Price to FCFE (P/FCFE)
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- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Abbott Laboratories, FCFE calculation
US$ in millions
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).
A review of the financial information reveals notable fluctuations in both net cash from operating activities and free cash flow to equity (FCFE) over the five-year period. Net cash from operating activities decreased initially, then exhibited some recovery, while FCFE demonstrated a more pronounced and volatile pattern.
- Net Cash from Operating Activities
- Net cash from operating activities began at US$10,533 million in 2021, declining to US$9,581 million in 2022. A more substantial decrease was observed in 2023, falling to US$7,261 million. This was followed by a partial recovery to US$8,558 million in 2024 and a further increase to US$9,566 million in 2025, approaching the level seen in 2022. This suggests potential cyclicality or the impact of specific operational factors influencing cash generation.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a significant decline from US$8,400 million in 2021 to US$7,105 million in 2022. The most dramatic reduction occurred in 2023, with FCFE plummeting to US$2,584 million. A considerable rebound was then recorded in 2024, reaching US$5,814 million, and this level was largely maintained in 2025 at US$5,781 million. The volatility in FCFE suggests a sensitivity to factors impacting both operating cash flow and financing activities, or potentially significant capital allocation decisions.
The divergence between the trends in net cash from operating activities and FCFE indicates that factors beyond core operational cash generation are influencing the cash available to equity holders. The substantial drop in FCFE in 2023, despite a less severe decline in operating cash flow, warrants further investigation into potential uses of cash, such as debt repayment, share repurchases, or significant investments. The subsequent recovery in both metrics in 2024 and 2025 suggests a stabilization of these factors.
- Relationship between Operating Cash Flow and FCFE
- While both metrics generally move in the same direction, the magnitude of change in FCFE consistently exceeds that of net cash from operating activities. This implies that financing decisions and other cash outflows significantly impact the cash available to equity holders, potentially more so than changes in core business performance.
Price to FCFE Ratio, Current
Abbott Laboratories, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| 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: 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
Abbott Laboratories, 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 | ||||||
| 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 | ||||||
| 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: 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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Abbott Laboratories Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibited considerable fluctuation over the five-year period. Initial values decreased, followed by a substantial increase, and then a moderation. Share price movements generally aligned with, but did not fully explain, the observed changes in the P/FCFE ratio.
- Share Price
- The share price decreased from US$116.79 in 2021 to US$106.74 in 2022, representing a decline. A subsequent recovery was noted in 2023, reaching US$114.01, before increasing significantly to US$134.92 in 2024. The share price then decreased to US$112.21 in 2025.
- FCFE per Share
- FCFE per share decreased from US$4.76 in 2021 to US$4.09 in 2022. A significant decline occurred in 2023, with FCFE per share falling to US$1.49. FCFE per share recovered to US$3.35 in 2024 and remained relatively stable at US$3.33 in 2025.
- P/FCFE Ratio
- The P/FCFE ratio was 24.52 in 2021 and increased to 26.11 in 2022. A dramatic increase was observed in 2023, with the ratio reaching 76.56. The ratio decreased to 40.25 in 2024 and further moderated to 33.73 in 2025. The substantial increase in 2023 was primarily driven by the significant decrease in FCFE per share, while the share price experienced a modest increase. The subsequent declines in the ratio in 2024 and 2025 were influenced by both the share price and FCFE per share movements.
The volatility in the P/FCFE ratio suggests changing investor perceptions regarding the value of future cash flows relative to the company’s share price. The high value in 2023 may indicate overvaluation or a period of significantly reduced cash flow generation. The subsequent moderation in 2024 and 2025 suggests a recalibration of market expectations.