Price to FCFE (P/FCFE)
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Free Cash Flow to Equity (FCFE)
Linde plc, 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), 10-K (reporting date: 2020-12-31).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows an overall upward trend from 2020 through 2024.
- Starting at $7,429 million in 2020, the figure increased notably to $9,725 million in 2021, representing a strong growth phase.
- There was a decline in 2022 to $8,864 million, indicating some volatility or challenges during that year.
- Subsequently, the amount rebounded to $9,305 million in 2023 and slightly increased further to $9,423 million in 2024, suggesting a recovery and stabilization in cash generated from operating activities.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity exhibited considerable fluctuations over the five-year span.
- From $5,342 million in 2020, FCFE increased to $6,125 million in 2021, showing positive momentum alongside operating cash flow growth.
- In 2022, FCFE peaked sharply at $10,166 million, indicating a significant improvement in cash flow available to equity holders.
- However, this was followed by a decline to $6,578 million in 2023, suggesting potential increases in capital expenditures, debt servicing, or other cash outflows impacting equity cash flow.
- In 2024, FCFE rose again to $8,093 million, indicating partial recovery but still below the 2022 peak.
- Summary Insight
- Overall, operating cash flow has shown a consistent positive performance with minor fluctuations, reflecting steady earnings quality and operational efficiency.
- Conversely, free cash flow to equity demonstrates greater volatility, with a marked peak in 2022 and notable corrections afterwards, implying that capital allocation decisions or financing activities impacted cash returns to equity holders during this period.
- The divergence between the two measures particularly in 2022 and 2023 may warrant further examination of investment and financing activities to understand cash flow drivers affecting shareholder equity.
Price to FCFE Ratio, Current
Linde plc, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Sherwin-Williams Co. | |
| P/FCFE, Sector | |
| Chemicals | |
| P/FCFE, Industry | |
| Materials | |
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
Linde plc, historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Sherwin-Williams Co. | ||||||
| P/FCFE, Sector | ||||||
| Chemicals | ||||||
| P/FCFE, Industry | ||||||
| Materials | ||||||
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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Linde plc Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a consistent upward trend over the five-year period. Starting at $251.49 at the end of 2020, it increased steadily each year, reaching $461.55 by the end of 2024. The most significant year-on-year increase occurred between 2022 and 2023, where the share price rose from $348.37 to $451.20, indicating heightened investor confidence or positive market developments during that period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share showed variable growth with notable fluctuations. It increased from $10.22 in 2020 to $12.06 in 2021, followed by a substantial jump to $20.66 in 2022. However, in 2023, FCFE per share declined significantly to $13.66 before rising again to $17.11 in 2024. The peak in 2022 suggests a particularly strong cash-generating year, while the subsequent dip and rebound may reflect operational or investment cycle impacts.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio fluctuated considerably throughout the timeframe, reflecting changes in both market valuation and underlying cash flows. Initially, it was relatively stable around 24.6 in 2020 and 24.3 in 2021. The ratio then dropped sharply to 16.87 in 2022, indicating the share price grew less quickly relative to FCFE or FCFE increased more than price in that year. In 2023, the ratio surged to 33.03, signifying that share prices rose faster than FCFE or FCFE fell, corresponding with the share price peak and FCFE drop observed. By 2024, the ratio moderated to 26.97, suggesting a rebalancing in valuation relative to free cash flow generation.
- Overall Insights
- Over the five-year span, the company experienced a steady rise in market value as shown by its increasing share price, coupled with volatile free cash flow per share figures. The P/FCFE ratio's noted variability highlights shifting investor perceptions or changes in fundamental cash flows, suggesting periods of differing market sentiment or operational performance. The combination of these movements points to dynamic financial performance affecting valuation metrics, with 2022 standing out as a year of strong cash flow generation and 2023 as a year marked by an elevated market valuation relative to free cash flow.