Free Cash Flow to Equity (FCFE)

Biogen Inc., FCFE calculation

USD $ in thousands

 
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income attributable to Biogen Inc. 2,539,100  3,702,800  3,547,000  2,934,784  1,862,341 
Net (income) loss attributable to noncontrolling interests, net of tax 131,000  (7,100) 46,200  6,781 
Net noncash charges 1,645,500  753,700  698,400  484,910  395,344 
Changes in operating assets and liabilities, net 235,400  73,000  (575,500) (484,360) 87,393 
Net cash flows provided by operating activities 4,551,000  4,522,400  3,716,100  2,942,115  2,345,078 
Purchases of property, plant and equipment (867,400) (616,100) (643,000) (287,751) (246,281)
Acquisitions of intangible assets (975,400) (111,600) (15,400) (28,200)
Proceeds from borrowings 5,930,500 
Repayments of borrowings (560,900) (2,700) (2,100) (2,674) (452,340)
Free cash flow to equity (FCFE) 2,147,300  3,792,000  8,986,100  2,623,490  1,646,457 
Item Description The company
FCFE Free cash flow to equity is the cash flow available to Biogen Inc.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Biogen Inc.'s FCFE declined from 2015 to 2016 and from 2016 to 2017.

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Price to FCFE Ratio, Current

Biogen Inc., current P/FCFE calculation, comparison to benchmarks

 
No. shares of common stock outstanding 211,007,945
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in thousands) 2,147,300 
FCFE per share 10.18
Current share price (P) 286.21
Ratio
P/FCFE 28.12
Benchmarks
P/FCFE, Competitors
Abbott Laboratories 73.24
AbbVie Inc. 17.01
Allergan PLC 25.70
Amgen Inc. 11.13
Bristol-Myers Squibb Co. 16.55
Celgene Corp. 8.73
Eli Lilly & Co. 11.85
Gilead Sciences Inc. 4.74
Johnson & Johnson 13.28
Merck & Co. Inc. 46.35
Pfizer Inc. 15.75
Regeneron Pharmaceuticals Inc. 29.57
P/FCFE, Sector
Pharmaceuticals & Biotechnology 14.62
P/FCFE, Industry
Health Care 15.40

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

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Price to FCFE Ratio, Historical

Biogen Inc., historical P/FCFE calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
No. shares of common stock outstanding1 211,562,686 215,951,945 218,672,717 234,614,474 236,393,930
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in thousands)2 2,147,300  3,792,000  8,986,100  2,623,490  1,646,457 
FCFE per share4 10.15 17.56 41.09 11.18 6.96
Share price1, 3 346.00 264.23 270.43 391.12 301.01
Ratio
P/FCFE5 34.09 15.05 6.58 34.98 43.22
Benchmarks
P/FCFE, Competitors
Abbott Laboratories 70.38 5.13 18.90 21.25 15.08
AbbVie Inc. 19.98 8.15 3.73 35.01 15.67
Allergan PLC 26.66 4.09 15.16 346.55
Amgen Inc. 11.97 9.31 11.27 17.65 9.22
Bristol-Myers Squibb Co. 20.01 52.51 45.57 21.89
Celgene Corp. 10.96 24.05 8.20 21.11 17.51
Eli Lilly & Co. 11.21 13.88 49.65 13.49 13.30
Gilead Sciences Inc. 5.70 4.79 4.29 10.09
Johnson & Johnson 14.21 14.18 16.84 17.94 16.34
Merck & Co. Inc. 43.01 24.26 9.61 63.61 11.38
Pfizer Inc. 16.06 12.30 12.81 13.27 9.18
Regeneron Pharmaceuticals Inc. 32.42 41.47 75.10 218.80 76.83
P/FCFE, Sector
Pharmaceuticals & Biotechnology 15.67 13.53 9.15 19.14 15.87
P/FCFE, Industry
Health Care 16.05 14.22 8.48 17.89 15.27

1 Data adjusted for splits and stock dividends.

2 See Details »

3 Close price on the filing date of Biogen Inc.'s Annual Report.

2017 Calculations

4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,147,300,000 ÷ 211,562,686 = 10.15

5 P/FCFE = Share price ÷ FCFE per share
= 346.00 ÷ 10.15 = 34.09

Ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders' equity. Biogen Inc.'s P/FCFE ratio increased from 2015 to 2016 and from 2016 to 2017.

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