Motorola Solutions Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings attributable to Motorola Solutions, Inc.	1,709)	1,363)	1,245)	949)	868)
Earnings attributable to noncontrolling interests	5)	4)	5)	4)	3)
Net noncash charges	606)	785)	587)	583)	947)
Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments	(276)	(329)	—)	77)	5)
Net cash provided by operating activities	2,044)	1,823)	1,837)	1,613)	1,823)
Capital expenditures	(253)	(256)	(243)	(217)	(248)
Proceeds from sales of property, plant and equipment	—)	—)	6)	56)	7)
Net proceeds from issuance of debt	—)	595)	844)	892)	1,804)
Repayment of debt	(1)	(285)	(353)	(914)	(2,039)
Repayment of unsecured revolving credit facility draw	—)	—)	—)	(800)	—)
Proceeds from unsecured revolving credit facility draw	—)	—)	—)	800)	—)
Revolving credit facility renewal fees	—)	—)	(7)	—)	—)
Settlement of conversion premium on 2.00% senior convertible notes	—)	—)	—)	—)	(326)
Free cash flow to equity (FCFE)	1,790)	1,877)	2,084)	1,430)	1,021)

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 Motorola Solutions Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Motorola Solutions Inc. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Motorola Solutions Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	166,840,999
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	1,790)
FCFE per share	10.73
Current share price (P)	398.58
Valuation Ratio
P/FCFE	37.15
Benchmarks
P/FCFE, Competitors¹
Apple Inc.	38.45
Arista Networks Inc.	62.21
Cisco Systems Inc.	7.13
Super Micro Computer Inc.	74.00
P/FCFE, Sector
Technology Hardware & Equipment	34.63
P/FCFE, Industry
Information Technology	50.00

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.

Motorola Solutions Inc., 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	166,132,981	167,250,071	168,209,089	169,028,294	170,579,096
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	1,790)	1,877)	2,084)	1,430)	1,021)
FCFE per share³	10.77	11.22	12.39	8.46	5.99
Share price^1, 4	323.90	267.36	221.00	181.07	184.41
Valuation Ratio
P/FCFE⁵	30.06	23.82	17.84	21.40	30.81
Benchmarks
P/FCFE, Competitors⁶
Apple Inc.	30.63	22.26	23.27	24.40	21.64
Arista Networks Inc.	41.51	96.71	42.05	32.98	18.04
Cisco Systems Inc.	12.84	17.18	21.02	38.82	14.85
Super Micro Computer Inc.	41.38	139.27	13.81	—	7.83
P/FCFE, Sector
Technology Hardware & Equipment	27.96	22.10	23.19	25.31	20.14
P/FCFE, Industry
Information Technology	33.47	26.69	27.52	23.46	19.14

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
= 1,790,000,000 ÷ 166,132,981 = 10.77

⁴ Closing price as at the filing date of Motorola Solutions Inc. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 323.90 ÷ 10.77 = 30.06

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.	Motorola Solutions Inc. P/FCFE ratio increased from 2021 to 2022 and from 2022 to 2023.

Motorola Solutions Inc. (NYSE:MSI)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical