Price to FCFE (P/FCFE)
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Free Cash Flow to Equity (FCFE)
eBay Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Net cash provided by operating activities
- The net cash provided by operating activities shows a general downward trend over the period from December 31, 2014, to December 31, 2018. Starting at a high of 5,677 million US dollars in 2014, it significantly decreased in 2015 to 2,877 million and then stabilised around the 2,800 to 3,100 million range before falling again to 2,661 million in 2018. This indicates a reduction in the company's ability to generate cash from its core operations over these years.
- Free cash flow to equity (FCFE)
- The free cash flow to equity exhibits considerable volatility throughout the same period. It begins at 7,888 million US dollars in 2014, plunges sharply to 1,359 million in 2015, then rises substantially to 4,397 million in 2016. Thereafter, it declines to 3,512 million in 2017, followed by another steep drop to 1,260 million in 2018. These fluctuations suggest varying levels of cash available to equity shareholders, reflecting changes in capital expenditures, debt repayments, or other financing activities.
- Overall Observations
- Both net cash provided by operating activities and free cash flow to equity show a downward pressure overall with intermittent recovery periods. The sharply declining values post-2014 imply potential challenges in operational cash generation and equity cash flow availability, warranting further examination of operational efficiency and capital management strategies.
Price to FCFE Ratio, Current
eBay Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Amazon.com Inc. | |
| Home Depot Inc. | |
| Lowe’s Cos. Inc. | |
| TJX Cos. Inc. | |
Based on: 10-K (reporting date: 2018-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
eBay Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Amazon.com Inc. | ||||||
| Home Depot Inc. | ||||||
| Lowe’s Cos. Inc. | ||||||
| TJX Cos. Inc. | ||||||
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
3 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of eBay Inc. Annual Report.
5 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited a notable decline from $54.50 at the end of 2014 to a low of $23.94 in 2015. Subsequently, it showed a recovery trend, rising to $32.03 in 2016 and further increasing to $42.37 in 2017. However, in 2018, the share price declined again to $34.08. This pattern suggests significant volatility during the period, with an initial sharp drop, a period of recovery, and a moderate decrease at the end.
- FCFE per Share
- The Free Cash Flow to Equity (FCFE) per share experienced substantial fluctuations. Starting at $6.52 in 2014, it dropped sharply to $1.15 in 2015. It then rebounded to $4.04 in 2016, followed by a slight decrease to $3.47 in 2017. By 2018, the FCFE per share had again decreased significantly to $1.38. This variability indicates inconsistent cash flow performance attributable to equity holders over the years.
- P/FCFE Ratio
- The Price-to-Free Cash Flow to Equity (P/FCFE) ratio fluctuated considerably over the period. It started at a relatively low value of 8.36 in 2014, surged to a peak of 20.76 in 2015, then decreased markedly to 7.92 in 2016. The ratio increased to 12.21 in 2017 and reached its highest point at 24.75 in 2018. The variations imply changing market expectations relative to the company's free cash flow, with periods of both greater optimism and higher perceived risk or lower cash flow generation.
- Overall Insights
- The data points indicate a period of volatility with respect to market valuation and free cash flow generation for equity holders. The share price and FCFE per share generally moved in tandem, with both showing declines and recoveries, though the share price volatility was more pronounced in percentage terms. The P/FCFE ratio's wide range suggests shifting investor sentiment and valuation multiples, potentially influenced by changes in risk perception or profitability outlook. The declining FCFE per share towards the end of the period combined with a rising P/FCFE ratio in 2018 may warrant attention, as it implies increasing valuation multiples despite decreasing cash flow generation on a per-share basis.