Price to FCFE (P/FCFE)
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Analog Devices Inc., FCFE calculation
US$ in thousands
Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).
- Net cash provided by operating activities
- The net cash provided by operating activities showed an initial decline from 2,253,100 thousand USD in 2019 to 2,008,487 thousand USD in 2020. This was followed by a significant increase in 2021, reaching 2,735,069 thousand USD, and a more pronounced rise in 2022 up to 4,475,402 thousand USD. The upward trend continued into 2023 with the highest value in the analyzed period at 4,817,634 thousand USD. However, in 2024, the cash provided by operating activities decreased to 3,852,529 thousand USD, indicating a moderate contraction after a peak.
- Free cash flow to equity (FCFE)
- The FCFE displayed consistent growth from 1,127,728 thousand USD in 2019 to 1,488,441 thousand USD in 2020, followed by a sharp increase to 2,739,051 thousand USD in 2021. This positive trajectory continued through 2022 and 2023, reaching 3,553,108 thousand USD and 4,037,707 thousand USD respectively, demonstrating strong cash generation available to equity holders. In 2024, FCFE experienced a slight decline to 3,710,470 thousand USD, yet remained significantly above the earlier years, suggesting retained robustness despite the reduction.
- Overall trends and insights
- Both net cash from operating activities and free cash flow to equity exhibit substantial growth over the examined period, particularly from 2020 onwards. The surge in these cash flows indicates enhanced operational efficiency or favorable business conditions. The dip observed in 2024 for both metrics suggests possible challenges or investments affecting liquidity, though levels remain historically strong. The relationship between the two metrics highlights a consistent ability to generate cash that supports equity holders, reinforcing a positive cash generation profile.
Price to FCFE Ratio, Current
Analog Devices Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Advanced Micro Devices Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Intel Corp. | |
| KLA Corp. | |
| Lam Research Corp. | |
| Micron Technology Inc. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| Texas Instruments Inc. | |
| P/FCFE, Sector | |
| Semiconductors & Semiconductor Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-11-02).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Analog Devices Inc., historical P/FCFE calculation, comparison to benchmarks
| Nov 2, 2024 | Oct 28, 2023 | Oct 29, 2022 | Oct 30, 2021 | Oct 31, 2020 | Nov 2, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in thousands)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Advanced Micro 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: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).
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 Analog Devices Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trajectory from 2019 through 2024. Beginning at $114.89 in late 2019, the price increased steadily, reaching $136.89 in 2020 and $180.79 in 2021. A slight decline occurred in 2022 to $168.43, but the price recovered thereafter, rising to $181.25 in 2023 and further to $219.05 by 2024. This suggests positive market sentiment over the analyzed period, with minor volatility in 2022.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share demonstrated consistent growth from 2019 through 2023, starting at $3.06 and climbing to a peak of $8.14 in 2023. However, in 2024, there was a slight decline to $7.48. This pattern indicates generally improving cash generation available to equity holders, with a moderate pullback in the most recent year.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio declined steadily from 37.52 in 2019 to its lowest point of 22.28 in 2023, reflecting a relative decrease in valuation multiples against free cash flow. In 2024, the ratio rose again to 29.3, suggesting that the share price increase outpaced the growth in FCFE per share during that year. The fluctuating P/FCFE ratio suggests shifting investor valuation perspectives, possibly influenced by changing market conditions or expectations about growth.
- Overall Insights
- The combination of rising share prices and generally increasing FCFE per share indicates strengthening financial performance and market valuation over the five-year period. The dip in the P/FCFE ratio up to 2023 implies improving cash flow generation relative to price, enhancing investment attractiveness based on FCFE. The recent uptick in P/FCFE in 2024, despite a slight FCFE decrease, points to a market premium or increased optimism about future prospects. Attention should be given to the factors influencing the 2022 share price dip and the 2024 FCFE reduction to better understand underlying operational dynamics.