Price to FCFE (P/FCFE)
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Free Cash Flow to Equity (FCFE)
Stryker Corp., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 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).
- Net cash provided by operating activities
- The net cash provided by operating activities exhibited a generally increasing trend from 2017 through 2021. Starting at $1,559 million in 2017, the cash inflow rose significantly to $2,610 million in 2018. There was a slight decline in 2019 to $2,191 million, followed by a notable recovery reaching a peak of $3,277 million in 2020. The figure remained relatively stable in 2021 at $3,263 million, indicating sustained operational cash generation at a high level compared to earlier years.
- Free cash flow to equity (FCFE)
- The free cash flow to equity demonstrated more volatility over the period. The value increased sharply from $1,260 million in 2017 to a high of $4,494 million in 2018. However, this was followed by a decrease to $2,835 million in 2019. In 2020, FCFE rebounded to $3,779 million, before declining substantially to $1,585 million in 2021. This fluctuation suggests variations in either capital expenditures, financing activities, or other factors impacting the cash available to shareholders, despite overall strong cash flow from operations.
- Overall insights
- Operating cash flows show a resilient and improving operational performance with a consistent increase over the five-year period, except for a minor dip in 2019. In contrast, free cash flow to equity is less consistent, with large swings indicating changing investment or financing dynamics that affect shareholder cash returns. The divergence between the relatively stable operating cash flow and volatile FCFE in later years warrants further investigation into capital spending, debt servicing, or dividend policies impacting equity cash flow.
Price to FCFE Ratio, Current
Stryker Corp., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| P/FCFE, Sector | |
| Health Care Equipment & Services | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2021-12-31).
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
Stryker Corp., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2021-12-31), 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).
1 Data adjusted for splits and stock dividends.
3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Stryker Corp. Annual Report.
5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a consistent upward trajectory over the five-year period. It increased from $148.01 at the end of 2017 to $251.65 by the end of 2021. The growth was steady year-over-year, with a notable acceleration between 2018 and 2019 and a more moderate increase thereafter.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share exhibited significant volatility during the analyzed period. It started at $3.36 in 2017 and surged sharply to $12.06 in 2018, marking the highest value in the series. Subsequently, it declined to $7.57 in 2019, rose again to $10.05 in 2020, and fell to $4.20 in 2021. This pattern indicates fluctuations in the company’s capacity to generate cash available to equity shareholders.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio demonstrated considerable variability, reflecting changes in both market valuation and cash flow generation. It started at a high level of 44.01 in 2017, dropped significantly to 14.99 in 2018 coinciding with the spike in FCFE per share, then increased to 28.84 in 2019. The ratio slightly decreased to 24.42 in 2020 before sharply rising to 59.94 in 2021. This indicates that despite the share price growth, the relative valuation compared to FCFE became more stretched in the final year, likely due to the decline in FCFE per share.