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Enterprise Value to FCFF (EV/FCFF)
Difficulty: Intermediate
Free Cash Flow to The Firm (FCFF)
General Dynamics Corp., FCFF calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the General Dynamics Corp.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | General Dynamics Corp.’s FCFF declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level. |
Interest Paid, Net of Tax
General Dynamics Corp., interest paid, net of tax calculation
USD $ in millions
Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).
2017 Calculations
2 Interest payments, tax = Interest payments × EITR
= × =
Enterprise Value to FCFF Ratio, Current
General Dynamics Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (USD $ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors | |
| Boeing Co. | |
| Lockheed Martin Corp. | |
| Northrop Grumman Corp. | |
| Raytheon Co. | |
| United Technologies Corp. | |
| EV/FCFF, Sector | |
| Aerospace & Defense | |
| EV/FCFF, Industry | |
| Industrials | |
Based on: 10-K (filing date: 2018-02-12).
If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
General Dynamics Corp., historical EV/FCFF calculation, comparison to benchmarks
Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).
2017 Calculations
3 EV/FCFF = EV ÷ FCFF
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | General Dynamics Corp.’s EV/FCFF ratio increased from 2015 to 2016 but then declined significantly from 2016 to 2017. |
