Builders FirstSource Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income	2,749,369)	1,725,416)	313,537)	221,809)	205,191)
Net noncash charges	505,196)	539,191)	164,063)	174,391)	164,228)
Changes in assets and liabilities, net of assets acquired and liabilities assumed	344,666)	(521,058)	(217,533)	107,846)	(86,589)
Net cash provided by operating activities	3,599,231)	1,743,549)	260,067)	504,046)	282,830)
Purchases of property, plant and equipment	(340,152)	(227,891)	(112,082)	(112,870)	(101,411)
Proceeds from sale of property, plant and equipment	10,687)	13,560)	8,500)	6,545)	4,753)
Borrowings under revolving credit facility	5,881,000)	3,125,000)	891,000)	1,040,000)	1,662,000)
Repayments under revolving credit facility	(6,205,000)	(2,612,000)	(843,000)	(1,192,000)	(1,833,000)
Proceeds from long-term debt and other loans	1,001,500)	1,000,000)	895,625)	478,375)	3,818)
Repayments of long-term debt and other loans	(616,222)	(554,677)	(618,542)	(610,834)	(65,312)
Payments of debt extinguishment costs	(20,672)	(4,950)	(22,686)	(2,301)	(134)
Payments of loan costs	(16,797)	(19,450)	(13,800)	(8,618)	—)
Free cash flow to equity (FCFE)	3,293,575)	2,463,141)	445,082)	102,343)	(46,456)

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).

Download chart

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Builders FirstSource 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.	Builders FirstSource Inc. FCFE increased from 2020 to 2021 and from 2021 to 2022.

Builders FirstSource Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	123,346,775
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	3,293,575)
FCFE per share	26.70
Current share price (P)	117.47
Valuation Ratio
P/FCFE	4.40
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	18.02
Eaton Corp. plc	41.37
GE Aerospace	296.42
Honeywell International Inc.	28.56
Lockheed Martin Corp.	16.17
RTX Corp.	9.32
P/FCFE, Sector
Capital Goods	34.19
P/FCFE, Industry
Industrials	30.59

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.

Builders FirstSource Inc., 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	138,012,302	176,772,541	206,431,681	116,130,284	115,359,616
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	3,293,575)	2,463,141)	445,082)	102,343)	(46,456)
FCFE per share³	23.86	13.93	2.16	0.88	-0.40
Share price^1, 4	84.78	73.05	43.27	26.69	14.03
Valuation Ratio
P/FCFE⁵	3.55	5.24	20.07	30.29	—
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	120.43	—	6.78	19.60	—
Caterpillar Inc.	24.03	16.36	25.22	11.07	—
Eaton Corp. plc	28.68	24.43	25.59	11.12	—
GE Aerospace	44.45	—	—	—	—
Honeywell International Inc.	27.59	46.23	12.59	21.75	—
Lockheed Martin Corp.	11.63	14.65	15.57	28.62	—
RTX Corp.	26.71	35.07	—	28.09	—
P/FCFE, Sector
Capital Goods	25.94	—	74.91	27.54	—
P/FCFE, Industry
Industrials	23.85	—	49.40	28.48	—

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
= 3,293,575,000 ÷ 138,012,302 = 23.86

⁴ Closing price as at the filing date of Builders FirstSource Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 84.78 ÷ 23.86 = 3.55

⁶ Click competitor name to see calculations.

Download chart

Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Builders FirstSource Inc. P/FCFE ratio decreased from 2020 to 2021 and from 2021 to 2022.

Builders FirstSource Inc. (NYSE:BLDR)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical