Abbott Laboratories, FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings	5,723)	6,933)	7,071)	4,495)	3,687)
Net noncash charges	4,013)	4,167)	4,233)	4,298)	3,780)
(Increase) decrease in operating capital	(2,475)	(1,519)	(771)	(892)	(1,331)
Net cash from operating activities	7,261)	9,581)	10,533)	7,901)	6,136)
Acquisitions of property and equipment	(2,202)	(1,777)	(1,885)	(2,177)	(1,638)
Proceeds from issuance (repayments) of short-term debt, net and other	21)	47)	(204)	2)	—)
Proceeds from issuance of long-term debt and debt with maturities over 3 months	2)	7)	4)	1,281)	1,842)
Repayments of long-term debt and debt with maturities over 3 months	(2,498)	(753)	(48)	(1,333)	(3,441)
Free cash flow to equity (FCFE)	2,584)	7,105)	8,400)	5,674)	2,899)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Abbott Laboratories equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Abbott Laboratories FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Abbott Laboratories, current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,735,184,289
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,584)
FCFE per share	1.49
Current share price (P)	107.53
Valuation Ratio
P/FCFE	72.21
Benchmarks
P/FCFE, Competitors¹
Cigna Group	10.40
CVS Health Corp.	4.61
Elevance Health Inc.	16.90
Humana Inc.	10.08
Intuitive Surgical Inc.	177.60
Medtronic PLC	26.59
Shockwave Medical Inc.	15.93
UnitedHealth Group Inc.	15.24
P/FCFE, Sector
Health Care Equipment & Services	16.08
P/FCFE, Industry
Health Care	16.27

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.

Abbott Laboratories, historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	1,735,184,289	1,737,946,233	1,763,482,267	1,771,529,358	1,763,433,243
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,584)	7,105)	8,400)	5,674)	2,899)
FCFE per share³	1.49	4.09	4.76	3.20	1.64
Share price^1, 4	114.01	106.74	116.79	123.04	87.45
Valuation Ratio
P/FCFE⁵	76.56	26.11	24.52	38.42	53.19
Benchmarks
P/FCFE, Competitors⁶
Cigna Group	9.86	18.23	10.98	16.30	20.76
CVS Health Corp.	5.22	12.36	21.23	11.93	18.52
Elevance Health Inc.	16.04	14.26	11.07	7.75	13.72
Humana Inc.	12.01	30.99	11.49	8.47	11.73
Intuitive Surgical Inc.	177.77	89.67	58.39	81.15	57.31
Medtronic PLC	29.20	19.71	38.91	23.06	26.62
Shockwave Medical Inc.	12.55	70.16	2,410.63	—	—
UnitedHealth Group Inc.	15.33	12.57	20.11	13.93	13.90
P/FCFE, Sector
Health Care Equipment & Services	16.45	16.54	20.24	16.77	19.50
P/FCFE, Industry
Health Care	16.86	18.40	17.97	17.17	13.58

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.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,584,000,000 ÷ 1,735,184,289 = 1.49

⁴ Closing price as at the filing date of Abbott Laboratories Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 114.01 ÷ 1.49 = 76.56

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Abbott Laboratories P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Abbott Laboratories (NYSE:ABT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical