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Microsoft Excel LibreOffice Calc

Raytheon Co. (RTN)


Enterprise Value to FCFF (EV/FCFF)

Difficulty: Intermediate


Free Cash Flow to The Firm (FCFF)

Raytheon Co., FCFF calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income attributable to Raytheon Company hidden hidden hidden hidden hidden
Net (income) loss attributable to noncontrolling interests in subsidiaries hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in assets and liabilities hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Cash paid for interest on commercial paper and long-term debt, net of tax1 hidden hidden hidden hidden hidden
Additions to property, plant and equipment hidden hidden hidden hidden hidden
Proceeds from sales of property, plant and equipment hidden hidden hidden hidden hidden
Additions to capitalized internal use software hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Raytheon Co.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Raytheon Co.’s FCFF declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Interest Paid, Net of Tax

Raytheon Co., interest paid, net of tax calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Effective Income Tax Rate (EITR)
EITR1 hidden hidden hidden hidden hidden
Interest Paid, Net of Tax
Cash paid for interest on commercial paper and long-term debt, before tax hidden hidden hidden hidden hidden
Less: Cash paid for interest on commercial paper and long-term debt, tax2 hidden hidden hidden hidden hidden
Cash paid for interest on commercial paper and long-term debt, net of tax hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11).

1 See Details »

2 2018 Calculation
Cash paid for interest on commercial paper and long-term debt, tax = Cash paid for interest on commercial paper and long-term debt × EITR
= hidden × hidden = hidden


Enterprise Value to FCFF Ratio, Current

Raytheon Co., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Selected Financial Data (US$ in millions)
Enterprise value (EV) hidden
Free cash flow to the firm (FCFF) hidden
Ratio
EV/FCFF hidden
Benchmarks
EV/FCFF, Competitors1
Boeing Co. hidden
General Dynamics Corp. hidden
Lockheed Martin Corp. hidden
Northrop Grumman Corp. hidden
United Technologies Corp. hidden
EV/FCFF, Sector
Aerospace & Defense hidden
EV/FCFF, Industry
Industrials hidden

Based on: 10-K (filing date: 2019-02-13).

1 Click competitor name to see calculations.

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

Raytheon Co., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 hidden hidden hidden hidden hidden
Free cash flow to the firm (FCFF)2 hidden hidden hidden hidden hidden
Ratio
EV/FCFF3 hidden hidden hidden hidden hidden
Benchmarks
EV/FCFF, Competitors4
Boeing Co. hidden hidden hidden hidden hidden
General Dynamics Corp. hidden hidden hidden hidden hidden
Lockheed Martin Corp. hidden hidden hidden hidden hidden
Northrop Grumman Corp. hidden hidden hidden hidden hidden
United Technologies Corp. hidden hidden hidden hidden hidden
EV/FCFF, Sector
Aerospace & Defense hidden hidden hidden hidden hidden
EV/FCFF, Industry
Industrials hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-13), 10-K (filing date: 2018-02-14), 10-K (filing date: 2017-02-15), 10-K (filing date: 2016-02-10), 10-K (filing date: 2015-02-11).

1 See Details »

2 See Details »

3 2018 Calculation
EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

4 Click competitor name to see calculations.

Ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Raytheon Co.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.