Take-Two Interactive Software Inc., FCFF calculation

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Net income (loss)	(4,478,900)	(3,744,200)	(1,124,700)	418,022)	588,886)	404,459)
Net noncash charges	5,677,500)	4,615,200)	1,981,600)	521,629)	348,396)	521,049)
Changes in assets and liabilities, net of effect from purchases of businesses	(1,243,800)	(887,100)	(855,800)	(681,667)	(24,964)	(239,830)
Net cash provided by (used in) operating activities	(45,200)	(16,100)	1,100)	257,984)	912,318)	685,678)
Interest paid, net of tax¹	146,659)	108,230)	66,439)	—)	1,618)	4,190)
Purchases of fixed assets	(169,400)	(141,700)	(204,200)	(158,642)	(68,923)	(53,384)
Free cash flow to the firm (FCFF)	(67,941)	(49,570)	(136,661)	99,342)	845,013)	636,484)

Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Take-Two Interactive Software Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Take-Two Interactive Software Inc. FCFF increased from 2023 to 2024 but then slightly decreased from 2024 to 2025.

Take-Two Interactive Software Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	0.30%	21.00%	15.90%	10.20%	13.10%	11.80%
Interest Paid, Net of Tax
Interest paid, before tax	147,100)	137,000)	79,000)	—)	1,862)	4,750)
Less: Interest paid, tax²	441)	28,770)	12,561)	—)	244)	561)
Interest paid, net of tax	146,659)	108,230)	66,439)	—)	1,618)	4,190)

Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

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² 2025 Calculation
Interest paid, tax = Interest paid × EITR
= 147,100 × 0.30% = 441

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Take-Two Interactive Software Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	43,779,745)
Free cash flow to the firm (FCFF)	(67,941)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Alphabet Inc.	28.39
Comcast Corp.	14.31
Meta Platforms Inc.	31.01
Netflix Inc.	69.68
Walt Disney Co.	24.62
EV/FCFF, Sector
Media & Entertainment	29.84
EV/FCFF, Industry
Communication Services	26.28

Based on: 10-K (reporting date: 2025-03-31).

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.

Take-Two Interactive Software Inc., historical EV/FCFF calculation, comparison to benchmarks

	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	44,319,116)	27,867,153)	25,291,781)	11,341,810)	17,472,522)	13,461,826)
Free cash flow to the firm (FCFF)²	(67,941)	(49,570)	(136,661)	99,342)	845,013)	636,484)
Valuation Ratio
EV/FCFF³	—	—	—	114.17	20.68	21.15
Benchmarks
EV/FCFF, Competitors⁴
Alphabet Inc.	—	31.26	24.03	20.87	27.17	29.53
Comcast Corp.	—	14.02	17.60	17.93	15.77	20.50
Meta Platforms Inc.	—	30.96	26.42	24.09	15.40	29.48
Netflix Inc.	—	56.17	33.81	77.11	335.37	95.41
Walt Disney Co.	—	23.13	31.55	90.23	78.66	63.77
EV/FCFF, Sector
Media & Entertainment	—	30.26	25.02	23.83	24.76	31.49
EV/FCFF, Industry
Communication Services	—	26.47	22.52	23.48	31.43	25.70

Based on: 10-K (reporting date: 2025-03-31), 10-K (reporting date: 2024-03-31), 10-K (reporting date: 2023-03-31), 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31).

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² See details »

³ 2025 Calculation
EV/FCFF = EV ÷ FCFF
= 44,319,116 ÷ -67,941 = —

⁴ Click competitor name to see calculations.

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Take-Two Interactive Software Inc. (NASDAQ:TTWO)

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