Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 2023.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Activision Blizzard Inc., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net income 1,513 2,699 2,197 1,503 1,813
Net noncash charges 663 994 663 435 1,280
Changes in operating assets and liabilities, net of effect of business acquisitions 44 (1,279) (608) (107) (1,303)
Net cash provided by operating activities 2,220 2,414 2,252 1,831 1,790
Capital expenditures (91) (80) (78) (116) (131)
Proceeds from debt issuances, net of discounts 1,994
Repayment of long-term debt (1,050) (1,740)
Payment of financing costs (20)
Premium payment for early redemption of note (28) (25)
Free cash flow to equity (FCFE) 2,129 2,334 3,070 1,715 (106)

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
FCFE Free cash flow to equity is the cash flow available to Activision Blizzard Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Activision Blizzard Inc. FCFE decreased from 2020 to 2021 and from 2021 to 2022.

Price to FCFE Ratio, Current

Activision Blizzard Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 786,798,320
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 2,129
FCFE per share 2.71
Current share price (P) 92.76
Valuation Ratio
P/FCFE 34.28
Benchmarks
P/FCFE, Competitors1
Alphabet Inc. 27.48
Charter Communications Inc. 12.50
Comcast Corp. 11.93
Meta Platforms Inc. 24.46
Netflix Inc. 38.34
Walt Disney Co. 71.26
P/FCFE, Sector
Media & Entertainment 34.78
P/FCFE, Industry
Communication Services 43.15

Based on: 10-K (reporting date: 2022-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Activision Blizzard Inc., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 784,274,126 779,234,888 774,753,965 769,221,524 763,833,873
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 2,129 2,334 3,070 1,715 (106)
FCFE per share3 2.71 3.00 3.96 2.23 -0.14
Share price1, 4 77.07 81.44 96.42 58.33 42.14
Valuation Ratio
P/FCFE5 28.39 27.19 24.33 26.16
Benchmarks
P/FCFE, Competitors6
Alphabet Inc. 22.91 29.75 26.58 32.39
Charter Communications Inc. 5.10 5.88 11.52 10.04
Comcast Corp. 12.26 27.57 18.17 64.70
Meta Platforms Inc. 17.26 16.84 32.77 28.91
Netflix Inc. 176.91 81.38 116.48
Walt Disney Co. 18.20 55.35 23.22
P/FCFE, Sector
Media & Entertainment 21.69 26.52 25.86 32.46
P/FCFE, Industry
Communication Services 28.69 24.31 20.00 30.96

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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,129,000,000 ÷ 784,274,126 = 2.71

4 Closing price as at the filing date of Activision Blizzard Inc. Annual Report.

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 77.07 ÷ 2.71 = 28.39

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Activision Blizzard Inc. P/FCFE ratio increased from 2020 to 2021 and from 2021 to 2022.