Enterprise Value to FCFF (EV/FCFF)
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Regeneron Pharmaceuticals Inc. pages available for free this week:
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Free Cash Flow to The Firm (FCFF)
Regeneron Pharmaceuticals Inc., FCFF calculation
US$ in thousands
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 generated from operating activities showed a significant increase between 2020 and 2021, rising from approximately $2.62 billion to about $7.08 billion. However, this was followed by a considerable decline over the subsequent years, with amounts decreasing to roughly $5.01 billion in 2022, further down to around $4.59 billion in 2023, and then slightly reduced to approximately $4.42 billion in 2024. This pattern suggests a peak in operating cash inflows in 2021, succeeded by a gradual reduction over the last three reported years.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow to the firm exhibited a pattern similar to net cash from operations, starting at about $2.02 billion in 2020 and increasing sharply to approximately $6.58 billion in 2021. Afterwards, FCFF declined steadily, dropping to near $4.47 billion in 2022, then to $3.94 billion in 2023, and further to $3.73 billion in 2024. This indicates that while free cash flow peaked prominently in 2021, there has been a consistent decrease in the capacity to generate free cash flow from 2022 onward.
- Overall Trend Analysis
- The financial data reveals a pronounced growth in both operating cash flow and free cash flow during 2021, which may point to a period of strong operational performance or one-time cash inflows. However, from 2022 to 2024, both metrics exhibit a steady decline, suggesting either increased operational costs, lower revenue generation, or higher capital expenditures impacting cash generation. Despite the declining trend, the company maintains positive levels of cash flow across the years, indicating ongoing operational profitability and liquidity, though at reduced levels compared to the peak year.
Interest Paid, Net of Tax
Regeneron Pharmaceuticals Inc., interest paid, net of tax calculation
US$ in thousands
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).
2 2024 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= × =
- Effective Income Tax Rate (EITR)
-
The effective income tax rate demonstrates a fluctuating pattern over the five-year period. Starting at 7.8% in 2020, it increased significantly to 13.4% in 2021, indicating a possible rise in taxable income or changes in tax strategies. In 2022, the rate decreased to 10.7%, followed by a further decline to its lowest point of 5.9% in 2023. This reduction may reflect effective tax planning or changes in tax legislation favoring the company. In 2024, the rate slightly increased to 7.7%, suggesting a modest adjustment back upward but remaining below the earlier peak.
- Cash Paid for Interest, Net of Amounts Capitalized and Tax
-
The cash paid for interest shows an overall growth trend with variability across the years. From 21,390 thousand US dollars in 2020, it surged to 48,323 thousand in 2021, more than doubling the previous year and indicating increased debt servicing costs or borrowing. In 2022, the cash interest paid remained relatively stable at approximately 47,954 thousand, suggesting maintained debt levels. The figure peaked in 2023 at 68,787 thousand, reflecting heightened interest expenses potentially due to higher borrowing or increased interest rates. In 2024, the amount fell to 48,550 thousand, showing a substantial decrease from the prior year but still elevated compared to 2020 levels. This decrease could indicate repayment of debt or refinancing at lower rates.
Enterprise Value to FCFF Ratio, Current
Regeneron Pharmaceuticals Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| EV/FCFF, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| EV/FCFF, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
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
Regeneron Pharmaceuticals Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| EV/FCFF, Industry | ||||||
| Health Care | ||||||
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).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value has shown a general upward trend from 2020 to 2023, increasing significantly from approximately US$52.1 billion at the end of 2020 to nearly US$94.6 billion by the end of 2023. However, in 2024, there is a noticeable decrease in enterprise value to about US$72.0 billion, indicating a decline after years of growth.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow to the firm experienced a sharp increase from approximately US$2.0 billion in 2020 to a peak of about US$6.6 billion in 2021, demonstrating strong cash generation during this period. Following this peak, the cash flow decreased notably in 2022 to around US$4.5 billion and continued to decline through 2023 and 2024, reaching approximately US$3.7 billion by 2024. This downward trend after 2021 suggests challenges in maintaining earlier cash flow growth levels.
- EV/FCFF Ratio
- The ratio of enterprise value to free cash flow to the firm (EV/FCFF) fluctuates considerably across the years. It started at a high multiple of 25.74 in 2020, dropped sharply to 9.81 in 2021 coinciding with the peak in free cash flow, then increased again to 17.96 in 2022 and 23.99 in 2023. In 2024, the ratio declined to 19.3. The volatility in this ratio reflects the inverse relationship between enterprise value and free cash flow within the observed period, signaling varying market valuations of the firm's cash-generating ability.
- Overall Insights
- The overall data indicates a period of strong growth in market valuation and free cash flows through 2021, followed by a contraction period in both enterprise value and free cash flow by 2024. The fluctuations in the EV/FCFF ratio suggest an uncertain market perception of the firm's future cash flow prospects. The decline in enterprise value combined with lower free cash flows in later years may warrant further examination of operational and market conditions affecting the firm's performance.