Stock Analysis on Net

Cytokinetics Inc. (NASDAQ:CYTK)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

Cytokinetics Inc., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Net loss (388,955) (215,314) (127,290) (121,692) (106,289)
Net noncash charges 114,143 64,336 51,337 34,673 28,010
Changes in operating assets and liabilities (24,704) 8,456 84,896 (3,888) (22,936)
Net cash provided by (used in) operating activities (299,516) (142,522) 8,943 (90,907) (101,215)
Purchases of property and equipment (11,335) (48,872) (11,052) (2,619) (889)
Sales of property and equipment 14
Repayment of finance lease liabilities (944)
Repayment of term loan (47,651)
Debt extinguishment costs (2,409)
Repayment of convertible debt (140,330)
Proceeds from issuance of convertible debt, net 523,586 133,860
Net proceeds from long-term debt, net of debt discount and issuance costs 1,710 9,898
Free cash flow to equity (FCFE) 21,401 (191,394) (2,109) 42,044 (92,192)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Cytokinetics 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. Cytokinetics Inc. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Price to FCFE Ratio, Current

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

Microsoft Excel
No. shares of common stock outstanding 387,824,443
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 21,401
FCFE per share 0.06
Current share price (P) 36.32
Valuation Ratio
P/FCFE 658.18
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 19.89
Amgen Inc. 5.24
Bristol-Myers Squibb Co. 8.55
Danaher Corp. 51.23
Eli Lilly & Co. 78.06
Gilead Sciences Inc. 15.96
Johnson & Johnson 24.50
Merck & Co. Inc. 19.12
Moderna Inc.
Pfizer Inc. 3.81
Regeneron Pharmaceuticals Inc. 23.16
Thermo Fisher Scientific Inc. 31.21
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 21.83
P/FCFE, Industry
Health Care 20.50

Based on: 10-K (reporting date: 2022-12-31).

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

Cytokinetics Inc., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
No. shares of common stock outstanding1 95,161,391 84,856,037 71,110,576 59,450,437 54,888,369
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 21,401 (191,394) (2,109) 42,044 (92,192)
FCFE per share3 0.22 -2.26 -0.03 0.71 -1.68
Share price1, 4 43.11 35.02 18.73 14.86 6.01
Valuation Ratio
P/FCFE5 191.69 21.01
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 22.66 18.76 13.16 3.64
Amgen Inc. 8.32 13.52 11.06 33.32
Bristol-Myers Squibb Co. 22.85 16.17 7.80 5.80
Danaher Corp. 32.04 20.75 44.62 6.88
Eli Lilly & Co. 60.51 35.17 36.62 15.87
Gilead Sciences Inc. 15.22 12.70 5.98 15.91
Johnson & Johnson 16.73 23.28 15.60 23.06
Merck & Co. Inc. 22.40 18.72 17.85 18.08
Moderna Inc. 12.24 4.62 31.68
Pfizer Inc. 10.56 8.88 9.87
Regeneron Pharmaceuticals Inc. 19.29 10.35 13.30 21.00
Thermo Fisher Scientific Inc. 27.98 13.44 18.58 46.04
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 19.02 15.27 17.30 11.46
P/FCFE, Industry
Health Care 18.08 16.76 17.08 13.39

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 21,401,000 ÷ 95,161,391 = 0.22

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

5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 43.11 ÷ 0.22 = 191.69

6 Click competitor name to see calculations.