Boston Scientific Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	698)	1,041)	(82)	4,700)	1,671)
Net noncash charges	1,833)	1,180)	1,548)	(2,568)	808)
Increase (decrease) in operating assets and liabilities, excluding purchase accounting	(1,005)	(351)	42)	(296)	(2,169)
Cash provided by operating activities	1,526)	1,870)	1,508)	1,836)	310)
Purchases of property, plant and equipment and internal use software	(588)	(554)	(376)	(461)	(316)
Proceeds from sale of property, plant and equipment	12)	14)	12)	7)	14)
Payments on short-term borrowings	(250)	—)	(2,950)	(1,000)	—)
Proceeds from short-term borrowings, net of debt issuance costs	—)	—)	2,245)	700)	999)
Net increase (decrease) in commercial paper	(1)	—)	(714)	(575)	21)
Payments on borrowings from credit facilities	—)	—)	(1,919)	—)	(569)
Proceeds from borrowings on credit facilities	—)	—)	1,916)	—)	569)
Payments on long-term borrowings and debt extinguishment costs	(3,184)	—)	(1,260)	(3,560)	(602)
Proceeds from long-term borrowings, net of debt issuance costs	3,270)	—)	1,683)	7,229)	987)
Free cash flow to equity (FCFE)	785)	1,330)	145)	4,176)	1,413)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Boston Scientific 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.	Boston Scientific Corp. FCFE increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Boston Scientific Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,437,698,101
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	785)
FCFE per share	0.55
Current share price (P)	51.94
Valuation Ratio
P/FCFE	95.13
Benchmarks
P/FCFE, Competitors¹
Abbott Laboratories	77.82
Cigna Group	9.03
CVS Health Corp.	3.90
Elevance Health Inc.	12.47
Humana Inc.	9.68
Intuitive Surgical Inc.	257.45
Medtronic PLC	17.20
UnitedHealth Group Inc.	18.44
P/FCFE, Sector
Health Care Equipment & Services	18.12
P/FCFE, Industry
Health Care	19.60

Based on: 10-K (reporting date: 2022-12-31).

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.

Boston Scientific Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	1,434,780,104	1,426,724,712	1,417,165,707	1,396,195,349	1,385,961,926
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	785)	1,330)	145)	4,176)	1,413)
FCFE per share³	0.55	0.93	0.10	2.99	1.02
Share price^1, 4	47.18	43.71	38.75	39.91	39.86
Valuation Ratio
P/FCFE⁵	86.23	46.89	378.73	13.34	39.10
Benchmarks
P/FCFE, Competitors⁶
Abbott Laboratories	26.11	24.52	38.42	53.19	—
Cigna Group	18.23	10.98	16.30	20.76	—
CVS Health Corp.	12.36	21.23	11.93	18.52	—
Elevance Health Inc.	14.26	11.07	7.75	13.72	—
Humana Inc.	30.99	11.49	8.47	11.73	—
Intuitive Surgical Inc.	89.67	58.39	81.15	57.31	—
Medtronic PLC	19.71	38.91	23.06	26.62	—
UnitedHealth Group Inc.	12.57	20.11	13.93	13.90	—
P/FCFE, Sector
Health Care Equipment & Services	16.47	20.14	16.68	19.46	—
P/FCFE, Industry
Health Care	18.08	16.76	17.08	13.39	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 785,000,000 ÷ 1,434,780,104 = 0.55

⁴ Closing price as at the filing date of Boston Scientific Corp. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 47.18 ÷ 0.55 = 86.23

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.	Boston Scientific Corp. P/FCFE ratio decreased from 2020 to 2021 but then slightly increased from 2021 to 2022.

Boston Scientific Corp. (NYSE:BSX)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical