Price to FCFE (P/FCFE)
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
Amgen Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net cash provided by operating activities
- The net cash generated from operating activities experienced fluctuations over the five-year period. Beginning at $10,497 million in 2020, it declined to $9,261 million in 2021, representing a notable decrease. In 2022, there was a modest recovery to $9,721 million; however, the figure decreased again to $8,471 million in 2023. The most recent data for 2024 indicates a significant rebound to $11,490 million, surpassing the levels observed in previous years. This pattern suggests variability in operating cash inflows, with the latest period reflecting improved operational cash generation.
- Free cash flow to equity (FCFE)
- The free cash flow to equity showed pronounced volatility across the same timeframe. Starting at $12,353 million in 2020, it declined sharply to $9,176 million in 2021. A substantial increase occurred in 2022, with FCFE rising to $15,407 million. An exceptional peak was observed in 2023, reaching $33,035 million, which more than doubled the previous year's figure and marked the highest value in the series. However, in 2024, there was a steep decline back to $6,135 million, representing the lowest point within the period under review. This extreme fluctuation indicates variations in cash distributions available to equity holders, potentially driven by changes in capital expenditures, financing activities, or operational performance.
Price to FCFE Ratio, Current
Amgen Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
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
Amgen Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| AbbVie Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Amgen Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited fluctuations over the five-year period, initially declining from $236.65 in 2020 to $222.66 in 2021, followed by a moderate increase to $240 in 2022. A more substantial rise took place in 2023, reaching $290.07, with a slight further increase to $291.16 in 2024. This overall upward trend from 2021 onwards reflects growing market confidence or other positive factors influencing valuation.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed notable volatility across the years. It decreased from $21.39 in 2020 to $16.47 in 2021, then sharply increased to $28.85 in 2022. The most significant jump occurred in 2023, with FCFE per share more than doubling to $61.64. However, in 2024, FCFE per share dropped considerably to $11.42, indicating a substantial decline in free cash flow generation for shareholders during the last reported year.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio displayed an inverse pattern relative to FCFE per share. It rose from 11.06 in 2020 to a peak of 13.52 in 2021 when FCFE per share was at a lower level. Subsequently, the ratio steadily decreased to 8.32 in 2022 and then sharply to 4.71 in 2023, reflecting the surge in FCFE per share and relatively lower price multiples. By 2024, the P/FCFE ratio surged dramatically to 25.5, suggesting that while the share price remained almost constant, the significant drop in FCFE per share caused the valuation multiple to expand considerably, possibly indicating an overvalued stock or concerns about sustainability of cash flows.