Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Advanced Micro Devices Inc., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-26).
- Net cash provided by operating activities
- There was a substantial increase in net cash provided by operating activities from 2020 to 2021, rising from 1,071 million US dollars to 3,521 million US dollars. This level remained relatively stable in 2022 at 3,565 million US dollars before experiencing a significant decline in 2023 to 1,667 million US dollars. In 2024, the figure rebounded to 3,041 million US dollars, indicating a volatile but generally positive operating cash flow trend over the five-year period.
- Free cash flow to equity (FCFE)
- Free cash flow to equity exhibited a similar pattern to operating cash flow, with a sharp increase from 777 million US dollars in 2020 to 3,220 million US dollars in 2021. This was followed by continued growth reaching 3,794 million US dollars in 2022. However, there was a marked decline in FCFE in 2023, dropping to 1,121 million US dollars. The year 2024 saw a partial recovery to 1,655 million US dollars. The FCFE trend suggests fluctuating availability of cash for equity holders, influenced by changes in operational performance or capital expenditures.
Price to FCFE Ratio, Current
Advanced Micro Devices Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 1,621,404,195 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 1,655) |
| FCFE per share | 1.02 |
| Current share price (P) | 143.81 |
| Valuation Ratio | |
| P/FCFE | 140.89 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Analog Devices Inc. | 31.69 |
| Applied Materials Inc. | 18.20 |
| Broadcom Inc. | 31.86 |
| Intel Corp. | — |
| KLA Corp. | 31.25 |
| Lam Research Corp. | 31.09 |
| Micron Technology Inc. | — |
| NVIDIA Corp. | 64.58 |
| Qualcomm Inc. | 16.82 |
| Texas Instruments Inc. | 48.51 |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | 75.76 |
| P/FCFE, Industry | |
| Information Technology | 45.11 |
Based on: 10-K (reporting date: 2024-12-28).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Advanced Micro Devices Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | Dec 26, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,620,477,962 | 1,615,786,841 | 1,611,388,217 | 1,199,303,422 | 1,211,280,009 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | 1,655) | 1,121) | 3,794) | 3,220) | 777) | |
| FCFE per share3 | 1.02 | 0.69 | 2.35 | 2.68 | 0.64 | |
| Share price1, 4 | 112.01 | 167.69 | 78.77 | 120.08 | 85.64 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 109.67 | 241.70 | 33.46 | 44.72 | 133.51 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Analog Devices Inc. | 29.30 | 22.28 | 24.14 | 34.67 | 33.98 | |
| Applied Materials Inc. | 17.05 | 17.53 | 19.17 | 27.20 | 23.21 | |
| Broadcom Inc. | 26.03 | 30.06 | 14.62 | 22.35 | 9.16 | |
| Intel Corp. | — | — | — | 14.25 | 8.57 | |
| KLA Corp. | 25.11 | 26.78 | 9.01 | 28.05 | 19.15 | |
| Lam Research Corp. | 25.89 | 18.67 | 24.95 | 34.58 | 16.89 | |
| Micron Technology Inc. | — | — | 18.66 | 37.24 | 81.71 | |
| NVIDIA Corp. | 65.45 | 151.07 | 54.83 | 35.22 | 44.24 | |
| Qualcomm Inc. | 18.57 | 11.97 | 19.13 | 17.93 | 34.91 | |
| Texas Instruments Inc. | 42.96 | 37.61 | 23.88 | 21.87 | 24.10 | |
| P/FCFE, Sector | ||||||
| Semiconductors & Semiconductor Equipment | 45.81 | 47.55 | 29.02 | 24.87 | 17.64 | |
| P/FCFE, Industry | ||||||
| Information Technology | 36.66 | 33.16 | 26.84 | 27.24 | 23.37 | |
Based on: 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), 10-K (reporting date: 2020-12-26).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,655,000,000 ÷ 1,620,477,962 = 1.02
4 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 112.01 ÷ 1.02 = 109.67
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the observed periods. Starting at $85.64 in late 2020, it increased substantially to a peak of $120.08 by the end of 2021. However, the price declined sharply to $78.77 at the end of 2022, followed by a notable surge to $167.69 by the end of 2023 before dropping to $112.01 in the final period.
- Free Cash Flow to Equity (FCFE) Per Share
- FCFE per share showed an initial rise from $0.64 in 2020 to $2.68 in 2021, indicating improved cash flow available to equity shareholders. This was followed by a slight decline to $2.35 in 2022. Subsequently, FCFE per share decreased sharply to $0.69 in 2023 but showed a moderate recovery to $1.02 by the end of 2024.
- Price to Free Cash Flow to Equity (P/FCFE) Ratio
- The P/FCFE ratio demonstrated considerable fluctuation, mirroring the variations in both share price and FCFE per share. It was exceptionally high at 133.51 in 2020, then decreased significantly to 44.72 in 2021 and further to 33.46 in 2022, suggesting an improving valuation relative to cash flow. However, it escalated sharply to 241.7 in 2023, coinciding with the share price peak and reduced FCFE per share, and later dropped to 109.67 in 2024.
- Overall Insights
- The data indicates a company experiencing considerable fluctuations in market valuation and cash flow generation capacity. The share price and FCFE per share movements are not always aligned, causing substantial swings in the P/FCFE ratio. The elevated P/FCFE ratio in 2023 reflects a period where the market price surged despite a marked drop in free cash flow per share, indicating potential overvaluation or market speculation during that period. The partial recovery in FCFE per share and the subsequent decline in the P/FCFE ratio in 2024 suggest a moderation towards more balanced valuations.