Ford Motor Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to Ford Motor Company	5,879)	4,347)	(1,981)	17,937)	(1,279)
(Income) loss attributable to noncontrolling interests	15)	(18)	(171)	(27)	3)
Net noncash charges	7,873)	9,426)	16,056)	(6,824)	6,547)
Cash changes in operating assets and liabilities	1,656)	1,163)	(7,051)	4,701)	18,998)
Net cash provided by operating activities	15,423)	14,918)	6,853)	15,787)	24,269)
Cash paid for interest, net of tax¹	6,602)	5,609)	3,142)	3,713)	3,792)
Capital spending	(8,684)	(8,236)	(6,866)	(6,227)	(5,742)
Free cash flow to the firm (FCFF)	13,341)	12,291)	3,129)	13,273)	22,319)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Ford Motor Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Ford Motor Co. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Ford Motor Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	18.50%	21.00%	28.60%	21.00%	21.00%
Interest Paid, Net of Tax
Cash paid for interest, before tax	8,100)	7,100)	4,400)	4,700)	4,800)
Less: Cash paid for interest, tax²	1,499)	1,491)	1,258)	987)	1,008)
Cash paid for interest, net of tax	6,602)	5,609)	3,142)	3,713)	3,792)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= 8,100 × 18.50% = 1,499

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Ford Motor Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	157,414)
Free cash flow to the firm (FCFF)	13,341)
Valuation Ratio
EV/FCFF	11.80
Benchmarks
EV/FCFF, Competitors¹
General Motors Co.	15.17
Tesla Inc.	303.87
EV/FCFF, Sector
Automobiles & Components	39.56
EV/FCFF, Industry
Consumer Discretionary	43.32

Based on: 10-K (reporting date: 2024-12-31).

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.

Ford Motor Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	156,899)	159,948)	147,561)	160,518)	157,639)
Free cash flow to the firm (FCFF)²	13,341)	12,291)	3,129)	13,273)	22,319)
Valuation Ratio
EV/FCFF³	11.76	13.01	47.17	12.09	7.06
Benchmarks
EV/FCFF, Competitors⁴
General Motors Co.	15.38	9.84	11.80	16.37	13.12
Tesla Inc.	344.19	131.52	69.36	192.76	278.10
EV/FCFF, Sector
Automobiles & Components	—	24.92	34.23	42.88	30.62
EV/FCFF, Industry
Consumer Discretionary	—	33.08	50.80	60.24	46.23

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 156,899 ÷ 13,341 = 11.76

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Ford Motor Co. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

Ford Motor Co. (NYSE:F)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical