.Price to FCFE (P/FCFE)
Difficulty: Intermediate
Free Cash Flow to Equity (FCFE)
Chevron Corp., FCFE calculation
USD $ in millions
| 12 months ended | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|---|
| | Net income (loss) attributable to Chevron Corporation | |||||
| | Net income attributable to noncontrolling interests | |||||
| | Net noncash charges | |||||
| | Net (increase) decrease in operating working capital | |||||
| | Net cash provided by operating activities | |||||
| | Capital expenditures | |||||
| | Proceeds from issuances of short-term obligations | |||||
| | Repayments of short-term obligations | |||||
| | Net borrowings (repayments) of short-term obligations with three months or less maturity | |||||
| | Proceeds from issuances of long-term debt | |||||
| | Repayments of long-term debt and other financing obligations | |||||
| | Free cash flow to equity (FCFE) |
| Item | Description | The company |
|---|---|---|
| FCFE | Free cash flow to equity is the cash flow available to Chevron Corp.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. | Chevron Corp.'s FCFE increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
Price to FCFE Ratio, Current
Chevron Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (USD $) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors | |
| ConocoPhillips | |
| EOG Resources Inc. | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| Phillips 66 | |
| P/FCFE, Sector | |
| Oil & Gas Producers | |
| P/FCFE, Industry | |
| Oil & Gas | |
If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Chevron Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (USD $) | ||||||
| | Free cash flow to equity (FCFE) (in millions)2 | |||||
| | FCFE per share4 | |||||
| Share price1, 3 | ||||||
| Ratio | ||||||
| | P/FCFE5 | |||||
| Benchmarks | ||||||
| P/FCFE, Competitors | ||||||
| ConocoPhillips | ||||||
| EOG Resources Inc. | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Phillips 66 | ||||||
| P/FCFE, Sector | ||||||
| Oil & Gas Producers | ||||||
| P/FCFE, Industry | ||||||
| Oil & Gas | ||||||
1 Data adjusted for splits and stock dividends.
3 Close price on the filing date of Chevron Corp.'s Annual Report.
2017 Calculations
4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
5 P/FCFE = Share price ÷ FCFE per share
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| P/FCFE | Price to free cash flow to equity is cash valuation indicator of stockholders' equity. | Chevron Corp.'s P/FCFE ratio declined from 2015 to 2016 and from 2016 to 2017. |
