Williams-Sonoma Inc., FCFE calculation

US$ in thousands

12 months ended:	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
Net earnings	949,762)	1,127,904)	1,126,337)	680,714)	356,062)	333,684)
Net noncash charges	562,618)	534,725)	507,771)	491,465)	459,190)	255,680)
Changes in operating assets and liabilities	167,893)	(609,807)	(262,961)	102,669)	(207,958)	(3,378)
Net cash provided by operating activities	1,680,273)	1,052,822)	1,371,147)	1,274,848)	607,294)	585,986)
Purchases of property and equipment	(188,458)	(354,117)	(226,517)	(169,513)	(186,276)	(190,102)
Repayment of long-term debt	—)	—)	(300,000)	—)	—)	—)
Debt issuance costs	—)	—)	(778)	(3,645)	—)	—)
Borrowings under revolving line of credit	—)	—)	—)	487,823)	100,000)	60,000)
Repayments under the revolving line of credit	—)	—)	—)	(487,823)	(100,000)	(60,000)
Free cash flow to equity (FCFE)	1,491,815)	698,705)	843,852)	1,101,690)	421,018)	395,884)

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Williams-Sonoma 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.	Williams-Sonoma Inc. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Williams-Sonoma Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	64,308,083
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,491,815)
FCFE per share	23.20
Current share price (P)	287.81
Valuation Ratio
P/FCFE	12.41
Benchmarks
P/FCFE, Competitors¹
Amazon.com Inc.	111.53
Home Depot Inc.	20.89
Lowe’s Cos. Inc.	17.36
TJX Cos. Inc.	35.76
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	55.33
P/FCFE, Industry
Consumer Discretionary	41.96

Based on: 10-K (reporting date: 2024-01-28).

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.

Williams-Sonoma Inc., historical P/FCFE calculation, comparison to benchmarks

	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020	Feb 3, 2019
No. shares of common stock outstanding¹	64,112,265	66,228,239	71,558,874	76,192,973	77,197,681	78,563,968
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,491,815)	698,705)	843,852)	1,101,690)	421,018)	395,884)
FCFE per share³	23.27	10.55	11.79	14.46	5.45	5.04
Share price^1, 4	295.05	117.70	148.55	184.00	42.05	59.36
Valuation Ratio
P/FCFE⁵	12.68	11.16	12.60	12.73	7.71	11.78
Benchmarks
P/FCFE, Competitors⁶
Amazon.com Inc.	—	84.16	240.95	—	55.66	63.35
Home Depot Inc.	20.12	19.60	19.87	15.41	14.99	16.61
Lowe’s Cos. Inc.	18.03	7.08	13.55	12.28	8.69	20.45
TJX Cos. Inc.	28.74	33.59	—	10.55	19.71	21.79
P/FCFE, Sector
Consumer Discretionary Distribution & Retail	—	41.58	51.89	59.10	38.09	38.19
P/FCFE, Industry
Consumer Discretionary	—	30.84	36.19	82.92	32.04	28.99

Based on: 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31), 10-K (reporting date: 2020-02-02), 10-K (reporting date: 2019-02-03).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,491,815,000 ÷ 64,112,265 = 23.27

⁴ Closing price as at the filing date of Williams-Sonoma Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 295.05 ÷ 23.27 = 12.68

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.	Williams-Sonoma Inc. P/FCFE ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Williams-Sonoma Inc. (NYSE:WSM)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical