Stock Analysis on Net
Stock Analysis on Net

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
Quarterly Data

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

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Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016
Accounts payable 0.32 0.30 0.40 0.27 0.22 0.31 0.32 0.21 0.16 0.16 0.22 0.20 0.22 0.18 0.21 0.21 0.17 0.17 0.26 0.21 0.20 0.16 0.26 0.20 0.19 0.19
Settlement payable 3.54 4.18 3.84 3.59 2.94 3.39 2.95 2.87 2.49 2.55 2.15 3.50 2.57 5.72 5.50 3.44 2.98 5.43 3.13 3.39 4.42 3.43 2.95 3.24 4.55 3.25
Customer collateral 3.16 3.03 2.74 2.65 2.82 2.79 2.73 2.69 2.56 2.48 2.29 2.26 2.33 2.27 2.27 2.37 2.48 1.86 1.91 1.97 1.81 1.72 1.63 1.68 1.65 1.59
Accrued compensation and benefits 1.15 0.86 1.59 1.29 1.07 0.88 1.46 1.26 0.99 0.75 1.01 0.90 0.79 0.70 1.10 0.98 0.83 0.61 1.30 1.07 0.77 0.58 1.11 1.00 0.79 0.68
Client incentives 7.82 7.67 7.13 6.57 6.64 6.46 6.32 6.19 5.94 5.57 5.16 5.40 6.01 5.71 5.51 5.25 4.99 4.67 4.09 3.78 3.64 3.51 3.07 2.98 2.77 2.95
Accrued liabilities 4.18 4.61 4.36 3.87 3.88 3.62 2.82 2.66 2.60 2.77 2.27 3.08 2.74 2.73 2.24 1.93 1.73 2.08 1.68 1.61 1.80 1.82 1.66 1.47 1.85 2.44
Deferred purchase consideration 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.81 1.79 1.88 1.91 0.00 0.00 0.00 0.00 0.00 0.00
Current maturities of debt 0.00 0.00 2.63 3.80 4.34 3.96 1.21 0.00 0.00 0.00 3.71 3.85 5.49 4.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.57 2.73 2.76 3.65
Accrued litigation 1.85 1.99 1.70 1.74 0.94 1.25 1.19 1.09 1.10 1.13 1.13 1.48 1.74 2.18 1.66 1.22 1.31 2.08 2.07 2.09 1.20 1.24 1.44 1.55 1.58 1.57
Current liabilities 22.01% 22.67% 24.39% 23.78% 22.86% 22.66% 18.99% 16.96% 15.85% 15.41% 17.93% 20.67% 21.89% 23.51% 18.48% 15.42% 16.29% 18.69% 16.33% 16.04% 13.83% 12.45% 14.70% 14.86% 16.14% 16.32%
Long-term debt, excluding current maturities 23.75 23.99 23.63 24.06 21.37 21.57 24.10 25.40 26.15 26.18 26.04 22.96 19.08 18.30 23.05 23.76 23.80 23.21 24.02 24.39 24.08 24.75 24.45 22.10 22.36 22.31
Deferred tax liabilities 6.30 6.37 6.24 6.66 7.43 7.42 7.39 7.55 6.50 6.64 6.47 6.07 6.59 6.43 6.62 7.02 7.03 6.75 6.67 7.04 7.40 7.60 8.80 9.20 9.06 7.61
Deferred purchase consideration 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.98 1.98 1.92 1.97 1.87 1.84
Other liabilities 3.49 3.72 4.13 3.97 4.35 4.17 4.18 4.38 4.49 4.92 4.81 4.69 4.95 4.59 4.05 3.99 3.82 3.77 3.85 3.66 3.31 3.47 1.94 1.96 1.88 1.86
Non-current liabilities 33.53% 34.09% 34.00% 34.68% 33.15% 33.16% 35.67% 37.33% 37.14% 37.75% 37.32% 33.72% 30.61% 29.33% 33.72% 34.77% 34.65% 33.73% 34.55% 35.09% 36.77% 37.81% 37.11% 35.23% 35.17% 33.62%
Total liabilities 55.55% 56.76% 58.39% 58.46% 56.01% 55.82% 54.66% 54.29% 52.99% 53.15% 55.25% 54.39% 52.51% 52.84% 52.21% 50.18% 50.94% 52.42% 50.88% 51.13% 50.61% 50.26% 51.81% 50.09% 51.31% 49.94%
Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value 2.17 2.32 2.72 3.34 3.65 3.66 3.72 3.79 4.17 4.58 6.29 6.80 7.50 7.30 7.53 7.78 7.82 7.63 7.90 8.02 7.93 8.15 8.13 8.63 8.85 9.02
Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value 23.16 23.22 22.86 22.20 23.07 22.92 22.75 22.73 23.08 22.46 20.66 21.13 22.50 21.96 22.79 23.56 23.68 23.08 24.09 24.48 24.21 24.96 24.86 26.58 27.05 27.12
Treasury stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.27
Right to recover for covered losses -0.04 -0.03 -0.04 -0.03 -0.15 -0.14 -0.16 -0.03 -0.05 -0.04 -0.05 -0.03 -0.25 -0.23 -0.24 -0.24 -0.23 -0.13 -0.01 -0.01 -0.01 -0.01 -0.08 -0.01 -0.12 -0.20
Accumulated income 20.30 19.21 18.85 17.52 17.91 17.83 18.52 18.50 19.34 18.42 17.41 18.07 18.35 18.59 18.60 18.56 17.91 16.62 16.35 15.29 14.76 14.84 13.99 14.53 14.46 16.56
Investment securities -0.08 -0.11 -0.12 -0.09 -0.05 -0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.00 -0.01 -0.02 0.16 0.13 0.09 0.11 0.09 0.07 0.05
Defined benefit pension and other postretirement plans -0.19 -0.20 -0.20 -0.06 -0.06 -0.06 -0.06 -0.23 -0.24 -0.24 -0.24 -0.25 -0.27 -0.27 -0.26 -0.09 -0.10 -0.09 -0.09 -0.11 -0.11 -0.11 -0.11 -0.32 -0.34 -0.35
Derivative instruments -0.31 -0.25 0.49 0.16 -0.17 -0.21 -0.31 -0.45 -0.39 -0.67 -0.36 -0.05 0.11 0.07 0.27 0.03 0.14 0.09 0.09 0.08 -0.07 -0.05 -0.05 -0.02 -0.01 0.04
Foreign currency translation adjustments -0.57 -0.92 -2.94 -1.50 -0.22 0.19 0.90 1.40 1.09 2.34 1.04 -0.07 -0.45 -0.25 -0.91 0.21 -0.17 0.39 0.82 0.95 2.55 1.86 1.35 0.44 -1.27 -1.90
Accumulated other comprehensive income (loss), net -1.14% -1.47% -2.77% -1.48% -0.50% -0.09% 0.53% 0.73% 0.46% 1.43% 0.44% -0.36% -0.61% -0.45% -0.90% 0.16% -0.12% 0.38% 0.79% 1.09% 2.50% 1.79% 1.29% 0.18% -1.55% -2.16%
Equity 44.45% 43.24% 41.61% 41.54% 43.99% 44.18% 45.34% 45.71% 47.01% 46.85% 44.75% 45.61% 47.49% 47.16% 47.79% 49.82% 49.06% 47.58% 49.12% 48.87% 49.39% 49.74% 48.19% 49.91% 48.69% 50.06%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The capital structure shows a gradual shift toward a higher proportion of liabilities relative to stockholders' equity over the analyzed period. Total liabilities increased from 49.94% of total liabilities and equity in December 2016 to 55.55% by March 2023, while total equity declined from 50.06% to 44.45% during the same timeframe.

Current Liabilities and Operational Obligations
Current liabilities exhibited a general upward trajectory, rising from 16.32% in December 2016 to 22.01% in March 2023. A primary driver of this increase was the steady growth of client incentives, which expanded from 2.95% to 7.82%, indicating a growing proportional commitment to network participants. Accrued liabilities also showed a long-term increase, moving from 2.44% to 4.18%. Settlement payables remained volatile, typically fluctuating between 2% and 6%, reflecting the cyclical nature of transaction settlements.
Non-Current Liabilities and Long-Term Debt
Non-current liabilities remained relatively stable, starting at 33.62% in December 2016 and ending at 33.53% in March 2023. Long-term debt, excluding current maturities, fluctuated within a range of approximately 18% to 26%, with a peak observed in late 2020. Deferred tax liabilities experienced a gradual contraction, decreasing from 7.61% to 6.30% over the period.
Equity Composition and Retained Earnings
A significant structural change occurred within the equity section, characterized by a substantial reduction in preferred stock. Series A, B, and C convertible participating preferred stock declined from 9.02% in December 2016 to 2.17% in March 2023. Conversely, accumulated income demonstrated a positive trend, increasing from 16.56% to 20.30%, suggesting that internal profit retention has become a more prominent component of the equity base.
Comprehensive Income and Other Adjustments
Accumulated other comprehensive income (loss) exhibited significant volatility, largely driven by foreign currency translation adjustments. This item moved from a negative 2.16% in December 2016 to a positive peak of 2.50% in March 2018, before returning to a negative 1.14% by March 2023. Derivative instruments and investment securities remained negligible as a percentage of the total balance sheet throughout the period.

Overall, the analysis indicates a strategic transition in the financing mix, marked by the redemption or conversion of preferred shares and an increase in operational liabilities, specifically client incentives, while the company continues to build its retained earnings base.

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