Price to FCFE (P/FCFE)
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Free Cash Flow to Equity (FCFE)
Thermo Fisher Scientific Inc., FCFE calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the financial data over the five-year period reveals several noteworthy trends in cash flow activities.
- Net Cash Provided by Operating Activities
- The net cash generated from operating activities exhibited an overall positive performance throughout the period. Starting at $8,289 million in 2020, there was an increase to $9,312 million in 2021, marking the highest value in the dataset. Following this peak, the operating cash flow slightly declined to $9,154 million in 2022 and continued to decrease to $8,406 million in 2023. In 2024, a modest recovery is observed with the value rising to $8,667 million. This pattern indicates strong operational cash generation capacity, albeit with some fluctuations and a slight downward trend after 2021.
- Free Cash Flow to Equity (FCFE)
- The FCFE figures demonstrate greater volatility compared to operating cash flow. Beginning at $9,570 million in 2020, there was a substantial increase to $15,720 million in 2021, representing significant cash availability to equity holders. However, this was followed by a sharp decline to $7,589 million in 2022, showing a reduction of more than 50% from the prior year's peak. The decreasing trend continued with values of $6,859 million in 2023 and $4,921 million in 2024. This continuous reduction in FCFE after 2021 suggests diminishing cash resources available for equity distribution, possibly due to higher capital expenditures, debt servicing, or other financial commitments.
In summary, while the company maintained a relatively stable and strong operating cash flow over the period, its free cash flow to equity experienced a marked decrease following a peak in 2021. This divergence highlights potential changes in investment or financing strategies that impacted the cash available to shareholders, signaling a need for deeper examination of the underlying factors driving FCFE fluctuations.
Price to FCFE Ratio, Current
Thermo Fisher Scientific Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Bristol-Myers Squibb Co. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
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
Thermo Fisher Scientific Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Thermo Fisher Scientific Inc. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trend from 451.47 US dollars at the end of 2020 to a peak of 560.49 US dollars at the end of 2023, reflecting a gain of approximately 24%. However, there was a slight decline observed in 2024 with the price decreasing to 537.83 US dollars, indicating a modest correction after the previous growth.
- Free Cash Flow to Equity (FCFE) per Share
- The FCFE per share fluctuated notably over the five-year period. It increased significantly from 24.3 US dollars in 2020 to a high of 40.18 US dollars in 2021. Subsequently, it exhibited a declining trajectory, falling to 19.69 US dollars in 2022, then further decreasing to 17.99 US dollars in 2023, and reaching 13.04 US dollars in 2024. This pattern suggests volatility in the company’s free cash generation capacity relative to its equity.
- Price to FCFE Ratio (P/FCFE)
- The P/FCFE ratio showed considerable variation, starting at 18.58 in 2020 and decreasing to 13.44 in 2021, indicating that the stock was relatively undervalued compared to FCFE at that time. From 2022 onwards, the ratio increased sharply, reaching 27.98 in 2022, 31.16 in 2023, and peaking at 41.23 in 2024. This increasing ratio signals that the market valuation outpaced the growth in FCFE, potentially reflecting higher market expectations or reduced free cash flow earnings relative to stock price.