Price to FCFE (P/FCFE)
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EOG Resources Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio 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)
EOG Resources Inc., FCFE calculation
US$ in thousands
Based on: 10-K (reporting date: 2019-12-31), 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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited significant fluctuations over the examined period. Starting at approximately $3.6 billion in 2015, the value decreased notably to around $2.4 billion in 2016. Subsequently, there was a strong recovery in 2017, with net cash rising to about $4.3 billion. The upward trend continued more markedly in 2018 and 2019, reaching approximately $7.8 billion and $8.2 billion respectively. This indicates a considerable strengthening of operating cash inflows, especially in the last two years of the period, reflecting improved operational efficiency or increased revenue-generating activities.
- Free Cash Flow to Equity (FCFE)
- The FCFE experienced a negative position in the initial years under review. In 2015, the FCFE stood at approximately negative $674 million, improving slightly to around negative $58 million in 2016, showing some reduction in outflows to equity holders. However, 2017 saw a resurgence of negative free cash flow at approximately negative $459 million. Notably, in 2018, FCFE turned positive, reaching roughly $1.3 billion, reflecting enhanced cash generation after capital expenditures or other financing activities impacting equity cash flow. There was a mild decline in 2019 to around $836 million, yet the FCFE remained positive, indicating sustained ability to return cash to shareholders or reduce debt.
- Overall Trends and Insights
- Overall, the financial data suggests a company that initially struggled with cash flow generation from operations and equity returns, as evidenced by declining operating cash inflows and negative FCFE in the first three years. From 2017 onwards, a significant improvement is observed in both metrics, with operating cash flow nearly doubling in two years and FCFE shifting into positive territory. This turnaround could be indicative of successful strategic or operational initiatives leading to improved profitability and financial health. The slightly reduced FCFE in 2019 compared to 2018 might warrant further analysis but does not detract from the positive overall trend in free cash flow generation.
Price to FCFE Ratio, Current
EOG Resources Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in thousands) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
Based on: 10-K (reporting date: 2019-12-31).
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
EOG Resources Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in thousands)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
Based on: 10-K (reporting date: 2019-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of EOG Resources Inc. Annual Report.
5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall increasing trend from 2015 to 2017, rising from $68.50 to $106.94. However, there was a decline thereafter, dropping to $93.91 in 2018 and further to $60.00 in 2019. This pattern indicates initial growth followed by a notable decrease in the later years.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share showed significant fluctuations over the period. Negative values were recorded for the first three years, with a low of -$1.23 in 2015 and a slight improvement to -$0.10 in 2016. In 2017, the FCFE per share worsened slightly to -$0.79 before turning positive in 2018 at $2.31, then declining to $1.44 in 2019. The transition from negative to positive FCFE per share suggests improving financial flexibility from 2017 to 2018, though the subsequent reduction in 2019 warrants attention.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio is only available for 2018 and 2019, registering high values of 40.59 and 41.79 respectively. These elevated ratios imply that the market valuation relative to FCFE was substantial in those years. The near-constant ratio despite a decrease in share price may be influenced by the reduction in FCFE per share during 2019.