Advanced Micro Devices Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Net income	854)	1,320)	3,162)	2,490)	341)
Net noncash charges	3,862)	4,091)	1,133)	(488)	694)
Changes in operating assets and liabilities	(3,049)	(1,846)	(774)	(931)	(542)
Net cash provided by operating activities	1,667)	3,565)	3,521)	1,071)	493)
Cash paid during the year for interest, net of tax¹	66)	67)	22)	24)	59)
Purchases of property and equipment	(546)	(450)	(301)	(294)	(217)
Free cash flow to the firm (FCFF)	1,187)	3,182)	3,242)	801)	335)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Advanced Micro Devices Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Advanced Micro Devices Inc. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Advanced Micro Devices Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Effective Income Tax Rate (EITR)
EITR¹	21.00%	21.00%	14.00%	21.00%	11.83%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	84)	85)	25)	31)	67)
Less: Cash paid during the year for interest, tax²	18)	18)	4)	7)	8)
Cash paid during the year for interest, net of tax	66)	67)	22)	24)	59)

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

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² 2023 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 84 × 21.00% = 18

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Advanced Micro Devices Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	245,558)
Free cash flow to the firm (FCFF)	1,187)
Valuation Ratio
EV/FCFF	206.81
Benchmarks
EV/FCFF, Competitors¹
Analog Devices Inc.	26.68
Applied Materials Inc.	21.50
Broadcom Inc.	32.54
Intel Corp.	—
KLA Corp.	26.01
Lam Research Corp.	24.78
Micron Technology Inc.	—
NVIDIA Corp.	76.52
ON Semiconductor Corp.	56.27
Qualcomm Inc.	17.07
Texas Instruments Inc.	94.01
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	106.30
EV/FCFF, Industry
Information Technology	42.27

Based on: 10-K (reporting date: 2023-12-30).

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.

Advanced Micro Devices Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020	Dec 28, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	267,646)	123,541)	140,717)	101,774)	56,823)
Free cash flow to the firm (FCFF)²	1,187)	3,182)	3,242)	801)	335)
Valuation Ratio
EV/FCFF³	225.41	38.82	43.41	126.98	169.58
Benchmarks
EV/FCFF, Competitors⁴
Analog Devices Inc.	25.61	23.12	39.16	27.12	21.68
Applied Materials Inc.	17.40	19.06	26.22	22.52	18.91
Broadcom Inc.	28.53	14.74	19.47	16.54	15.04
Intel Corp.	—	—	16.94	11.08	17.39
KLA Corp.	19.99	19.05	26.29	18.70	20.92
Lam Research Corp.	17.99	24.03	24.02	25.91	9.83
Micron Technology Inc.	—	18.28	33.81	292.39	14.33
NVIDIA Corp.	142.90	78.07	69.47	41.65	27.92
ON Semiconductor Corp.	67.36	20.67	19.86	33.03	46.88
Qualcomm Inc.	11.61	18.18	17.47	30.89	14.91
Texas Instruments Inc.	90.39	27.05	24.23	27.67	20.75
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	61.21	34.74	26.16	22.06	18.29
EV/FCFF, Industry
Information Technology	34.25	27.01	27.93	24.12	19.69

Based on: 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26), 10-K (reporting date: 2019-12-28).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 267,646 ÷ 1,187 = 225.41

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Advanced Micro Devices Inc. EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Advanced Micro Devices Inc. (NASDAQ:AMD)

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