Price to FCFE (P/FCFE)
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HCA Healthcare Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2011
- Price to Earnings (P/E) since 2011
- Price to Book Value (P/BV) since 2011
- Analysis of Debt
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Free Cash Flow to Equity (FCFE)
HCA Healthcare Inc., FCFE calculation
US$ in millions
Based on: 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), 10-K (reporting date: 2017-12-31).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities exhibited a consistent upward trend from 2017 through 2020, increasing from $5,426 million to $9,232 million. This represents a substantial growth in operational cash generation over these four years, indicating improving efficiency or higher operational profitability. However, in 2021, there was a slight decrease to $8,959 million, suggesting a minor contraction or increased cash outflows within operating activities compared to the previous year.
- Free Cash Flow to Equity (FCFE)
- The free cash flow to equity demonstrated more volatility during the analyzed period. It started at $3,894 million in 2017, dropped significantly to $2,819 million in 2018, then rebounded to $3,938 million in 2019. In 2020, it declined again to $3,145 million but saw a dramatic increase to $8,599 million in 2021. This sharp rise in 2021 contrasts with the more moderate fluctuations observed in prior years, potentially reflecting changes in capital expenditures, financing activities, or working capital management impacting the cash available to equity shareholders.
- Overall Analysis
- While operating cash flows showed steady growth until 2020 with a slight decline in 2021, FCFE exhibited greater variability, including a notable surge in the final year. The divergence between operating cash flows and FCFE in 2021 suggests significant shifts in non-operational or investing activities that enhanced free cash flow to equity, despite a modest reduction in operating cash. This pattern may indicate strategic financial management decisions impacting equity cash returns in the most recent period.
Price to FCFE Ratio, Current
HCA Healthcare Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| P/FCFE, Sector | |
| Health Care Equipment & Services | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2021-12-31).
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.
Price to FCFE Ratio, Historical
HCA Healthcare Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/FCFE, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
Based on: 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), 10-K (reporting date: 2017-12-31).
1 Data adjusted for splits and stock dividends.
3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of HCA Healthcare Inc. Annual Report.
5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the analyzed period. Beginning at $100.84 at the end of 2017, it rose steadily each year, reaching $244.10 by the end of 2021. The most notable increases occurred between 2019 and 2020, and from 2020 to 2021, indicating strong market confidence or growth expectations during these periods.
- Free Cash Flow to Equity (FCFE) Per Share
- The FCFE per share displayed fluctuations rather than a consistent trend. Starting at $11.13 in 2017, it declined significantly to $8.23 in 2018, then rebounded to $11.64 in 2019. It saw a decrease again in 2020 to $9.25, followed by a substantial rise to $28.32 in 2021. The large increase in 2021 suggests a marked improvement in cash available to equity holders in the final year.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio showed considerable volatility across the period. It was relatively low at 9.06 in 2017, surged to 17.25 in 2018, and then declined to 12.73 in 2019. The ratio increased again to 19.17 in 2020 before dropping sharply to 8.62 in 2021. The high ratios in 2018 and 2020 suggest the market was valuing the company's equity more expensively relative to its free cash flow during those years, while the decline in 2021 indicates a more attractive valuation relative to FCFE, likely influenced by the significant increase in FCFE per share.