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 financial data reveals significant fluctuations in the net cash provided by operating activities over the analyzed period. There was an initial strong level of operating cash flow in 2021, which surged sharply in 2022, nearly doubling from the previous year. However, after reaching this peak, the operating cash flow declined in 2023 and continued to decrease further in 2024, ending at a level below that of 2021.
In terms of free cash flow to equity (FCFE), the trend exhibits a somewhat similar pattern but with greater volatility. The FCFE starts at a moderate positive value in 2021, followed by a substantial increase in 2022 that significantly exceeds the 2021 figure. Despite this increase, FCFE decreases in 2023 but remains positive, though at a reduced amount. By 2024, FCFE turns negative, indicating a potential cash outflow to equity holders in that year.
- Operating Activities Cash Flow Trend
- Substantial growth from 2021 to 2022, peaking in 2022.
- Declining trend thereafter in 2023 and 2024, with 2024 lower than the 2021 baseline.
- Free Cash Flow to Equity (FCFE) Trend
- Moderate positive value in 2021.
- Sharp increase in 2022, reaching a high point.
- Decrease in 2023, still positive but reduced compared to 2022.
- Negative value in 2024, suggesting cash outflow to equity holders.
Overall, the data indicates a peak in operating performance and free cash flow generation in 2022, followed by weakening cash flows in subsequent years. The negative FCFE in 2024 may reflect increased investments, debt repayments, or distributions exceeding operational cash inflows, which warrants further investigation for potential liquidity or capital allocation concerns.
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$) | |
| Free cash flow to equity (FCFE) (in millions) | (2) |
| FCFE per share | -0.01 |
| Current share price (P) | 107.47 |
| Valuation Ratio | |
| P/FCFE | — |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | 14.41 |
| ConocoPhillips | 14.16 |
| Exxon Mobil Corp. | 18.76 |
| Occidental Petroleum Corp. | 4.45 |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | 14.60 |
| P/FCFE, Industry | |
| Energy | 14.33 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Expand Energy Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 232,699,939 | 130,794,770 | 134,719,821 | 118,558,307 | |
| Selected Financial Data (US$) | |||||
| 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 | |
| Exxon Mobil Corp. | 18.62 | 12.46 | 8.73 | 19.82 | |
| Occidental Petroleum Corp. | 4.67 | 8.44 | 18.76 | 66.22 | |
| P/FCFE, Sector | |||||
| Oil, Gas & Consumable Fuels | 14.74 | 13.35 | 9.60 | 20.45 | |
| P/FCFE, Industry | |||||
| Energy | 14.64 | 13.75 | 10.44 | 21.48 | |
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.
- Share Price
- The share price exhibited a consistent upward trajectory over the reviewed four-year period. Beginning at $70.91 at the end of 2021, it rose to $79.70 in 2022, $83.85 in 2023, and reached a notably higher level of $102.43 by the end of 2024. This represents a cumulative increase, suggesting a positive market perception and potential growth expectations for the company.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed significant volatility throughout the period. It started at $2.93 in 2021, surged dramatically to $26.14 in 2022, indicating a strong cash generation benefiting equity holders. However, the figure then declined sharply in 2023 to $15.55 and further deteriorated to a slight negative value of -$0.01 in 2024. This declining trend in the latter years may indicate challenges in sustaining cash flows available to shareholders.
- Price to Free Cash Flow to Equity Ratio (P/FCFE)
- The P/FCFE ratio showed a substantial decrease from 24.23 in 2021 to 3.05 in 2022, reflecting the surge in FCFE per share relative to share price, possibly indicating undervaluation or a temporary spike in cash flow. The ratio increased again to 5.39 in 2023, corresponding with the decline in FCFE per share. The absence of data for 2024 precludes analysis for the final year.