Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Etsy Inc., FCFF calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2017-12-31).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Etsy Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Etsy Inc. FCFF increased from 2019 to 2020 but then slightly decreased from 2020 to 2021. |
Interest Paid, Net of Tax
Etsy Inc., interest paid, net of tax calculation
US$ in thousands
Based on: 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), 10-K (reporting date: 2017-12-31).
2 2021 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 6,054 × 21.00% = 1,271
Enterprise Value to FCFF Ratio, Current
Etsy Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 13,976,109) |
| Free cash flow to the firm (FCFF) | 560,141) |
| Valuation Ratio | |
| EV/FCFF | 24.95 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Amazon.com Inc. | 46.78 |
| Home Depot Inc. | 19.60 |
| Lowe’s Cos. Inc. | 22.65 |
| TJX Cos. Inc. | 23.62 |
| EV/FCFF, Sector | |
| Consumer Discretionary Distribution & Retail | 145.49 |
| EV/FCFF, Industry | |
| Consumer Discretionary | 63.45 |
Based on: 10-K (reporting date: 2021-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Etsy Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | 20,323,794) | 27,211,471) | 6,861,370) | 8,239,666) | 2,805,862) | |
| Free cash flow to the firm (FCFF)2 | 560,141) | 671,915) | 193,326) | 184,149) | 53,589) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 36.28 | 40.50 | 35.49 | 44.74 | 52.36 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Amazon.com Inc. | — | 78.83 | 74.39 | — | — | |
| Home Depot Inc. | 20.22 | 19.11 | 21.30 | — | — | |
| Lowe’s Cos. Inc. | 14.88 | 20.95 | 18.88 | — | — | |
| TJX Cos. Inc. | 18.30 | 19.08 | 21.16 | — | — | |
| EV/FCFF, Sector | ||||||
| Consumer Discretionary Distribution & Retail | 130.00 | 51.35 | 42.44 | — | — | |
| EV/FCFF, Industry | ||||||
| Consumer Discretionary | 66.77 | 52.40 | 31.02 | — | — | |
Based on: 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), 10-K (reporting date: 2017-12-31).
3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 20,323,794 ÷ 560,141 = 36.28
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Etsy Inc. EV/FCFF ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |