Price to FCFE (P/FCFE)
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Advanced Micro Devices Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
The financial information reveals fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. A notable increase in FCFE is observed between 2021 and 2022, followed by a significant decline in 2023, and subsequent recovery in 2024 and 2025.
- Net Cash from Operations
- Net cash provided by operating activities demonstrates an initial increase from US$3,521 million in 2021 to US$3,565 million in 2022. This is followed by a substantial decrease to US$1,667 million in 2023. A recovery is then evident, with values rising to US$3,041 million in 2024 and further increasing to US$6,493 million in 2025. This suggests potential volatility in the core business operations impacting cash generation.
- Free Cash Flow to Equity (FCFE)
- FCFE exhibits a similar pattern to net cash from operations. It increases from US$3,220 million in 2021 to US$3,794 million in 2022, indicating improved cash flow available to equity holders. A considerable decline is then recorded in 2023, with FCFE falling to US$1,121 million. The trend reverses in subsequent years, with FCFE reaching US$1,655 million in 2024 and a significant increase to US$7,010 million in 2025. The substantial growth in 2025 FCFE is particularly noteworthy.
The correlation between net cash from operations and FCFE is strong, suggesting that changes in operational cash flow directly influence the cash available to equity holders. The decline in both metrics in 2023 warrants further investigation to understand the underlying causes, while the strong recovery in 2024 and 2025 indicates a potential turnaround or positive shift in business performance.
- Overall Trend
- The period demonstrates a cyclical pattern. Initial growth is followed by a contraction, and then a strong recovery. The magnitude of the fluctuations suggests sensitivity to external factors or internal operational changes. The substantial increase in both operating cash flow and FCFE in the most recent year (2025) is a positive indicator, but continued monitoring is recommended to assess the sustainability of this trend.
Price to FCFE Ratio, Current
Advanced Micro Devices Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Analog Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Intel Corp. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2025-12-27).
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
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/FCFE, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/FCFE, Industry | ||||||
| Information Technology | ||||||
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited significant fluctuations over the observed period. Initial values decreased before increasing substantially, followed by a subsequent decline and then a rise again. This analysis details the observed trends in the share price, FCFE per share, and the resulting P/FCFE ratio.
- Share Price
- The share price began at 120.08 US$ in 2021, decreased to 78.77 US$ in 2022, and then experienced a considerable increase to 167.69 US$ in 2023. A subsequent decrease to 112.01 US$ occurred in 2024, followed by a further increase to 200.19 US$ in 2025. This indicates considerable volatility in market valuation over the five-year period.
- FCFE per Share
- FCFE per share started at 2.68 US$ in 2021, decreased to 2.35 US$ in 2022, and then declined sharply to 0.69 US$ in 2023. A modest recovery to 1.02 US$ was observed in 2024, with a substantial increase to 4.30 US$ in 2025. The trend suggests challenges in generating free cash flow to equity, particularly in 2023, followed by a significant improvement in the most recent year.
- P/FCFE Ratio
- The P/FCFE ratio began at 44.72 in 2021 and decreased to 33.46 in 2022, aligning with the share price decline. A dramatic increase to 241.70 was recorded in 2023, driven by the combination of a rising share price and a substantial decrease in FCFE per share. The ratio then decreased to 109.67 in 2024, reflecting a share price decline and a slight increase in FCFE per share. Finally, the ratio decreased to 46.56 in 2025, as the share price increased while FCFE per share experienced a significant increase. The high value in 2023 suggests the market was pricing in substantial future growth relative to current FCFE, or potentially overvaluing the equity. The subsequent decline in 2024 and 2025 indicates a recalibration of this valuation as FCFE improved.
In summary, the P/FCFE ratio demonstrates a complex relationship between share price and FCFE per share. The significant fluctuations observed suggest sensitivity to both market sentiment and underlying cash flow generation. The substantial increase in 2023, followed by a decrease in subsequent years, warrants further investigation into the factors driving these changes.