Expand Energy Corp., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income (loss)	(714)	2,419)	4,936)	6,328)
Net noncash charges	2,594)	(314)	(688)	(5,354)
Changes in assets and liabilities	(315)	275)	(123)	814)
Net cash provided by operating activities	1,565)	2,380)	4,125)	1,788)
Interest paid, net of capitalized interest, net of tax¹	79)	91)	115)	37)
Capital expenditures	(1,557)	(1,829)	(1,823)	(735)
Proceeds from divestitures of property and equipment	21)	2,533)	407)	13)
Free cash flow to the firm (FCFF)	108)	3,175)	2,824)	1,103)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Expand Energy Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Expand Energy Corp. FCFF increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Expand Energy Corp., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Effective Income Tax Rate (EITR)
EITR¹	15.10%	22.40%	21.00%	21.00%
Interest Paid, Net of Tax
Interest paid, net of capitalized interest, before tax	93)	117)	146)	47)
Less: Interest paid, net of capitalized interest, tax²	14)	26)	31)	10)
Interest paid, net of capitalized interest, net of tax	79)	91)	115)	37)

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).

¹ See details »

² 2024 Calculation
Interest paid, net of capitalized interest, tax = Interest paid, net of capitalized interest × EITR
= 93 × 15.10% = 14

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Expand Energy Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	29,351)
Free cash flow to the firm (FCFF)	108)
Valuation Ratio
EV/FCFF	271.88
Benchmarks
EV/FCFF, Competitors¹
Chevron Corp.	16.56
ConocoPhillips	14.70
Exxon Mobil Corp.	14.79
Occidental Petroleum Corp.	11.89
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	15.39
EV/FCFF, Industry
Energy	15.22

Based on: 10-K (reporting date: 2024-12-31).

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.

Expand Energy Corp., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	29,120)	11,842)	13,638)	9,771)
Free cash flow to the firm (FCFF)²	108)	3,175)	2,824)	1,103)
Valuation Ratio
EV/FCFF³	269.74	3.73	4.83	8.86
Benchmarks
EV/FCFF, Competitors⁴
Chevron Corp.	18.98	14.85	8.27	13.33
ConocoPhillips	16.31	15.38	7.43	10.72
Exxon Mobil Corp.	15.76	12.47	7.84	10.06
Occidental Petroleum Corp.	13.73	11.15	5.95	8.39
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	16.89	12.98	7.65	10.82
EV/FCFF, Industry
Energy	16.78	13.30	8.21	11.17

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).

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² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 29,120 ÷ 108 = 269.74

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Expand Energy Corp. EV/FCFF ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Expand Energy Corp. (NASDAQ:EXE)

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