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Price to FCFE (P/FCFE)

Difficulty: Intermediate


Free Cash Flow to Equity (FCFE)

United Technologies Corp., FCFE calculation

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income attributable to common shareowners hidden hidden hidden hidden hidden
Noncontrolling interest in subsidiaries’ earnings hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Change in operating capital hidden hidden hidden hidden hidden
Net cash flows provided by operating activities hidden hidden hidden hidden hidden
Capital expenditures hidden hidden hidden hidden hidden
Issuance of long-term debt hidden hidden hidden hidden hidden
Repayment of long-term debt hidden hidden hidden hidden hidden
Increase (decrease) in short-term borrowings, net hidden hidden hidden hidden hidden
Free cash flow to equity (FCFE) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-05).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to United Technologies Corp.’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. United Technologies Corp.’s FCFE declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

Price to FCFE Ratio, Current

United Technologies Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
No. shares of common stock outstanding hidden
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions) hidden
FCFE per share hidden
Current share price (P) hidden
Ratio
P/FCFE hidden
Benchmarks
P/FCFE, Competitors
Boeing Co. hidden
General Dynamics Corp. hidden
Lockheed Martin Corp. hidden
Northrop Grumman Corp. hidden
Raytheon Co. hidden
P/FCFE, Sector
Aerospace & Defense hidden
P/FCFE, Industry
Industrials hidden

Based on: 10-K (filing date: 2019-02-07).

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.


Price to FCFE Ratio, Historical

United Technologies Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 hidden hidden hidden hidden hidden
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)2 hidden hidden hidden hidden hidden
FCFE per share4 hidden hidden hidden hidden hidden
Share price1, 3 hidden hidden hidden hidden hidden
Ratio
P/FCFE5 hidden hidden hidden hidden hidden
Benchmarks
P/FCFE, Competitors
Boeing Co. hidden hidden hidden hidden hidden
General Dynamics Corp. hidden hidden hidden hidden hidden
Lockheed Martin Corp. hidden hidden hidden hidden hidden
Northrop Grumman Corp. hidden hidden hidden hidden hidden
Raytheon Co. hidden hidden hidden hidden hidden
P/FCFE, Sector
Aerospace & Defense hidden hidden hidden hidden hidden
P/FCFE, Industry
Industrials hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2019-02-07), 10-K (filing date: 2018-02-09), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-05).

1 Data adjusted for splits and stock dividends.

2 See Details »

3 Close price on the filing date of United Technologies Corp.’s Annual Report.

2018 Calculations

4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

5 P/FCFE = Share price ÷ FCFE per share
= hidden ÷ hidden = hidden

Ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. United Technologies Corp.’s P/FCFE ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018.