Detailed financial statements for Intercorp Financial Services Inc. (IFS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Intercorp Financial Services Inc. (IFS) is a Peruvian entity providing a wide array of financial solutions, encompassing banking, insurance, and wealth management, to both individual and corporate clients throughout Peru. The company operates through three primary divisions: Banking, Insurance, and Wealth Management.
Analysis Summary
Intercorp Financial Services Inc. reported revenue of 9.24B PEN in the most recent fiscal year, growing at a 5-year CAGR of 8.7%. Net income reached 1.82B PEN, with a 36.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 64.1%, operating margin 29.4%, net margin 23.3%. Free cash flow grew at -36.6% CAGR over 5 years.
At $47.06 (closing price, October 30, 2026), IFS trades at a P/E of 8.66 and an ROE of 16.90%. Market capitalisation stands at $5.2B.
Balance sheet quality for IFS: debt-to-equity ratio of 1.09, current ratio of 0.74 over the last 12 months, net debt of 684.7M PEN at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of 1.31B PEN represents 72% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.86B PEN | 5.09B PEN | 5.56B PEN | 6.31B PEN | 6.09B PEN | 6.29B PEN | 7.42B PEN | 8.79B PEN | 8.86B PEN | 9.24B PEN |
| Cost of Revenue | 1.83B PEN | 1.92B PEN | 1.80B PEN | 2.13B PEN | 3.54B PEN | 1.37B PEN | 2.37B PEN | 4.46B PEN | 4.05B PEN | 3.21B PEN |
| Gross Profit | 3.03B PEN | 3.17B PEN | 3.76B PEN | 4.17B PEN | 2.56B PEN | 4.92B PEN | 5.05B PEN | 4.34B PEN | 4.80B PEN | 6.03B PEN |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 1.57B PEN | 1.62B PEN | 1.99B PEN | 1.92B PEN | 1.85B PEN | 2.14B PEN | 2.40B PEN | 2.46B PEN | 2.53B PEN | 1.05B PEN |
| Operating Expenses | 1.76B PEN | 1.82B PEN | 2.22B PEN | 2.25B PEN | 2.20B PEN | 2.53B PEN | 2.88B PEN | 2.99B PEN | 3.16B PEN | 3.71B PEN |
| Operating Income | 1.26B PEN | 1.34B PEN | 1.54B PEN | 1.93B PEN | 356.3M PEN | 2.39B PEN | 2.17B PEN | 1.35B PEN | 1.65B PEN | 2.33B PEN |
| EBITDA | 1.39B PEN | 1.49B PEN | 1.71B PEN | 2.19B PEN | 625.1M PEN | 2.67B PEN | 2.50B PEN | 1.73B PEN | 2.06B PEN | 2.77B PEN |
| Interest Expense | 1.05B PEN | 1.08B PEN | 1.14B PEN | 1.36B PEN | 1.13B PEN | 987.3M PEN | 1.58B PEN | 2.51B PEN | 2.32B PEN | 2.13B PEN |
| Pre-tax Income | 1.26B PEN | 1.34B PEN | 1.54B PEN | 1.93B PEN | 356.3M PEN | 2.39B PEN | 2.17B PEN | 1.35B PEN | 1.65B PEN | 2.32B PEN |
| Income Tax | 333.9M PEN | 326.5M PEN | 415.5M PEN | 493.3M PEN | -72.9M PEN | 502.1M PEN | 462.5M PEN | 275.6M PEN | 314.4M PEN | 499.8M PEN |
| Net Income | 944.6M PEN | 1.03B PEN | 1.08B PEN | 1.44B PEN | 383.3M PEN | 1.79B PEN | 1.67B PEN | 1.07B PEN | 1.30B PEN | 1.82B PEN |
| EPS | 8.72 PEN | 9.63 PEN | 9.82 PEN | 12.78 PEN | 3.32 PEN | 15.51 PEN | 14.39 PEN | 9.33 PEN | 11.38 PEN | 16.31 PEN |
| EPS (Diluted) | 8.72 PEN | 9.63 PEN | 9.82 PEN | 12.78 PEN | 3.32 PEN | 15.51 PEN | 14.39 PEN | 9.33 PEN | 11.38 PEN | 16.31 PEN |
| Shares Outstanding (Diluted) | 108.4 M | 106.7 M | 110.4 M | 112.8 M | 115.4 M | 115.4 M | 115.4 M | 115.0 M | 114.3 M | 111.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 2.19B PEN | 1.28B PEN | 3.07B PEN | 2.42B PEN |
| Gross Profit | 1.34B PEN | 513.1M PEN | 2.34B PEN | 1.55B PEN |
| Operating Income | 568.4M PEN | 615.9M PEN | 754.6M PEN | 696.5M PEN |
| EBITDA | 696.8M PEN | 723.1M PEN | 861.0M PEN | 1.42B PEN |
| Net Income | 453.3M PEN | 455.3M PEN | 597.3M PEN | 582.3M PEN |
| EPS | 4.07 PEN | 4.14 PEN | 5.38 PEN | 5.25 PEN |
| EPS (Diluted) | 4.07 PEN | 4.14 PEN | 5.38 PEN | 5.25 PEN |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.77B PEN | 9.63B PEN | 7.58B PEN | 9.94B PEN | 18.16B PEN | 17.13B PEN | 13.00B PEN | 9.60B PEN | 12.20B PEN | 11.98B PEN |
| Short-term Investments | 9.52B PEN | 15.46B PEN | 14.17B PEN | 15.31B PEN | 19.53B PEN | 18.54B PEN | 17.55B PEN | 21.69B PEN | 21.18B PEN | 108.5M PEN |
| Receivables | 1.06B PEN | 5.03B PEN | 3.56B PEN | 3.26B PEN | 3.14B PEN | 3.35B PEN | 3.93B PEN | 5.08B PEN | 5.48B PEN | 2.25B PEN |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 22.42B PEN | 30.13B PEN | 25.32B PEN | 28.51B PEN | 40.84B PEN | 39.29B PEN | 34.51B PEN | 36.79B PEN | 3.36B PEN | 13.12B PEN |
| Property, Plant & Equipment | 589.8M PEN | 612.6M PEN | 622.5M PEN | 950.9M PEN | 844.4M PEN | 815.1M PEN | 791.4M PEN | 804.8M PEN | 814.4M PEN | 967.2M PEN |
| Goodwill | 0 | 432.9M PEN | 432.9M PEN | 430.6M PEN | 430.6M PEN | 430.6M PEN | 669.1M PEN | 669.1M PEN | 669.1M PEN | 669.1M PEN |
| Intangible Assets | 267.4M PEN | 488.7M PEN | 521.7M PEN | 548.6M PEN | 611.9M PEN | 614.1M PEN | 964.1M PEN | 1.02B PEN | 998.7M PEN | 957.0M PEN |
| Total Assets | 51.72B PEN | 60.39B PEN | 63.74B PEN | 71.56B PEN | 88.24B PEN | 89.95B PEN | 87.48B PEN | 89.62B PEN | 95.50B PEN | 99.09B PEN |
| Accounts Payable | 1.16B PEN | 182.0M PEN | 327.6M PEN | 128.0M PEN | 235.4M PEN | 615.0M PEN | 118.4M PEN | 236.7M PEN | 438.4M PEN | 246.6M PEN |
| Short-term Debt | 1.61B PEN | 1.44B PEN | 1.39B PEN | 1.57B PEN | 1.45B PEN | 1.60B PEN | 1.86B PEN | 2.01B PEN | 2.43B PEN | 6.35B PEN |
| Total Current Liabilities | 38.20B PEN | 32.64B PEN | 33.63B PEN | 37.85B PEN | 46.91B PEN | 59.63B PEN | 49.59B PEN | 50.68B PEN | 55.98B PEN | 6.35B PEN |
| Long-term Debt | 5.10B PEN | 6.27B PEN | 7.18B PEN | 7.41B PEN | 8.09B PEN | 8.39B PEN | 8.50B PEN | 8.77B PEN | 9.24B PEN | 6.28B PEN |
| Total Liabilities | 46.72B PEN | 54.56B PEN | 56.66B PEN | 62.66B PEN | 79.28B PEN | 81.22B PEN | 78.06B PEN | 79.62B PEN | 84.53B PEN | 86.67B PEN |
| Retained Earnings | 2.03B PEN | 1.56B PEN | 1.20B PEN | 2.15B PEN | 1.30B PEN | 2.22B PEN | 2.36B PEN | 2.92B PEN | 9.74B PEN | 2.18B PEN |
| Total Equity | 4.88B PEN | 5.80B PEN | 7.05B PEN | 8.86B PEN | 8.91B PEN | 8.68B PEN | 9.37B PEN | 9.95B PEN | 10.92B PEN | 12.35B PEN |
| Total Debt | 6.71B PEN | 7.71B PEN | 8.57B PEN | 9.32B PEN | 9.82B PEN | 10.22B PEN | 10.47B PEN | 10.88B PEN | 11.82B PEN | 12.78B PEN |
| Net Debt | -14.57B PEN | -17.38B PEN | -13.19B PEN | -15.93B PEN | -27.88B PEN | -25.46B PEN | -20.08B PEN | -20.42B PEN | -21.56B PEN | 684.7M PEN |
| Working Capital | -15.78B PEN | -2.52B PEN | -8.30B PEN | -9.34B PEN | -6.07B PEN | -20.34B PEN | -15.07B PEN | -13.88B PEN | -52.62B PEN | 6.76B PEN |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 11.57B PEN | 12.39B PEN | 13.29B PEN | 15.97B PEN |
| Total Assets | 97.13B PEN | 99.10B PEN | 102.29B PEN | 105.35B PEN |
| Total Liabilities | 85.18B PEN | 86.68B PEN | 89.88B PEN | 92.41B PEN |
| Total Equity | 11.88B PEN | 12.35B PEN | 12.33B PEN | 12.87B PEN |
| Total Debt | 11.98B PEN | 11.00B PEN | 12.33B PEN | 14.04B PEN |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 950.2M PEN | 1.03B PEN | 1.09B PEN | 1.45B PEN | 383.5M PEN | 1.80B PEN | 1.68B PEN | 1.08B PEN | 1.31B PEN | 1.94B PEN |
| Depreciation & Amortization | 130.1M PEN | 145.2M PEN | 164.7M PEN | 262.0M PEN | 268.8M PEN | 279.7M PEN | 336.2M PEN | 379.0M PEN | 413.1M PEN | 450.3M PEN |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -96.1M PEN | 1.93B PEN | -3.51B PEN | -141.7M PEN | 10.91B PEN | -778.6M PEN | -3.64B PEN | -176.2M PEN | -189.7M PEN | -1.02B PEN |
| Operating Cash Flow | 1.40B PEN | 3.41B PEN | -2.05B PEN | 1.67B PEN | 12.99B PEN | 1.35B PEN | -1.01B PEN | 2.88B PEN | -1.78B PEN | 1.83B PEN |
| Capital Expenditure | -212.4M PEN | -245.2M PEN | -200.6M PEN | -210.7M PEN | -248.4M PEN | -257.8M PEN | -362.3M PEN | -428.0M PEN | -104.7M PEN | -523.4M PEN |
| Acquisitions | 0 | -660.5M PEN | 0 | 0 | 0 | 0 | -193.2M PEN | 0 | 0 | 0 |
| Stock Repurchased | -199.9M PEN | 0 | 0 | -196,000 PEN | -2.6M PEN | -594,000 PEN | 0 | -80.9M PEN | -122.7M PEN | -262.5M PEN |
| Dividends Paid | -496.9M PEN | -475.8M PEN | -510.7M PEN | -654.5M PEN | -698.2M PEN | -633.9M PEN | -751.5M PEN | -511.8M PEN | -427.4M PEN | -406.8M PEN |
| Free Cash Flow | 1.18B PEN | 3.16B PEN | -2.25B PEN | 1.46B PEN | 12.75B PEN | 1.09B PEN | -1.37B PEN | 2.45B PEN | -1.88B PEN | 1.31B PEN |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -1.20B PEN | 2.86B PEN | -104.7M PEN | 2.80B PEN |
| Capital Expenditure | -75.0M PEN | -236.8M PEN | -113.2M PEN | -88.8M PEN |
| Free Cash Flow | -1.27B PEN | 2.62B PEN | -217.8M PEN | 2.71B PEN |
| Dividends Paid | 0 | 13.3M PEN | 0 | -724.0M PEN |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.7% | +9.3% | +13.4% | -3.4% | +3.3% | +17.8% | +18.5% | +0.7% | +4.3% | |
| Net Income Growth (YoY) | +8.8% | +5.5% | +32.9% | -73.4% | +367.1% | -6.8% | -35.7% | +21.2% | +40.1% | |
| EPS Growth (YoY) | +10.4% | +2.0% | +30.1% | -74.0% | +367.2% | -7.2% | -35.2% | +22.0% | +43.3% | |
| Shares Change (YoY) | -1.5% | +3.5% | +2.1% | +2.4% | -0.0% | -0.0% | -0.4% | -0.6% | -2.3% | |
| FCF Growth (YoY) | +166.9% | -171.1% | +164.9% | +774.1% | -91.5% | -226.3% | +278.1% | -176.9% | +169.4% | |
| Gross Margin | 62.3% | 62.3% | 67.7% | 66.2% | 42.0% | 78.2% | 68.1% | 49.3% | 54.2% | 65.3% |
| Operating Margin | 26.0% | 26.4% | 27.7% | 30.5% | 5.8% | 38.0% | 29.2% | 15.3% | 18.6% | 25.2% |
| EBITDA Margin | 28.7% | 29.3% | 30.7% | 34.7% | 10.3% | 42.4% | 33.7% | 19.6% | 23.2% | 30.0% |
| Net Margin | 19.4% | 20.2% | 19.5% | 22.8% | 6.3% | 28.4% | 22.5% | 12.2% | 14.7% | 19.7% |
| FCF Margin | 24.4% | 62.1% | -40.4% | 23.1% | 209.1% | 17.3% | -18.5% | 27.8% | -21.3% | 14.1% |
| Effective Tax Rate | 26.4% | 24.3% | 26.9% | 25.6% | -20.5% | 21.0% | 21.4% | 20.5% | 19.1% | 21.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | 10.93 PEN | 29.61 PEN | -20.34 PEN | 12.93 PEN | 110.40 PEN | 9.43 PEN | -11.91 PEN | 21.28 PEN | -16.47 PEN | 11.70 PEN |
| Dividends Per Share | 4.58 PEN | 4.46 PEN | 4.62 PEN | 5.80 PEN | 6.05 PEN | 5.49 PEN | 6.51 PEN | 4.45 PEN | 3.74 PEN | 3.64 PEN |
| Shares Outstanding (Basic) | 108.4 M | 106.7 M | 110.4 M | 112.8 M | 115.4 M | 115.4 M | 115.4 M | 115.0 M | 114.3 M | 111.7 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 16.90% |
| Return on Invested Capital | 4.58% |
| Return on Assets | 1.98% |
| Gross Margin | 64.11% |
| Operating Margin | 29.43% |
| Net Margin | 23.32% |
Financial Health
| Debt / Equity | 1.09 |
| Current Ratio | 0.74 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 0.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 14.80 | 12.93 | 13.19 | 10.70 | 35.26 | 6.78 | 6.21 | 8.70 | 9.72 | 8.73 |
| P/B | 2.87 | 2.29 | 2.03 | 1.74 | 1.52 | 1.40 | 1.10 | 0.94 | 1.16 | 1.29 |
| P/S | 2.88 | 2.61 | 2.57 | 2.44 | 2.22 | 1.93 | 1.39 | 1.06 | 1.43 | 1.72 |
| Gross Margin | 62.3% | 62.3% | 67.7% | 66.2% | 42.0% | 78.2% | 68.1% | 49.3% | 54.2% | 65.3% |
| Operating Margin | 26.0% | 26.4% | 27.7% | 30.5% | 5.8% | 38.0% | 29.2% | 15.3% | 18.6% | 25.2% |
| Net Margin | 19.4% | 20.2% | 19.5% | 22.8% | 6.3% | 28.4% | 22.5% | 12.2% | 14.7% | 19.7% |
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