Kimberly-Clark Corp., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
Net income attributable to Kimberly-Clark Corporation	2,352)	2,157)	1,410)	2,278)	2,166)
Net income attributable to noncontrolling interests	44)	40)	35)	41)	53)
Net noncash charges	970)	827)	1,136)	758)	679)
Operating working capital	363)	(288)	389)	(148)	334)
Cash provided by operations	3,729)	2,736)	2,970)	2,929)	3,232)
Capital spending	(1,217)	(1,209)	(877)	(785)	(771)
Proceeds from dispositions of property	31)	242)	51)	3)	23)
Change in short-term debt	(561)	303)	(34)	360)	(908)
Debt proceeds	1,845)	706)	507)	937)	1,293)
Debt repayments	(854)	(707)	(407)	(1,481)	(598)
Free cash flow to equity (FCFE)	2,973)	2,071)	2,210)	1,963)	2,271)

Based on: 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), 10-K (reporting date: 2016-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Kimberly-Clark Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Kimberly-Clark Corp. FCFE decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Kimberly-Clark Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	337,431,588
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	2,973)
FCFE per share	8.81
Current share price (P)	132.11
Valuation Ratio
P/FCFE	14.99
Benchmarks
P/FCFE, Competitors¹
Procter & Gamble Co.	28.58
P/FCFE, Industry
Consumer Staples	27.02

Based on: 10-K (reporting date: 2020-12-31).

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.

Kimberly-Clark Corp., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016
No. shares of common stock outstanding¹	338,363,924	341,795,666	344,431,630	350,706,285	356,274,872
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	2,973)	2,071)	2,210)	1,963)	2,271)
FCFE per share³	8.79	6.06	6.42	5.60	6.37
Share price^1, 4	132.09	144.74	113.36	111.69	122.93
Valuation Ratio
P/FCFE⁵	15.03	23.89	17.67	19.95	19.29
Benchmarks
P/FCFE, Competitors⁶
Procter & Gamble Co.	17.20	25.81	—	—	—
P/FCFE, Industry
Consumer Staples	17.29	18.06	—	—	—

Based on: 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), 10-K (reporting date: 2016-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 2,973,000,000 ÷ 338,363,924 = 8.79

⁴ Closing price as at the filing date of Kimberly-Clark Corp. Annual Report.

⁵ 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= 132.09 ÷ 8.79 = 15.03

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.	Kimberly-Clark Corp. P/FCFE ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.

Kimberly-Clark Corp. (NYSE:KMB)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical