Meta Platforms Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	39,098)	23,200)	39,370)	29,146)	18,485)
Net noncash charges	28,179)	21,592)	17,613)	12,324)	10,579)
Changes in assets and liabilities	3,836)	5,683)	700)	(2,723)	7,250)
Net cash provided by operating activities	71,113)	50,475)	57,683)	38,747)	36,314)
Purchases of property and equipment	(27,266)	(31,431)	(18,690)	(15,163)	(15,102)
Proceeds relating to property and equipment	221)	245)	123)	48)	—)
Proceeds from issuance of long-term debt, net	8,455)	9,921)	—)	—)	—)
Principal payments on finance leases	(1,058)	(850)	(677)	(604)	(552)
Free cash flow to equity (FCFE)	51,465)	28,360)	38,439)	23,028)	20,660)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Meta Platforms 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.	Meta Platforms Inc. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Meta Platforms Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	2,524,488,533
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	51,465)
FCFE per share	20.39
Current share price (P)	554.08
Valuation Ratio
P/FCFE	27.18
Benchmarks
P/FCFE, Competitors¹
Alphabet Inc.	30.97
Comcast Corp.	11.44
Netflix Inc.	50.85
Walt Disney Co.	29.11
P/FCFE, Sector
Media & Entertainment	29.41
P/FCFE, Industry
Communication Services	26.34

Based on: 10-K (reporting date: 2023-12-31).

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.

Meta Platforms Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	2,549,405,106	2,592,639,548	2,721,941,960	2,847,669,951	2,850,450,659
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	51,465)	28,360)	38,439)	23,028)	20,660)
FCFE per share³	20.19	10.94	14.12	8.09	7.25
Share price^1, 4	474.99	188.77	237.76	265.00	209.53
Valuation Ratio
P/FCFE⁵	23.53	17.26	16.84	32.77	28.91
Benchmarks
P/FCFE, Competitors⁶
Alphabet Inc.	25.65	22.91	29.75	26.58	32.39
Comcast Corp.	12.89	12.26	27.57	18.17	64.70
Netflix Inc.	35.64	176.91	—	81.38	116.48
Walt Disney Co.	55.51	—	—	18.20	55.35
P/FCFE, Sector
Media & Entertainment	24.75	23.67	29.77	27.24	36.47
P/FCFE, Industry
Communication Services	21.97	31.82	26.52	20.51	33.69

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 51,465,000,000 ÷ 2,549,405,106 = 20.19

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

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 474.99 ÷ 20.19 = 23.53

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.	Meta Platforms Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Meta Platforms Inc. (NASDAQ:META)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical