Colgate-Palmolive Co., 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 attributable to Colgate-Palmolive Company	1,785)	2,166)	2,695)	2,367)	2,400)
Net income attributable to noncontrolling interests	182)	172)	165)	160)	158)
Net noncash charges	1,315)	1,184)	478)	541)	653)
Cash effects of changes in assets and liabilities	(726)	(197)	381)	65)	(155)
Net cash provided by operations	2,556)	3,325)	3,719)	3,133)	3,056)
Capital expenditures	(696)	(567)	(410)	(335)	(436)
Short-term borrowing (repayment) less than 90 days, net	540)	(171)	488)	296)	546)
Principal payments on debt	(406)	(703)	(1,085)	(1,441)	(725)
Proceeds from issuance of debt	1,513)	699)	—)	2,578)	—)
Free cash flow to equity (FCFE)	3,507)	2,583)	2,712)	4,231)	2,441)

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 Colgate-Palmolive Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Colgate-Palmolive Co. FCFE decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Colgate-Palmolive Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	826,691,529
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,507)
FCFE per share	4.24
Current share price (P)	75.62
Valuation Ratio
P/FCFE	17.83
Benchmarks
P/FCFE, Competitors¹
Procter & Gamble Co.	27.64
P/FCFE, Industry
Consumer Staples	34.21

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.

Colgate-Palmolive Co., 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	830,378,790	840,487,222	848,562,678	855,029,777	861,676,494
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,507)	2,583)	2,712)	4,231)	2,441)
FCFE per share³	4.22	3.07	3.20	4.95	2.83
Share price^1, 4	72.77	79.15	78.72	76.27	66.70
Valuation Ratio
P/FCFE⁵	17.23	25.75	24.63	15.41	23.55
Benchmarks
P/FCFE, Competitors⁶
Procter & Gamble Co.	22.37	29.39	17.20	25.81	—
P/FCFE, Industry
Consumer Staples	25.33	24.84	18.28	—	—

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
= 3,507,000,000 ÷ 830,378,790 = 4.22

⁴ Closing price as at the filing date of Colgate-Palmolive Co. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 72.77 ÷ 4.22 = 17.23

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.	Colgate-Palmolive Co. P/FCFE ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Colgate-Palmolive Co. (NYSE:CL)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical