Price to FCFE (P/FCFE)
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Cytokinetics Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
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Free Cash Flow to Equity (FCFE)
Cytokinetics 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).
The financial data reveals significant fluctuations in the cash flows related to operating activities and free cash flow to equity over the five-year period. These variations highlight considerable operational and financial dynamics during this time frame.
- Net Cash Provided by (Used in) Operating Activities
- For the years 2018 through 2022, the net cash flow from operating activities exhibits a highly volatile pattern. The company experienced negative cash flows in 2018 (-$101,215 thousand) and 2019 (-$90,907 thousand), suggesting substantial cash outflows from its core operations during these early periods.
- A marked improvement is noted in 2020 where the operating activities generated positive cash flow of $8,943 thousand, indicating a temporary turnaround or effective operational control during that year.
- However, this positive trend did not persist, as 2021 and 2022 show significant negative cash flows, with -$142,522 thousand and -$299,516 thousand respectively. The sharp decline in 2022 represents the most substantial operating cash outflow within the five-year scope, more than doubling the previous year's negative figure.
- Free Cash Flow to Equity (FCFE)
- The FCFE data also reflects substantial volatility across the period analyzed. In 2018, the FCFE was negative at -$92,192 thousand, consistent with the negative operating cash flow.
- In contrast, 2019 shows a notable positive FCFE of $42,044 thousand, indicating a significant return of cash to equity holders or decreased capital expenditures relative to cash inflow, despite ongoing negative operating cash flow.
- The year 2020 again shows a marginally negative FCFE (-$2,109 thousand), correlating with the moderate positive movement in operating cash flows but potentially reflecting increased capital investments or other cash demands.
- The most pronounced negative FCFE occurs in 2021 (-$191,394 thousand), reflecting a considerable cash drain on equity, likely due to operating losses compounded by capital expenditures or financing activities.
- In 2022, there is a significant positive turnaround in FCFE (+$21,401 thousand), which juxtaposes the highly negative operating cash flow during the same period, suggesting financing or asset sales activities might have contributed positively to equity holders' cash flows.
Overall, the trends indicate a company experiencing operational challenges and cash flow volatility, with occasional periods of improved liquidity. The divergence between operating cash flow and FCFE in certain years points to potentially strategic financing or investment decisions impacting the returns to equity holders. The extreme fluctuations in 2021 and 2022 warrant close attention to understand underlying causes such as changes in operational efficiency, capital expenditure, or financing structure.
Price to FCFE Ratio, Current
Cytokinetics Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen 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: 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
Cytokinetics 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 | ||||||
| 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 | ||||||
| AbbVie Inc. | ||||||
| Amgen 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: 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
= ÷ =
4 Closing price as at the filing date of Cytokinetics Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the five-year period. It rose from $6.01 at the end of 2018 to $43.11 by the end of 2022. This represents a substantial increase, particularly notable between 2020 and 2021, where the price nearly doubled from $18.73 to $35.02, and it continued to grow, reaching the highest value in 2022.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed significant variability throughout the period. It started negative at -$1.68 in 2018, turned positive to $0.71 in 2019, then declined close to zero at -$0.03 in 2020. A large negative value of -$2.26 was recorded in 2021, followed by a recovery to a positive $0.22 in 2022. This fluctuation indicates inconsistency in the company's ability to generate free cash flow available to equity holders, with notable volatility between years.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio data is incomplete, available only for 2019 and 2022. In 2019, the ratio was 21.01, suggesting moderate valuation relative to FCFE at that time. By 2022, the ratio had escalated dramatically to 191.69, indicating a significant increase in valuation relative to FCFE. This sharp rise may result from the combination of a higher share price and relatively low positive FCFE per share in 2022, reflecting potentially elevated market expectations despite modest free cash flow.