Enterprise Value to FCFF (EV/FCFF)
Free Cash Flow to The Firm (FCFF)
Boston Scientific Corp., FCFF calculation
US$ in millions
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 |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Boston Scientific Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Boston Scientific Corp. FCFF increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Interest Paid, Net of Tax
Boston Scientific Corp., interest paid, net of tax calculation
US$ in millions
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).
2 2022 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 450 × 38.90% = 175
Enterprise Value to FCFF Ratio, Current
Boston Scientific Corp., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 82,681) |
| Free cash flow to the firm (FCFF) | 1,225) |
| Valuation Ratio | |
| EV/FCFF | 67.50 |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Abbott Laboratories | 37.65 |
| Cigna Group | 9.84 |
| CVS Health Corp. | 10.10 |
| Elevance Health Inc. | 10.86 |
| Humana Inc. | 7.65 |
| Intuitive Surgical Inc. | 253.48 |
| Medtronic PLC | 21.91 |
| UnitedHealth Group Inc. | 20.59 |
| EV/FCFF, Sector | |
| Health Care Equipment & Services | 18.94 |
| EV/FCFF, Industry | |
| Health Care | 19.16 |
Based on: 10-K (reporting date: 2022-12-31).
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.
Enterprise Value to FCFF Ratio, Historical
Boston Scientific Corp., historical EV/FCFF calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 75,700) | 69,502) | 62,324) | 65,513) | 62,154) | |
| Free cash flow to the firm (FCFF)2 | 1,225) | 1,657) | 1,428) | 1,737) | 215) | |
| Valuation Ratio | ||||||
| EV/FCFF3 | 61.80 | 41.95 | 43.66 | 37.72 | 289.12 | |
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Abbott Laboratories | 23.24 | 23.47 | 36.94 | 33.05 | — | |
| Cigna Group | 13.38 | 14.17 | 9.16 | 10.24 | — | |
| CVS Health Corp. | 10.00 | 10.30 | 9.42 | 12.30 | — | |
| Elevance Health Inc. | 13.32 | 12.74 | 6.04 | 12.73 | — | |
| Humana Inc. | 14.88 | 42.03 | 7.92 | 8.46 | — | |
| Intuitive Surgical Inc. | 85.45 | 56.01 | 76.70 | 54.58 | — | |
| Medtronic PLC | 20.32 | 33.84 | 21.43 | 22.07 | — | |
| UnitedHealth Group Inc. | 19.30 | 22.21 | 15.82 | 17.51 | — | |
| EV/FCFF, Sector | ||||||
| Health Care Equipment & Services | 17.28 | 19.60 | 14.85 | 16.66 | — | |
| EV/FCFF, Industry | ||||||
| Health Care | 17.63 | 16.41 | 17.93 | 18.26 | — | |
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).
3 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 75,700 ÷ 1,225 = 61.80
4 Click competitor name to see calculations.
| Valuation ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Boston Scientific Corp. EV/FCFF ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |