Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Current Valuation Ratios
Fiserv Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Fair Isaac Corp. | 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. | Software & Services | Information Technology | ||||
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Selected Financial Data | |||||||||||||||||||||
Current share price (P) | |||||||||||||||||||||
No. shares of common stock outstanding | |||||||||||||||||||||
Growth rate (g) | |||||||||||||||||||||
Earnings per share (EPS) | |||||||||||||||||||||
Next year expected EPS | |||||||||||||||||||||
Operating profit per share | |||||||||||||||||||||
Sales per share | |||||||||||||||||||||
Book value per share (BVPS) | |||||||||||||||||||||
Valuation Ratios (Price Multiples) | |||||||||||||||||||||
Price to earnings (P/E) | |||||||||||||||||||||
Price to next year expected earnings | |||||||||||||||||||||
Price-earnings-growth (PEG) | |||||||||||||||||||||
Price to operating profit (P/OP) | |||||||||||||||||||||
Price to sales (P/S) | |||||||||||||||||||||
Price to book value (P/BV) |
Based on: 10-K (reporting date: 2021-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
Price to earnings (P/E) | ||||||
Price to operating profit (P/OP) | ||||||
Price to sales (P/S) | ||||||
Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio demonstrates notable volatility over the observed periods. It increased substantially from 23.57 in 2017 to a peak of 82.54 in 2019, indicating heightened market expectations or decreased earnings relative to price during that period. Subsequently, the ratio declined to 80.62 in 2020 and further dropped to 46.72 by the end of 2021. Although this represents a decrease from the peak, the P/E remains elevated compared to 2017 levels, suggesting continued market optimism or earnings pressures.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio mirrors a somewhat similar trajectory. Starting at 19.17 in 2017, it remained relatively stable through 2018 before increasing sharply to 45.81 in 2019. This elevated level slightly decreased to 41.7 in 2020 and then more markedly declined to 27.24 in 2021, representing a partial normalization but still significantly higher than the initial years. The pattern corresponds with fluctuations in earnings quality or market valuation adjustments.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio shows a rising trend from 5.16 in 2017, peaking at 7.24 in 2019, which suggests growing valuation relative to revenues during that period. However, a sharp contraction followed, with the ratio falling to 5.2 in 2020 and further decreasing to 3.84 in 2021. This decline indicates either an improvement in sales figures outpacing price growth or a reduction in market valuation based on sales.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio experienced a significant decline. Initially high at 10.75 in 2017, it increased to 14.47 in 2018 before dropping drastically in 2019 to 2.24. In the succeeding years, it stabilized somewhat at 2.39 in 2020 and 2.01 in 2021. The sharp decrease from 2018 to 2019 suggests either a substantial change in book value or a market re-rating of the company’s equity relative to its book value.
- Overall Trends and Insights
- Across all ratios, a common pattern emerges with valuations peaking around 2019, followed by a general decrease through 2021. The heightened multiples in 2019 may reflect exuberant market expectations or earnings challenges. The subsequent decline across valuation ratios, particularly pronounced in P/S and P/BV, points to either improving fundamentals, such as higher sales or book value, or a reassessment of the company's growth prospects by the market. Despite reductions, valuations remain elevated compared to the earliest period observed, implying continued confidence or fundamental strength underlying the firm’s financial standing.
Price to Earnings (P/E)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Net income attributable to Fiserv, Inc. (in millions) | ||||||
Earnings per share (EPS)2 | ||||||
Share price1, 3 | ||||||
Valuation Ratio | ||||||
P/E ratio4 | ||||||
Benchmarks | ||||||
P/E Ratio, Competitors5 | ||||||
Accenture PLC | ||||||
Adobe Inc. | ||||||
Cadence Design Systems Inc. | ||||||
CrowdStrike Holdings Inc. | ||||||
Fair Isaac Corp. | ||||||
International Business Machines Corp. | ||||||
Intuit Inc. | ||||||
Microsoft Corp. | ||||||
Oracle Corp. | ||||||
Palantir Technologies Inc. | ||||||
Palo Alto Networks Inc. | ||||||
Salesforce Inc. | ||||||
ServiceNow Inc. | ||||||
Synopsys Inc. | ||||||
Workday Inc. | ||||||
P/E Ratio, Sector | ||||||
Software & Services | ||||||
P/E Ratio, Industry | ||||||
Information Technology |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
2 2021 Calculation
EPS = Net income attributable to Fiserv, Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fiserv Inc. Annual Report.
4 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated an overall upward trajectory from 2017 to 2020, increasing from 71.06 US$ to 115.37 US$. However, in 2021, the share price declined to 95.56 US$, indicating a reversal after four years of growth.
- Earnings Per Share (EPS) Patterns
- EPS remained relatively stable between 2017 and 2018, with a slight increase from 3.02 US$ to 3.03 US$. Subsequently, EPS experienced a significant decline in 2019 to 1.31 US$, followed by a marginal increase to 1.43 US$ in 2020. In 2021, EPS rose further to 2.05 US$, suggesting partial recovery but still below the levels seen in 2017 and 2018.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio displayed a clear upward trend from 23.57 in 2017 to a peak of 82.54 in 2019, indicating investors were willing to pay more for each unit of earning despite declining earnings. This high valuation persisted in 2020 with a P/E of 80.62, before decreasing substantially to 46.72 in 2021, reflecting adjustments in market expectations or improved earnings relative to price.
- Integrated Insights
- The data reveals a divergence between share price and earnings performance starting in 2019, with share price rising initially while EPS declined sharply, resulting in elevated P/E ratios. The drop in share price in 2021, along with rising EPS and lower P/E, suggests a market correction toward a valuation more aligned with earnings improvements. Overall, the financial indicators point to a period of volatility and market reassessment during 2019-2021.
Price to Operating Profit (P/OP)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Operating income (in millions) | ||||||
Operating profit per share2 | ||||||
Share price1, 3 | ||||||
Valuation Ratio | ||||||
P/OP ratio4 | ||||||
Benchmarks | ||||||
P/OP Ratio, Competitors5 | ||||||
Accenture PLC | ||||||
Adobe Inc. | ||||||
Cadence Design Systems Inc. | ||||||
CrowdStrike Holdings Inc. | ||||||
Fair Isaac Corp. | ||||||
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. | ||||||
P/OP Ratio, Sector | ||||||
Software & Services | ||||||
P/OP Ratio, Industry | ||||||
Information Technology |
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).
1 Data adjusted for splits and stock dividends.
2 2021 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fiserv Inc. Annual Report.
4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data over the five-year period reveals distinct trends in share price, operating profit per share, and the price-to-operating profit ratio.
- Share Price
- The share price demonstrated an overall upward trend from 2017 through 2020, increasing from $71.06 to a peak of $115.37. However, in 2021, there was a decline to $95.56. This suggests an initial positive investor sentiment or market valuation growth followed by a moderation or correction in the last reported year.
- Operating Profit per Share
- The operating profit per share increased from $3.71 in 2017 to $4.48 in 2018, indicating improved profitability. Subsequently, it fell sharply to $2.37 in 2019. After this decline, it recovered to $2.77 in 2020 and further increased to $3.51 in 2021. This pattern suggests volatility in operational performance, with a significant setback in 2019 but partial recovery thereafter.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio remained relatively stable in 2017 and 2018, around 19. However, there was a sharp increase in 2019 and 2020 to 45.81 and 41.7, respectively, followed by a decrease to 27.24 in 2021. The spike in this ratio in 2019 and 2020 indicates that share prices were high relative to operating profits during these years, possibly reflecting market expectations of future profitability or other valuation factors despite the decrease in operating profit per share. The subsequent decrease in 2021 implies a realignment toward more moderate valuation multiples.
Price to Sales (P/S)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Revenue (in millions) | ||||||
Sales per share2 | ||||||
Share price1, 3 | ||||||
Valuation Ratio | ||||||
P/S ratio4 | ||||||
Benchmarks | ||||||
P/S Ratio, Competitors5 | ||||||
Accenture PLC | ||||||
Adobe Inc. | ||||||
Cadence Design Systems Inc. | ||||||
CrowdStrike Holdings Inc. | ||||||
Fair Isaac Corp. | ||||||
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. | ||||||
P/S Ratio, Sector | ||||||
Software & Services | ||||||
P/S Ratio, Industry | ||||||
Information Technology |
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).
1 Data adjusted for splits and stock dividends.
2 2021 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fiserv Inc. Annual Report.
4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from 2017 through 2020, increasing from $71.06 to a peak of $115.37. However, in 2021, the share price declined to $95.56, indicating a reversal of the previous growth trend.
- Sales Per Share Trend
- Sales per share showed consistent growth over the entire period analyzed. Starting at $13.78 in 2017, sales per share increased steadily each year, reaching $24.88 by the end of 2021. This suggests continuous revenue growth on a per-share basis.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio initially increased from 5.16 in 2017 to a high of 7.24 in 2019, reflecting rising market valuation relative to sales. Subsequently, the P/S ratio declined sharply to 5.2 in 2020 and further to 3.84 in 2021, indicating a compression in valuation multiples despite growing sales per share.
- Insights
- The divergence between the declining share price in 2021 and increasing sales per share suggests a reduced market optimism or reassessment of growth prospects. The declining P/S ratio supports this interpretation, as investors appear to value each dollar of sales less than in previous years. Overall, financial performance in terms of sales per share improved steadily, while market valuation showed volatility and a downward trend in the most recent periods.
Price to Book Value (P/BV)
Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Total Fiserv, Inc. shareholders’ equity (in millions) | ||||||
Book value per share (BVPS)2 | ||||||
Share price1, 3 | ||||||
Valuation Ratio | ||||||
P/BV ratio4 | ||||||
Benchmarks | ||||||
P/BV Ratio, Competitors5 | ||||||
Accenture PLC | ||||||
Adobe Inc. | ||||||
Cadence Design Systems Inc. | ||||||
CrowdStrike Holdings Inc. | ||||||
Fair Isaac Corp. | ||||||
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. | ||||||
P/BV Ratio, Sector | ||||||
Software & Services | ||||||
P/BV Ratio, Industry | ||||||
Information Technology |
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).
1 Data adjusted for splits and stock dividends.
2 2021 Calculation
BVPS = Total Fiserv, Inc. shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fiserv Inc. Annual Report.
4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a consistent upward trend from 2017 to 2020, increasing from $71.06 to a peak of $115.37. However, in 2021, the share price declined to $95.56, indicating a reversal of the previous growth momentum.
- Book Value Per Share (BVPS)
- Book value per share remained relatively stable and low in 2017 and 2018, at $6.61 and $5.86 respectively. A notable and drastic increase occurred in 2019, with the BVPS rising sharply to $48.56 and maintaining similar levels in the subsequent years (48.29 in 2020 and 47.46 in 2021). This suggests a significant change in the company’s equity base or accounting valuation around 2019.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio was very high in 2017 and 2018, recorded at 10.75 and 14.47 respectively, reflecting a high market valuation relative to book value. Following the sharp increase in BVPS from 2019, the P/BV ratio dropped dramatically to around 2.24 in 2019 and remained relatively stable through 2020 and 2021 (2.39 and 2.01 respectively). This decrease corresponds to the growth in book value, indicating the market price became more aligned with the company’s book value over the later years.