Price to FCFE (P/FCFE)
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Ford Motor Co. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Ford Motor Co., 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).
The financial information reveals significant fluctuations in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. A substantial shift is observed in FCFE, moving from a large negative value to positive and then exhibiting variability.
- Net Cash from Operations
- Net cash provided by operating activities decreased considerably from 2021 to 2022, falling from US$15,787 million to US$6,853 million. A strong recovery occurred in 2023, with operating cash flow increasing to US$14,918 million, and continued to rise moderately in 2024 to US$15,423 million. Further growth is apparent in 2025, reaching US$21,282 million, indicating a positive trend in the company’s core business generating cash.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a dramatic turnaround. In 2021, FCFE was negative at US$-13,430 million. A significant positive shift occurred in 2022, with FCFE reaching US$5,262 million. This positive trend continued, with FCFE increasing to US$14,837 million in 2023 and peaking at US$18,095 million in 2024. A decrease is noted in 2025, with FCFE settling at US$12,506 million, though remaining positive and substantially higher than the 2021 level. The volatility suggests sensitivity to operational performance and potentially financing or investment decisions.
The divergence between operating cash flow and FCFE suggests that factors beyond core operations, such as debt repayment, share repurchases, or capital expenditures not directly reflected in operating cash flow, are significantly impacting the cash available to equity holders. The substantial improvement in FCFE from 2021 to 2022 and beyond indicates a strengthening of the company’s ability to generate cash for its shareholders, despite the fluctuations observed in later years.
Price to FCFE Ratio, Current
Ford Motor Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| General Motors Co. | |
| Tesla Inc. | |
| P/FCFE, Sector | |
| Automobiles & Components | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
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
Ford Motor Co., 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$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| General Motors Co. | ||||||
| Tesla Inc. | ||||||
| P/FCFE, Sector | ||||||
| Automobiles & Components | ||||||
| P/FCFE, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Ford Motor Co. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits considerable fluctuation over the observed period. Initially, the ratio is unavailable for 2021. However, from 2022 through 2025, a distinct pattern emerges, characterized by initial decline followed by a partial recovery.
- P/FCFE Trend
- In 2022, the P/FCFE ratio stood at 10.02. This represents a relatively high valuation compared to subsequent years. A significant decrease is then observed in 2023, with the ratio falling to 3.43. This decline continues into 2024, reaching a low of 2.03. By 2025, the ratio experiences an increase, rising to 4.42, though it remains below the 2022 level.
- FCFE per Share Influence
- The movement in P/FCFE is closely linked to the changes in FCFE per share. In 2021, FCFE per share was negative at -3.35 US$. The subsequent years show positive and increasing FCFE per share values: 1.32 US$ in 2022, 3.73 US$ in 2023, 4.57 US$ in 2024, and 3.13 US$ in 2025. The initial high P/FCFE in 2022 likely reflects the market’s anticipation of future cash flow generation, while the subsequent declines correlate with the realization of those flows and changes in investor sentiment. The decrease in FCFE per share in 2025 may explain the leveling off of the P/FCFE ratio.
- Share Price Impact
- The share price also demonstrates volatility. It decreased from 17.96 US$ in 2021 to 13.23 US$ in 2022, then continued to decline to 12.80 US$ in 2023 and further to 9.26 US$ in 2024. A recovery is noted in 2025, with the share price increasing to 13.85 US$. The interplay between share price and FCFE per share is crucial in determining the P/FCFE ratio. The 2024 low in share price, combined with relatively high FCFE, contributed to the lowest P/FCFE ratio observed during the period.
Overall, the P/FCFE ratio suggests a shifting valuation perception. The initial high valuation gave way to a period of decreasing ratios, potentially indicating increased investor confidence in the company’s ability to generate cash flow relative to its price, or a reassessment of future growth prospects. The partial recovery in 2025 suggests a stabilization, but further monitoring is warranted to determine if this trend will continue.