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Raytheon Co. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
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Free Cash Flow to Equity (FCFE)
Based on: 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), 10-K (reporting date: 2015-12-31).
The annual financial data reveals notable trends in cash flow generation over the five-year period. Both net cash provided by operating activities and free cash flow to equity exhibit overall growth, reflecting strengthening cash-generating capacity.
- Net cash provided by operating activities
- This metric demonstrates an upward trajectory from 2,346 million USD in 2015 to 4,482 million USD in 2019. Despite a slight dip from 2,852 million USD in 2016 to 2,747 million USD in 2017, the subsequent years show a robust recovery and significant increase. The steady rise in operating cash flow signals improved operational efficiency or increased profitability, leading to enhanced liquidity.
- Free cash flow to equity (FCFE)
- Free cash flow to equity also shows positive growth, increasing from 1,948 million USD in 2015 to 3,200 million USD in 2019. However, similar to operating cash flow, there is a decline observed between 2016 (2,261 million USD) and 2017 (1,853 million USD). After this drop, FCFE recovers in 2018 and 2019, reflecting stronger cash availability for equity holders. The pattern indicates variability in capital expenditures or financing activities affecting cash flows over the years, but the overall trend remains upward.
In summary, the data indicates that the company enhanced its ability to generate cash from operations throughout the analyzed period, with free cash flow to equity also improving despite minor fluctuations. This positive performance in cash flows suggests increased financial flexibility and potentially greater capacity for distribution to shareholders or reinvestment into the business.
Price to FCFE Ratio, Current
No. shares of common stock outstanding | |
Selected Financial Data (US$) | |
Free cash flow to equity (FCFE) (in millions) | |
FCFE per share | |
Current share price (P) | |
Valuation Ratio | |
P/FCFE | |
Benchmarks | |
P/FCFE, Competitors1 | |
Boeing Co. | |
Caterpillar Inc. | |
Eaton Corp. plc | |
GE Aerospace | |
Honeywell International Inc. | |
Lockheed Martin Corp. | |
RTX Corp. |
Based on: 10-K (reporting date: 2019-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||
Selected Financial Data (US$) | ||||||
Free cash flow to equity (FCFE) (in millions)2 | ||||||
FCFE per share3 | ||||||
Share price1, 4 | ||||||
Valuation Ratio | ||||||
P/FCFE5 | ||||||
Benchmarks | ||||||
P/FCFE, Competitors6 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
Lockheed Martin Corp. | ||||||
RTX Corp. |
Based on: 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), 10-K (reporting date: 2015-12-31).
1 Data adjusted for splits and stock dividends.
3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Raytheon Co. Annual Report.
5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits a generally upward trend over the five-year period. Starting at $126.57 in 2015, it increases to $151.96 in 2016 and reaches a peak of $212.58 in 2017. A decline is observed in 2018, with the price dropping to $180.94, followed by a rebound to $229.76 in 2019, which is the highest value in the period.
- FCFE per Share Trend
- Free Cash Flow to Equity (FCFE) per share shows overall growth but with some fluctuations. It rises from $6.52 in 2015 to $7.72 in 2016, then decreases to $6.42 in 2017. Subsequently, it increases significantly to $9.24 in 2018 and reaches its highest point at $11.49 in 2019, indicating an improving capacity for cash generation attributable to equity holders in the latter years.
- P/FCFE Ratio Analysis
- The Price to FCFE ratio remains relatively stable around 19.4 to 19.9 in 2015, 2016, 2018, and 2019, which suggests consistent market valuation relative to free cash flow in those years. An outlier is observed in 2017, with a notable increase to 33.1, a substantial deviation indicating that the share price was significantly higher relative to FCFE, reflecting potentially elevated investor expectations or market conditions during that year.
- Overall Insights
- The data indicates improved market valuation and enhanced cash flow per share over the period, despite a temporary decrease in both share price and FCFE per share during 2017 and 2018 respectively. The spike in the P/FCFE ratio in 2017 suggests a divergence between share price and fundamental cash flow metrics, possibly driven by external factors or market sentiment. By 2019, both share price and FCFE per share reach their highest points, while the P/FCFE ratio returns to a stable range, suggesting a realignment of market valuation with the company’s cash flow generation capability.