Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Align Technology Inc., FCFE calculation
US$ in thousands
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 Align Technology 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. | Align Technology Inc. FCFE increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Price to FCFE Ratio, Current
Align Technology Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 76,589,114 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | 276,832) |
| FCFE per share | 3.61 |
| Current share price (P) | 197.44 |
| Valuation Ratio | |
| P/FCFE | 54.62 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | 70.08 |
| Cigna Group | 9.66 |
| CVS Health Corp. | 3.95 |
| Elevance Health Inc. | 17.23 |
| Humana Inc. | 11.73 |
| Intuitive Surgical Inc. | 188.72 |
| Medtronic PLC | 28.65 |
| UnitedHealth Group Inc. | 16.12 |
| P/FCFE, Sector | |
| Health Care Equipment & Services | 16.97 |
| P/FCFE, Industry | |
| Health Care | 20.52 |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Align Technology Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 76,610,319 | 78,795,494 | 79,132,723 | 78,753,161 | 79,989,347 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | 276,832) | 771,446) | 507,258) | 597,563) | 331,369) | |
| FCFE per share3 | 3.61 | 9.79 | 6.41 | 7.59 | 4.14 | |
| Share price1, 4 | 304.64 | 512.56 | 567.11 | 218.35 | 258.97 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 84.31 | 52.35 | 88.47 | 28.78 | 62.51 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | 26.11 | 24.52 | 38.42 | 53.19 | — | |
| Cigna Group | 18.23 | 10.98 | 16.30 | 20.76 | — | |
| CVS Health Corp. | 12.36 | 21.23 | 11.93 | 18.52 | — | |
| Elevance Health Inc. | 14.26 | 11.07 | 7.75 | 13.72 | — | |
| Humana Inc. | 30.99 | 11.49 | 8.47 | 11.73 | — | |
| Intuitive Surgical Inc. | 89.67 | 58.39 | 81.15 | 57.31 | — | |
| Medtronic PLC | 19.71 | 38.91 | 23.06 | 26.62 | — | |
| UnitedHealth Group Inc. | 12.57 | 20.11 | 13.93 | 13.90 | — | |
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | 16.47 | 20.14 | 16.68 | 19.46 | — | |
| P/FCFE, Industry | ||||||
| Health Care | 18.37 | 17.93 | 17.14 | 13.57 | — | |
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.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 276,832,000 ÷ 76,610,319 = 3.61
4 Closing price as at the filing date of Align Technology Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 304.64 ÷ 3.61 = 84.31
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. | Align Technology Inc. P/FCFE ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |