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Shockwave Medical Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2019
- Total Asset Turnover since 2019
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Based on: 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), 10-K (reporting date: 2019-12-31).
The financial data indicates a substantial improvement in cash flows over the five-year period from 2019 to 2023.
- Net Cash Provided by (Used in) Operating Activities
- There is a marked shift from negative cash flows in 2019 and 2020, with values of -48,107 thousand USD and -71,184 thousand USD respectively, to positive cash flows in subsequent years. In 2021, the company reported a positive cash flow of 15,036 thousand USD, which further increased to 117,732 thousand USD in 2022 and reached 196,053 thousand USD by the end of 2023. This trend suggests significant operational improvements leading to enhanced liquidity generation from core business activities.
- Free Cash Flow to Equity (FCFE)
- FCFE followed a similar pattern to operating cash flows but shows even more pronounced growth in the latter years. Negative values were reported in 2019 and 2020, at -53,591 thousand USD and -80,550 thousand USD respectively, indicating outflows and potential financing needs. The year 2021 marks a transition to positive FCFE, albeit at a modest 2,597 thousand USD. However, a substantial increase is observed in 2022 with 98,579 thousand USD and a dramatic surge to 774,538 thousand USD in 2023. This significant rise in FCFE suggests not only improved operational profitability but also efficient capital expenditure management and financing strategies favoring equity holders.
Overall, the data reveals a clear trajectory of improving financial health, transitioning from cash flow deficits to strong positive cash generation from both operating activities and free cash flow to equity. The rapid escalation of FCFE in 2023 highlights a particularly robust improvement in the company’s ability to generate shareholder value through free cash flow.
Price to FCFE Ratio, Current
No. shares of common stock outstanding | |
Selected Financial Data (US$) | |
Free cash flow to equity (FCFE) (in thousands) | |
FCFE per share | |
Current share price (P) | |
Valuation Ratio | |
P/FCFE | |
Benchmarks | |
P/FCFE, Competitors1 | |
Abbott Laboratories | |
Elevance Health Inc. | |
Intuitive Surgical Inc. | |
Medtronic PLC | |
UnitedHealth Group Inc. | |
P/FCFE, Sector | |
Health Care Equipment & Services | |
P/FCFE, Industry | |
Health Care |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Free cash flow to equity (FCFE) (in thousands)2 | ||||||
FCFE per share3 | ||||||
Share price1, 4 | ||||||
Valuation Ratio | ||||||
P/FCFE5 | ||||||
Benchmarks | ||||||
P/FCFE, Competitors6 | ||||||
Abbott Laboratories | ||||||
Elevance Health Inc. | ||||||
Intuitive Surgical Inc. | ||||||
Medtronic PLC | ||||||
UnitedHealth Group Inc. | ||||||
P/FCFE, Sector | ||||||
Health Care Equipment & Services | ||||||
P/FCFE, Industry | ||||||
Health Care |
Based on: 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), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Shockwave Medical Inc. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The analysis of the financial data over the five-year period reveals several significant trends and changes.
- Share Price
- The share price demonstrates a considerable upward trajectory from 2019 through 2023. Starting at $29 in 2019, it experienced a striking surge to $116.76 in 2020, followed by a steady increase to $175.59 in 2021 and $189.52 in 2022. The rise culminates in a peak of $259.89 in 2023. This continuous growth suggests a strong market confidence and positive investor sentiment towards the company over the analyzed period.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed a negative trend initially, with values of -$1.69 in 2019 and worsening to -$2.31 in 2020, indicating cash outflows exceeding inflows available to equity shareholders during these years. From 2021 onward, a notable reversal occurs. FCFE per share turns positive at $0.07 in 2021 and then grows significantly, reaching $2.70 in 2022 and increasing sharply to $20.71 in 2023. This shift suggests substantial improvement in the company’s ability to generate cash flows for equity holders over the latter years.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio is not available for 2019 and 2020, likely due to negative FCFE values making the calculation non-meaningful. For 2021, the ratio is extremely high at 2410.63, which could indicate that the share price was very high relative to the minimal positive FCFE, possibly reflecting market expectations of future growth rather than current cash flows. In the subsequent years, the ratio dramatically decreases to 70.16 in 2022 and further to 12.55 in 2023. This rapid decline suggests that the company’s free cash flow generation is becoming more aligned with its market valuation, indicating a potential transition towards more sustainable and fundamentally supported stock prices.