NXP Semiconductors N.V., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income attributable to stockholders	1,871)	52)	243)	2,208)	2,215)
Net income attributable to non-controlling interests	35)	28)	29)	50)	57)
Net noncash charges	1,608)	1,964)	2,274)	2,140)	139)
Changes in operating assets and liabilities	(437)	438)	(173)	(29)	36)
Net cash provided by operating activities	3,077)	2,482)	2,373)	4,369)	2,447)
Net cash paid during the period for interest, net of tax¹	312)	252)	225)	164)	184)
Purchase of identified intangible assets	(132)	(130)	(102)	(50)	(66)
Capital expenditures on property, plant and equipment	(767)	(392)	(526)	(611)	(552)
Purchase of equipment leased to others	(33)	—)	—)	—)	—)
Insurance recoveries received for equipment damage	10)	—)	—)	—)	—)
Proceeds from disposals of property, plant and equipment	1)	4)	23)	1)	2)
Non-cash capital expenditures	(243)	(119)	(133)	(137)	—)
Free cash flow to the firm (FCFF)	2,225)	2,097)	1,860)	3,736)	2,015)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 20-F (reporting date: 2018-12-31), 20-F (reporting date: 2017-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the NXP Semiconductors N.V. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	NXP Semiconductors N.V. FCFF increased from 2019 to 2020 and from 2020 to 2021.

NXP Semiconductors N.V., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	12.50%	25.00%	6.90%	7.40%	25.00%
Interest Paid, Net of Tax
Net cash paid during the period for interest, before tax	356)	336)	242)	177)	245)
Less: Net cash paid during the period for interest, tax²	45)	84)	17)	13)	61)
Net cash paid during the period for interest, net of tax	312)	252)	225)	164)	184)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 20-F (reporting date: 2018-12-31), 20-F (reporting date: 2017-12-31).

¹ See details »

² 2021 Calculation
Net cash paid during the period for interest, tax = Net cash paid during the period for interest × EITR
= 356 × 12.50% = 45

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NXP Semiconductors N.V., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	53,797)
Free cash flow to the firm (FCFF)	2,225)
Valuation Ratio
EV/FCFF	24.18
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	206.81
Analog Devices Inc.	26.68
Applied Materials Inc.	21.50
Broadcom Inc.	32.54
Intel Corp.	—
KLA Corp.	26.01
Lam Research Corp.	24.78
Micron Technology Inc.	—
NVIDIA Corp.	76.52
ON Semiconductor Corp.	56.27
Qualcomm Inc.	17.07
Texas Instruments Inc.	94.01
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	60.93
EV/FCFF, Industry
Information Technology	40.89

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.

NXP Semiconductors N.V., 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 millions)
Enterprise value (EV)¹	58,239)	54,993)	38,605)	32,345)	42,945)
Free cash flow to the firm (FCFF)²	2,225)	2,097)	1,860)	3,736)	2,015)
Valuation Ratio
EV/FCFF³	26.18	26.22	20.75	8.66	21.32
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	43.41	126.98	169.58	—	—
Analog Devices Inc.	39.16	27.12	21.68	16.04	—
Applied Materials Inc.	26.22	22.52	18.91	9.96	—
Broadcom Inc.	19.47	16.54	15.04	13.02	—
Intel Corp.	16.94	11.08	17.39	—	—
KLA Corp.	26.29	18.70	20.92	14.15	—
Lam Research Corp.	24.02	25.91	9.83	10.36	—
Micron Technology Inc.	33.81	292.39	14.33	5.37	—
NVIDIA Corp.	69.47	41.65	27.92	—	—
ON Semiconductor Corp.	19.86	33.03	46.88	—	—
Qualcomm Inc.	17.47	30.89	14.91	22.53	—
Texas Instruments Inc.	24.23	27.67	20.75	—	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	26.16	22.06	18.29	—	—
EV/FCFF, Industry
Information Technology	27.93	24.12	19.69	—	—

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 20-F (reporting date: 2018-12-31), 20-F (reporting date: 2017-12-31).

¹ See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 58,239 ÷ 2,225 = 26.18

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	NXP Semiconductors N.V. EV/FCFF ratio increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

NXP Semiconductors N.V. (NASDAQ:NXPI)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical