Price to FCFE (P/FCFE)
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Free Cash Flow to Equity (FCFE)
Mastercard Inc., FCFE calculation
US$ in millions
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).
The financial data reveals notable trends in the cash flow performance over the reported years. There is a clear upward trajectory in the net cash provided by operating activities from 2018 through 2022, with a particularly strong increase observed between 2020 and 2022.
- Net Cash Provided by Operating Activities
- Starting at 6,223 million USD in 2018, the amount increased consistently, reaching 11,195 million USD by 2022. This represents almost a doubling over the five-year period, indicating strengthened operational efficiency or enhanced cash generation capabilities.
- The year 2019 saw a significant rise to 8,183 million USD, followed by a slight dip in 2020 to 7,224 million USD, potentially reflecting some operational challenges or external factors impacting cash flow. However, this was followed by a robust recovery with an increase to 9,463 million USD in 2021 and further growth in 2022.
- Free Cash Flow to Equity (FCFE)
- The FCFE values also exhibit substantial growth over the period, starting at 6,710 million USD in 2018 and climbing to 10,497 million USD in 2022. This indicates improved cash availability for distribution to equity shareholders.
- The increase was most prominent from 2018 to 2020, with FCFE rising by approximately 56% over these two years. After peaking in 2020 at 10,475 million USD, FCFE experienced a decline in 2021 to 10,023 million USD but then stabilized in 2022 at a similar level.
Overall, the data suggests a strong and mostly consistent performance in operating cash flow and free cash flow to equity, highlighting enhanced financial strength and possibly effective cash management strategies. The minor decline in FCFE in 2021 warrants attention but does not overshadow the overall positive trend.
Price to FCFE Ratio, Current
Mastercard Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Accenture PLC | |
| Adobe Inc. | |
| Cadence Design Systems Inc. | |
| CrowdStrike Holdings Inc. | |
| Fair Isaac Corp. | |
| International Business Machines Corp. | |
| Intuit Inc. | |
| Microsoft Corp. | |
| Oracle Corp. | |
| Palantir Technologies Inc. | |
| Palo Alto Networks Inc. | |
| Salesforce Inc. | |
| ServiceNow Inc. | |
| Synopsys Inc. | |
| Workday Inc. | |
| P/FCFE, Sector | |
| Software & Services | |
| P/FCFE, Industry | |
| Information Technology | |
Based on: 10-K (reporting date: 2022-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Mastercard Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Accenture PLC | ||||||
| Adobe Inc. | ||||||
| Cadence Design Systems Inc. | ||||||
| CrowdStrike Holdings Inc. | ||||||
| Fair Isaac Corp. | ||||||
| International Business Machines Corp. | ||||||
| Intuit Inc. | ||||||
| Microsoft Corp. | ||||||
| Oracle Corp. | ||||||
| Palantir Technologies Inc. | ||||||
| Palo Alto Networks Inc. | ||||||
| Salesforce Inc. | ||||||
| ServiceNow Inc. | ||||||
| Synopsys Inc. | ||||||
| Workday Inc. | ||||||
| P/FCFE, Sector | ||||||
| Software & Services | ||||||
| P/FCFE, Industry | ||||||
| Information Technology | ||||||
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.
3 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Mastercard Inc. Annual Report.
5 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The financial data reveals several key trends over the five-year period ending in 2022. The share price shows a consistent upward trajectory, starting at $220.54 in 2018 and rising to $369.96 in 2022. Although the increase from 2019 to 2020 is minimal, the overall trend remains positive.
Free Cash Flow to Equity (FCFE) per share exhibits steady growth. It climbs from $6.54 in 2018 to $11.01 in 2022, reflecting an improvement in cash flows available to equity shareholders. The increments are consistent year-over-year, indicating stable operational performance and effective cash management.
The Price to FCFE ratio (P/FCFE) oscillates moderately throughout the years. Beginning at 33.72 in 2018, it peaks at 36.06 in 2021 before easing back to 33.60 in 2022. This fluctuation suggests variation in market valuation relative to the company's free cash flows, possibly influenced by investor sentiment or external market conditions. Despite this, the ratio remains within a relatively narrow band, implying a balanced market perception of value relative to cash flow generation.
- Share Price
- Demonstrates a strong, generally upward trend over the five-year period, nearly doubling from 2018 to 2022.
- FCFE per Share
- Increases steadily, indicative of improved free cash flows available to shareholders and continued financial strength.
- P/FCFE Ratio
- Shows moderate variation but remains within a close range, reflecting relatively stable market valuation multiples despite changes in share price and cash flow.