Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Expand Energy Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The company's cash generation profile exhibits a bell-shaped trajectory over the four-year period, characterized by a sharp surge in 2022 followed by a consistent contraction through 2024. While net cash provided by operating activities remained positive throughout the period, the free cash flow to equity (FCFE) experienced a severe erosion, culminating in a transition to negative territory by the end of the analysis period.
- Operating Cash Flow Trends
- Net cash provided by operating activities increased substantially from 1,788 million US$ in 2021 to a peak of 4,125 million US$ in 2022. This growth was followed by a steady decline, falling to 2,380 million US$ in 2023 and further decreasing to 1,565 million US$ in 2024. The 2024 operating cash flow represents a 12.4% decrease relative to the 2021 starting point.
- FCFE Volatility and Decline
- Free cash flow to equity demonstrated extreme volatility, rising from 347 million US$ in 2021 to a peak of 3,521 million US$ in 2022. A significant downward trend followed, with values dropping to 2,034 million US$ in 2023 and ultimately collapsing to -2 million US$ in 2024, marking a complete reversal of the liquidity gains observed in the prior years.
- Analysis of 2024 Cash Flow Divergence
- A critical divergence is observed in the 2024 fiscal year. Despite the maintenance of positive operating cash flow totaling 1,565 million US$, the FCFE shifted to a negative value. This indicates that capital expenditures and/or net debt repayments in 2024 effectively consumed the entirety of the cash generated from operations, leaving no residual cash available for equity holders.
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Price to FCFE Ratio, Current
Expand Energy Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 237,979,439 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | (2) |
| FCFE per share | -0.01 |
| Current share price (P) | 107.47 |
| Valuation Ratio | |
| P/FCFE | — |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | 18.73 |
| ConocoPhillips | 25.71 |
| ExxonMobil Holdings Corp. | 28.49 |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | 23.76 |
| P/FCFE, Industry | |
| Energy | 23.22 |
Based on: 10-K (reporting date: 2024-12-31).
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
Expand Energy Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| Free cash flow to equity (FCFE) (in millions)2 | (2) | 2,034) | 3,521) | 347) | |
| FCFE per share3 | -0.01 | 15.55 | 26.14 | 2.93 | |
| Share price1, 4 | 102.43 | 83.85 | 79.70 | 70.91 | |
| Valuation Ratio | |||||
| P/FCFE5 | — | 5.39 | 3.05 | 24.23 | |
| Benchmarks | |||||
| P/FCFE, Competitors6 | |||||
| Chevron Corp. | 14.84 | 18.24 | 10.59 | 32.05 | |
| ConocoPhillips | 14.39 | 11.74 | 8.93 | 10.61 | |
| ExxonMobil Holdings Corp. | 18.62 | 12.46 | 8.73 | 19.82 | |
| P/FCFE, Sector | |||||
| Oil, Gas & Consumable Fuels | 16.60 | 13.84 | 9.33 | 19.75 | |
| P/FCFE, Industry | |||||
| Energy | 16.35 | 14.25 | 10.19 | 20.81 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,000,000 ÷ 232,699,939 = -0.01
4 Closing price as at the filing date of Expand Energy Corp. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 102.43 ÷ -0.01 = —
6 Click competitor name to see calculations.
The financial performance of Expand Energy Corp. from 2021 to 2024 is characterized by a steady increase in market valuation contrasted with significant volatility in free cash flow to equity (FCFE) per share.
- Share Price Trend
- A consistent upward trajectory is observed in the share price, which climbed from 70.91 US$ in 2021 to 102.43 US$ in 2024. This indicates sustained market appreciation over the four-year period.
- FCFE per Share Volatility
- Free cash flow to equity per share experienced a sharp increase in 2022, peaking at 26.14 US$ from 2.93 US$ in 2021. This was followed by a contraction to 15.55 US$ in 2023 and a transition to a negative value of -0.01 US$ in 2024. The shift to a negative figure suggests that cash outflows, including capital expenditures and debt repayments, exceeded operating cash flows and new debt issuance in the final year.
- P/FCFE Ratio Analysis
- The Price to FCFE ratio shifted dramatically from 24.23 in 2021 to 3.05 in 2022, primarily driven by the surge in cash flow. The ratio rose to 5.39 in 2023 as the share price continued to climb while FCFE declined. For the period ending December 31, 2024, the ratio is not applicable due to the negative FCFE per share.
Overall, a divergence is evident between the rising share price and the deteriorating FCFE per share in the latter years, indicating that market valuation has increased despite a decline in the company's capacity to generate free cash flow for equity holders.
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