Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Fiserv, Inc.
Physical assets are 3.8% of total assets, a light footprint. Capex is 0.51x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.0%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 6.89x.
Physical asset ratio
3.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.89x
Revenue per dollar of the physical asset base.
Capex / D&A
0.51x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$32.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Quote unavailable.
Fixed-charge coverage
3.60x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.8%
Latest free cash flow divided by current market cap ($34.31B).
ROIC
10.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.98x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 5.3% | 12.13x | 0.67x | -$10.99 | 9.41x | $1.20B | 56.3% | 3.26x |
| 2018 | 4.3% | 13.98x | 0.66x | -$13.42 | 9.99x | $1.19B | 70.6% | 4.21x |
| 2019 | 2.2% | 6.34x | 0.44x | -$36.02 | 3.17x | $2.07B | 2.4% | 1.00x |
| 2020 | 2.3% | 9.12x | 0.28x | -$26.85 | 3.82x | $3.25B | 3.0% | 1.14x |
| 2021 | 3.0% | 7.00x | 0.36x | -$27.53 | 3.65x | $2.87B | 3.5% | 0.99x |
| 2022 | 3.0% | 6.97x | 0.47x | -$27.07 | 4.41x | $3.14B | 6.0% | 1.47x |
| 2023 | 3.1% | 6.85x | 0.44x | -$28.81 | 4.59x | $3.77B | 8.0% | 1.80x |
| 2024 | 3.8% | 6.89x | 0.51x | -$32.36 | 3.60x | $5.06B | 10.0% | 1.98x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
Latest year inputs (2024)
Net PP&E: $2.97B
Inventory: $0.00
Total assets: $77.18B
Goodwill: $36.58B
Intangibles: $9.94B
Liabilities: $49.49B
Tangible book: -$18.84B
Shares: 582,100,000
Revenue: $20.46B
Capex: $1.57B
D&A: $3.10B
EBITDA: $8.84B
Interest: $1.24B
Short-term debt: $784.00M
Free cash flow: $5.06B
Operating income: $5.88B
Invested capital: $49.03B
Tax rate: 16.8%