Price to FCFE (P/FCFE)
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DexCom Inc. pages available for free this week:
- Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
DexCom 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 analysis of the financial data over the five-year period shows notable fluctuations in key cash flow metrics. The "Net cash provided by operating activities" exhibits a generally upward trend, starting from 123,200 thousand USD in 2018 and increasing significantly to 669,500 thousand USD by 2022. There is a remarkable surge from 2018 to 2019, where the cash flow more than doubles, followed by continued growth with some variation between years, indicating the company's ability to generate operating cash has strengthened over the period despite a slight decrease from 2020 to 2021.
Conversely, the "Free cash flow to equity (FCFE)" presents a more volatile pattern. After a high value of 892,700 thousand USD in 2018, there is a sharp decline to 134,500 thousand USD in 2019. The FCFE then rebounds to its highest level in 2020 at 1,182,800 thousand USD, but drops again in subsequent years to 53,300 thousand USD in 2021, before partially recovering to 304,700 thousand USD in 2022. This variability could suggest fluctuations in capital expenditures, financing activities, or other equity-related cash flows impacting the free cash available to equity holders.
- Net cash provided by operating activities
- Steady growth overall with a substantial increase from 2018 to 2019, peaking in 2022. Minor decline in 2021 indicates some operational fluctuations but overall improved cash generation capability.
- Free cash flow to equity (FCFE)
- Highly volatile over the years, with large swings indicating variable capital investment or financing activities. The highest point in 2020 suggests a strong position, while low values in 2019 and 2021 highlight potential challenges or strategic reinvestments during those years.
Price to FCFE Ratio, Current
DexCom Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| P/FCFE, Sector | |
| Health Care Equipment & Services | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
DexCom Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | ||||||
| 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 DexCom Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a substantial upward trend from 2018 to 2022. Beginning at $36.56 in 2018, the share price nearly doubled in 2019 to $63.05 and continued to increase sharply in 2020 to $102.55. Although the price slightly declined to $101.75 in 2021, it recovered and rose to $107.24 in 2022. Overall, the share price nearly tripled over the five-year period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share exhibited significant volatility during the examined period. It started at $2.48 in 2018, dropped dramatically to $0.37 in 2019, then surged to a peak of $3.07 in 2020. Afterward, it sharply declined to $0.14 in 2021 before improving moderately to $0.79 in 2022. These fluctuations indicate inconsistent cash generation relative to equity.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio showed extreme volatility reflecting the combined impact of share price movements and variability in FCFE per share. It was relatively moderate at 14.74 in 2018, but escalated massively to 171.75 in 2019, driven by the FCFE per share collapse. This ratio declined to 33.35 in 2020 when FCFE sharply increased, then surged to an exceedingly high 741.2 in 2021 due to the dramatic drop in FCFE. In 2022, the ratio decreased to 136, indicating some normalization but remaining elevated compared to earlier years.
- Summary
- The data reflects an overall strong performance in share price growth over the period, while the company's ability to generate free cash flow for equity holders has been highly inconsistent. This inconsistency in cash flow generation has significantly influenced the valuation multiples, resulting in volatile and occasionally elevated P/FCFE ratios. The elevated ratios in recent years suggest the market may be pricing in expectations beyond current free cash flow performance or reflecting inherent uncertainty in cash flow stability.