Ford Motor Co., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Ford Motor Company	4,347)	(1,981)	17,937)	(1,279)	47)
(Income) loss attributable to noncontrolling interests	(18)	(171)	(27)	3)	37)
Net noncash charges	9,426)	16,056)	(6,824)	6,547)	11,351)
Cash changes in operating assets and liabilities	1,163)	(7,051)	4,701)	18,998)	6,204)
Net cash provided by operating activities	14,918)	6,853)	15,787)	24,269)	17,639)
Capital spending	(8,236)	(6,866)	(6,227)	(5,742)	(7,632)
Net changes in short-term debt	(1,539)	5,460)	3,273)	(2,291)	(1,384)
Proceeds from issuance of long-term debt	51,659)	45,470)	27,901)	65,900)	47,604)
Payments of long-term debt	(41,965)	(45,655)	(54,164)	(60,514)	(46,497)
Free cash flow to equity (FCFE)	14,837)	5,262)	(13,430)	21,622)	9,730)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Ford Motor 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.	Ford Motor Co. FCFE increased from 2021 to 2022 and from 2022 to 2023.

Ford Motor Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	3,974,288,593
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	14,837)
FCFE per share	3.73
Current share price (P)	11.05
Valuation Ratio
P/FCFE	2.96
Benchmarks
P/FCFE, Competitors¹
General Motors Co.	3.91
Tesla Inc.	172.33
P/FCFE, Sector
Automobiles & Components	33.05
P/FCFE, Industry
Consumer Discretionary	38.45

Based on: 10-K (reporting date: 2023-12-31).

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.

Ford Motor Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	3,973,633,108	3,986,181,861	4,004,247,552	3,978,695,017	3,964,930,325
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	14,837)	5,262)	(13,430)	21,622)	9,730)
FCFE per share³	3.73	1.32	-3.35	5.43	2.45
Share price^1, 4	12.80	13.23	17.96	11.51	8.31
Valuation Ratio
P/FCFE⁵	3.43	10.02	—	2.12	3.39
Benchmarks
P/FCFE, Competitors⁶
General Motors Co.	2.84	3.50	9.87	5.04	27.87
Tesla Inc.	94.35	148.49	—	2,938.89	107.36
P/FCFE, Sector
Automobiles & Components	19.12	26.63	—	25.38	17.76
P/FCFE, Industry
Consumer Discretionary	30.84	36.19	82.92	32.04	28.99

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 14,837,000,000 ÷ 3,973,633,108 = 3.73

⁴ Closing price as at the filing date of Ford Motor Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 12.80 ÷ 3.73 = 3.43

⁶ Click competitor name to see calculations.

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Ford Motor Co. (NYSE:F)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical