — | 95.81 | — |
| Feb 23, 2017 | 26.51 | 18.07 | 46.80 | — | 40.53 | — | 14.29 | 29.60 | 26.08 | 18.53 | — | — | — | — | 33.71 | — |
| Feb 19, 2016 | 30.27 | 22.75 | 70.59 | — | 25.14 | — | 9.65 | 63.89 | 30.63 | 17.92 | — | — | — | — | 30.45 | — |
| Feb 20, 2015 | 25.03 | 17.46 | 132.73 | — | 34.03 | — | 13.55 | 26.44 | 16.11 | 16.33 | — | — | — | — | 25.00 | — |
| Feb 20, 2014 | 22.46 | 15.20 | 104.21 | — | 26.30 | — | 11.58 | 21.73 | 12.14 | 12.78 | — | — | — | — | 24.68 | — |
| Feb 22, 2013 | 17.53 | 17.95 | 22.73 | — | 9.11 | — | 13.37 | 22.37 | 14.40 | 13.61 | — | 6,057.94 | — | — | 26.53 | — |
| Feb 24, 2012 | 19.64 | 17.60 | 18.49 | — | 44.80 | — | 14.47 | 22.53 | 10.03 | 19.17 | — | — | 251.73 | — | 17.51 | — |
| Feb 24, 2011 | 18.27 | 17.62 | 22.05 | — | 20.39 | — | 13.32 | 24.82 | 11.91 | 17.66 | — | — | 118.88 | — | 17.09 | — |
| Feb 26, 2010 | 15.44 | 17.45 | 46.62 | — | — | — | 12.24 | 20.01 | 14.56 | 19.25 | — | — | 87.39 | — | 18.86 | — |
| Feb 27, 2009 | 8.95 | 13.74 | 11.84 | — | — | — | 9.40 | 20.68 | 13.28 | 19.44 | — | — | 388.13 | — | 13.55 | — |
| Feb 28, 2008 | 19.80 | 24.38 | 27.23 | — | 10.43 | — | 15.20 | 21.92 | 74.58 | 23.58 | — | — | 10,271.10 | — | 29.39 | — |
| Feb 28, 2007 | 20.08 | 26.95 | 44.72 | — | 41.15 | — | 14.90 | 27.35 | 63.21 | 23.43 | — | — | 151.60 | — | 156.86 | — |
| Mar 15, 2006 | 14.70 | 24.06 | 38.61 | — | 103.88 | — | 15.85 | 21.02 | 70.27 | 23.70 | — | — | 207.38 | — | — | — |
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/E, long-term trends, comparison to sector (software & services)
| Fiserv Inc. | Software & Services | |
|---|---|---|
| Feb 24, 2022 | 46.72 | 37.62 |
| Feb 26, 2021 | 80.62 | 38.46 |
| Feb 27, 2020 | 82.54 | 28.30 |
| Feb 21, 2019 | 27.96 | 43.31 |
| Feb 22, 2018 | 23.57 | 30.27 |
| Feb 23, 2017 | 26.51 | 23.96 |
| Feb 19, 2016 | 30.27 | 23.38 |
| Feb 20, 2015 | 25.03 | 18.36 |
| Feb 20, 2014 | 22.46 | 14.09 |
| Feb 22, 2013 | 17.53 | 14.97 |
| Feb 24, 2012 | 19.64 | 13.91 |
| Feb 24, 2011 | 18.27 | 14.04 |
| Feb 26, 2010 | 15.44 | 15.17 |
| Feb 27, 2009 | 8.95 | 13.87 |
| Feb 28, 2008 | 19.80 | 43.67 |
| Feb 28, 2007 | 20.08 | 39.59 |
| Mar 15, 2006 | 14.70 | 44.69 |
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/E, long-term trends, comparison to industry (information technology)
| Fiserv Inc. | Information Technology | |
|---|---|---|
| Feb 24, 2022 | 46.72 | 29.75 |
| Feb 26, 2021 | 80.62 | 30.97 |
| Feb 27, 2020 | 82.54 | 23.40 |
| Feb 21, 2019 | 27.96 | 23.17 |
| Feb 22, 2018 | 23.57 | 23.55 |
| Feb 23, 2017 | 26.51 | 19.69 |
| Feb 19, 2016 | 30.27 | 16.54 |
| Feb 20, 2015 | 25.03 | 17.14 |
| Feb 20, 2014 | 22.46 | 14.15 |
| Feb 22, 2013 | 17.53 | 14.37 |
| Feb 24, 2012 | 19.64 | 13.71 |
| Feb 24, 2011 | 18.27 | 15.08 |
| Feb 26, 2010 | 15.44 | 21.50 |
| Feb 27, 2009 | 8.95 | 15.83 |
| Feb 28, 2008 | 19.80 | 36.48 |
| Feb 28, 2007 | 20.08 | 32.07 |
| Mar 15, 2006 | 14.70 | 33.76 |
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).