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Visa Inc. (NYSE:V)

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Visa Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017
Accounts payable 0.40 0.32 0.22 0.21 0.26 0.26
Settlement payable 3.84 2.95 2.15 5.50 3.13 2.95
Customer collateral 2.74 2.73 2.29 2.27 1.91 1.63
Accrued compensation and benefits 1.59 1.46 1.01 1.10 1.30 1.11
Client incentives 7.13 6.32 5.16 5.51 4.09 3.07
Accrued liabilities 4.36 2.82 2.27 2.24 1.68 1.66
Deferred purchase consideration 0.00 0.00 0.00 0.00 1.88 0.00
Current maturities of debt 2.63 1.21 3.71 0.00 0.00 2.57
Accrued litigation 1.70 1.19 1.13 1.66 2.07 1.44
Current liabilities 24.39% 18.99% 17.93% 18.48% 16.33% 14.70%
Long-term debt, excluding current maturities 23.63 24.10 26.04 23.05 24.02 24.45
Deferred tax liabilities 6.24 7.39 6.47 6.62 6.67 8.80
Deferred purchase consideration 0.00 0.00 0.00 0.00 0.00 1.92
Other liabilities 4.13 4.18 4.81 4.05 3.85 1.94
Non-current liabilities 34.00% 35.67% 37.32% 33.72% 34.55% 37.11%
Total liabilities 58.39% 54.66% 55.25% 52.21% 50.88% 51.81%
Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value 2.72 3.72 6.29 7.53 7.90 8.13
Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value 22.86 22.75 20.66 22.79 24.09 24.86
Right to recover for covered losses -0.04 -0.16 -0.05 -0.24 -0.01 -0.08
Accumulated income 18.85 18.52 17.41 18.60 16.35 13.99
Investment securities -0.12 0.00 0.00 0.01 -0.02 0.11
Defined benefit pension and other postretirement plans -0.20 -0.06 -0.24 -0.26 -0.09 -0.11
Derivative instruments 0.49 -0.31 -0.36 0.27 0.09 -0.05
Foreign currency translation adjustments -2.94 0.90 1.04 -0.91 0.82 1.35
Accumulated other comprehensive income (loss), net -2.77% 0.53% 0.44% -0.90% 0.79% 1.29%
Equity 41.61% 45.34% 44.75% 47.79% 49.12% 48.19%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).

The capital structure exhibits a gradual shift toward higher leverage over the six-year period ending September 30, 2022. Total liabilities increased from 51.81% of total liabilities and equity in 2017 to 58.39% in 2022, while total equity declined from 48.19% to 41.61% during the same interval.

Current Liabilities Trends
A significant expansion in current liabilities is observed, rising from 14.70% in 2017 to 24.39% in 2022. This growth is primarily driven by an increase in client incentives, which more than doubled from 3.07% to 7.13%. Additionally, accrued liabilities saw a notable increase from 1.66% to 4.36%, contributing to the overall rise in short-term obligations.
Non-Current Liabilities and Debt Profile
Long-term debt, excluding current maturities, remained relatively stable, fluctuating between 23.05% and 26.04%. Deferred tax liabilities showed a consistent downward trend, decreasing from 8.80% in 2017 to 6.24% in 2022. Non-current liabilities as a percentage of the total balance sheet remained broadly consistent, ending 2022 at 34.00% compared to 37.11% in 2017.
Equity Composition and Retained Earnings
Accumulated income demonstrates a steady upward trajectory, increasing from 13.99% in 2017 to 18.85% in 2022, indicating consistent profitability. Conversely, convertible participating preferred stock declined sharply from 8.13% to 2.72%, suggesting a systematic reduction or redemption of preferred shares. Common stock and additional paid-in capital remained relatively stable, hovering around 22-24% for most of the period.
Comprehensive Income and Currency Impact
Accumulated other comprehensive income (AOCI) experienced significant volatility, shifting from a positive 1.29% in 2017 to a negative 2.77% in 2022. This decline is closely correlated with foreign currency translation adjustments, which moved from a positive 1.35% in 2017 to a negative 2.94% in 2022, reflecting the impact of exchange rate fluctuations on the total equity position.

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