Expand Energy Corp., FCFE 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)
Capital expenditures	(1,557)	(1,829)	(1,823)	(735)
Proceeds from divestitures of property and equipment	21)	2,533)	407)	13)
Proceeds from Credit Facility	20)	1,125)	1,600)	—)
Payments on Credit Facility	(20)	(2,175)	(550)	—)
Proceeds from Exit Credit Facility	—)	—)	9,583)	30)
Payments on Exit Credit Facility	—)	—)	(9,804)	(559)
Payments on DIP Facility borrowings	—)	—)	—)	(1,179)
Proceeds from issuance of senior notes, net	747)	—)	—)	1,000)
Debt issuance and other financing costs	(11)	—)	(17)	(11)
Cash paid to purchase debt	(767)	—)	—)	—)
Free cash flow to equity (FCFE)	(2)	2,034)	3,521)	347)

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
FCFE	Free cash flow to equity is the cash flow available to Expand Energy Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Expand Energy Corp. FCFE decreased from 2022 to 2023 and from 2023 to 2024.

Expand Energy Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	232,699,939
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(2)
FCFE per share	-0.01
Current share price (P)	103.42
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	12.83
ConocoPhillips	12.76
Exxon Mobil Corp.	17.41
Occidental Petroleum Corp.	3.60
P/FCFE, Sector
Oil, Gas & Consumable Fuels	13.64
P/FCFE, Industry
Energy	13.45

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.

Expand Energy Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
No. shares of common stock outstanding¹	232,699,939	130,794,770	134,719,821	118,558,307
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(2)	2,034)	3,521)	347)
FCFE per share³	-0.01	15.55	26.14	2.93
Share price^1, 4	102.43	83.85	79.70	70.91
Valuation Ratio
P/FCFE⁵	—	5.39	3.05	24.23
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	14.84	18.24	10.59	32.05
ConocoPhillips	14.39	11.74	8.93	10.61
Exxon Mobil Corp.	18.62	12.46	8.73	19.82
Occidental Petroleum Corp.	4.67	8.44	18.76	66.22
P/FCFE, Sector
Oil, Gas & Consumable Fuels	15.12	13.12	9.38	20.48
P/FCFE, Industry
Energy	15.00	13.51	10.18	21.51

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,000,000 ÷ 232,699,939 = -0.01

⁴ Closing price as at the filing date of Expand Energy Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 102.43 ÷ -0.01 = —

⁶ Click competitor name to see calculations.

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Expand Energy Corp. (NASDAQ:EXE)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical