Kimberly-Clark Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Net income attributable to Kimberly-Clark Corporation	2,352)	2,157)	1,410)	2,278)	2,166)
Net income attributable to noncontrolling interests	44)	40)	35)	41)	53)
Net noncash charges	970)	827)	1,136)	758)	679)
Operating working capital	363)	(288)	389)	(148)	334)
Cash provided by operations	3,729)	2,736)	2,970)	2,929)	3,232)
Interest paid, net of tax¹	188)	200)	212)	253)	219)
Capital spending	(1,217)	(1,209)	(877)	(785)	(771)
Proceeds from dispositions of property	31)	242)	51)	3)	23)
Free cash flow to the firm (FCFF)	2,731)	1,969)	2,356)	2,400)	2,703)

Based on: 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), 10-K (reporting date: 2016-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Kimberly-Clark Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Kimberly-Clark Corp. FCFF decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Kimberly-Clark Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Effective Income Tax Rate (EITR)
EITR¹	23.10%	21.70%	19.60%	28.40%	30.60%
Interest Paid, Net of Tax
Interest paid, before tax	245)	255)	264)	354)	315)
Less: Interest paid, tax²	57)	55)	52)	101)	96)
Interest paid, net of tax	188)	200)	212)	253)	219)

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ See details »

² 2020 Calculation
Interest paid, tax = Interest paid × EITR
= 245 × 23.10% = 57

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Kimberly-Clark Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	52,882)
Free cash flow to the firm (FCFF)	2,731)
Valuation Ratio
EV/FCFF	19.36
Benchmarks
EV/FCFF, Competitors¹
Procter & Gamble Co.	28.29
EV/FCFF, Industry
Consumer Staples	29.95

Based on: 10-K (reporting date: 2020-12-31).

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.

Kimberly-Clark Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	52,998)	57,004)	46,202)	46,232)	50,665)
Free cash flow to the firm (FCFF)²	2,731)	1,969)	2,356)	2,400)	2,703)
Valuation Ratio
EV/FCFF³	19.40	28.96	19.61	19.26	18.75
Benchmarks
EV/FCFF, Competitors⁴
Procter & Gamble Co.	23.81	25.13	19.59	—	—
EV/FCFF, Industry
Consumer Staples	22.85	23.31	—	—	—

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ See details »

² See details »

³ 2020 Calculation
EV/FCFF = EV ÷ FCFF
= 52,998 ÷ 2,731 = 19.40

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Kimberly-Clark Corp. EV/FCFF ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Kimberly-Clark Corp. (NYSE:KMB)

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