Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Regeneron Pharmaceuticals Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	4,504,900)	4,412,600)	3,953,600)	4,338,400)	8,075,300)
Net noncash charges	(58,600)	626,200)	734,500)	919,800)	922,500)
Changes in assets and liabilities	532,600)	(618,300)	(94,100)	(243,300)	(1,916,500)
Net cash provided by operating activities	4,978,900)	4,420,500)	4,594,000)	5,014,900)	7,081,300)
Capital expenditures	(898,400)	(755,900)	(718,600)	(590,100)	(551,900)
Proceeds from sale of property, plant, and equipment	—)	20,100)	—)	—)	—)
Payments for intangible assets	(315,300)	(125,700)	(207,800)	(1,026,800)	—)
Free cash flow to equity (FCFE)	3,765,200)	3,559,000)	3,667,600)	3,398,000)	6,529,400)

Based on: 10-K (reporting date: 2025-12-31), 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 information indicates fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. A general observation is that while both metrics experienced volatility, FCFE consistently remained below net cash provided by operating activities.

Net Cash from Operations: Net cash provided by operating activities decreased from US$7,081.3 million in 2021 to US$5,014.9 million in 2022, representing a substantial decline. This was followed by a further decrease to US$4,594.0 million in 2023. A slight decrease was observed in 2024, reaching US$4,420.5 million, before a modest recovery to US$4,978.9 million in 2025. Overall, the trend suggests a period of operational cash flow contraction followed by a limited rebound.
Free Cash Flow to Equity (FCFE): FCFE exhibited a significant decrease from US$6,529.4 million in 2021 to US$3,398.0 million in 2022, mirroring the decline in operating cash flow. A slight increase was noted in 2023, with FCFE reaching US$3,667.6 million. This upward trend continued modestly in 2024 to US$3,559.0 million, and again in 2025 to US$3,765.2 million. While FCFE experienced some recovery from the 2022 low, it did not return to the levels observed in 2021.
Relationship between Metrics: The difference between net cash from operations and FCFE remained relatively consistent throughout the period, suggesting a stable pattern in non-equity-related cash outflows. The gap between the two metrics averaged approximately US$2.5 million across the observed years. This indicates that factors impacting FCFE, beyond operational cash flow, have remained relatively stable.

In summary, the period under review was characterized by an initial decline in both operating cash flow and FCFE, followed by a period of stabilization and modest recovery. While FCFE showed some improvement in later years, it did not fully recover to its 2021 level.

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Price to FCFE Ratio, Current

Regeneron Pharmaceuticals Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	105,719,806
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,765,200)
FCFE per share	35.61
Current share price (P)	741.69
Valuation Ratio
P/FCFE	20.83
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	20.75
Amgen Inc.	77.71
Bristol-Myers Squibb Co.	15.24
Danaher Corp.	21.21
Eli Lilly & Co.	50.04
Gilead Sciences Inc.	22.36
Johnson & Johnson	19.33
Merck & Co. Inc.	12.12
Pfizer Inc.	17.03
Thermo Fisher Scientific Inc.	15.59
Vertex Pharmaceuticals Inc.	35.74
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.03
P/FCFE, Industry
Health Care	22.67

Based on: 10-K (reporting date: 2025-12-31).

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

Regeneron Pharmaceuticals Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
No. shares of common stock outstanding¹	105,719,806	109,324,682	109,761,896	109,325,532	108,539,282
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,765,200)	3,559,000)	3,667,600)	3,398,000)	6,529,400)
FCFE per share³	35.61	32.55	33.41	31.08	60.16
Share price^1, 4	775.06	716.72	936.33	780.86	622.36
Valuation Ratio
P/FCFE⁵	21.76	22.02	28.02	25.12	10.35
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	22.73	13.57	17.37	22.66	18.76
Amgen Inc.	82.34	25.50	4.71	8.32	13.52
Bristol-Myers Squibb Co.	15.91	4.74	7.52	22.85	16.17
Danaher Corp.	23.34	40.83	53.08	32.04	20.75
Eli Lilly & Co.	57.54	64.93	75.06	60.51	35.17
Gilead Sciences Inc.	23.90	12.07	12.81	15.22	12.70
Johnson & Johnson	19.79	12.67	24.31	16.73	23.28
Merck & Co. Inc.	12.91	11.32	24.48	22.40	18.72
Pfizer Inc.	17.12	55.28	3.82	10.56	8.88
Thermo Fisher Scientific Inc.	16.54	41.23	31.16	27.98	13.44
Vertex Pharmaceuticals Inc.	39.16	—	33.45	19.91	26.08
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	24.91	20.01	16.93	19.44	16.49
P/FCFE, Industry
Health Care	24.43	19.36	18.20	18.50	17.94

Based on: 10-K (reporting date: 2025-12-31), 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.

² See details »

³ 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,765,200,000 ÷ 105,719,806 = 35.61

⁴ Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.

⁵ 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= 775.06 ÷ 35.61 = 21.76

⁶ Click competitor name to see calculations.

The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited significant fluctuation over the five-year period. Initial values increased substantially before stabilizing and then declining slightly. The share price demonstrated an overall increase initially, followed by a decrease and a partial recovery. Free Cash Flow to Equity per share experienced a decrease initially, followed by a period of relative stability and then modest growth.

P/FCFE Ratio: The P/FCFE ratio increased from 10.35 in 2021 to a peak of 28.02 in 2023. This indicates that investors were willing to pay a progressively higher price for each dollar of free cash flow available to equity holders during this period. Subsequently, the ratio decreased to 22.02 in 2024 and further to 21.76 in 2025, suggesting a potential shift in investor sentiment or a reassessment of the company’s future cash flow generation potential. The decline from the 2023 peak could also be attributed to the decrease in share price in 2024.
Share Price: The share price increased from 622.36 in 2021 to 936.33 in 2023, representing substantial growth. However, a significant decrease was observed in 2024, with the price falling to 716.72. A partial recovery occurred in 2025, with the share price reaching 775.06. This volatility suggests potential responsiveness to market conditions or company-specific events.
FCFE per Share: FCFE per share decreased considerably from 60.16 in 2021 to 31.08 in 2022. Following this decline, the value stabilized, increasing to 33.41 in 2023 and 32.55 in 2024. A further increase to 35.61 was observed in 2025, indicating a positive trend in cash flow generation for equity holders in the later years of the period. The initial decrease in FCFE per share likely contributed to the initial increase in the P/FCFE ratio.

The interplay between the share price and FCFE per share significantly influenced the P/FCFE ratio. The initial increase in the ratio was likely driven by a combination of rising share price and declining FCFE per share. The subsequent decline in the ratio was influenced by both the decrease in share price in 2024 and the stabilization/growth of FCFE per share in the later years.