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Enterprise Value to FCFF (EV/FCFF)
Intermediate level
Free Cash Flow to The Firm (FCFF)
Merck & Co. Inc., FCFF calculation
US$ in millions
Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Merck & Co. Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Merck & Co. Inc.’s FCFF increased from 2017 to 2018 and from 2018 to 2019. |
Interest Paid, Net of Tax
Merck & Co. Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26).
2 2019 Calculation
Interest paid, tax = Interest paid × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Merck & Co. Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Abbott Laboratories | |
| AbbVie Inc. | |
| Allergan PLC | |
| Amgen Inc. | |
| Biogen Inc. | |
| Bristol-Myers Squibb Co. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Illumina Inc. | |
| Johnson & Johnson | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Vertex Pharmaceuticals Inc. | |
| Zoetis Inc. | |
| EV/FCFF, Sector | |
| Pharmaceuticals & Biotechnology | |
| EV/FCFF, Industry | |
| Health Care | |
Based on: 10-K (filing date: 2020-02-26).
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.
Enterprise Value to FCFF Ratio, Historical
Merck & Co. Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| AbbVie Inc. | ||||||
| Allergan PLC | ||||||
| Amgen Inc. | ||||||
| Biogen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Illumina Inc. | ||||||
| Johnson & Johnson | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| Zoetis Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Pharmaceuticals & Biotechnology | ||||||
| EV/FCFF, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-26).
3 2019 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Merck & Co. Inc.’s EV/FCFF ratio decreased from 2017 to 2018 and from 2018 to 2019. |