Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Fiserv Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Debt to Equity Ratio
- The debt to equity ratio shows variations throughout the periods. Initially, from March 2017 to December 2018, the ratio fluctuated moderately between approximately 1.55 and 2.6, indicating a somewhat stable debt relative to equity. A notable peak occurred in June 2019 at 5.4, suggesting a substantial increase in debt relative to equity during that quarter. Subsequently, the ratio declined sharply to about 0.66-0.69 from September 2019 onward, maintaining this lower and more stabilized level through March 2022. This reflects a significant deleveraging or an increase in equity relative to debt during this latter period.
- Debt to Capital Ratio
- This ratio remained fairly steady in the 0.6 to 0.72 range from March 2017 through December 2018, exhibiting a moderate level of debt in the company's capital structure. A spike to 0.84 in June 2019 marked an increase in reliance on debt financing. Following this, a marked reduction to approximately 0.4 to 0.41 was observed from September 2019 through March 2022, indicating a substantial decrease in the proportion of debt within total capital. This trend aligns with the changes noted in the debt to equity ratio, underscoring a shift towards lower leverage in recent years.
- Debt to Assets Ratio
- The debt to assets ratio displayed a pattern similar to other leverage indicators. From March 2017 to December 2018, the ratio hovered between 0.45 and 0.53, indicating that debt constituted about half of the company's assets. A significant surge occurred in June 2019, reaching 0.7. The ratio then decreased considerably to a range around 0.28 to 0.3 from September 2019 onwards and remained stable through March 2022. This suggests a reduction in debt levels relative to total assets, emphasizing the company's move towards a more conservative financial structure.
- Financial Leverage Ratio
- The financial leverage ratio exhibited moderate fluctuations from 2017 through 2018, staying between 3.42 and 4.91. A sharp increase to 7.71 in June 2019 was followed by a substantial decline to approximately 2.28 to 2.46 from September 2019 through March 2022. This reduction in financial leverage indicates decreased use of debt financing relative to equity and suggests improved financial stability and lower risk exposure post-2019.
Debt Ratios
Debt to Equity
Fiserv Inc., debt to equity calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term and current maturities of long-term debt | 552) | 508) | 449) | 418) | 366) | 384) | 365) | 359) | 338) | 287) | 368) | 9) | 7) | 4) | 452) | 1) | 1) | 3) | 93) | 95) | 91) | |||||||
| Long-term debt, excluding current maturities | 20,518) | 20,729) | 20,540) | 20,425) | 20,838) | 20,300) | 20,894) | 21,515) | 21,630) | 21,612) | 22,123) | 13,747) | 5,868) | 5,955) | 4,823) | 4,805) | 4,603) | 4,897) | 5,018) | 4,646) | 4,547) | |||||||
| Total debt | 21,070) | 21,237) | 20,989) | 20,843) | 21,204) | 20,684) | 21,259) | 21,874) | 21,968) | 21,899) | 22,491) | 13,756) | 5,875) | 5,959) | 5,275) | 4,806) | 4,604) | 4,900) | 5,111) | 4,741) | 4,638) | |||||||
| Total Fiserv, Inc. shareholders’ equity | 31,272) | 30,952) | 31,596) | 31,793) | 31,851) | 32,330) | 31,692) | 31,583) | 31,843) | 32,979) | 32,669) | 2,546) | 2,394) | 2,293) | 2,661) | 2,850) | 2,971) | 2,731) | 2,350) | 2,391) | 2,424) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to equity1 | 0.67 | 0.69 | 0.66 | 0.66 | 0.67 | 0.64 | 0.67 | 0.69 | 0.69 | 0.66 | 0.69 | 5.40 | 2.45 | 2.60 | 1.98 | 1.69 | 1.55 | 1.79 | 2.17 | 1.98 | 1.91 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | 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 | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 0.30 | 0.28 | 0.29 | 0.30 | 0.30 | 0.31 | 0.35 | 0.38 | 0.39 | 0.39 | 0.40 | 0.42 | 0.42 | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.29 | 0.31 | 0.32 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 0.87 | 0.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | 8.46 | 4.32 | 2.69 | 2.52 | 3.75 | 4.43 | 3.81 | 2.85 | 3.07 | 3.32 | 3.65 | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 2.85 | 2.74 | 2.45 | 2.51 | 2.64 | 2.99 | 3.08 | 3.15 | 3.22 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 0.21 | 0.21 | 0.20 | 0.27 | 0.45 | 0.66 | 0.08 | 0.11 | 0.12 | 0.12 | 0.11 | 0.15 | 0.15 | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 0.35 | 0.41 | 0.43 | 0.46 | 0.52 | 0.54 | 0.58 | 0.63 | 0.66 | 0.71 | 0.77 | 0.79 | 0.89 | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | 16.08 | 7.79 | 8.94 | 7.46 | 5.93 | 3.63 | 3.32 | 2.95 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 7.08 | 5.08 | 3.20 | 3.04 | 4.18 | 2.80 | 1.98 | 0.91 | 0.95 | 0.90 | 1.08 | 1.45 | 1.30 | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.17 | 0.19 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 0.39 | 0.43 | 0.45 | 0.48 | 0.53 | 0.58 | 0.64 | 0.28 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 0.00 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.06 | 0.08 | 0.03 | 0.04 | 0.07 | 0.14 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 0.55 | 0.55 | 0.58 | 0.63 | 0.68 | 0.51 | 0.54 | 0.56 | 0.60 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to equity = Total debt ÷ Total Fiserv, Inc. shareholders’ equity
= 21,070 ÷ 31,272 = 0.67
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited fluctuations over the analyzed period. Initially, there was a moderate increase from approximately 4,638 million USD to a peak near 5,959 million USD by the end of 2018. A pronounced surge occurred in mid-2019, with debt more than doubling to over 22,491 million USD. Subsequently, this level was sustained with slight declines and stabilization around the 21,000 million USD mark through to the first quarter of 2022.
- Total Shareholders’ Equity
- Shareholders’ equity started near 2,424 million USD in early 2017, with some volatility and a noticeable increase to approximately 3,271 million USD by September 2019. A significant jump in equity occurred suddenly in late 2019, reaching over 32,979 million USD and then gradually declining and stabilizing in the low 31,000 million USD range through to early 2022.
- Debt to Equity Ratio
- The debt to equity ratio showed notable variability over time. Initially, it ranged from around 1.55 to 2.6 until the end of 2018, indicating higher leverage relative to equity. In 2019, the ratio reached an extraordinary peak at 5.4, coinciding with the sharp increases seen in debt and equity. Thereafter, the ratio dropped sharply to below 1, fluctuating narrowly between 0.64 and 0.69, suggesting a more conservative leverage posture and relatively balanced capital structure during 2020 to early 2022.
- Overall Observations
- The substantial shifts in debt and equity levels occurring in mid to late 2019 suggest a major financial event, such as a sizable acquisition or capital restructuring. Post-event, the company appears to have stabilized its financial structure with consistent equity figures and lower leverage ratios, reflecting a potential strategic focus on maintaining balanced capital and managing leverage prudently.
Debt to Capital
Fiserv Inc., debt to capital calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term and current maturities of long-term debt | 552) | 508) | 449) | 418) | 366) | 384) | 365) | 359) | 338) | 287) | 368) | 9) | 7) | 4) | 452) | 1) | 1) | 3) | 93) | 95) | 91) | |||||||
| Long-term debt, excluding current maturities | 20,518) | 20,729) | 20,540) | 20,425) | 20,838) | 20,300) | 20,894) | 21,515) | 21,630) | 21,612) | 22,123) | 13,747) | 5,868) | 5,955) | 4,823) | 4,805) | 4,603) | 4,897) | 5,018) | 4,646) | 4,547) | |||||||
| Total debt | 21,070) | 21,237) | 20,989) | 20,843) | 21,204) | 20,684) | 21,259) | 21,874) | 21,968) | 21,899) | 22,491) | 13,756) | 5,875) | 5,959) | 5,275) | 4,806) | 4,604) | 4,900) | 5,111) | 4,741) | 4,638) | |||||||
| Total Fiserv, Inc. shareholders’ equity | 31,272) | 30,952) | 31,596) | 31,793) | 31,851) | 32,330) | 31,692) | 31,583) | 31,843) | 32,979) | 32,669) | 2,546) | 2,394) | 2,293) | 2,661) | 2,850) | 2,971) | 2,731) | 2,350) | 2,391) | 2,424) | |||||||
| Total capital | 52,342) | 52,189) | 52,585) | 52,636) | 53,055) | 53,014) | 52,951) | 53,457) | 53,811) | 54,878) | 55,160) | 16,302) | 8,269) | 8,252) | 7,936) | 7,656) | 7,575) | 7,631) | 7,461) | 7,132) | 7,062) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to capital1 | 0.40 | 0.41 | 0.40 | 0.40 | 0.40 | 0.39 | 0.40 | 0.41 | 0.41 | 0.40 | 0.41 | 0.84 | 0.71 | 0.72 | 0.66 | 0.63 | 0.61 | 0.64 | 0.69 | 0.66 | 0.66 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | 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 | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.24 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | 0.29 | 0.29 | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 0.11 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.23 | 0.24 | 0.24 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 0.47 | 0.46 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | 1.49 | 1.10 | 0.89 | 0.81 | 0.73 | 0.72 | 0.79 | 0.82 | 0.79 | 0.74 | 0.75 | 0.77 | 0.79 | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 0.74 | 0.73 | 0.71 | 0.72 | 0.73 | 0.75 | 0.76 | 0.76 | 0.76 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 0.17 | 0.17 | 0.17 | 0.21 | 0.31 | 0.40 | 0.08 | 0.10 | 0.10 | 0.10 | 0.10 | 0.13 | 0.13 | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 0.26 | 0.29 | 0.30 | 0.32 | 0.34 | 0.35 | 0.37 | 0.39 | 0.40 | 0.41 | 0.44 | 0.44 | 0.47 | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | 1.02 | 0.94 | 0.89 | 0.90 | 0.88 | 0.86 | 0.78 | 0.77 | 0.75 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 0.88 | 0.84 | 0.76 | 0.75 | 0.81 | 0.74 | 0.66 | 0.48 | 0.49 | 0.47 | 0.52 | 0.59 | 0.56 | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 | 0.15 | 0.16 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 0.28 | 0.30 | 0.31 | 0.33 | 0.35 | 0.37 | 0.39 | 0.22 | 0.24 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 0.00 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.07 | 0.03 | 0.03 | 0.07 | 0.13 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 0.35 | 0.35 | 0.37 | 0.39 | 0.41 | 0.34 | 0.35 | 0.36 | 0.37 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 21,070 ÷ 52,342 = 0.40
2 Click competitor name to see calculations.
The financial data reveals several notable trends in key capital structure metrics over the periods analyzed.
- Total Debt
- The total debt level was relatively stable in the earlier periods from March 2017 to March 2019, fluctuating in the range of approximately $4.6 billion to $6.0 billion. A significant increase occurred starting in June 2019, where the total debt surged dramatically to over $13.7 billion and peaked around $22.5 billion by September 2019. After this peak, total debt slightly declined and remained relatively steady around the $20.6 billion to $21.2 billion range through to March 2022.
- Total Capital
- Total capital followed a somewhat similar pattern. From March 2017 to March 2019, it grew modestly from about $7.1 billion to roughly $8.3 billion. A pronounced jump is apparent in June 2019 when total capital more than doubled to over $16.3 billion, and then experienced a further massive increase to above $55 billion by September 2019. Following this surge, total capital experienced slight declines and minor fluctuations, maintaining a range close to $52 billion to $53 billion through to March 2022.
- Debt to Capital Ratio
- The debt to capital ratio started around 0.66 in early 2017, with minor variations ranging between 0.61 and 0.72 up to March 2019. Notably, starting June 2019, this ratio sharply decreased from 0.84 to approximately 0.40 by September 2019. Since then, the ratio has remained remarkably stable in a narrow band between 0.39 and 0.41 through March 2022.
Overall, the data indicates a significant structural change around mid-2019, characterized by a substantial increase in both total debt and total capital, likely reflecting a major financial event such as a large acquisition or recapitalization. Post this event, the leverage ratio (debt to capital) normalized to a much lower and stable level, suggesting a deliberate effort to maintain a balanced capital structure. Prior to this event, total debt and capital grew modestly and the leverage ratio was higher and more variable.
Debt to Assets
Fiserv Inc., debt to assets calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Short-term and current maturities of long-term debt | 552) | 508) | 449) | 418) | 366) | 384) | 365) | 359) | 338) | 287) | 368) | 9) | 7) | 4) | 452) | 1) | 1) | 3) | 93) | 95) | 91) | |||||||
| Long-term debt, excluding current maturities | 20,518) | 20,729) | 20,540) | 20,425) | 20,838) | 20,300) | 20,894) | 21,515) | 21,630) | 21,612) | 22,123) | 13,747) | 5,868) | 5,955) | 4,823) | 4,805) | 4,603) | 4,897) | 5,018) | 4,646) | 4,547) | |||||||
| Total debt | 21,070) | 21,237) | 20,989) | 20,843) | 21,204) | 20,684) | 21,259) | 21,874) | 21,968) | 21,899) | 22,491) | 13,756) | 5,875) | 5,959) | 5,275) | 4,806) | 4,604) | 4,900) | 5,111) | 4,741) | 4,638) | |||||||
| Total assets | 75,470) | 76,249) | 75,767) | 75,776) | 74,840) | 74,619) | 72,372) | 77,093) | 72,598) | 77,539) | 77,864) | 19,640) | 11,676) | 11,262) | 10,748) | 10,218) | 10,167) | 10,289) | 10,199) | 9,685) | 9,696) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Debt to assets1 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.29 | 0.28 | 0.30 | 0.28 | 0.29 | 0.70 | 0.50 | 0.53 | 0.49 | 0.47 | 0.45 | 0.48 | 0.50 | 0.49 | 0.48 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | 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 | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 0.16 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.18 | 0.19 | 0.19 | 0.20 | 0.21 | 0.21 | 0.21 | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.17 | 0.17 | 0.18 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 0.26 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | 1.12 | 0.80 | 0.66 | 0.61 | 0.55 | 0.52 | 0.59 | 0.61 | 0.59 | 0.58 | 0.60 | 0.62 | 0.64 | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 0.41 | 0.39 | 0.38 | 0.38 | 0.38 | 0.39 | 0.42 | 0.42 | 0.42 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 0.14 | 0.13 | 0.13 | 0.16 | 0.24 | 0.31 | 0.05 | 0.06 | 0.07 | 0.07 | 0.06 | 0.08 | 0.09 | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 0.16 | 0.17 | 0.19 | 0.20 | 0.21 | 0.21 | 0.23 | 0.25 | 0.25 | 0.25 | 0.28 | 0.28 | 0.30 | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | 0.67 | 0.64 | 0.59 | 0.64 | 0.62 | 0.62 | 0.53 | 0.52 | 0.51 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 0.35 | 0.31 | 0.33 | 0.33 | 0.36 | 0.34 | 0.23 | 0.20 | 0.21 | 0.22 | 0.25 | 0.27 | 0.28 | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.09 | 0.10 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 0.14 | 0.15 | 0.17 | 0.17 | 0.18 | 0.19 | 0.22 | 0.11 | 0.11 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.03 | 0.05 | 0.02 | 0.02 | 0.05 | 0.09 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 0.22 | 0.21 | 0.23 | 0.24 | 0.25 | 0.19 | 0.20 | 0.21 | 0.21 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 21,070 ÷ 75,470 = 0.28
2 Click competitor name to see calculations.
- Total Debt
- The total debt shows a fluctuating trend over the periods reviewed. Initially, it remained relatively stable from early 2017 through early 2019, ranging between approximately 4,600 and 6,000 million US dollars. A significant increase is observed in mid-2019, with debt peaking near 22,500 million US dollars by the third quarter of 2019, followed by a slightly declining but generally stable level around 21,000 to 22,000 million US dollars through early 2022.
- Total Assets
- Total assets display a generally upward trajectory from early 2017 until mid-2019, increasing from around 9,700 million US dollars to nearly 20,000 million US dollars. In the subsequent quarters starting in late 2019, there is a marked and abrupt escalation to above 77,000 million US dollars, maintaining this elevated level through early 2022, though with minor fluctuations downward to just under 75,000 million US dollars by the first quarter of 2022.
- Debt to Assets Ratio
- The debt to assets ratio initially remains close to 0.48-0.50 from 2017 through early 2019, indicating a relatively balanced proportion of debt to assets. A notable spike to around 0.70 is recorded in the second quarter of 2019, coinciding with the sharp increase in total debt but a comparatively less pronounced rise in total assets at that exact point. Following this spike, the ratio sharply declines and stabilizes in a range between 0.28 and 0.30 from late 2019 through early 2022, reflecting a lower leverage relative to the asset base despite the increased nominal debt level.
- Summary of Trends
- Overall, the period exhibits a substantial increase in both total assets and total debt starting around mid-2019, which alters the financial leverage profile of the company. The initially steady debt and assets figures suggest a stable capital structure until mid-2019, after which a strategic or structural financial change likely occurred, resulting in significantly larger asset and debt figures. Despite the increased debt, the debt to assets ratio’s decline post-2019 indicates improved asset coverage relative to liabilities, suggesting that the increase in assets outpaced that of debt. This pattern may imply expansion or acquisition activities funded through increased borrowing but accompanied by asset growth.
Financial Leverage
Fiserv Inc., financial leverage calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Total assets | 75,470) | 76,249) | 75,767) | 75,776) | 74,840) | 74,619) | 72,372) | 77,093) | 72,598) | 77,539) | 77,864) | 19,640) | 11,676) | 11,262) | 10,748) | 10,218) | 10,167) | 10,289) | 10,199) | 9,685) | 9,696) | |||||||
| Total Fiserv, Inc. shareholders’ equity | 31,272) | 30,952) | 31,596) | 31,793) | 31,851) | 32,330) | 31,692) | 31,583) | 31,843) | 32,979) | 32,669) | 2,546) | 2,394) | 2,293) | 2,661) | 2,850) | 2,971) | 2,731) | 2,350) | 2,391) | 2,424) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||
| Financial leverage1 | 2.41 | 2.46 | 2.40 | 2.38 | 2.35 | 2.31 | 2.28 | 2.44 | 2.28 | 2.35 | 2.38 | 7.71 | 4.88 | 4.91 | 4.04 | 3.59 | 3.42 | 3.77 | 4.34 | 4.05 | 4.00 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | 2.15 | 2.21 | 2.18 | 2.18 | 2.14 | 2.18 | 2.19 | 2.17 | 2.19 | 2.07 | 2.05 | 2.05 | 2.11 | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | 1.89 | 1.84 | 1.81 | 1.85 | 1.84 | 1.83 | 1.91 | 1.99 | 2.03 | 1.97 | 1.96 | 1.98 | 1.98 | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | 1.59 | 1.60 | 1.60 | 1.64 | 1.57 | 1.58 | 1.73 | 1.77 | 1.75 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 3.39 | 3.14 | 2.15 | 2.04 | 2.02 | 1.89 | 1.75 | 1.61 | 6.29 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | 12.73 | 7.07 | 4.87 | 4.85 | 6.33 | 7.25 | 6.41 | 4.95 | 5.12 | 5.37 | 5.73 | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | 7.00 | 6.98 | 6.49 | 6.69 | 6.95 | 7.57 | 7.27 | 7.50 | 7.67 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | 1.53 | 1.57 | 1.58 | 1.65 | 1.85 | 2.14 | 1.64 | 1.80 | 1.70 | 1.68 | 1.70 | 1.91 | 1.77 | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | 2.21 | 2.35 | 2.30 | 2.34 | 2.44 | 2.55 | 2.49 | 2.57 | 2.63 | 2.80 | 2.78 | 2.81 | 3.00 | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | 25.03 | 13.27 | 13.90 | 11.96 | 9.56 | 6.79 | 6.33 | 5.76 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | 1.40 | 1.42 | 1.43 | 1.49 | 1.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | 20.09 | 16.14 | 9.59 | 9.15 | 11.68 | 8.23 | 8.73 | 4.47 | 4.50 | 4.16 | 4.31 | 5.33 | 4.63 | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 1.52 | 1.60 | 1.47 | 1.50 | 1.55 | 1.63 | 1.50 | 1.94 | 2.02 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | 2.75 | 2.92 | 2.68 | 2.81 | 2.90 | 3.07 | 2.88 | 2.63 | 2.73 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | 1.65 | 1.65 | 1.65 | 1.64 | 1.64 | 1.64 | 1.67 | 1.71 | 1.74 | 1.57 | 1.56 | 1.58 | 1.68 | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | 2.53 | 2.66 | 2.55 | 2.64 | 2.78 | 2.74 | 2.65 | 2.71 | 2.85 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Q1 2022 Calculation
Financial leverage = Total assets ÷ Total Fiserv, Inc. shareholders’ equity
= 75,470 ÷ 31,272 = 2.41
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals significant fluctuations and evolving trends in the company's financial position over the reported periods.
- Total Assets
- The total assets exhibit a gradual upward trend from March 2017 through March 2019, increasing from approximately $9.7 billion to $11.7 billion. However, there is a notable and sharp increase in total assets between June 2019 and September 2019, where the figure escalates to nearly $77.9 billion, indicating a major corporate event such as an acquisition or a substantial asset revaluation. Following this peak, total assets fluctuate moderately but maintain a range between approximately $72 billion and $76 billion up to March 2022, suggesting stabilization at a significantly higher asset base than the pre-2019 period.
- Total Fiserv, Inc. Shareholders’ Equity
- Shareholders’ equity trends indicate a relatively stable period from March 2017 to June 2019, with values generally ranging between $2.3 billion and $3.3 billion. Similar to total assets, a dramatic increase occurs from June 2019 onwards, with equity reaching over $32 billion and maintaining a level close to this figure in subsequent quarters. Post-2019, equity shows minor fluctuations but stays within a narrow corridor roughly between $31 billion and $33 billion, reflecting consolidation after the significant increase. Despite the increase after 2019, equity appears to be somewhat less variable than total assets.
- Financial Leverage
- The financial leverage ratio, which measures the proportion of assets to equity, fluctuates notably over time. Initially, leverage is relatively high, above 4 in the 2017–2018 period, peaking near 4.91 in December 2018. However, there is a sharp decline after mid-2019, dropping to around 2.35 and remaining consistently stable near that level through early 2022. This decline alongside the surge in asset and equity values suggests a significant deleveraging effect, indicating improved balance sheet strength and potentially reduced financial risk post-2019.
Overall, the financial data reveals a substantial transformation occurring around the third quarter of 2019, leading to a marked increase in the company’s asset and equity base accompanied by reduced financial leverage. Subsequent periods show relative stability at these new levels, implying the company has reached a new scale and maintained prudent capital structure management in recent quarters.