Common Stock Valuation Ratios (Price Multiples)
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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Fidelity National Information Services Inc. pages available for free this week:
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Valuation Ratios
Fidelity National Information Services Inc., current price multiples
| Fidelity National Information Services 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 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Current share price (P) | |||||||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||||||
| Operating profit per share | |||||||||||||||||||||
| Sales per share | |||||||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
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)
Fidelity National Information Services Inc., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| 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: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant volatility during the period. It increased sharply from 40.89 in 2018 to an exceptionally high level of 324.25 in 2019, peaking further at 527.8 in 2020. Subsequently, it declined substantially to 134.86 in 2021. The data for 2022 is missing, limiting analysis for the most recent year. This pattern suggests substantial fluctuations in the company's earnings relative to its share price, possibly reflecting changing market expectations or earnings performance during these periods.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio experienced a marked increase from 23.73 in 2018 to 99.72 in 2019, and further to 151.07 in 2020. A notable decrease followed in 2021, with the ratio falling to 53.3. This indicates that the market valuation relative to operating profit rose significantly before correcting downward, consistent with the trends observed in earnings-related valuation metrics.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a rise from 4.11 in 2018 to a peak of 9.35 in 2019, followed by a decline to 6.64 in 2020 and a further descent to 4.05 in 2021. The ratio reached its lowest observed level of 2.63 in 2022. This trend reveals a decreasing market valuation relative to sales in the latter years, suggesting either improving sales figures, decreasing price multiples, or a combination thereof.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio declined steadily from 3.39 in 2018 to 1.95 in 2019, then to 1.69 in 2020 and further to 1.19 in 2021. There was a slight uptick to 1.4 in 2022. This overall downward trend indicates a diminishing premium of the market price over the company’s book value, with the small resurgence in the last period possibly reflecting changed investor perceptions or updated book valuations.
Price to Earnings (P/E)
Fidelity National Information Services Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings (loss) attributable to FIS common stockholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Accenture PLC | ||||||
| Adobe Inc. | ||||||
| Cadence Design Systems Inc. | ||||||
| CrowdStrike Holdings Inc. | ||||||
| Fair Isaac Corp. | ||||||
| International Business Machines Corp. | ||||||
| Intuit Inc. | ||||||
| Microsoft Corp. | ||||||
| Oracle Corp. | ||||||
| Palantir Technologies Inc. | ||||||
| Palo Alto Networks Inc. | ||||||
| Salesforce Inc. | ||||||
| ServiceNow Inc. | ||||||
| Synopsys Inc. | ||||||
| Workday Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Software & Services | ||||||
| P/E Ratio, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net earnings (loss) attributable to FIS common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a significant increase from 107.12 US$ in 2018 to a peak of 156.78 US$ in 2019. After that, it declined to 134.26 US$ in 2020, followed by a more pronounced decrease to 92.25 US$ in 2021 and further down to 64.52 US$ in 2022. This indicates a substantial weakening of market value over the last three years.
- Earnings per Share (EPS) Trend
- EPS experienced a sharp decline from 2.62 US$ in 2018 to 0.48 US$ in 2019, and continued decreasing to 0.25 US$ in 2020. There was a slight recovery in 2021 with EPS rising to 0.68 US$, but it dropped dramatically to -28.25 US$ in 2022, indicating a significant loss per share in the most recent year.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio exhibited extreme volatility. It was 40.89 in 2018, escalated sharply to 324.25 in 2019 and further to 527.8 in 2020, reflecting high valuation relative to earnings during the period of declining EPS. In 2021, it decreased substantially to 134.86. The P/E value is missing for 2022, likely due to the negative EPS that year, making the ratio undefined or not meaningful.
- Overall Insights
- The financial data reveals a company facing deteriorating earnings and declining market valuation from 2019 onwards. The substantial drop in EPS culminating in a negative figure in 2022 suggests operational or extraordinary challenges affecting profitability. The concurrent decline in share price implies diminishing investor confidence. The volatility and extreme highs in P/E ratios in 2019 and 2020 reflect the disconnect between market valuation and deteriorating earnings during that period, while the absence of the P/E ratio in 2022 corresponds with the negative EPS.
Price to Operating Profit (P/OP)
Fidelity National Information Services Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (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: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data indicates significant fluctuations in the financial performance and market valuation of the company over the five-year period from 2018 to 2022.
- Share Price Trends
- The share price experienced an initial increase from $107.12 at the end of 2018 to $156.78 at the end of 2019, representing a substantial rise. However, this was followed by a decline in the subsequent years, dropping to $134.26 in 2020, then sharply to $92.25 in 2021, and further down to $64.52 in 2022. This downward trajectory in the last three years reflects a significant reduction in market valuation.
- Operating Profit per Share
- The operating profit per share saw a notable decrease from $4.52 in 2018 to $1.57 in 2019, and it continued to decline to $0.89 in 2020. There was a slight recovery in 2021 to $1.73, but the year 2022 recorded a substantial negative value of -$27.23, indicating a severe deterioration in operational profitability.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed extreme volatility. It rose sharply from 23.73 in 2018 to 99.72 in 2019, further increasing to 151.07 in 2020, reflecting rising investor expectations or declining profits. In 2021, the ratio decreased to 53.3, but data for 2022 is not available, likely due to the negative operating profit that year, rendering the ratio non-applicable.
Overall, the company demonstrated weakening operational profitability after 2018, culminating in a substantial loss by 2022. Correspondingly, the share price mirrored this decline, falling markedly after peaking in 2019. The pricing multiples reflect heightened market optimism or profit contraction until 2020, followed by a partial adjustment in 2021. The figures for 2022 suggest significant operational challenges, adversely impacting both earnings and market valuation.
Price to Sales (P/S)
Fidelity National Information Services Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
Over the period analyzed, the share price exhibited a clear downward trend, decreasing from $107.12 at the end of 2018 to $64.52 by the end of 2022. There was a notable peak in 2019 at $156.78, followed by a generally declining pattern, with some fluctuations during the subsequent years.
The sales per share demonstrated variability but an overall increasing trend. It started at $26.08 in 2018, dropped to $16.77 in 2019, then steadily increased through 2020 to 2022, reaching $24.54. This indicates potential improvement in the company's revenue generation per share after the dip in 2019.
The price-to-sales (P/S) ratio showed a significant decline over the period. Initially, it rose sharply from 4.11 in 2018 to 9.35 in 2019, representing a peak valuation relative to sales. However, following this peak, the P/S ratio continuously dropped to 2.63 by the end of 2022. This decline suggests that the company's market valuation relative to its sales has decreased substantially, especially after 2019, potentially indicating a market reassessment of growth prospects or profitability.
In summary, while sales per share improved after an initial decline, the share price consistently decreased post-2019, resulting in a lower price-to-sales ratio. These patterns may reflect market concerns about future earnings potential or broader sector and economic conditions impacting valuation.
Price to Book Value (P/BV)
Fidelity National Information Services Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total FIS stockholders’ 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: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Total FIS stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Fidelity National Information Services Inc. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a notable increase from US$107.12 at the end of 2018 to a peak of US$156.78 by the end of 2019. After this peak, the share price declined over the next three years, falling to US$134.26 in 2020, US$92.25 in 2021, and further down to US$64.52 in 2022. This indicates a significant reduction in market valuation over the period following 2019.
- Book Value Per Share (BVPS) Trend
- The book value per share experienced strong growth from US$31.63 in 2018 to US$80.22 in 2019, maintaining a relatively stable level through 2020 and 2021 with values of US$79.37 and US$77.67 respectively. However, in 2022, BVPS declined sharply to US$45.98, suggesting a deterioration in the underlying net asset value per share during the final year of the period.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio steadily decreased from 3.39 in 2018 to 1.19 in 2021, reflecting a converging market valuation with the book value per share and possibly a correction from earlier elevated valuation levels. In 2022, the ratio slightly increased to 1.4, which could indicate a relative market price stabilization or adjustment despite the significant drop in BVPS.
- Overall Insights
- The data suggests the company’s market valuation reached its highest point in 2019, supported by strong growth in book value per share. However, the market price declined substantially afterward, outpacing the decline in book value initially and leading to a reduction in the P/BV ratio, signifying a market reassessment of value. The sharp decrease in book value per share in 2022 is a key concern that reflects negatively on the company’s financial position. The slight uptick in P/BV ratio in the final year might indicate emerging market confidence or other valuation dynamics worth monitoring.