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 0.56x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.5%, 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 6.87x.
Physical asset ratio
3.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.87x
Revenue per dollar of the physical asset base.
Capex / D&A
0.56x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$40.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $47.21.
Fixed-charge coverage
3.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
17.5%
Latest free cash flow divided by current market cap ($24.50B).
ROIC
8.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.85x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.2% | 14.63x | 0.66x | -$13.42 | 9.79x | $1.19B | 17.0% | 4.40x |
| 2019 | 2.1% | 6.34x | 0.44x | -$36.02 | 3.17x | $2.07B | 2.4% | 1.00x |
| 2020 | 2.2% | 9.12x | 0.28x | -$26.85 | 3.82x | $3.25B | 3.0% | 1.14x |
| 2021 | 2.3% | 9.31x | 0.36x | -$27.53 | 4.70x | $2.87B | 3.5% | 1.31x |
| 2022 | 2.3% | 9.06x | 0.47x | -$27.07 | 5.67x | $3.14B | 6.0% | 1.91x |
| 2023 | 2.4% | 8.84x | 0.44x | -$28.81 | 4.59x | $3.77B | 7.8% | 2.32x |
| 2024 | 3.1% | 8.62x | 0.51x | -$32.36 | 3.60x | $5.06B | 9.6% | 2.48x |
| 2025 | 3.8% | 6.87x | 0.56x | -$40.17 | 3.14x | $4.30B | 8.5% | 1.85x |
- 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.
Latest year inputs (2025)
Net PP&E: $3.08B
Inventory: $0.00
Total assets: $80.13B
Goodwill: $37.70B
Intangibles: $10.16B
Liabilities: $54.32B
Tangible book: -$22.06B
Shares: 549,000,000
Revenue: $21.19B
Capex: $1.76B
D&A: $3.16B
EBITDA: $8.96B
Interest: $1.53B
Short-term debt: $762.00M
Free cash flow: $4.30B
Operating income: $5.70B
Invested capital: $54.12B
Tax rate: 18.9%