Alphabet Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	100,118)	73,795)	59,972)	76,033)	40,269)
Net noncash charges	33,587)	31,796)	33,758)	17,142)	23,028)
Changes in assets and liabilities, net of effects of acquisitions	(8,406)	(3,845)	(2,235)	(1,523)	1,827)
Net cash provided by operating activities	125,299)	101,746)	91,495)	91,652)	65,124)
Purchases of property and equipment	(52,535)	(32,251)	(31,485)	(24,640)	(22,281)
Proceeds from issuance of debt, net of costs	13,589)	10,790)	52,872)	20,199)	11,761)
Repayments of debt	(12,701)	(11,550)	(54,068)	(21,435)	(2,100)
Free cash flow to equity (FCFE)	73,652)	68,735)	58,814)	65,776)	52,504)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Alphabet Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Alphabet Inc. FCFE increased from 2022 to 2023 and from 2023 to 2024.

Alphabet Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	12,190,000,000
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	73,652)
FCFE per share	6.04
Current share price (P)	186.64
Valuation Ratio
P/FCFE	30.89
Benchmarks
P/FCFE, Competitors¹
Comcast Corp.	9.03
Meta Platforms Inc.	28.15
Netflix Inc.	52.70
Walt Disney Co.	27.92
P/FCFE, Sector
Media & Entertainment	33.28
P/FCFE, Industry
Communication Services	29.68

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.

Alphabet 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	12,190,000,000	12,433,000,000	12,807,000,000	13,219,426,420	13,482,733,300
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	73,652)	68,735)	58,814)	65,776)	52,504)
FCFE per share³	6.04	5.53	4.59	4.98	3.89
Share price^1, 4	193.30	141.80	105.22	148.04	103.50
Valuation Ratio
P/FCFE⁵	31.99	25.65	22.91	29.75	26.58
Benchmarks
P/FCFE, Competitors⁶
Comcast Corp.	8.35	12.89	12.26	27.57	18.17
Meta Platforms Inc.	27.83	23.53	17.26	16.84	32.77
Netflix Inc.	49.99	35.64	176.91	—	81.38
Walt Disney Co.	27.60	55.51	—	—	18.20
P/FCFE, Sector
Media & Entertainment	—	24.75	23.67	29.77	27.24
P/FCFE, Industry
Communication Services	—	21.97	31.82	26.52	20.51

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.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 73,652,000,000 ÷ 12,190,000,000 = 6.04

⁴ Closing price as at the filing date of Alphabet Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 193.30 ÷ 6.04 = 31.99

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Alphabet Inc. P/FCFE ratio increased from 2022 to 2023 and from 2023 to 2024.

Alphabet Inc. (NASDAQ:GOOG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical