Stock Analysis on Net

Advanced Micro Devices Inc. (NASDAQ:AMD) 

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Advanced Micro Devices Inc., FCFE calculation

US$ in millions

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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
Purchases of property and equipment (546) (450) (301) (294) (217)
Proceeds from debt, net of issuance costs 991 200
Repayment of debt (312) (200) (473)
Free cash flow to equity (FCFE) 1,121 3,794 3,220 777 (197)

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Advanced Micro Devices 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. Advanced Micro Devices Inc. FCFE increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Price to FCFE Ratio, Current

Advanced Micro Devices Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 1,615,786,841
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 1,121
FCFE per share 0.69
Current share price (P) 190.65
Valuation Ratio
P/FCFE 274.80
Benchmarks
P/FCFE, Competitors1
Analog Devices Inc. 23.49
Applied Materials Inc. 21.72
Broadcom Inc. 33.28
Enphase Energy Inc. 25.74
Intel Corp.
KLA Corp. 36.85
Lam Research Corp. 26.06
Micron Technology Inc.
NVIDIA Corp. 85.81
ON Semiconductor Corp. 248.78
Qualcomm Inc. 18.07
Texas Instruments Inc. 39.97
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 87.39
P/FCFE, Industry
Information Technology 42.81

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

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

Advanced Micro Devices Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 30, 2023 Dec 31, 2022 Dec 25, 2021 Dec 26, 2020 Dec 28, 2019
No. shares of common stock outstanding1 1,615,786,841 1,611,388,217 1,199,303,422 1,211,280,009 1,169,661,536
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 1,121 3,794 3,220 777 (197)
FCFE per share3 0.69 2.35 2.68 0.64 -0.17
Share price1, 4 167.69 78.77 120.08 85.64 49.45
Valuation Ratio
P/FCFE5 241.70 33.46 44.72 133.51
Benchmarks
P/FCFE, Competitors6
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64
Enphase Energy Inc. 28.35 41.55 21.45 66.43 44.51
Intel Corp. 14.25 8.57 16.55
KLA Corp. 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. 18.66 37.24 81.71 13.92
NVIDIA Corp. 151.04 54.83 35.20 44.23 30.19
ON Semiconductor Corp. 261.49 21.51 38.47 50.56 9.02
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 47.87 28.97 24.95 18.05 14.11
P/FCFE, Industry
Information Technology 33.33 26.59 27.28 23.35 18.93

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,121,000,000 ÷ 1,615,786,841 = 0.69

4 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 167.69 ÷ 0.69 = 241.70

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. Advanced Micro Devices Inc. P/FCFE ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.