Abiomed Inc., FCFF calculation

US$ in thousands

12 months ended:	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Net income	136,505)	225,525)	203,009)	259,016)	112,170)	52,116)
Net noncash charges	179,081)	66,439)	103,886)	32,022)	99,303)	57,667)
Changes in assets and liabilities	(30,196)	(17,386)	8,025)	(38,841)	(18,927)	5,333)
Net cash provided by operating activities	285,390)	274,578)	314,920)	252,197)	192,546)	115,116)
Cash paid for interest on capital lease obligation, net of tax¹	—)	—)	—)	—)	250)	202)
Purchases of property and equipment	(35,763)	(53,383)	(44,006)	(44,004)	(55,863)	(50,415)
Property and equipment under capital lease obligation	—)	—)	—)	—)	—)	(16,784)
Free cash flow to the firm (FCFF)	249,627)	221,195)	270,914)	208,193)	136,933)	48,119)

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

¹ See details »

Download chart

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Abiomed Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Abiomed Inc. FCFF decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

Abiomed Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	28.40%	21.80%	21.00%	1.60%	17.10%	43.00%
Interest Paid, Net of Tax
Cash paid for interest on capital lease obligation, before tax	—)	—)	—)	—)	302)	354)
Less: Cash paid for interest on capital lease obligation, tax²	—)	—)	—)	—)	52)	152)
Cash paid for interest on capital lease obligation, net of tax	—)	—)	—)	—)	250)	202)

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

¹ See details »

² 2022 Calculation
Cash paid for interest on capital lease obligation, tax = Cash paid for interest on capital lease obligation × EITR
= 0 × 28.40% = 0

Download chart

Abiomed Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	16,088,812)
Free cash flow to the firm (FCFF)	249,627)
Valuation Ratio
EV/FCFF	64.45
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	34.31
Cigna Group	10.85
CVS Health Corp.	11.11
Elevance Health Inc.	14.92
Humana Inc.	8.29
Intuitive Surgical Inc.	170.60
Medtronic PLC	24.63
Shockwave Medical Inc.	72.55
UnitedHealth Group Inc.	17.23
EV/FCFF, Sector
Health Care Equipment & Services	17.46
EV/FCFF, Industry
Health Care	19.26

Based on: 10-K (reporting date: 2022-03-31).

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.

Abiomed Inc., historical EV/FCFF calculation, comparison to benchmarks

	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020	Mar 31, 2019	Mar 31, 2018	Mar 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	9,983,091)	12,099,179)	8,382,834)	11,359,861)	17,182,479)	5,740,561)
Free cash flow to the firm (FCFF)²	249,627)	221,195)	270,914)	208,193)	136,933)	48,119)
Valuation Ratio
EV/FCFF³	39.99	54.70	30.94	54.56	125.48	119.30
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	—
Shockwave Medical Inc.	71.18	1,985.84	—	—	—	—
UnitedHealth Group Inc.	19.30	22.21	15.82	17.51	—	—
EV/FCFF, Sector
Health Care Equipment & Services	17.34	19.69	14.92	16.68	—	—
EV/FCFF, Industry
Health Care	18.01	17.46	18.09	18.44	—	—

Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 9,983,091 ÷ 249,627 = 39.99

⁴ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Abiomed Inc. EV/FCFF ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level.

Abiomed Inc. (NASDAQ:ABMD)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical