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Thermo Fisher Scientific Inc. (TMO)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

Thermo Fisher Scientific Inc., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Net income
	Net noncash charges
	Changes in assets and liabilities, excluding the effects of acquisitions and dispositions
	Net cash provided by operating activities
	Purchase of property, plant and equipment
	Proceeds from sale of property, plant and equipment
	Net proceeds from issuance of debt
	Repayment of debt
	Proceeds from issuance of commercial paper
	Repayments of commercial paper
	Increase in short-term notes payable
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Thermo Fisher Scientific Inc.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Thermo Fisher Scientific Inc.’s FCFE declined from 2016 to 2017 and from 2017 to 2018.

Thermo Fisher Scientific Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Becton, Dickinson & Co.
Intuitive Surgical Inc.
Medtronic PLC
Stryker Corp.
UnitedHealth Group Inc.
P/FCFE, Sector
Health Care Equipment & Services
P/FCFE, Industry
Health Care

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Thermo Fisher Scientific Inc., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Becton, Dickinson & Co.
	Intuitive Surgical Inc.
	Medtronic PLC
	Stryker Corp.
	UnitedHealth Group Inc.
	P/FCFE, Sector
	Health Care Equipment & Services
	P/FCFE, Industry
	Health Care

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Thermo Fisher Scientific Inc.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Thermo Fisher Scientific Inc.’s P/FCFE ratio increased from 2016 to 2017 and from 2017 to 2018.

	Thermo Fisher Scientific Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
Analysis
Financial Reporting Quality

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Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
Analysis
Financial Reporting Quality