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Thermo Fisher Scientific Inc. (TMO)
Enterprise Value to FCFF (EV/FCFF)
Medium level of difficulty
Free Cash Flow to The Firm (FCFF)
Thermo Fisher Scientific Inc., FCFF calculation
US$ in millions
Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Thermo Fisher Scientific Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Thermo Fisher Scientific Inc.’s FCFF increased from 2016 to 2017 and from 2017 to 2018. |
Interest Paid, Net of Tax
Thermo Fisher Scientific Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).
1 2018 Calculation
EITR = 100 × Income tax expense ÷ EBT
= 100 × ÷ =
2 2018 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Thermo Fisher Scientific 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 | |
| Becton, Dickinson & Co. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| Stryker Corp. | |
| UnitedHealth Group Inc. | |
| EV/FCFF, Sector | |
| Health Care Equipment & Services | |
| EV/FCFF, Industry | |
| Health Care | |
Based on: 10-K (filing date: 2019-02-27).
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
Thermo Fisher Scientific Inc., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| EV/FCFF, Competitors4 | ||||||
| Becton, Dickinson & Co. | |
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| Intuitive Surgical Inc. | |
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| Medtronic PLC | |
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| Stryker Corp. | |
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| UnitedHealth Group Inc. | |
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| Health Care Equipment & Services | |
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| EV/FCFF, Industry | ||||||
| Health Care | |
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Based on: 10-K (filing date: 2019-02-27), 10-K (filing date: 2018-02-28), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-26).
3 2018 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. | Thermo Fisher Scientific Inc.’s EV/FCFF ratio increased from 2016 to 2017 and from 2017 to 2018. |