GameStop Corp., FCFF calculation

US$ in thousands

12 months ended:	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Net income (loss)	(381,300)	(215,300)	(470,900)	(673,000)	34,700)	353,200)
Net noncash charges	118,200)	158,000)	567,200)	1,014,400)	491,700)	207,800)
Changes in operating assets and liabilities	(171,200)	181,000)	(510,800)	(16,300)	(91,500)	(23,900)
Net cash flows provided by (used in) operating activities	(434,300)	123,700)	(414,500)	325,100)	434,900)	537,100)
Cash paid for interest, net of tax¹	17,641)	26,076)	34,365)	42,265)	6,048)	16,310)
Capital expenditures	(62,000)	(60,000)	(78,500)	(93,700)	(113,400)	(142,700)
Proceeds from sale of property and equipment	—)	95,500)	—)	—)	—)	—)
Free cash flow to the firm (FCFF)	(478,659)	185,276)	(458,635)	273,665)	327,548)	410,710)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the GameStop Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	GameStop Corp. FCFF increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

GameStop Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Effective Income Tax Rate (EITR)
EITR¹	3.60%	20.50%	21.00%	21.00%	56.80%	30.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	18,300)	32,800)	43,500)	53,500)	14,000)	23,300)
Less: Cash paid for interest, tax²	659)	6,724)	9,135)	11,235)	7,952)	6,990)
Cash paid for interest, net of tax	17,641)	26,076)	34,365)	42,265)	6,048)	16,310)

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ See details »

² 2022 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 18,300 × 3.60% = 659

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GameStop Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	7,982,165)
Free cash flow to the firm (FCFF)	(478,659)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Amazon.com Inc.	47.20
Home Depot Inc.	19.54
Lowe’s Cos. Inc.	22.83
TJX Cos. Inc.	23.93
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	163.35
EV/FCFF, Industry
Consumer Discretionary	69.46

Based on: 10-K (reporting date: 2022-01-29).

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.

GameStop Corp., historical EV/FCFF calculation, comparison to benchmarks

	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020	Feb 2, 2019	Feb 3, 2018	Jan 28, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	5,436,579)	12,455,736)	193,402)	231,346)	1,257,830)	2,254,834)
Free cash flow to the firm (FCFF)²	(478,659)	185,276)	(458,635)	273,665)	327,548)	410,710)
Valuation Ratio
EV/FCFF³	—	67.23	—	0.85	3.84	5.49
Benchmarks
EV/FCFF, Competitors⁴
Amazon.com Inc.	—	—	78.83	74.39	—	—
Home Depot Inc.	25.12	20.22	19.11	21.30	—	—
Lowe’s Cos. Inc.	19.56	14.88	20.95	18.88	—	—
TJX Cos. Inc.	33.03	18.30	19.08	21.16	—	—
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	111.04	130.00	51.35	42.44	—	—
EV/FCFF, Industry
Consumer Discretionary	55.70	66.77	52.40	31.02	—	—

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 5,436,579 ÷ -478,659 = —

⁴ Click competitor name to see calculations.

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GameStop Corp. (NYSE:GME)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical