Bed Bath & Beyond Inc., FCFF calculation

US$ in thousands

12 months ended:	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Net earnings (loss)	(559,623)	(150,773)	(613,816)	(137,224)	424,858)	685,108)
Net noncash charges	501,228)	572,216)	775,781)	772,239)	558,899)	385,188)
(Increase) decrease in assets	335,014)	(320,706)	501,792)	462,609)	(102,971)	(90,217)
Increase (decrease) in liabilities	(258,765)	167,371)	(72,816)	(179,346)	(21,097)	61,709)
Net cash provided by operating activities	17,854)	268,108)	590,941)	918,278)	859,689)	1,041,788)
Interest payments, net of tax¹	52,140)	33,847)	65,163)	71,323)	49,650)	81,400)
Capital expenditures	(354,185)	(183,077)	(277,401)	(325,366)	(375,793)	(373,574)
Financing lease assets obtained in exchange for new financing lease liabilities	(38,974)	—)	—)	—)	—)	—)
Free cash flow to the firm (FCFF)	(323,165)	118,878)	378,703)	664,235)	533,546)	749,614)

Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Bed Bath & Beyond Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Bed Bath & Beyond Inc. FCFF decreased from 2020 to 2021 and from 2021 to 2022.

Bed Bath & Beyond Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Effective Income Tax Rate (EITR)
EITR¹	21.00%	55.17%	19.75%	12.38%	38.93%	0.00%
Interest Paid, Net of Tax
Interest payments, before tax	66,000)	75,500)	81,200)	81,400)	81,300)	81,400)
Less: Interest payments, tax²	13,860)	41,653)	16,037)	10,077)	31,650)	—)
Interest payments, net of tax	52,140)	33,847)	65,163)	71,323)	49,650)	81,400)

Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25).

¹ See details »

² 2022 Calculation
Interest payments, tax = Interest payments × EITR
= 66,000 × 21.00% = 13,860

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Bed Bath & Beyond Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	1,267,630)
Free cash flow to the firm (FCFF)	(323,165)
Valuation Ratio
EV/FCFF	—
Benchmarks
EV/FCFF, Competitors¹
Amazon.com Inc.	54.93
Home Depot Inc.	23.09
Lowe’s Cos. Inc.	25.23
TJX Cos. Inc.	30.09
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	190.43
EV/FCFF, Industry
Consumer Discretionary	76.88

Based on: 10-K (reporting date: 2022-02-26).

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.

Bed Bath & Beyond Inc., historical EV/FCFF calculation, comparison to benchmarks

	Feb 26, 2022	Feb 27, 2021	Feb 29, 2020	Mar 2, 2019	Mar 3, 2018	Feb 25, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	2,082,901)	2,720,393)	1,040,356)	2,704,176)	3,227,847)	6,721,625)
Free cash flow to the firm (FCFF)²	(323,165)	118,878)	378,703)	664,235)	533,546)	749,614)
Valuation Ratio
EV/FCFF³	—	22.88	2.75	4.07	6.05	8.97
Benchmarks
EV/FCFF, Competitors⁴
Amazon.com Inc.	—	—	78.83	74.39	—	—
Home Depot Inc.	25.12	20.22	19.11	21.30	—	—
Lowe’s Cos. Inc.	19.56	14.88	20.95	18.88	—	—
TJX Cos. Inc.	33.03	18.30	19.08	21.16	—	—
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	111.04	130.00	51.35	42.44	—	—
EV/FCFF, Industry
Consumer Discretionary	50.20	59.78	45.72	30.57	—	—

Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 2,082,901 ÷ -323,165 = —

⁴ Click competitor name to see calculations.

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Bed Bath & Beyond Inc. (NASDAQ:BBBY)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical