Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Align Technology Inc., FCFF calculation
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Align Technology Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Align Technology Inc. FCFF increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Interest Paid, Net of Tax
Align Technology Inc., interest paid, net of tax calculation
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
2 2022 Calculation
Interest paid, tax = Interest paid × EITR
= 0 × 39.60% = 0
Enterprise Value to FCFF Ratio, Current
Align Technology Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 14,122,171) |
| Free cash flow to the firm (FCFF) | 276,832) |
| Valuation Ratio | |
| EV/FCFF | 51.01 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Abbott Laboratories | 33.53 |
| Cigna Group | 10.27 |
| CVS Health Corp. | 10.06 |
| Elevance Health Inc. | 15.35 |
| Humana Inc. | 9.67 |
| Intuitive Surgical Inc. | 181.87 |
| Medtronic PLC | 26.10 |
| UnitedHealth Group Inc. | 18.43 |
| EV/FCFF, Sector | |
| Health Care Equipment & Services | 17.76 |
| EV/FCFF, Industry | |
| Health Care | 19.92 |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Align Technology Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | 22,338,984) | 39,216,076) | 43,916,116) | 16,327,126) | 19,979,482) | |
| Free cash flow to the firm (FCFF)2 | 276,832) | 771,446) | 507,258) | 597,563) | 331,369) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 80.70 | 50.83 | 86.58 | 27.32 | 60.29 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Abbott Laboratories | 23.24 | 23.47 | 36.94 | 33.05 | — | |
| Cigna Group | 13.38 | 14.17 | 9.16 | 10.24 | — | |
| CVS Health Corp. | 10.00 | 10.30 | 9.42 | 12.30 | — | |
| Elevance Health Inc. | 13.32 | 12.74 | 6.04 | 12.73 | — | |
| Humana Inc. | 14.88 | 42.03 | 7.92 | 8.46 | — | |
| Intuitive Surgical Inc. | 85.45 | 56.01 | 76.70 | 54.58 | — | |
| Medtronic PLC | 20.32 | 33.84 | 21.43 | 22.07 | 27.88 | |
| UnitedHealth Group Inc. | 19.30 | 22.21 | 15.82 | 17.51 | — | |
| EV/FCFF, Sector | ||||||
| Health Care Equipment & Services | 17.28 | 19.60 | 14.85 | 16.66 | — | |
| EV/FCFF, Industry | ||||||
| Health Care | 17.99 | 17.44 | 18.06 | 18.43 | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
3 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 22,338,984 ÷ 276,832 = 80.70
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Align Technology Inc. EV/FCFF ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |