Price to Sales (P/S)
since 2005
Calculation
Fidelity National Information Services Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2023 | 2.63 | = | 64.52 | ÷ | 24.54 | 24.54 | = | 14,528 | ÷ | 591,935,473 | |
| Feb 23, 2022 | 4.05 | = | 92.25 | ÷ | 22.76 | 22.76 | = | 13,877 | ÷ | 609,590,707 | |
| Feb 18, 2021 | 6.64 | = | 134.26 | ÷ | 20.21 | 20.21 | = | 12,552 | ÷ | 621,128,642 | |
| Feb 20, 2020 | 9.35 | = | 156.78 | ÷ | 16.77 | 16.77 | = | 10,333 | ÷ | 616,321,624 | |
| Feb 21, 2019 | 4.11 | = | 107.12 | ÷ | 26.08 | 26.08 | = | 8,423 | ÷ | 322,920,584 | |
| Feb 22, 2018 | 3.56 | = | 98.03 | ÷ | 27.55 | 27.55 | = | 9,123 | ÷ | 331,179,313 | |
| Feb 23, 2017 | 2.96 | = | 83.09 | ÷ | 28.11 | 28.11 | = | 9,241 | ÷ | 328,780,510 | |
| Feb 26, 2016 | 2.93 | = | 59.49 | ÷ | 20.30 | 20.30 | = | 6,595 | ÷ | 324,815,641 | |
| Feb 27, 2015 | 3.00 | = | 67.59 | ÷ | 22.50 | 22.50 | = | 6,414 | ÷ | 285,066,924 | |
| Feb 28, 2014 | 2.66 | = | 55.61 | ÷ | 20.89 | 20.89 | = | 6,071 | ÷ | 290,668,784 | |
| Feb 26, 2013 | 1.88 | = | 37.04 | ÷ | 19.72 | 19.72 | = | 5,808 | ÷ | 294,489,305 | |
| Feb 24, 2012 | 1.57 | = | 31.07 | ÷ | 19.85 | 19.85 | = | 5,746 | ÷ | 289,527,281 | |
| Feb 25, 2011 | 1.84 | = | 32.03 | ÷ | 17.42 | 17.42 | = | 5,270 | ÷ | 302,549,567 | |
| Feb 26, 2010 | 2.24 | = | 22.54 | ÷ | 10.05 | 10.05 | = | 3,770 | ÷ | 374,923,337 | |
| Feb 27, 2009 | 0.97 | = | 17.50 | ÷ | 18.05 | 18.05 | = | 3,446 | ÷ | 190,920,746 | |
| Feb 29, 2008 | 1.70 | = | 41.49 | ÷ | 24.47 | 24.47 | = | 4,758 | ÷ | 194,479,421 | |
| Mar 1, 2007 | 2.15 | = | 46.29 | ÷ | 21.58 | 21.58 | = | 4,133 | ÷ | 191,509,231 | |
| Mar 16, 2006 | 2.75 | = | 39.75 | ÷ | 14.45 | 14.45 | = | 2,766 | ÷ | 191,462,141 |
Based on: 10-K (reporting date: 2022-12-31), 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 Fidelity National Information Services Inc. Annual Report.
The Price-to-Sales (P/S) ratio exhibits significant volatility over the observed period, characterized by three distinct phases: an initial contraction and recovery, a prolonged period of valuation expansion, and a recent sharp correction. The valuation multiples shifted from a low of 0.97 in 2009 to a peak of 9.35 in 2020, before returning to levels similar to those seen a decade prior.
- P/S Ratio Trends
- Between 2006 and 2009, a consistent decline in the P/S ratio is observed, falling from 2.75 to a minimum of 0.97. A subsequent recovery phase occurred between 2010 and 2013, with the ratio stabilizing between 1.57 and 2.24. From 2014 through 2019, the ratio entered a period of steady appreciation, rising from 2.66 to 4.11. This trend culminated in a sharp spike in 2020 to 9.35, marking the highest valuation multiple in the series.
- Sales per Share Dynamics
- Revenue efficiency fluctuated considerably. After reaching 24.47 in 2008, sales per share dropped sharply to 10.05 by 2010. A recovery trend followed, with sales per share peaking at 28.11 in 2017. A notable decline occurred in 2020, where sales per share dropped to 16.77, coinciding with the peak in the P/S ratio. However, a steady recovery has been maintained since 2021, reaching 24.54 by 2023.
- Valuation Compression
- A period of significant valuation contraction is evident from 2020 to 2023. The P/S ratio declined from 9.35 to 2.63. This compression was driven primarily by a substantial decrease in share price, which fell from a high of 156.78 in 2020 to 64.52 in 2023. This price correction occurred even as sales per share improved, suggesting a fundamental shift in market valuation of the company's revenue stream.
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Comparison to Competitors
Fidelity National Information Services Inc., P/S, long-term trends, comparison to competitors
| Fidelity National Information Services 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 27, 2023 | 2.63 | 2.56 | 8.95 | 1.80 | 14.23 | 14.64 | 1.94 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 7.40 | 12.75 | 10.03 | 11.19 |
| Feb 23, 2022 | 4.05 | 4.28 | 14.94 | 5.99 | 12.55 | 49.25 | 1.94 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 9.24 | 19.02 | 13.22 | 13.95 |
| Feb 18, 2021 | 6.64 | 3.26 | 17.04 | — | 13.85 | 49.57 | 1.47 | 11.78 | 10.85 | 4.33 | 39.86 | 6.66 | 8.88 | 25.66 | 10.08 | 10.65 |
| Feb 20, 2020 | 9.35 | 2.72 | 15.11 | — | 8.56 | 36.28 | 1.63 | 11.05 | 8.38 | 4.74 | — | 7.06 | 9.00 | 19.36 | 6.27 | 14.75 |
| Feb 21, 2019 | 4.11 | 2.35 | 13.23 | — | 7.53 | — | 1.56 | 9.52 | 7.51 | 4.41 | — | 9.75 | 8.89 | 16.63 | 4.10 | 13.73 |
| Feb 22, 2018 | 3.56 | 2.45 | 13.32 | — | 5.85 | — | 1.82 | 6.99 | 6.19 | 5.56 | — | 7.49 | 6.96 | 14.55 | 4.80 | 11.06 |
| Feb 23, 2017 | 2.96 | 2.13 | 9.34 | — | 4.53 | — | 2.12 | 6.17 | 5.13 | 4.45 | — | 9.69 | 7.09 | 10.50 | 3.71 | 12.08 |
| Feb 26, 2016 | 2.93 | 2.11 | 9.27 | — | 3.73 | — | 1.56 | 5.56 | 3.99 | 4.66 | — | 16.88 | 7.82 | 8.69 | 3.07 | 19.97 |
| Feb 27, 2015 | 3.00 | 1.61 | 8.59 | — | 3.42 | — | 1.76 | 5.32 | 4.10 | 4.67 | — | 13.17 | 9.54 | 16.81 | 3.15 | 35.87 |
| Feb 28, 2014 | 2.66 | 1.64 | 7.45 | — | 2.96 | — | 1.91 | 4.47 | 3.41 | 3.75 | — | 8.38 | 8.92 | 22.61 | 3.12 | 37.91 |
| Feb 26, 2013 | 1.88 | 1.54 | 4.30 | — | 3.02 | — | 2.12 | 4.27 | 3.32 | 3.66 | — | 17.50 | 8.91 | 19.84 | 2.76 | — |
| Feb 24, 2012 | 1.57 | 1.47 | 3.65 | — | 2.81 | — | 2.15 | 3.71 | 3.32 | 4.60 | — | — | 9.79 | — | 2.52 | — |
| Feb 25, 2011 | 1.84 | 1.36 | 4.50 | — | 2.76 | — | 1.98 | 4.12 | 3.57 | 4.04 | — | — | 7.35 | — | 2.93 | — |
| Feb 26, 2010 | 2.24 | 1.20 | 6.12 | — | 1.81 | — | 1.72 | 2.81 | 3.63 | 4.63 | — | — | 3.52 | — | 2.33 | — |
| Feb 27, 2009 | 0.97 | 0.92 | 2.88 | — | 1.01 | — | 1.12 | 3.21 | 3.89 | 4.79 | — | — | 9.52 | — | 1.93 | — |
| Feb 29, 2008 | 1.70 | 1.41 | 6.24 | — | 1.91 | — | 1.60 | 3.61 | 20.52 | 5.60 | — | — | 9.94 | — | 3.16 | — |
| Mar 1, 2007 | 2.15 | 1.44 | 8.78 | — | 3.95 | — | 1.55 | 4.87 | 17.98 | 5.51 | — | — | 13.93 | — | 3.54 | — |
| Mar 16, 2006 | 2.75 | 1.32 | 11.84 | — | 3.86 | — | 1.38 | 3.94 | 21.64 | 5.80 | — | — | 8.64 | — | 3.15 | — |
Based on: 10-K (reporting date: 2022-12-31), 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)
Fidelity National Information Services Inc., P/S, long-term trends, comparison to sector (software & services)
| Fidelity National Information Services Inc. | Software & Services | |
|---|---|---|
| Feb 27, 2023 | 2.63 | 7.38 |
| Feb 23, 2022 | 4.05 | 9.45 |
| Feb 18, 2021 | 6.64 | 7.72 |
| Feb 20, 2020 | 9.35 | 6.11 |
| Feb 21, 2019 | 4.11 | 5.24 |
| Feb 22, 2018 | 3.56 | 4.65 |
| Feb 23, 2017 | 2.96 | 3.95 |
| Feb 26, 2016 | 2.93 | 3.41 |
| Feb 27, 2015 | 3.00 | 3.34 |
| Feb 28, 2014 | 2.66 | 2.89 |
| Feb 26, 2013 | 1.88 | 2.79 |
| Feb 24, 2012 | 1.57 | 2.85 |
| Feb 25, 2011 | 1.84 | 2.73 |
| Feb 26, 2010 | 2.24 | 2.61 |
| Feb 27, 2009 | 0.97 | 2.31 |
| Feb 29, 2008 | 1.70 | 6.95 |
| Mar 1, 2007 | 2.15 | 6.20 |
| Mar 16, 2006 | 2.75 | 6.73 |
Based on: 10-K (reporting date: 2022-12-31), 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)
Fidelity National Information Services Inc., P/S, long-term trends, comparison to industry (information technology)
| Fidelity National Information Services Inc. | Information Technology | |
|---|---|---|
| Feb 27, 2023 | 2.63 | 6.01 |
| Feb 23, 2022 | 4.05 | 6.98 |
| Feb 18, 2021 | 6.64 | 6.11 |
| Feb 20, 2020 | 9.35 | 4.62 |
| Feb 21, 2019 | 4.11 | 4.31 |
| Feb 22, 2018 | 3.56 | 4.18 |
| Feb 23, 2017 | 2.96 | 3.46 |
| Feb 26, 2016 | 2.93 | 3.03 |
| Feb 27, 2015 | 3.00 | 3.31 |
| Feb 28, 2014 | 2.66 | 2.85 |
| Feb 26, 2013 | 1.88 | 2.88 |
| Feb 24, 2012 | 1.57 | 2.84 |
| Feb 25, 2011 | 1.84 | 3.04 |
| Feb 26, 2010 | 2.24 | 3.11 |
| Feb 27, 2009 | 0.97 | 2.38 |
| Feb 29, 2008 | 1.70 | 5.73 |
| Mar 1, 2007 | 2.15 | 5.21 |
| Mar 16, 2006 | 2.75 | 5.62 |
Based on: 10-K (reporting date: 2022-12-31), 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).