Price to FCFE (P/FCFE)
Free Cash Flow to Equity (FCFE)
Ford Motor Co., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
- Net cash provided by operating activities
- The net cash provided by operating activities shows a noticeable fluctuation over the five-year period. It started strong at 24,269 million USD in 2020, then declined significantly to 15,787 million USD in 2021. This downward trend continued sharply in 2022, reaching a low point of 6,853 million USD. However, there was a recovery in the following years, with an increase to 14,918 million USD in 2023 and a slight further rise to 15,423 million USD in 2024. Overall, the pattern indicates initial volatility followed by stabilization and moderate growth.
- Free cash flow to equity (FCFE)
- The FCFE demonstrates a more volatile trend compared to operating cash flow. Beginning at 21,622 million USD in 2020, it experienced a substantial downturn in 2021, dropping sharply into negative territory at -13,430 million USD. This negative value suggests challenges in generating free cash flow available to equity shareholders during that year. Recovery begins in 2022 with positive FCFE of 5,262 million USD, which improved markedly in the subsequent years, reaching 14,837 million USD in 2023 and 18,095 million USD in 2024. The improvement indicates an enhanced capability to generate free cash flow for equity holders after the setback in 2021.
- Overall insights
- The data illustrates a period of financial instability around 2021 and 2022, with both operating cash flow and free cash flow to equity declining notably. The recovery in later years signals successful measures or favorable conditions that restored cash generation capacity. Particularly, the FCFE’s recovery from a negative position into increasingly positive territory highlights an improvement in the company’s equity cash flow dynamics. The operating cash flow trend, while showing significant initial declines, stabilizes and grows modestly, suggesting efforts to strengthen core operational cash inflows.
Price to FCFE Ratio, Current
Ford Motor Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | 3,976,548,845 |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | 18,095) |
| FCFE per share | 4.55 |
| Current share price (P) | 10.59 |
| Valuation Ratio | |
| P/FCFE | 2.33 |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| General Motors Co. | 3.07 |
| Tesla Inc. | 161.30 |
| P/FCFE, Sector | |
| Automobiles & Components | 28.43 |
| P/FCFE, Industry | |
| Consumer Discretionary | 35.42 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Ford Motor Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 3,963,447,704 | 3,973,633,108 | 3,986,181,861 | 4,004,247,552 | 3,978,695,017 | |
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | 18,095) | 14,837) | 5,262) | (13,430) | 21,622) | |
| FCFE per share3 | 4.57 | 3.73 | 1.32 | -3.35 | 5.43 | |
| Share price1, 4 | 9.26 | 12.80 | 13.23 | 17.96 | 11.51 | |
| Valuation Ratio | ||||||
| P/FCFE5 | 2.03 | 3.43 | 10.02 | — | 2.12 | |
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| General Motors Co. | 3.30 | 2.84 | 3.50 | 9.87 | 5.04 | |
| Tesla Inc. | 200.14 | 94.35 | 148.49 | — | 2,938.89 | |
| P/FCFE, Sector | ||||||
| Automobiles & Components | 34.69 | 19.12 | 26.63 | — | 25.38 | |
| P/FCFE, Industry | ||||||
| Consumer Discretionary | 39.60 | 30.84 | 36.19 | 82.92 | 32.04 | |
Based on: 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), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 18,095,000,000 ÷ 3,963,447,704 = 4.57
4 Closing price as at the filing date of Ford Motor Co. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 9.26 ÷ 4.57 = 2.03
6 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a significant increase from US$11.51 at the end of 2020 to US$17.96 at the end of 2021. However, it declined subsequently over the following years, reaching US$13.23 in 2022, US$12.80 in 2023, and further dropping to US$9.26 by the end of 2024. This indicates a peak in market valuation in 2021 followed by a consistent downward trend in the subsequent years.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share started positively at US$5.43 in 2020 but turned negative at -US$3.35 in 2021, reflecting a challenging period for cash flows available to equity shareholders. From 2022 onwards, there was a recovery trend, with FCFE per share increasing steadily to US$1.32 in 2022, US$3.73 in 2023, and reaching US$4.57 in 2024. This suggests improving financial health and cash generation capacity after the dip in 2021.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio was relatively low at 2.12 in 2020, with a missing value for 2021. It surged dramatically to 10.02 in 2022, indicating the share price was high relative to FCFE during this recovery phase. Subsequently, it declined to 3.43 in 2023 and further to 2.03 in 2024, closely aligning with FCFE, which could imply the market adjusted its expectations in line with the improving cash flows.
- Overall Insights
- The data shows an initial strong market valuation with declining free cash flow per share in 2021, which might indicate investor optimism despite operational challenges. The subsequent period reveals a recovery in FCFE alongside declining share prices, leading to a normalization of valuation multiples by 2024. This pattern suggests volatility in both market sentiment and operational performance, with a gradual stabilization in cash flow generation and more conservative market valuation in the latest year.