Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Edwards Lifesciences Corp., FCFF calculation
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Edwards Lifesciences Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Edwards Lifesciences Corp. FCFF decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level. |
Interest Paid, Net of Tax
Edwards Lifesciences Corp., interest paid, net of tax calculation
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
2 2021 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 20,200 × 11.69% = 2,361
Enterprise Value to FCFF Ratio, Current
Edwards Lifesciences Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 66,267,039) |
| Free cash flow to the firm (FCFF) | 1,420,139) |
| Valuation Ratio | |
| EV/FCFF | 46.66 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Abbott Laboratories | 34.01 |
| Cigna Group | 10.70 |
| CVS Health Corp. | 11.20 |
| Danaher Corp. | 34.81 |
| Elevance Health Inc. | 14.16 |
| Humana Inc. | 8.55 |
| Intuitive Surgical Inc. | 170.21 |
| Medtronic PLC | 24.28 |
| UnitedHealth Group Inc. | 16.96 |
| EV/FCFF, Sector | |
| Health Care Equipment & Services | 19.12 |
| EV/FCFF, Industry | |
| Health Care | 18.70 |
Based on: 10-K (reporting date: 2021-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Edwards Lifesciences Corp., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | 66,267,037) | 53,931,479) | 47,290,710) | 36,573,998) | 27,806,373) | |
| Free cash flow to the firm (FCFF)2 | 1,420,139) | 664,874) | 918,908) | 714,276) | 842,077) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 46.66 | 81.12 | 51.46 | 51.20 | 33.02 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Abbott Laboratories | 23.47 | 36.94 | 33.05 | — | — | |
| Cigna Group | 14.17 | 9.16 | 10.24 | — | — | |
| CVS Health Corp. | 10.30 | 9.42 | 12.30 | — | — | |
| Danaher Corp. | 28.25 | 30.66 | 37.11 | — | — | |
| Elevance Health Inc. | 12.74 | 6.04 | 12.73 | — | — | |
| Humana Inc. | 42.03 | 7.92 | 8.46 | — | — | |
| Intuitive Surgical Inc. | 56.01 | 76.70 | 54.58 | — | — | |
| Medtronic PLC | 33.84 | 21.43 | 22.07 | 27.88 | — | |
| UnitedHealth Group Inc. | 22.21 | 15.82 | 17.51 | — | — | |
| EV/FCFF, Sector | ||||||
| Health Care Equipment & Services | 20.42 | 15.95 | 17.63 | — | — | |
| EV/FCFF, Industry | ||||||
| Health Care | 17.16 | 17.81 | 18.15 | — | — | |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 66,267,037 ÷ 1,420,139 = 46.66
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Edwards Lifesciences Corp. EV/FCFF ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021. |