O’Reilly Automotive Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	2,164,685)	1,752,302)	1,391,042)	1,324,487)	1,133,804)
Net noncash charges	379,772)	359,029)	325,399)	312,638)	263,314)
Changes in operating assets and liabilities	662,853)	725,272)	(7,962)	90,430)	6,569)
Net cash provided by operating activities	3,207,310)	2,836,603)	1,708,479)	1,727,555)	1,403,687)
Interest paid, net of capitalized interest, net of tax¹	112,274)	123,493)	104,611)	92,204)	53,837)
Interest costs capitalized, net of tax²	5,447)	7,887)	10,101)	7,114)	5,885)
Purchases of property and equipment	(442,853)	(465,579)	(628,057)	(504,268)	(465,940)
Proceeds from sale of property and equipment	9,494)	15,770)	7,118)	4,784)	4,464)
Free cash flow to the firm (FCFF)	2,891,672)	2,518,174)	1,202,252)	1,327,389)	1,001,933)

Based on: 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), 10-K (reporting date: 2017-12-31).

^{1, 2} See details »

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O’Reilly Automotive Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR¹	22.19%	22.68%	22.30%	21.82%	30.77%
Interest Paid, Net of Tax
Interest paid, net of capitalized interest, before tax	144,293)	159,717)	134,634)	117,938)	77,766)
Less: Interest paid, net of capitalized interest, tax²	32,019)	36,224)	30,023)	25,734)	23,929)
Interest paid, net of capitalized interest, net of tax	112,274)	123,493)	104,611)	92,204)	53,837)
Interest Costs Capitalized, Net of Tax
Interest costs capitalized, before tax	7,000)	10,200)	13,000)	9,100)	8,500)
Less: Interest costs capitalized, tax³	1,553)	2,313)	2,899)	1,986)	2,615)
Interest costs capitalized, net of tax	5,447)	7,887)	10,101)	7,114)	5,885)

Based on: 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), 10-K (reporting date: 2017-12-31).

¹ See details »

² 2021 Calculation
Interest paid, net of capitalized interest, tax = Interest paid, net of capitalized interest × EITR
= 144,293 × 22.19% = 32,019

³ 2021 Calculation
Interest costs capitalized, tax = Interest costs capitalized × EITR
= 7,000 × 22.19% = 1,553

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O’Reilly Automotive Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	55,622,513)
Free cash flow to the firm (FCFF)	2,891,672)
Valuation Ratio
EV/FCFF	19.24
Benchmarks
EV/FCFF, Competitors¹
Amazon.com Inc.	268.79
Home Depot Inc.	24.35
Lowe’s Cos. Inc.	16.42
TJX Cos. Inc.	28.42
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	196.66
EV/FCFF, Industry
Consumer Discretionary	80.06

Based on: 10-K (reporting date: 2021-12-31).

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.

O’Reilly Automotive Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	46,704,845)	35,063,126)	31,466,172)	32,224,896)	23,363,639)
Free cash flow to the firm (FCFF)²	2,891,672)	2,518,174)	1,202,252)	1,327,389)	1,001,933)
Valuation Ratio
EV/FCFF³	16.15	13.92	26.17	24.28	23.32
Benchmarks
EV/FCFF, Competitors⁴
Amazon.com Inc.	—	—	—	—	—
Home Depot Inc.	20.22	—	—	—	—
Lowe’s Cos. Inc.	14.88	—	—	—	—
TJX Cos. Inc.	18.30	—	—	—	—
EV/FCFF, Sector
Consumer Discretionary Distribution & Retail	130.00	—	—	—	—
EV/FCFF, Industry
Consumer Discretionary	60.31	—	—	—	—