Price to FCFE (P/FCFE)
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Free Cash Flow to Equity (FCFE)
Apple Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
- Cash generated by operating activities
- The cash generated by operating activities shows a generally increasing trend from 2019 to 2024. Starting at 69,391 million USD in 2019, it increased to 80,674 million USD in 2020, followed by a substantial rise to 104,038 million USD in 2021. This upward trajectory continued with 122,151 million USD in 2022. There was a slight decrease in 2023 to 110,543 million USD, but the value rebounded in 2024 to 118,254 million USD. Overall, the cash generated by operations grew significantly over the six-year period, indicating strong underlying operational performance with minor fluctuations.
- Free cash flow to equity (FCFE)
- The free cash flow to equity also exhibited an upward trend from 2019 to 2024, though with more pronounced volatility compared to operating cash flow. Beginning at 51,077 million USD in 2019, it rose sharply to 75,864 million USD in 2020 and then to 105,618 million USD in 2021. The FCFE continued to grow but at a slower pace, reaching 111,320 million USD in 2022. In 2023, there was a noticeable decline to 89,683 million USD, followed by a recovery to 102,809 million USD in 2024. This pattern suggests variability in factors affecting free cash available to equity holders, such as capital expenditures, working capital changes, or financing activities, despite an overall increasing trend over the period.
- Summary
- Both the cash generated by operating activities and the free cash flow to equity demonstrated solid growth from 2019 through 2024. The operating cash flow's growth was relatively steady, reflecting consistent operational efficiency and profitability. The FCFE showed higher sensitivity to other cash flow elements, resulting in more fluctuation, especially with the decrease observed in 2023. The 2024 figures indicate a recovery in FCFE, aligning with a rebound in operating cash flow, suggesting continued strength in cash generation and potential for shareholder returns. These trends underscore a robust liquidity position and capacity to support investment and shareholder distribution over the analyzed period.
Price to FCFE Ratio, Current
Apple Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Arista Networks Inc. | |
| Cisco Systems Inc. | |
| Dell Technologies Inc. | |
| Super Micro Computer Inc. | |
| P/FCFE, Sector | |
| Technology Hardware & Equipment | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2024-09-28).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Apple Inc., historical P/FCFE calculation, comparison to benchmarks
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||
| Selected Financial Data (US$) | |||||||
| Free cash flow to equity (FCFE) (in millions)2 | |||||||
| FCFE per share3 | |||||||
| Share price1, 4 | |||||||
| Valuation Ratio | |||||||
| P/FCFE5 | |||||||
| Benchmarks | |||||||
| P/FCFE, Competitors6 | |||||||
| Arista Networks Inc. | |||||||
| Cisco Systems Inc. | |||||||
| Dell Technologies Inc. | |||||||
| Super Micro Computer Inc. | |||||||
| P/FCFE, Sector | |||||||
| Technology Hardware & Equipment | |||||||
| P/FCFE, Industry | |||||||
| Information Technology | |||||||
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
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 Apple 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 exhibits a consistent upward trajectory over the six-year period. Starting at $62.19 in September 2019, it increases significantly each year, reaching $222.91 by September 2024. This more than threefold rise suggests strong market confidence and growth expectations.
- FCFE per Share Trend
- Free Cash Flow to Equity (FCFE) per share also demonstrates an overall increasing trend from $2.87 in 2019 to $6.80 in 2024. The metric approximately doubles across the timeframe, indicating improving cash generation available to shareholders. However, there is a slight dip in 2023 to $5.77 from $7.00 in 2022, suggesting a temporary decrease in cash flow generation efficiency or reinvestment strategy adjustments.
- P/FCFE Ratio Analysis
- The Price to Free Cash Flow to Equity (P/FCFE) ratio shows relative stability from 2019 through 2022, fluctuating modestly between 21.64 and 24.40. It then experiences a notable increase to 30.63 in 2023 and further to 32.77 in 2024. This rising valuation multiple indicates that the market is increasingly willing to pay a premium for each unit of free cash flow, possibly reflecting heightened growth expectations, lower risk perceptions, or limited supply of shares.
- Overall Insights
- Combining these measures, the data reflect an entity with growing cash flow generation and rising market valuation. The acceleration in share price growth, juxtaposed with a moderate increase in FCFE, results in an expanding valuation multiple. The slight dip in FCFE per share in 2023 does not appear to have materially dampened market optimism as indicated by the rising P/FCFE ratio. This behavior suggests confidence in sustained future growth beyond current cash flow metrics.