Week 11 Pre-Class FCF Valuation Problem using CapIQ for class Flowserve Corp TEMPLATE
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Date
Apr 3, 2024
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Uploaded by ColonelPuppy4204
Page 1
FCF Valuation Model
FLOWSERVE CORPORATION - "FLS" NYSE
Income Statement
($millions)
Actual
Actual
Actual
Actual
Actual
Projected
Projected
Projected
Projected
Projected
For the year ended December 31
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Revenue
$ 3,660.8 $ 3,835.7 $ 3,939.7 $ 3,728.1 $ 3,541.1 $ 3,824.3 $ 4,053.8 $ 4,297.0 $ 4,554.9 $ 4,646.0 Growth rate
n/a
4.78%
2.71%
-5.37%
-5.02%
8.00%
6.00%
6.00%
6.00%
2.00%
Cost of goods sold
2,571.9 2,644.8 2,650.4 2,549.1 2,474.5 2,589.1 2,707.9 2,866.1 3,006.2 3,066.3 Gross profit
1,089.0 1,190.9 1,289.3 1,179.1 1,066.6 1,235.3 1,345.9 1,430.9 1,548.7 1,579.6 SG&A and R&D expenses
763.0 818.4 788.2 708.2 681.4 753.4 798.6 846.5 897.3 915.3 EBITDA
326.0 372.5 501.1 470.8 385.2 481.9 547.3 584.4 651.3 664.4 Depreciation/Amortization
118.5 112.5 105.9 100.8 99.8 107.1 113.5 120.3 127.5 130.1 EBIT
207.5 260.0 395.2 370.1 285.4 374.8 433.8 464.1 523.8 534.3 Taxes
n/a n/a n/a n/a n/a 93.7 108.4 116.0 131.0 133.6 NOPAT (Net Operating Profit After Tax)
n/a n/a n/a n/a n/a $ 281.1 $ 325.3 $ 348.1 $ 392.9 $ 400.7 Common Size
Assumptions (in BLUE)/Common Size % (in BLACK)
Revenue
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
Revenue Growth Rate
n/a
4.8%
2.7%
-5.4%
-5.0%
8.0%
6.0%
6.0%
6.0%
2.0%
Cost of goods sold % of Revenue
70.3%
69.0%
67.3%
68.4%
69.9%
67.7%
66.8%
66.7%
66.0%
66.0%
Gross profit % of Revenue
29.7%
31.0%
32.7%
31.6%
30.1%
32.3%
33.2%
33.3%
34.0%
34.0%
SG&A/R&D expenses % of Revenue
20.8%
21.3%
20.0%
19.0%
19.2%
19.7%
19.7%
19.7%
19.7%
19.7%
Depreciation expense % Revenue
3.2%
2.9%
2.7%
2.7%
2.8%
2.8%
2.8%
2.8%
2.8%
2.8%
EBITDA MARGIN
8.9%
9.7%
12.7%
12.6%
10.9%
12.6%
13.5%
13.6%
14.3%
14.3%
EBIT MARGIN
5.7%
6.8%
10.0%
9.9%
8.1%
9.8%
10.7%
10.8%
11.5%
11.5%
Income Tax Rate
n/a
n/a
n/a
n/a
n/a
25.0%
25.0%
25.0%
25.0%
25.0%
NOPAT MARGIN
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
NOTE: Throughout model BLUE cells are inputs for Assumptions. BLACK are either formulas or links to other worksheets.
Page 2
FCF Valuation Model
FLOWSERVE CORPORATION - "FLS" NYSE
Working Capital - Capital Expenditures
($millions)
Actual
Actual
Actual
Actual
Actual
Projected
Projected
Projected
Projected
Projected
As of December 31
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Accounts receivable
$ 856.7 $ 1,021.0 $ 1,068.5 $ 1,031.2 $ 934.8 $ 995.4 $ 1,055.1 $ 1,118.4 $ 1,185.5 $ 1,209.2 Inventory
884.3 633.9 660.8 667.2 678.3 647.3 677.0 716.5 751.6 766.6 Other current
114.3 108.6 106.5 110.6 117.1 107.1 113.5 120.3 127.5 130.1 Total Current Assets
1,855.3 1,763.5 1,835.8 1,809.1 1,730.2 1,749.7 1,845.6 1,955.3 2,064.6 2,105.9 Accounts payable
443.1 418.9 447.6 440.2 410.1 425.6 445.1 471.1 494.2 504.1 Other non-debt current liabilities
696.3 584.0 602.5 626.1 600.9 582.5 609.3 644.9 676.4 689.9 Total Current Liabilities
1,139.4 1,002.9 1,050.0 1,066.3 1,010.9 1,008.1 1,054.4 1,116.0 1,170.6 1,194.0 Net Working Capital
$ 715.9 $ 760.6 $ 785.7 $ 742.8 $ 719.3 $ 741.6 $ 791.2 $ 839.2 $ 894.0 $ 911.9 Change NWC - (Increase)/Decrease
n/a (44.7) (25.2) 42.9 23.5 (22.3) (49.6) (48.1) (54.8) (17.9)
Assumptions (BLUE)
Revenue
$ 3,660.8 $ 3,835.7 $ 3,939.7 $ 3,728.1 $ 3,541.1 $ 3,824.3 $ 4,053.8 $ 4,297.0 $ 4,554.9 $ 4,646.0 Cost of goods sold
2,571.9 2,644.8 2,650.4 2,549.1 2,474.5 2,589.1 2,707.9 2,866.1 3,006.2 3,066.3 Accounts receivable DSO
85 97 99 101 96 95
95
95
95
95
Inventory turnover (Cogs)
2.9 4.2 4.0 3.8 3.6 4.0 4.0 4.0 4.0 4.0 Other current assets as a % of Revenue
3.1%
2.8%
2.7%
3.0%
3.3%
2.8%
2.8%
2.8%
2.8%
2.8%
Accounts Payable Days of COGS
63 58 62 63 60 60
60
60
60
60
Other current liab. as a % of COGS
27.1%
22.1%
22.7%
24.6%
24.3%
22.5%
22.5%
22.5%
22.5%
22.5%
CAPX Statistics
Assumptions (BLUE)
Capital Expenditures
$ 61.6 $ 84.0 $ 75.7 $ 57.4 $ 54.9 $ 75.0 $ 79.5 $ 84.2 $ 89.3 $ 91.1 Depreciation/Amortization
118.5 112.5 105.9 100.8 99.8 107.1 113.5 120.3 127.5 130.1 Capx / Depreciation/Amortization
52%
75%
71%
57%
55%
70%
70%
70%
70%
70%
Page 3
FCF Valuation Model
FLOWSERVE CORPORATION - "FLS" NYSE
Balance Sheet
($millions)
12.31.2021
Cash
$ 658.5 Accounts receivable
934.8 Inventory
678.3 Other current
117.1 Total Current Assets
2,388.7 Property, plant & equipment - net
709.8 Intangibles/Goodwill
1,348.9 Other long-term assets
302.4 Total assets
4,749.8 Accounts payable
410.1 Other current
648.1 Current portion of debt & Capital leases
73.7 Total current liabilities
1,131.8 Long-term debt/leases
1,428.6 Pension & post retirement obligations
189.0 Other long-term liabilities
163.1 Total liabilities
2,912.4 Stockholders' equity
1,837.3 Total liabilities and equity
$ 4,749.8 $ - Common Shares Outstanding (millions)
130.402 (Source from CAP
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Page 4
FCF Valuation Model
FLOWSERVE CORPORATION - "FLS" NYSE
Weighted Cost of Capital
($millions)
COST OF EQUITY
Risk-Free Rate (20 year U.S. Treasury)
2.2% (Source from CAP IQ "Markets" - "Government Debt" - "US Treasury 10 year" and then find 20 year)
Market Risk Premium
5.4%
Beta 1.59 (Source from CAP IQ Tear Sheet))
Cost of Equity (CAPM)
10.7%
Company Size Risk
0.0%
Do not change, leave as zero %
Company Specific Risk
0.0%
Do not change, leave as zero %
Cost of Equity
10.7%
COST OF DEBT
Under "Fixed Incoome" "Credit Ratings" see if the BBB BB
BBB
BBB-
BB+
BB
company's debt is rated. If so find the rating 3.95%
6.87%
3.950%
4.923%
5.897%
6.87%
under "Markets" "Corprate Yield Curve". Use 20 year yield
2.92%
FLS is a BBB-
0.97%
4.9%
Total
8.9%
Tax rate
25.0%
After-Tax Cost of Debt
3.7%
CAPITAL STRUCTURE
% of Total
Cost
Weighted
$ 3,948.6 72.4%
10.7%
7.8%
1,502.2 27.6%
3.7%
1.0%
Total Capitalization
$ 5,450.8 0.0%
WACC
8.8%
** (Source from CAP IQ Tear Sheet))
http://pages.stern.nyu.edu/~adamodar/ and use the Implied ERP on February 1, 2022 or February 1 if it has been updated.
Market Capitalization **
Total Debt **
Page 5
FCF Valuation
Model
FLOWSERVE CORPORATION - "FLS" NYSE
Discounted Free Cash Flow Valuation
($millions)
Projected
Projected
Projected
Projected
Projected
For the year ended December 31
2022
2023
2024
2025
2026
Terminal
Long-Term Growth Rate Assumption
2.0%
EBITDA
$ 481.9 $ 547.3 $ 584.4 $ 651.3 $ 664.4 $ 677.7 Depreciation/Amortization
107.1 113.5 120.3 127.5 130.1 $ 132.7 EBIT
374.8 433.8 464.1 523.8 534.3 545.0 Taxes
25.0% 93.7 108.4 116.0 131.0 133.6 136.2 NOPAT
281.1 325.3 348.1 392.9 400.7 408.7 Add: Depreciation/Amortization
107.1 113.5 120.3 127.5 130.1 132.7 Working Capital - (Increase)/Decrease
(22.3) (49.6) (48.1) (54.8) (17.9) (18.2)
CAPX
(75.0) (79.5) (84.2) (89.3) (91.1) (92.9)
Terminal FCF
430.3 WACC
8.8%
Long-Term Growth Rate
2.0%
Capitalization Rate
6.8%
Free Cash Flow
$ 290.9 $ 309.8 $ 336.1 $ 376.3 $ 421.9 $ 6,337.9 Discounting Periods - Mid-Year
0.5 1.5 2.5 3.5 4.5 4.5 Present Value Factor
1.0430 1.1347 1.2344 1.3429 1.4610 1.4610 Present Value FCF
$ 278.9 $ 273.0 $ 272.3 $ 280.2 $ 288.8 $ 4,338.2 VALUATION
Invested Capital Value
$ 5,731.3 Less: Total Outstanding Debt
1502.242
(From Balance Sheet = Current & Long-Term)
Less: Pension/Post Retirement
188.999
(From Balance Sheet)
Add: Cash
658.452
(From Balance Sheet)
EQUITY VALUE
$ 4,698.55 Shares Outstanding 130.401951
(From Balance Sheet)
Value per Share
$ 36.03 Current Market Price per Share
31.34
(Source from CAP IQ Tear Sheet))
Undervalued or Overvalued?
$ (4.69)
Undervalued
EBITDA 2022
$ 481.9
Page 6
FCF Valuation
Model
Invested Capital Multiple
10.5
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Flowserve Corporation (NYSE:FLS) > Financials > Income Statement
In Millions of the reported currency, except per share items.
Template:
Standard
Restatement:
Latest Filings
Period Type:
Annual
Order:
Latest on Right
Currency:
Reported Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default
Decimals:
Capital IQ (Default)
Source:
Capital IQ & Proprietar
Income Statement
Currency
USD
USD
USD
USD
USD
Revenue
3,660.8 3,835.7 3,939.7 3,728.1 3,541.1 Other Revenue
-
-
-
-
-
Total Revenue
3,660.8 3,835.7 3,939.7 3,728.1 3,541.1 Cost Of Goods Sold
2,571.9 2,644.8 2,650.4 2,549.1 2,474.5 Gross Profit
1,089.0 1,190.9 1,289.3 1,179.1 1,066.6 Selling General & Admin Exp.
842.8 891.3 852.1 772.9 747.0 R & D Exp.
38.6 39.6 42.0 36.1 34.2 Depreciation & Amort.
-
-
-
-
-
Other Operating Expense/(Income)
-
-
-
-
-
Other Operating Exp., Total
881.4 930.9 894.1 809.0 781.2 Operating Income
207.5 260.0 395.2 370.1 285.4 Interest Expense
(59.7) (58.2) (55.0) (56.2) (57.6) Interest and Invest. Income
3.4 6.5 8.4 4.2 2.8 Net Interest Exp.
(56.3) (51.7) (46.6) (52.0) (54.9) Income/(Loss) from Affiliates
12.6 11.1 10.5 11.8 16.3 Currency Exchange Gains (Loss)
(14.0) (18.7) (14.5) 9.6 (27.4) Other Non-Operating Inc. (Exp.)
(2.1) (2.1) (1.3) (0.4) (9.0) EBT Excl. Unusual Items
147.7 198.7 343.3 339.1 210.4 Restructuring Charges
-
-
- (104.8) (22.5) Impairment of Goodwill
-
-
-
-
-
Gain (Loss) On Sale Of Assets
141.3 (7.7) -
- 1.8
For the Fiscal Period Ending
Reclassified
12 months
Dec-31-2017
Restated
12 months
Dec-31-2018
Restated
12 months
Dec-31-2019
Restated
12 months
Dec-31-2020
12 months
Dec-31-2021
Asset Writedown
(26.0) (9.7) -
-
-
Legal Settlements
- (24.8) (20.9) (15.8) (10.0) Other Unusual Items
-
-
- (16.2) (46.2) EBT Incl. Unusual Items
263.0 156.4 322.4 202.3 133.6 Income Tax Expense
258.7 46.6 75.5 61.4 (2.6) Earnings from Cont. Ops.
4.3 109.9 246.9 140.9 136.2 Earnings of Discontinued Ops.
-
-
-
-
-
Extraord. Item & Account. Change
-
-
-
-
-
Net Income to Company
4.3 109.9 246.9 140.9 136.2 Minority Int. in Earnings
(1.7) (5.4) (8.1) (10.5) (10.2) Net Income
2.7 104.5 238.8 130.4 125.9 Pref. Dividends and Other Adj.
-
-
-
-
-
NI to Common Incl Extra Items
2.7 104.5 238.8 130.4 125.9 NI to Common Excl. Extra Items
2.7 104.5 238.8 130.4 125.9 Per Share Items
Basic EPS
$0.02 $0.8 $1.82 $1.0 $0.97 Basic EPS Excl. Extra Items
0.02 0.8 1.82 1.0 0.97 Weighted Avg. Basic Shares Out.
130.7 130.8 131.0 130.4 130.3 Diluted EPS
$0.02 $0.8 $1.81 $1.0 $0.96 Diluted EPS Excl. Extra Items
0.02 0.8 1.81 1.0 0.96 Weighted Avg. Diluted Shares Out.
131.4 131.3 131.7 131.1 130.9 Normalized Basic EPS
$0.69 $0.91 $1.58 $1.55 $0.93 Normalized Diluted EPS
0.69 0.9 1.57 1.54 0.93 Dividends per Share
$0.76 $0.76 $0.76 $0.8 $0.8 Payout Ratio %
3,741.8% 95.1% 41.7% 79.9% 83.1% Supplemental Items
EBITDA
326.0 372.5 501.1 470.8 385.2 EBITA
222.8 274.1 409.0 383.7 298.8 EBIT
207.5 260.0 395.2 370.1 285.4 EBITDAR
NA
NA 565.1 535.2 452.0 Effective Tax Rate %
98.4% 29.8% 23.4% 30.4% NM
Current Domestic Taxes
64.8 14.7 26.5 46.1 68.0 Current Foreign Taxes
22.4 30.0 62.0 42.5 30.0 Total Current Taxes
87.3 44.7 88.5 88.6 98.0 Deferred Domestic Taxes
136.8 6.4 (0.7) (53.9) (96.2)
Deferred Foreign Taxes
34.6 (4.6) (12.2) 26.7 (4.3) Total Deferred Taxes
171.4 1.9 (13.0) (27.2) (100.5) Normalized Net Income
90.6 118.8 206.5 201.5 121.3 Interest on Long Term Debt
NA
NA 0.4 0.6 0.6 Non-Cash Pension Expense
4.9 (1.3) 1.2 3.4 (0.7) Filing Date
Feb-18-2020
Feb-23-2021
Feb-23-2022
Feb-23-2022
Feb-23-2022
Restatement Type
RC
RS
RS
RS
O
Calculation Type
REP
REP
REP
REP
REP
Supplemental Operating Expense Items
R&D Exp.
38.6 39.6 42.0 36.1 34.2 Net Rental Exp.
NA
NA 63.9 64.3 66.8 Imputed Oper. Lease Interest Exp.
-
- 18.5 16.4 17.8 Imputed Oper. Lease Depreciation
-
- 45.5 47.9 49.0 Stock-Based Comp., SG&A Exp.
22.8 -
-
-
-
Stock-Based Comp., Unallocated
- 19.9 23.9 27.3 29.5 Stock-Based Comp., Total
22.8 19.9 23.9 27.3 29.5 Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent.
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Flowserve Corporation (NYSE:FLS) > Financials > Balance Sheet
In Millions of the reported currency, except per share items.
Template:
Standard
Restatement:
Latest Filings
Period Type:
Annual
Order:
Latest on Right
Currency:
Reported Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default
Decimals:
Capital IQ (Default)
Source:
Capital IQ & Proprietar
Balance Sheet
Dec-31-2017
Dec-31-2018
Dec-31-2021
Currency
USD
USD
USD
USD
USD
ASSETS
Cash And Equivalents
703.4 619.7 671.0 1,095.3 658.5 Total Cash & ST Investments
703.4 619.7 671.0 1,095.3 658.5 Accounts Receivable
856.7 1,021.0 1,056.6 1,026.9 910.6 Other Receivables
-
- 11.9 4.3 24.2 Total Receivables
856.7 1,021.0 1,068.5 1,031.2 934.8 Inventory
884.3 633.9 660.8 667.2 678.3 Prepaid Exp.
111.8 108.0 105.6 107.8 116.4 Other Current Assets
2.5 0.5 0.9 2.9 0.7 Total Current Assets
2,558.7 2,383.1 2,506.7 2,904.3 2,388.7 Gross Property, Plant & Equipment
1,639.8 1,566.7 1,764.7 1,858.3 1,901.6 Accumulated Depreciation
(968.0) (956.6) (1,014.9) (1,093.3) (1,191.8) Net Property, Plant & Equipment
671.8 610.1 749.8 765.0 709.8 Goodwill
1,218.2 1,197.6 1,193.0 1,224.9 1,196.5 Other Intangibles
210.0 190.6 180.8 168.5 152.5 Accounts Receivable Long-Term
- 11.0 9.3 1.1 0.4 Deferred Tax Assets, LT
52.0 44.7 54.9 30.5 44.0 Other Long-Term Assets
199.7 179.2 243.8 220.3 257.9 Total Assets
4,910.5 4,616.3 4,938.3 5,314.7 4,749.8 LIABILITIES
Accounts Payable
443.1 418.9 447.6 440.2 410.1 Accrued Exp.
365.5 346.6 347.3 403.4 371.2 Curr. Port. of LT Debt
75.6 68.2 11.3 9.0 35.9 Curr. Port. of Leases
-
- 36.1 35.0 37.8 Curr. Income Taxes Payable
27.9 9.9 20.0 31.4 47.2
Balance Sheet as of:
Restated
Dec-31-2019
Restated
Dec-31-2020
Unearned Revenue, Current
277.5 202.5 221.1 194.2 203.0 Other Current Liabilities
53.3 35.0 34.0 28.4 26.7 Total Current Liabilities
1,242.9 1,081.0 1,117.4 1,141.6 1,131.8 Long-Term Debt
1,477.5 1,401.3 1,354.2 1,717.7 1,250.5 Long-Term Leases
22.2 13.5 163.3 194.5 178.1 Unearned Revenue, Non-Current
3.9 1.4 1.7 0.8 0.5 Pension & Other Post-Retire. Benefits
203.6 183.0 199.6 226.0 189.0 Def. Tax Liability, Non-Curr.
156.3 159.4 149.6 85.8 9.2 Other Non-Current Liabilities
133.1 115.9 180.1 186.8 153.4 Total Liabilities
3,239.5 2,955.5 3,165.9 3,553.4 2,912.4 Common Stock
221.0 221.0 221.0 221.0 221.0 Additional Paid In Capital
488.3 494.6 501.0 502.2 506.4 Retained Earnings
3,503.9 3,543.0 3,652.2 3,670.5 3,691.0 Treasury Stock
(2,059.6) (2,049.4) (2,051.6) (2,059.3) (2,057.7) Comprehensive Inc. and Other
(499.1) (566.8) (576.0) (603.5) (556.4) Total Common Equity
1,654.6 1,642.3 1,746.7 1,731.0 1,804.3 Minority Interest
16.4 18.5 25.6 30.3 33.0 Total Equity
1,671.0 1,660.8 1,772.3 1,761.3 1,837.3 Total Liabilities And Equity
4,910.5 4,616.3 4,938.3 5,314.7 4,749.8 Supplemental Items
Total Shares Out. on Filing Date
130.8 131.0 130.9 130.3 130.4 Total Shares Out. on Balance Sheet Date
130.3 130.6 130.5 130.0 130.0 Book Value/Share
$12.7 $12.58 $13.38 $13.31 $13.88 Tangible Book Value
226.4 254.1 372.9 337.6 455.4 Tangible Book Value/Share
$1.74 $1.95 $2.86 $2.6 $3.5 Total Debt
1,575.3 1,483.0 1,564.9 1,956.2 1,502.2 Net Debt
871.8 863.4 893.9 861.0 843.8 Debt Equiv. of Unfunded Proj. Benefit Obligation
161.8 151.3 152.0 192.4 128.4 Debt Equivalent Oper. Leases
NA
NA 511.5 514.8 534.5 Total Minority Interest
16.4 18.5 25.6 30.3 33.0 Inventory Method
FIFO
FIFO
FIFO
FIFO
FIFO
Raw Materials Inventory
358.8 310.2 328.1 321.6 318.3 Work in Progress Inventory
548.3 191.7 193.0 210.2 242.1 Finished Goods Inventory
215.8 205.8 218.4 221.5 213.1 Other Inventory Accounts
(160.0) NA
NA
NA
NA
Land
84.6 72.7 64.8 65.9 62.6 Buildings
470.4 441.0 419.5 446.0 441.6 Machinery
682.3 634.8 666.4 699.3 751.9 Full Time Employees
17,000 17,000 17,000 16,000 16,000
Accum. Allowance for Doubtful Accts
59.1 51.5 47.3 59.3 55.3 Order Backlog
2,033.4 1,891.6 2,157.0 1,854.9 2,003.6 Filing Date
Feb-18-2020
Feb-23-2021
Feb-23-2022
Feb-23-2022
Feb-23-2022
Restatement Type
NC
NC
RS
RS
O
Calculation Type
RUP
RUP
RUP
REP
REP
Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent.
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Flowserve Corporation (NYSE:FLS) > Financials > Cash Flow
In Millions of the reported currency, except per share items.
Template:
Standard
Restatement:
Latest Filings
Period Type:
Annual
Order:
Latest on Right
Currency:
Reported Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default
Decimals:
Capital IQ (Default)
Source:
Capital IQ & Proprietar
Cash Flow
Currency
USD
USD
USD
USD
USD
Net Income
2.7 104.5 238.8 130.4 125.9 Depreciation & Amort.
103.2 98.4 92.1 87.2 86.4 Amort. of Goodwill and Intangibles
15.3 14.1 13.8 13.6 13.4 Depreciation & Amort., Total
118.5 112.5 105.9 100.8 99.8 (Gain) Loss From Sale Of Assets
(141.3) 7.7 -
-
-
Asset Writedown & Restructuring Costs
26.0 -
-
-
-
Stock-Based Compensation
22.8 19.9 23.9 27.3 29.5 Other Operating Activities
124.1 35.8 (3.6) 15.9 86.2 Change in Acc. Receivable
60.2 (49.9) (42.3) 49.9 65.7 Change In Inventories
48.6 (29.3) (31.1) 15.3 (32.1) Change in Acc. Payable
12.4 7.6 24.7 (22.6) (19.5) Change in Unearned Rev.
- 33.0 19.7 (34.1) 14.2 Change in Def. Taxes
51.0 6.4 (11.5) (60.5) (91.2) Change in Other Net Operating Assets
(13.9) (57.3) (0.4) 88.1 (28.3) Cash from Ops.
311.1 190.8 324.1 310.5 250.1 Capital Expenditure
(61.6) (84.0) (75.7) (57.4) (54.9) Sale of Property, Plant, and Equipment
5.4 6.2 42.3 15.7 2.7 Cash Acquisitions
-
-
-
-
-
Divestitures
232.8 (3.7) -
-
-
Invest. in Marketable & Equity Securt.
-
-
-
- (7.2) Net (Inc.) Dec. in Loans Originated/Sold
-
-
-
-
-
Other Investing Activities
-
-
-
-
-
Cash from Investing
176.6 (81.5) (33.4) (41.7) (59.5) Short Term Debt Issued
-
- 75.0 -
-
Long-Term Debt Issued
7.4 3.4 3.4 500.6 799.7
For the Fiscal Period Ending
12 months
Dec-31-2017
Restated
12 months
Dec-31-2018
Restated
12 months
Dec-31-2019
Restated
12 months
Dec-31-2020
12 months
Dec-31-2021
Total Debt Issued
7.4 3.4 78.4 500.6 799.7 Short Term Debt Repaid
-
- (75.0) -
-
Long-Term Debt Repaid
(79.0) (69.9) (114.9) (201.1) (1,258.3) Total Debt Repaid
(79.0) (69.9) (189.9) (201.1) (1,258.3) Repurchase of Common Stock
(6.2) (3.1) (18.9) (36.7) (23.5) Common Dividends Paid
(99.2) (99.4) (99.6) (104.2) (104.6) Total Dividends Paid
(99.2) (99.4) (99.6) (104.2) (104.6) Special Dividend Paid
-
-
-
-
-
Other Financing Activities
(8.2) (4.3) (1.6) (11.1) (13.0) Cash from Financing
(185.4) (173.3) (231.5) 147.6 (599.7) Foreign Exchange Rate Adj.
34.0 (19.8) (8.0) 7.9 (27.8) Net Change in Cash
336.3 (83.8) 51.3 424.3 (436.8) Supplemental Items
Cash Interest Paid
56.8 54.6 53.6 57.0 72.2 Cash Taxes Paid
59.4 87.0 66.4 75.3 65.6 Levered Free Cash Flow
321.5 111.8 251.7 321.1 256.0 Unlevered Free Cash Flow
358.8 148.2 286.1 356.2 292.0 Change in Net Working Capital
(149.5) 62.7 15.0 (54.3) (39.3) Net Debt Issued
(71.7) (66.5) (111.5) 299.5 (458.6) Filing Date
Feb-18-2020
Feb-23-2021
Feb-23-2022
Feb-23-2022
Feb-23-2022
Restatement Type
NC
RS
RS
RS
O
Calculation Type
REP
REP
REP
REP
REP
Flowserve Corporation (NYSE:FLS) > Financials > Multiples
View:
Data
Frequency:
Quarterly
Order:
Latest on Right
Decimals:
Capital IQ (Default)
Dilution:
Basic
For Quarter Ending
Mar-31-2017
Jun-30-2017
Sep-29-2017
Dec-29-2017
Mar-29-2018
TEV/LTM Total Revenue
Average
1.86x
1.92x
1.75x
1.77x
1.82x
High
1.97x
2.00x
1.90x
1.87x
1.91x
Low
1.79x
1.80x
1.60x
1.66x
1.71x
Close
1.89x
1.88x
1.77x
1.79x
1.79x
TEV/NTM Total Revenues
Average
2.04x
2.04x
1.80x
1.79x
1.78x
High
2.13x
2.14x
1.99x
1.92x
1.91x
Low
1.95x
1.88x
1.64x
1.67x
1.65x
Close
2.06x
1.97x
1.83x
1.79x
1.72x
TEV/LTM EBITDA
Average
15.03x
16.14x
15.85x
15.50x
15.63x
High
16.06x
17.05x
17.23x
17.89x
16.71x
Low
14.57x
15.04x
14.01x
13.84x
14.35x
Close
15.42x
15.97x
16.97x
14.87x
16.00x
TEV/NTM EBITDA
Average
13.68x
14.11x
11.95x
12.23x
13.20x
High
14.88x
15.50x
13.48x
12.80x
14.23x
Low
12.64x
12.81x
10.78x
10.54x
12.10x
Close
14.88x
13.34x
11.96x
12.63x
13.60x
TEV/LTM EBIT
Average
19.49x
21.53x
21.97x
21.41x
21.59x
High
21.10x
22.87x
24.41x
25.36x
23.51x
Low
18.66x
19.76x
19.04x
18.82x
19.51x
Close
20.26x
21.43x
24.04x
20.22x
22.50x
TEV/NTM EBIT
Average
18.01x
18.34x
16.73x
17.19x
17.88x
High
19.49x
20.26x
17.80x
18.45x
19.45x
Low
16.28x
16.57x
14.48x
15.21x
16.03x
Close
19.49x
17.27x
17.49x
17.20x
18.53x
P/LTM EPS
Average
42.85x
49.29x
49.29x
39.74x
33.68x
High
45.77x
54.01x
54.19x
56.70x
35.36x
Low
40.74x
42.34x
42.92x
29.96x
31.30x
Close
43.62x
49.94x
53.21x
32.67x
NM
Multiples Detail
In Millions of the reported currency, except per share items.
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P/NTM EPS
Average
25.24x
25.93x
23.39x
24.44x
25.44x
High
27.84x
29.27x
25.33x
26.75x
27.57x
Low
22.51x
22.99x
20.06x
21.53x
22.82x
Close
27.84x
24.07x
24.88x
24.48x
26.15x
P/LTM Normalized EPS
Average
31.14x
35.25x
39.19x
38.18x
38.95x
High
33.97x
38.08x
45.89x
48.02x
44.30x
Low
29.79x
31.42x
33.17x
31.97x
33.40x
Close
32.37x
35.21x
45.07x
34.86x
42.11x
P/BV
Average
3.76x
3.76x
3.23x
3.15x
3.34x
High
4.00x
4.03x
3.66x
3.47x
3.59x
Low
3.56x
3.41x
2.87x
2.88x
3.01x
Close
3.81x
3.60x
3.26x
3.14x
3.41x
P/Tangible BV
Average
26.55x
25.64x
19.87x
17.61x
21.22x
High
28.85x
29.03x
24.37x
20.61x
26.24x
Low
25.50x
22.71x
17.07x
15.50x
16.19x
Close
27.49x
23.94x
19.34x
16.90x
24.95x
P/NTM CFPS
Average
18.23x
-
23.71x
22.03x
21.56x
High
20.12x
-
25.51x
26.69x
23.02x
Low
16.94x
-
22.11x
18.91x
18.89x
Close
18.13x
-
25.05x
20.63x
21.88x
TEV/LTM Unlevered FCF
Average
24.21x
34.14x
21.98x
17.33x
16.75x
High
33.75x
36.15x
34.35x
19.78x
17.91x
Low
16.33x
31.60x
15.95x
15.60x
15.56x
Close
32.41x
33.86x
18.75x
16.76x
16.25x
Market Cap/LTM Levered FCF
Average
23.29x
34.32x
20.99x
16.01x
15.72x
High
33.97x
36.69x
34.52x
18.63x
16.69x
Low
14.63x
31.42x
14.49x
14.14x
14.72x
Close
32.37x
33.92x
17.48x
15.42x
15.48x
Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, du
When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period e
Historical Equity Pricing Data supplied by Interactive Data Pricing and Reference Data LLC
Jun-29-2018
Sep-28-2018
Dec-28-2018
Mar-29-2019
Jun-28-2019
Sep-30-2019
Dec-31-2019
Mar-31-2020
Jun-30-2020
1.81x
1.95x
1.86x
1.73x
1.95x
1.90x
1.90x
1.60x
1.12x
1.97x
2.19x
2.15x
1.87x
2.09x
2.12x
2.00x
1.98x
1.35x
1.68x
1.70x
1.47x
1.48x
1.82x
1.66x
1.74x
0.87x
0.97x
1.71x
2.15x
1.53x
1.77x
2.09x
1.89x
1.95x
1.03x
1.18x
1.73x
1.87x
1.77x
1.66x
1.84x
1.77x
1.79x
1.54x
1.22x
1.87x
2.09x
2.06x
1.80x
1.97x
1.99x
1.87x
1.88x
1.49x
1.60x
1.62x
1.41x
1.43x
1.74x
1.54x
1.62x
0.85x
1.01x
1.63x
2.05x
1.49x
1.69x
1.97x
1.75x
1.85x
1.04x
1.30x
16.39x
17.49x
16.09x
14.34x
14.08x
12.67x
12.60x
10.82x
8.12x
18.03x
19.38x
19.03x
15.88x
15.74x
14.38x
13.23x
13.18x
10.14x
15.38x
15.52x
12.47x
12.63x
12.74x
10.96x
11.47x
5.99x
6.84x
15.62x
18.97x
12.98x
14.34x
14.20x
12.42x
12.98x
7.05x
8.88x
13.65x
14.40x
13.22x
11.99x
13.10x
12.28x
12.17x
10.54x
10.02x
14.83x
15.85x
15.56x
12.93x
13.80x
13.97x
12.89x
12.77x
12.97x
12.62x
12.74x
10.24x
10.37x
12.42x
10.65x
11.21x
5.90x
7.29x
12.82x
15.52x
10.74x
12.33x
13.80x
12.07x
12.57x
7.48x
11.36x
23.12x
24.36x
21.86x
19.03x
19.51x
17.64x
16.90x
14.27x
10.75x
25.48x
26.74x
26.26x
21.29x
20.64x
20.58x
18.05x
17.52x
13.52x
21.73x
21.94x
16.71x
16.92x
18.23x
15.02x
15.72x
7.81x
8.92x
22.08x
26.18x
17.39x
18.81x
20.32x
17.03x
17.24x
9.19x
11.84x
18.17x
18.76x
16.92x
15.02x
16.17x
15.18x
15.06x
13.03x
13.05x
20.02x
20.53x
20.15x
16.28x
16.96x
17.18x
15.98x
15.83x
17.33x
16.57x
16.74x
12.97x
13.13x
15.28x
13.15x
13.87x
7.31x
9.09x
16.84x
20.09x
13.60x
15.28x
16.96x
14.91x
15.59x
9.32x
15.17x
NM
NM
NM
49.20x
44.77x
33.07x
27.05x
21.25x
16.34x
NM
NM
NM
52.47x
55.11x
43.46x
31.85x
26.96x
22.60x
NM
NM
NM
47.20x
37.76x
25.62x
24.63x
9.97x
11.97x
NM
NM
NM
49.60x
42.84x
29.76x
26.48x
12.38x
19.16x
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25.74x
26.68x
23.59x
21.03x
22.39x
20.50x
20.35x
17.10x
16.74x
28.89x
29.28x
28.67x
23.54x
23.65x
23.95x
21.75x
21.51x
23.26x
23.07x
23.40x
17.45x
17.81x
20.75x
17.25x
18.30x
8.24x
10.79x
23.58x
28.58x
18.58x
21.28x
23.60x
20.04x
21.12x
11.14x
19.72x
42.28x
43.56x
39.12x
34.13x
34.21x
29.62x
28.00x
23.27x
15.89x
46.47x
48.22x
47.22x
38.71x
37.59x
35.76x
30.22x
29.19x
20.41x
38.42x
38.85x
29.08x
29.52x
31.07x
24.31x
25.68x
11.11x
13.34x
39.14x
47.06x
30.51x
33.84x
35.24x
28.23x
28.66x
13.80x
17.31x
3.40x
3.84x
3.79x
3.50x
3.84x
3.61x
3.60x
2.99x
2.03x
3.77x
4.51x
4.42x
3.87x
4.09x
4.15x
3.82x
3.80x
2.63x
3.07x
3.11x
2.90x
2.95x
3.60x
3.05x
3.22x
1.40x
1.68x
3.13x
4.40x
3.05x
3.59x
4.09x
3.54x
3.73x
1.74x
2.23x
24.08x
28.15x
28.65x
24.69x
22.33x
18.55x
16.84x
13.31x
10.21x
27.53x
34.10x
33.40x
29.23x
25.76x
22.65x
18.80x
17.26x
14.33x
21.14x
21.38x
21.96x
22.07x
19.68x
15.12x
15.76x
6.03x
7.24x
21.54x
33.28x
23.03x
23.19x
22.32x
17.56x
16.95x
7.49x
12.15x
21.39x
-
20.73x
19.89x
21.06x
18.97x
18.08x
-
-
24.15x
-
23.60x
22.41x
22.34x
22.49x
19.65x
-
-
19.04x
-
16.54x
16.79x
19.54x
15.80x
16.70x
-
-
19.40x
-
17.52x
19.89x
22.16x
18.35x
18.45x
-
-
21.07x
29.45x
25.98x
26.47x
24.66x
20.79x
23.79x
20.54x
13.33x
27.07x
34.83x
34.20x
34.90x
36.46x
23.41x
25.69x
25.60x
15.51x
16.00x
23.31x
18.10x
18.33x
17.92x
19.27x
20.38x
11.00x
11.17x
23.45x
34.10x
18.84x
33.22x
19.97x
22.07x
25.20x
12.95x
13.57x
20.41x
29.80x
25.90x
26.90x
24.84x
19.74x
23.08x
19.62x
11.70x
26.89x
36.20x
35.45x
37.19x
39.10x
22.55x
25.27x
25.16x
14.11x
15.20x
22.52x
16.92x
17.18x
16.80x
18.13x
19.16x
9.05x
9.31x
22.69x
35.33x
17.75x
35.16x
19.06x
21.05x
24.71x
11.24x
11.97x
ue to negative values, then they will not be displayed in the chart.
end date.
Sep-30-2020
Dec-31-2020
Mar-31-2021
Jun-30-2021
Sep-30-2021
Dec-31-2021
1.23x
1.37x
1.57x
1.70x
1.64x
1.44x
1.35x
1.55x
1.69x
1.81x
1.78x
1.60x
1.14x
1.16x
1.45x
1.60x
1.47x
1.29x
1.18x
1.52x
1.60x
1.66x
1.49x
1.35x
1.35x
1.50x
1.67x
1.73x
1.61x
1.39x
1.49x
1.68x
1.76x
1.81x
1.76x
1.57x
1.26x
1.28x
1.55x
1.65x
1.43x
1.24x
1.30x
1.63x
1.67x
1.67x
1.45x
1.30x
9.05x
10.01x
11.17x
11.07x
10.93x
10.18x
9.84x
11.32x
11.84x
11.54x
12.21x
11.10x
8.42x
8.45x
10.45x
10.50x
10.10x
9.25x
8.60x
11.10x
10.88x
10.64x
10.20x
9.70x
11.34x
12.00x
13.20x
14.06x
12.57x
10.95x
12.29x
13.07x
14.43x
14.68x
14.05x
12.13x
10.50x
10.53x
12.06x
13.35x
11.04x
9.97x
10.72x
12.65x
13.66x
13.54x
11.15x
10.46x
11.96x
13.24x
15.30x
15.65x
15.75x
15.23x
12.96x
14.96x
16.47x
16.21x
17.87x
16.77x
11.10x
11.13x
13.99x
14.74x
14.66x
13.96x
11.33x
14.67x
15.59x
14.94x
14.93x
14.65x
14.97x
15.67x
17.04x
17.94x
16.05x
14.17x
16.17x
16.93x
18.79x
18.73x
17.77x
15.73x
13.78x
13.82x
15.46x
16.76x
14.21x
12.88x
14.07x
16.22x
17.78x
17.00x
14.36x
13.51x
24.13x
29.25x
38.26x
45.82x
36.79x
28.37x
29.07x
33.62x
46.52x
48.82x
47.63x
31.52x
18.34x
23.98x
30.99x
43.70x
28.52x
25.09x
24.53x
32.84x
43.61x
44.42x
28.88x
26.61x
19.24x
20.88x
23.93x
25.38x
22.02x
18.63x
21.22x
23.72x
26.78x
26.63x
25.20x
21.29x
17.21x
17.27x
21.36x
23.51x
18.83x
16.48x
17.67x
22.64x
25.10x
23.90x
19.06x
17.32x
17.73x
20.07x
24.85x
30.22x
32.35x
32.82x
19.69x
23.19x
28.43x
33.34x
37.57x
37.63x
16.18x
16.24x
21.38x
26.75x
29.67x
29.83x
16.62x
22.65x
26.65x
30.34x
30.37x
31.97x
2.28x
2.55x
2.94x
3.13x
2.94x
2.45x
2.53x
2.93x
3.11x
3.37x
3.29x
2.83x
2.08x
2.08x
2.70x
2.92x
2.56x
2.13x
2.13x
2.86x
2.91x
3.07x
2.59x
2.26x
12.49x
14.22x
15.85x
15.85x
14.31x
11.02x
13.91x
16.48x
17.39x
17.00x
16.58x
13.39x
11.43x
11.47x
14.19x
14.94x
12.12x
9.35x
11.74x
16.10x
14.88x
15.47x
12.27x
9.92x
-
15.23x
16.82x
19.54x
16.05x
12.31x
-
16.26x
18.57x
21.61x
20.39x
14.33x
-
13.59x
14.99x
17.39x
12.45x
10.76x
-
15.88x
17.33x
19.67x
12.61x
11.42x
14.17x
16.72x
18.28x
19.22x
18.28x
13.89x
15.57x
19.41x
20.30x
21.20x
20.76x
17.28x
13.11x
13.37x
16.04x
16.79x
15.90x
11.82x
13.61x
19.04x
16.71x
19.55x
16.06x
12.40x
12.44x
15.17x
17.19x
18.65x
17.64x
12.96x
13.91x
18.16x
19.17x
20.91x
20.41x
16.52x
11.43x
11.47x
15.06x
15.89x
14.95x
10.74x
11.74x
17.74x
15.79x
19.03x
15.14x
11.39x
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Flowserve Corporation (NYSE:FLS) > Financials > Historical Capitalization
In Millions of the trading currency, except per share items.
Frequency:
Quarterly
Order:
Latest on Right
Currency:
Trading Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default
Decimals:
Capital IQ (Default)
Dilution:
Basic
Historical Capitalization
Mar-31-2017
Jun-30-2017
Sep-30-2017
Dec-31-2017
Mar-31-2018
Jun-30-2018
Pricing as of*
May-01-2017
Aug-14-2017
Nov-01-2017
Feb-28-2018
May-10-2018
Aug-08-2018
Currency
USD
USD
USD
USD
USD
USD
Capitalization Detail
Share Price
$49.65 $39.48 $43.99 $42.35 $47.88 $45.93 Shares Out.
130.6 130.6 130.6 130.8 130.8 130.9 Market Capitalization
6,485.2 5,157.6 5,746.6 5,539.3 6,264.3 6,010.1 - Cash & Short Term Investments
325.8 505.2 502.1 703.4 535.7 517.4 + Total Debt
1,568.2 1,590.8 1,586.7 1,575.3 1,572.9 1,524.9 + Pref. Equity
-
-
-
-
-
-
+ Total Minority Interest
21.5 21.8 18.9 16.4 18.3 19.9 - Long Term Marketable Securities
-
-
-
-
-
-
= Total Enterprise Value (TEV)
7,749.1 6,265.0 6,850.1 6,427.5 7,319.9 7,037.4 Book Value of Common Equity
1,680.4 1,704.0 1,748.7 1,654.6 1,685.2 1,621.7 + Pref. Equity
-
-
-
-
-
-
+ Total Minority Interest
21.5 21.8 18.9 16.4 18.3 19.9 + Total Debt
1,568.2 1,590.8 1,586.7 1,575.3 1,572.9 1,524.9 = Total Capital
3,270.0 3,316.6 3,354.3 3,246.2 3,276.5 3,166.4
Balance Sheet as of:
* Pricing as of the filing date of the balance sheet period end date. For TEV calculation purposes on this page Capital IQ only uses balance sheet components from the original filing that is publicly available as of a given pricing date and does not use restated balance sheet data from a later filing. In the cases where a company did not disclose balance sheet values for a particular period, TEV is calculated using balance sheet components from the last reported balance sheet as of this date. The table above is organized along period end dates.
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** For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company’s primary stock class. Shares shown on this page are total company as-reported share values.
Historical Equity Pricing Data supplied by Interactive Data Pricing and Reference Data LLC
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Sep-30-2018
Dec-31-2018
Mar-31-2019
Jun-30-2019
Sep-30-2019
Dec-31-2019
Mar-31-2020
Jun-30-2020
Sep-30-2020
Nov-07-2018
Feb-20-2019
May-02-2019
Jul-31-2019
Oct-30-2019
Feb-18-2020
May-07-2020
Jul-30-2020
Nov-13-2020
USD
USD
USD
USD
USD
USD
USD
USD
USD
$49.15 $47.75 $47.56 $50.03 $49.51 $45.98 $27.43 $29.94 $32.54 130.9 131.0 131.1 131.2 130.9 130.9 130.1 130.2 130.3 6,431.6 6,254.4 6,236.9 6,562.4 6,478.9 6,018.8 3,569.4 3,897.0 4,238.8 529.9 619.7 637.7 596.5 547.3 671.0 622.3 561.7 921.2 1,504.0 1,483.0 1,662.6 1,647.6 1,541.9 1,564.9 1,550.0 1,550.9 1,877.6 -
-
-
-
-
-
-
-
-
17.7 18.5 21.2 23.5 25.5 25.6 26.0 27.8 30.4 -
-
-
-
-
-
-
-
-
7,423.4 7,136.3 7,283.0 7,637.1 7,499.0 6,938.3 4,523.0 4,914.0 5,225.7 1,613.0 1,642.3 1,686.8 1,726.3 1,744.3 1,790.4 1,659.4 1,662.6 1,673.4 -
-
-
-
-
-
-
-
-
17.7 18.5 21.2 23.5 25.5 25.6 26.0 27.8 30.4 1,504.0 1,483.0 1,662.6 1,647.6 1,541.9 1,564.9 1,550.0 1,550.9 1,877.6 3,134.7 3,143.8 3,370.5 3,397.4 3,311.7 3,380.8 3,235.4 3,241.3 3,581.5
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Dec-31-2020
Mar-31-2021
Jun-30-2021
Sep-30-2021
Dec-31-2021
Feb-23-2021
May-03-2021
Aug-05-2021
Oct-27-2021
Feb-23-2022
USD
USD
USD
USD
USD
$39.55 $40.46 $42.89 $36.02 $31.58 130.3 130.3 130.3 130.3 130.4 5,152.4 5,272.6 5,587.0 4,692.2 4,118.1 1,095.3 659.3 630.4 1,457.3 658.5 1,956.2 1,520.5 1,530.7 2,313.0 1,502.2 -
-
-
-
-
30.3 29.8 29.7 31.7 33.0 -
-
-
-
-
6,043.7 6,163.5 6,517.0 5,579.7 4,994.9 1,732.5 1,712.0 1,741.0 1,759.5 1,804.3 -
-
-
-
-
30.3 29.8 29.7 31.7 33.0 1,956.2 1,520.5 1,530.7 2,313.0 1,502.2 3,719.0 3,262.3 3,301.4 4,104.2 3,339.6
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Flowserve Corporation (NYSE:FLS) > Financials > Capital Structure Summary
In Millions of the reported currency, except ratios and % of Total values.
Restatement:
Latest Filings
Period Type:
Annual
Currency:
Reported Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default
Decimals:
Capital IQ (Default)
Order:
Latest on Right
Capital Structure Data
12 months Dec-31-2017
12 months Dec-31-2018
12 months Dec-31-2019
Currency
USD
USD
USD
Units
Millions
% of Total
Millions
% of Total
Millions
% of Total
Total Debt
1,575.3 48.5% 1,483.0 47.2% 1,564.9 46.9% Total Common Equity
1,654.6 51.0% 1,642.3 52.2% 1,746.7 52.3% Total Minority Interest
16.4 0.5% 18.5 0.6% 25.6 0.8% Total Capital
3,246.2 100.0% 3,143.8 100.0% 3,337.2 100.0% Debt Summary Data
12 months Dec-31-2017
12 months Dec-31-2018
12 months Dec-31-2019
Currency
USD
USD
USD
Units
Millions
% of Total
Millions
% of Total
Millions
% of Total
Total Revolving Credit
0 0.0% 0 0.0% 0 0.0% Total Term Loans
164.4 10.4% 104.8 7.1% -
-
Total Senior Bonds and Notes
1,388.6 88.2% 1,364.8 92.0% 1,354.1 86.5% Total Lease Liabilities
22.2 1.4% 13.5 0.9% 199.4 12.7% General/Other Borrowings
-
-
-
-
11.3 0.7% Total Principal Due
1,575.3 100.0% 1,483.0 100.0% 1,564.9 100.0% Total Adjustments
-
-
-
-
-
-
Total Debt Outstanding
1,575.3 100.0% 1,483.0 100.0% 1,564.9 100.0% Available Credit
Undrawn Revolving Credit
644.8 -
513.7 -
711.5 -
Total Undrawn Credit
644.8 -
513.7 -
711.5 -
Additional Totals
Total Cash & ST Investments
703.4 -
619.7 -
671.0 -
For the Fiscal Period Ending
For the Fiscal Period Ending
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Net Debt
871.8 -
863.4 -
893.9 -
Total Senior Debt
1,575.3 100.0% 1,483.0 100.0% 1,564.9 100.0% Curr. Port. of LT Debt/Cap. Leases
75.6 4.8% 68.2 4.6% 47.4 3.0% Long-Term Debt (Incl. Cap. Leases)
1,499.7 95.2% 1,414.8 95.4% 1,517.5 97.0% Total Bank Debt
164.4 10.4% 104.8 7.1% 0 0.0% Total Secured Debt
22.2 1.4% 13.5 0.9% 199.4 12.7% Total Senior Secured Debt
22.2 1.4% 13.5 0.9% 199.4 12.7% Total Unsecured Debt
1,553.1 98.6% 1,469.5 99.1% 1,365.5 87.3% Senior Unsecured Bonds and Notes
1,388.6 88.2% 1,364.8 92.0% 1,354.1 86.5% Fixed Rate Debt
1,553.1 98.6% 1,469.5 99.1% 1,354.1 86.5% Variable Rate Debt
0 0.0% 0 0.0% 0 0.0% Hedging Activities
-
-
-
-
-
-
Credit Ratios
Net Debt/EBITDA
2.7x
-
2.3x
-
1.6x
-
Total Debt/EBITDA
4.8x
-
4.0x
-
2.8x
-
Total Senior Debt/EBITDA
4.8x
-
4.0x
-
2.8x
-
Total Senior Secured/EBITDA
0.1x
-
0.0x
-
0.4x
-
Net Debt/(EBITDA-CAPEX)
3.3x
-
3.0x
-
1.8x
-
Total Debt/(EBITDA-CAPEX)
6.0x
-
5.1x
-
3.2x
-
Total Senior Debt/(EBITDA-CAPEX)
6.0x
-
5.1x
-
3.2x
-
Total Senior Secured/(EBITDA-CAPEX)
0.1x
-
0.0x
-
0.4x
-
Fixed Payment Schedule
LT Debt (Incl. Cap. Leases) Due +1
75.6 4.8% 68.2 4.6% 11.3 0.7% LT Debt (Incl. Cap. Leases) Due +2
66.1 4.2% 50.1 3.4% 11.8 0.8% LT Debt (Incl. Cap. Leases) Due +3
44.9 2.9% -
-
1,055.9 67.5% LT Debt (Incl. Cap. Leases) Due +4
-
-
1,066.9 71.9% 298.2 19.1% LT Debt (Incl. Cap. Leases) Due +5
1,091.2 69.3% 297.8 20.1% -
-
LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs
1,277.8 81.1% 1,483.0 100.0% 1,377.2 88.0% LT Debt (Incl. Cap. Leases) Due, After 5 Yrs
297.4 18.9% -
-
-
-
Cap. Lease Payment Due +1
-
-
-
-
4.6 -
Cap. Lease Payment Due +2
-
-
-
-
3.5 -
Cap. Lease Payment Due +3
-
-
-
-
2.3 -
Cap. Lease Payment Due +4
-
-
-
-
1.0 -
Cap. Lease Payment Due +5
-
-
-
-
0.3 -
Cap. Lease Payment Due, Next 5 Yrs
-
-
-
-
11.7 -
Cap. Lease Payment Due, After 5 Yrs
-
-
-
-
0.1 -
Cap. Lease Payment Due (incl. Interest) +1
-
-
-
-
-
-
Operating Lease Commitment Due +1
51.7 -
68.4 -
42.2 -
Operating Lease Commitment Due +2
37.5 -
49.9 -
32.8 -
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Operating Lease Commitment Due +3
28.8 -
38.4 -
27.4 -
Operating Lease Commitment Due +4
22.6 -
28.5 -
23.1 -
Operating Lease Commitment Due +5
21.0 -
21.5 -
18.2 -
Operating Lease Commitment Due, Next 5 Yrs
161.5 -
206.7 -
143.6 -
Operating Lease Commitment Due, After 5 Yrs
71.7 -
66.5 -
84.7 -
Contractual Obligations Due +1
545.8 -
549.9 -
642.5 -
Contractual Obligations Due + 2
100.4 -
100.5 -
98.3 -
Contractual Obligations Due + 3
100.4 -
100.5 -
98.3 -
Contractual Obligations Due + 4
95.1 -
79.7 -
68.2 -
Contractual Obligations Due + 5
95.1 -
79.7 -
68.2 -
Contractual Obligations Due, Next 5 Yrs
936.7 -
910.3 -
975.3 -
Contractual Obligations Due, After 5 Yrs
318.8 -
296.1 -
300.7 -
Total Contractual Obligations
1,255.5 -
1,206.4 -
1,276.0 -
Interest Rate Data
Filing Date
Feb-18-2020
-
Feb-23-2021
-
Feb-23-2022
-
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12 months Dec-31-2020
12 months Dec-31-2021
USD
USD
Millions
% of Total
Millions
% of Total
1,956.2 52.6% 1,502.2 45.0% 1,731.0 46.6% 1,804.3 54.0% 30.3 0.8% 33.0 1.0% 3,717.6 100.0% 3,339.6 100.0% 12 months Dec-31-2020
12 months Dec-31-2021
USD
USD
Millions
% of Total
Millions
% of Total
0 0.0% 0 0.0% -
-
291.9 19.4% 1,701.5 87.0% 988.1 65.8% 229.5 11.7% 215.9 14.4% 7.1 0.4% 6.4 0.4% 1,938.1 99.1% 1,502.2 100.0% 18.1 0.9% -
-
1,956.2 100.0% 1,502.2 100.0% 741.9 -
614.2 -
741.9 -
614.2 -
1,095.3 -
658.5 -
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861.0 -
843.8 -
1,938.1 99.1% 1,502.2 100.0% 44.0 2.2% 73.7 4.9% 1,912.2 97.8% 1,428.6 95.1% 0 0.0% 291.9 19.4% 229.5 11.7% 215.9 14.4% 229.5 11.7% 215.9 14.4% 1,708.6 87.3% 1,286.4 85.6% 1,701.5 87.0% 988.1 65.8% 1,701.5 87.0% 988.1 65.8% 0 0.0% 291.9 19.4% 18.1 0.9% -
-
1.6x
-
1.9x
-
3.7x
-
3.3x
-
3.6x
-
3.3x
-
0.4x
-
0.5x
-
1.8x
-
2.1x
-
4.1x
-
3.8x
-
4.1x
-
3.8x
-
0.5x
-
0.5x
-
9.0 0.5% 41.1 2.7% 925.4 47.3% 53.9 3.6% 298.7 15.3% 59.9 4.0% -
-
59.9 4.0% -
-
100.0 6.7% 1,233.1 63.0% 314.7 20.9% 493.9 25.2% 988.1 65.8% 5.4 -
5.2 -
3.8 -
3.3 -
2.5 -
2.1 -
1.3 -
1.4 -
0.8 -
0.6 -
13.8 -
12.5 -
4.5 -
3.9 -
-
-
5.3 -
42.6 -
39.6 -
36.6 -
34.3 -
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30.5 -
29.8 -
26.3 -
24.0 -
21.0 -
19.7 -
156.9 -
147.4 -
95.0 -
87.4 -
559.2 -
698.9 -
103.8 -
103.2 -
103.8 -
103.2 -
80.2 -
95.1 -
80.2 -
95.1 -
927.1 -
1,095.4 -
385.9 -
433.1 -
1,313.0 -
1,528.5 -
Feb-23-2022
-
Feb-23-2022
-
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Flowserve Corporation (NYSE:FLS) > Financials > Capital Structure Details
Period Type:
Annual
Source:
A 2021 filed Feb-23-2022
Currency:
Reported Currency
Conversion:
Historical
Units:
S&P Capital IQ (Default)
Decimals:
Capital IQ (Default)
FY 2021 (Dec-31-2021) Capital Structure As Reported Details
Description
Type
Principal Due (USD)
Maturity
Seniority
Secured
Bonds and Notes
-
1.250%
NA
Mar-17-2022
Senior
No
Bonds and Notes
493.7 2.800%
NA
Jan-15-2032
Senior
No
Bonds and Notes
494.4 3.500%
NA
Oct-01-2030
Senior
No
Bonds and Notes
-
3.500%
NA
Sep-15-2022
Senior
No
Bonds and Notes
-
4.000%
NA
Nov-15-2023
Senior
No
Finance Lease
Capital Lease
16.5 3.400%
NA
-
Senior
Yes
Operating Lease Liabilities
Capital Lease
199.4 3.900%
NA
-
Senior
Yes
Other Borrowings
Other Borrowings
6.4 NA
NA
-
Senior
No
Term Loans
291.9 1.450%
Benchmark
Sep-13-2026
Senior
No
Revolving Credit
-
NA
Benchmark
Sep-13-2026
Senior
No
FY 2020 (Dec-31-2020) Capital Structure As Reported Details
Description
Type
Principal Due (USD)
Maturity
Seniority
Secured
Bonds and Notes
410.2 1.250%
NA
Mar-17-2022
Senior
No
Bonds and Notes
493.9 3.500%
NA
Oct-01-2030
Senior
No
Bonds and Notes
498.8 3.500%
NA
Sep-15-2022
Senior
No
Principal Due in Millions of the reported currency.
Coupon/Base Rate
Floating Rate
1.25% EUR Senior Notes Due March 17, 2022
2.80% USD Senior Notes Due January 15, 2032
3.5%0 USD Senior Notes Due October 1, 2030
3.50% USD Senior Notes Due September 15, 2022
4.00% USD Senior Notes Due November 15, 2023
Term Loan Facility with Bank of America
Unsecured Senior Credit Facility
Coupon/Base Rate
Floating Rate
1.25% EUR Senior Notes Due March 17, 2022
3.5%0 USD Senior Notes Due October 1, 2030
3.50% USD Senior Notes Due September 15, 2022
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Bonds and Notes
298.7 4.000%
NA
Nov-15-2023
Senior
No
Finance Lease
Capital Lease
18.3 3.400%
NA
-
Senior
Yes
Operating Lease Liabilities
Capital Lease
211.2 3.900%
NA
-
Senior
Yes
Other Borrowings
Other Borrowings
7.1 NA
NA
-
Senior
No
Revolving Credit
-
NA
Benchmark
Sep-13-2026
Senior
No
4.00% USD Senior Notes Due November 15, 2023
Unsecured Senior Credit Facility
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Convertible
No
EUR
No
USD
No
USD
No
USD
No
USD
No
USD
No
USD
No
USD
No
USD
No
USD
Convertible
No
EUR
No
USD
No
USD
Repaymen
t Currency
Repaymen
t Currency
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No
USD
No
USD
No
USD
No
USD
No
USD
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Flowserve Corporation (NYSE:FLS) > Financials > Ratios
Restatement:
Latest Filings
Period Type:
Annual
Order:
Latest on Right
Decimals:
Capital IQ (Default)
Source:
Capital IQ & Proprietar
Ratios
Profitability
Return on Assets %
2.7% 3.4% 5.2% 4.5% 3.5% Return on Capital %
4.0% 5.1% 7.6% 6.6% 5.1% Return on Equity %
0.3% 6.6% 14.4% 8.0% 7.6% Return on Common Equity %
0.2% 6.3% 14.1% 7.5% 7.1% Margin Analysis
Gross Margin %
29.7% 31.0% 32.7% 31.6% 30.1% SG&A Margin %
23.0% 23.2% 21.6% 20.7% 21.1% EBITDA Margin %
8.9% 9.7% 12.7% 12.6% 10.9% EBITA Margin %
6.1% 7.1% 10.4% 10.3% 8.4% EBIT Margin %
5.7% 6.8% 10.0% 9.9% 8.1% Earnings from Cont. Ops Margin %
0.1% 2.9% 6.3% 3.8% 3.8% Net Income Margin %
0.1% 2.7% 6.1% 3.5% 3.6% Net Income Avail. for Common Margin %
0.1% 2.7% 6.1% 3.5% 3.6% Normalized Net Income Margin %
2.5% 3.1% 5.2% 5.4% 3.4% Levered Free Cash Flow Margin %
8.8% 2.9% 6.4% 8.6% 7.2% Unlevered Free Cash Flow Margin %
9.8% 3.9% 7.3% 9.6% 8.2% Asset Turnover
Total Asset Turnover
0.8x
0.8x
0.8x
0.7x
0.7x
Fixed Asset Turnover
5.2x
6.0x
5.8x
4.9x
4.8x
Accounts Receivable Turnover
4.2x
4.1x
3.8x
3.6x
3.7x
Inventory Turnover
2.9x
3.5x
4.1x
3.8x
3.7x
Short Term Liquidity
Current Ratio
2.1x
2.2x
2.2x
2.5x
2.1x
Quick Ratio
1.3x
1.5x
1.6x
1.9x
1.4x
Cash from Ops. to Curr. Liab.
0.3x
0.2x
0.3x
0.3x
0.2x
Avg. Days Sales Out.
86.7 89.3 96.2 102.3 99.9 Avg. Days Inventory Out.
126.4 104.8 89.2 95.3 99.2 Avg. Days Payable Out.
61.0 65.7 59.1 63.6 62.4 Avg. Cash Conversion Cycle
152.2 128.4 126.3 134.0 136.7
For the Fiscal Period Ending
12 months
Dec-31-2017
12 months
Dec-31-2018
12 months
Dec-31-2019
12 months
Dec-31-2020
12 months
Dec-31-2021
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Long Term Solvency
Total Debt/Equity
94.3% 89.3% 88.3% 111.1% 81.8% Total Debt/Capital
48.5% 47.2% 46.9% 52.6% 45.0% LT Debt/Equity
89.7% 85.2% 85.6% 108.6% 77.8% LT Debt/Capital
46.2% 45.0% 45.5% 51.4% 42.8% Total Liabilities/Total Assets
66.0% 64.0% 64.1% 66.9% 61.3% EBIT / Interest Exp.
3.5x
4.5x
7.2x
6.6x
5.0x
EBITDA / Interest Exp.
5.5x
6.4x
10.3x
9.5x
7.8x
(EBITDA-CAPEX) / Interest Exp.
4.4x
5.0x
8.9x
8.5x
6.9x
Total Debt/EBITDA
4.8x
4.0x
2.8x
3.7x
3.3x
Net Debt/EBITDA
2.7x
2.3x
1.6x
1.6x
1.9x
Total Debt/(EBITDA-CAPEX)
6.0x
5.1x
3.2x
4.1x
3.8x
Net Debt/(EBITDA-CAPEX)
3.3x
3.0x
1.8x
1.8x
2.1x
Altman Z Score
3.3 3.64 3.6 3.0 3.37 Growth Over Prior Year
Total Revenue
(8.3%) 4.8% 2.7% (5.4%) (5.0%) Gross Profit
(12.0%) 9.4% 8.3% (8.6%) (9.5%) EBITDA
(14.1%) 14.3% 34.5% (6.0%) (18.2%) EBITA
(19.4%) 23.0% 49.2% (6.2%) (22.1%) EBIT
(21.0%) 25.3% 52.0% (6.4%) (22.9%) Earnings from Cont. Ops.
(96.8%) 2,439.0% 124.7% (43.0%) (3.3%) Net Income
(98.0%) 3,840.7% 128.5% (45.4%) (3.4%) Normalized Net Income
(32.8%) 31.1% 73.8% (2.4%) (39.8%) Diluted EPS before Extra
(98.0%) 3,894.3% 126.6% (44.8%) (4.0%) Accounts Receivable
(2.9%) 19.2% 3.5% (2.8%) (11.3%) Inventory
(1.5%) (28.3%) 4.3% 1.0% 1.7% Net PP&E
(7.3%) (9.2%) 22.9% 2.0% (7.2%) Total Assets
4.3% (6.0%) 7.0% 7.6% (10.6%) Tangible Book Value
15.0% 12.3% 46.7% (9.5%) 34.9% Common Equity
2.4% (0.7%) 6.4% (0.9%) 4.2% Cash from Ops.
29.4% (38.7%) 69.8% (4.2%) (19.5%) Capital Expenditures
(31.3%) 36.3% (9.9%) (24.2%) (4.3%) Levered Free Cash Flow
118.2% (65.2%) 125.1% 27.6% (20.3%) Unlevered Free Cash Flow
94.0% (58.7%) 93.1% 24.5% (18.0%) Dividend per Share
0.0% 0.0% 0.0% 5.3% 0.0% Compound Annual Growth Rate Over Two Years
Total Revenue
(10.4%) (2.0%) 3.7% (1.4%) (5.2%) Gross Profit
(14.2%) (1.9%) 8.8% (0.5%) (9.0%) EBITDA
(28.2%) (0.9%) 24.0% 12.4% (12.3%) EBITA
(35.0%) (0.5%) 35.5% 18.3% (14.5%)
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EBIT
(35.9%) (0.5%) 38.0% 19.3% (15.0%) Earnings from Cont. Ops.
(87.2%) (10.0%) 655.4% 13.2% (25.7%) Net Income
(89.9%) (11.2%) 849.0% 11.7% (27.4%) Normalized Net Income
(41.4%) (6.1%) 50.9% 30.2% (23.4%) Diluted EPS before Extra
(89.8%) (11.1%) 851.3% 11.9% (27.2%) Accounts Receivable
(6.8%) 7.6% 11.1% 0.3% (7.2%) Inventory
(4.9%) (16.0%) (13.6%) 2.6% 1.3% Net PP&E
(5.9%) (8.3%) 5.6% 12.0% (2.7%) Total Assets
(0.5%) (1.0%) 0.3% 7.3% (1.9%) Tangible Book Value
7.9% 13.6% 28.4% 15.3% 10.5% Common Equity
0.2% 0.8% 2.7% 2.7% 1.6% Cash from Ops.
(16.0%) (10.9%) 2.1% 27.6% (12.2%) Capital Expenditures
(41.8%) (3.2%) 10.9% (17.3%) (14.8%) Levered Free Cash Flow
(7.9%) (12.9%) (11.5%) 69.5% 0.8% Unlevered Free Cash Flow
(7.5%) (10.5%) (10.7%) 55.0% 1.0% Dividend per Share
2.7% 0.0% 0.0% 2.6% 2.6% Compound Annual Growth Rate Over Three Years
Total Revenue
(9.1%) (5.6%) (0.4%) 0.6% (2.6%) Gross Profit
(14.0%) (6.9%) 1.4% 2.7% (3.6%) EBITDA
(27.9%) (16.2%) 9.7% 13.0% 1.1% EBITA
(34.0%) (19.6%) 13.9% 19.9% 2.9% EBIT
(35.1%) (19.8%) 14.6% 21.3% 3.2% Earnings from Cont. Ops.
(79.7%) (25.3%) 22.1% 219.3% 7.4% Net Income
(82.7%) (26.0%) 21.7% 266.4% 6.4% Normalized Net Income
(41.0%) (23.3%) 15.3% 30.5% 0.7% Diluted EPS before Extra
(82.5%) (25.5%) 21.5% 268.4% 6.3% Accounts Receivable
(7.5%) 1.2% 6.2% 6.2% (3.7%) Inventory
(3.9%) (13.5%) (9.7%) (9.0%) 2.3% Net PP&E
(1.1%) (7.0%) 1.1% 4.4% 5.2% Total Assets
(0.4%) (2.4%) 1.6% 2.7% 1.0% Tangible Book Value
(31.9%) 9.3% 23.7% 14.3% 21.5% Common Equity
(5.0%) (0.1%) 2.6% 1.5% 3.2% Cash from Ops.
(19.4%) (24.3%) 10.5% (0.1%) 9.4% Capital Expenditures
(22.6%) (22.7%) (5.5%) (2.3%) (13.2%) Levered Free Cash Flow
(15.4%) (33.4%) 19.5% (0.0%) 31.8% Unlevered Free Cash Flow
(14.2%) (29.3%) 15.7% (0.2%) 25.4% Dividend per Share
5.9% 1.8% 0.0% 1.7% 1.7% Compound Annual Growth Rate Over Five Years
Total Revenue
(5.1%) (5.0%) (4.2%) (3.9%) (2.4%) Gross Profit
(7.2%) (6.7%) (5.5%) (4.4%) (2.9%)
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EBITDA
(15.7%) (15.0%) (10.4%) (5.7%) 0.3% EBITA
(19.9%) (18.1%) (12.0%) (6.1%) 1.6% EBIT
(20.6%) (18.7%) (12.3%) (6.0%) 1.7% Earnings from Cont. Ops.
(60.5%) (25.8%) (13.8%) (11.8%) 0.1% Net Income
(64.2%) (26.4%) (14.2%) (12.8%) (1.0%) Normalized Net Income
(24.9%) (23.0%) (14.1%) (5.2%) (2.1%) Diluted EPS before Extra
(62.9%) (25.2%) (13.4%) (12.3%) (1.0%) Accounts Receivable
(4.9%) (2.4%) (0.5%) 0.8% 0.6% Inventory
(4.0%) (9.8%) (7.9%) (7.4%) (5.5%) Net PP&E
0.5% (3.2%) 1.6% 0.2% (0.4%) Total Assets
0.4% (1.7%) (0.1%) 1.4% 0.2% Tangible Book Value
(19.9%) (15.9%) (12.3%) 11.7% 18.3% Common Equity
(2.6%) (2.6%) (2.0%) 1.0% 2.2% Cash from Ops.
(9.7%) (17.1%) (11.4%) (6.8%) 0.8% Capital Expenditures
(14.6%) (9.6%) (10.6%) (20.6%) (9.3%) Levered Free Cash Flow
(2.3%) (19.6%) (13.9%) (3.3%) 11.7% Unlevered Free Cash Flow
(1.6%) (16.6%) (12.8%) (3.2%) 9.6% Dividend per Share
9.6% 6.3% 3.5% 2.1% 1.0%
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Flowserve Corporation (NYSE:FLS) > Financials > Supplemental
In Millions of the reported currency, except per share items.
Restatement:
Latest Filings
Period Type:
Annual
Currency:
Reported Currency
Conversion:
Historical
Order:
Latest on Right
Units:
S&P Capital IQ (Default)
Decimals:
Capital IQ (Default)
Source:
Capital IQ & Proprietary Data
Supplemental
Currency
USD
USD
USD
USD
USD
Options Outstanding
Options Out. at the Beginning of the Period
- 0.1 0.1 0.1 0.1 Options Granted During the Period
0.1 -
-
-
-
Options Out. at the End of the Period
0.1 0.1 0.1 0.1 0.1 W/Avg. Strike Price of Out. at the End of the Period
$48.63 $48.63 $48.63 $48.63 $48.63 W/Avg. Strike Price of Granted
$48.63 -
-
-
-
Options Outstanding - All Classes
Options Out. at the Beginning of the Period
- 0.1 0.1 0.1 0.1 Options Granted During the Period
0.1 -
-
-
-
Options Out. at the End of the Period
0.1 0.1 0.1 0.1 0.1 Stock Based Compensation
Restr. Stock Comp. Exp., Before Tax
22.8 19.9 23.9 27.3 29.5 Restr. Stock Comp. Exp. Tax Effect
(5.2) (4.5) (5.4) (6.2) (6.7) Restr. Stock Comp. Exp., After Tax
17.6 15.4 18.5 21.1 22.8 Stock Based Comp. Exp., Before Tax
22.8 19.9 23.9 27.3 29.5 Stock Based Comp. Exp. Tax Effect
(5.2) (4.5) (5.4) (6.2) (6.7) Stock Based Comp. Exp., After Tax
17.6 15.4 18.5 21.1 22.8 Loss Carry Forward Related Items
NOL C/F, After Five Years
323.9 394.0 417.3 481.7 1,643.4 Total NOL C/F
323.9 394.0 417.3 481.7 1,643.4 Tax Benefit C/F, After Five Years
7.5 16.1 29.1 35.9 86.4 Total Tax Benefit C/F
7.5 16.1 29.1 35.9 86.4 Max. Year for Tax Benefit C/F
2027
2028
2029
2030
2031
Adoption of FIN 48 Related Items
Unrecognized Tax Benefits - Beginning of Period
59.3 51.5 41.2 40.6 54.8 Increase in Unrecog. Tax Benefits - Current Yr.
5.5 4.0 6.3 11.1 4.5
For the Fiscal Period Ending
12 months
Dec-31-2017
12 months
Dec-31-2018
12 months
Dec-31-2019
12 months
Dec-31-2020
12 months
Dec-31-2021
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Increase in Unrecog. Tax Benefits - Prior Yrs.
-
- 8.8 3.8 8.0 Decrease in Unrecog. Tax Benefits - Prior Yrs.
(3.5) (6.6) -
-
-
Settlements with Tax Authorities
(10.8) (2.7) (11.4) (0.2) (10.2) Lapse of Statute of Limitations
(3.1) (3.7) (3.2) (2.5) (5.1) Unrecog. Tax Benefits - Other Adjustments
4.1 (1.3) (1.1) 2.0 (2.1) Unrecognized Tax Benefits - End of Period
51.5 41.2 40.6 54.8 49.9 Interest and Penalties Recog. on BS - Before Tax
-
-
-
- 17.2 Changes in Unrecog. Tax Benefit w/in 1 Year - Max
-
-
-
- (13.0) Unrecog. Tax Benefit Impacting Effective Tax Rate
-
-
-
- 54.3 Fair Value Measurements
Level 2 Assets - Observable Prices
2.7 0.5 0.9 3.1 0.7 Fair Value of Assets
2.7 0.5 0.9 3.1 0.7 Level 1 Liabilities - Quoted Prices
-
-
-
- 999.3 Level 2 Liabilities - Observable Prices
187.0 121.6 26.5 26.1 449.1 Fair Value of Liabilities
187.0 121.6 26.5 26.1 1,448.4 Filing Date
Feb-18-2020
Feb-23-2021
Feb-23-2022
Feb-23-2022
Feb-23-2022
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2020
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2020
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- Consider 2021 consolidated balance sheet and income statement for Pfizer Corporation (PFE). The company projects that its revenue for 2022 will grow at the annual rate of 50%. > All assets are assumed to grow at the same rate as sales. > All current liabilities are assumed to grow at the same rate as sales. All operating expenses are assumed to grow at the same annual growth rate as sales. All non-operating income/expenses as well as depreciation and amortization are assumed to remain at the same level as they were in 2021. For the time being, the company wants to keep its long-term debt at 2021 level. Company plans to keep the same dividend payout ratio as it did in 2021. Balance Sheet as of December 31, 2021 Assets Liabilities and Owner's Equity Current Assets Current Liabilities Cash & Short Term 31,069 Current Portion of Long Term Debt 1,636 Investments 11,479 Accounts Payable 9,059 | Income Tax Payable 8,086 Other Current Liabilities Dividends Payable Accrued Payroll Notes Payable…arrow_forwardComputing and analyzing trend percents LO P1 2021 2020 2019 2018 2017 Sales $ 446,122 $ 293,501 $ 242,563 $ 173,880 $ 128,800 Cost of goods sold 221,100 145,365 122,206 87,101 63,112 Accounts receivable 21,592 17,140 16,664 10,137 8,784 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.arrow_forwardGIVE THE COMPARATIVE BALANCE SHEET VERTICAL ANALYSIS FROM THE GIVEN BALANCE SHEET BELOW JOLLIBEE BALANCE SHEET ASSETS ITEM 2016 2017 2018 2019 2020 Cash & Short Term Investments 17.46B 22.52B 24.17B 23.02B 57.46B Cash & Short Term Investments Growth - 28.99% 7.32% -4.75% 149.59% Cash Only 16.73B 21.11B 23.29B 20.89B 21.36B Short-Term Investments 726M 1.41B 883.2M 2.13B 36.1B Cash & ST Investments / Total Assets 23.96% 25.08% 16.06% 12.28% 27.26% Total Accounts Receivable 3.59B 4.02B 4.86B 5.91B 7.05B Total Accounts Receivable Growth - 11.86% 21.04% 21.46% 19.36% Accounts Receivables, Net 3.03B 3.39B 4.41B 5.37B 5.8B Accounts Receivables, Gross 3.61B 4.08B 5.09B 5.76B 6.46B Bad Debt/Doubtful Accounts (579.79M) (690.12M) (676.91M) (392.36M) (658.63M) Other Receivable 562.75M 630.06M 451.73M 536.62M 1.25B…arrow_forward
- Calculate Times interestearned Return on Financial leverage Current Ratioarrow_forwardGIVE THE COMPARATIVE BALANCE SHEET HORIZONTAL ANALYSIS FROM THE GIVEN BALANCE SHEET BELOW JOLLIBEE BALANCE SHEET ASSETS ITEM 2016 2017 2018 2019 2020 Cash & Short Term Investments 17.46B 22.52B 24.17B 23.02B 57.46B Cash & Short Term Investments Growth - 28.99% 7.32% -4.75% 149.59% Cash Only 16.73B 21.11B 23.29B 20.89B 21.36B Short-Term Investments 726M 1.41B 883.2M 2.13B 36.1B Cash & ST Investments / Total Assets 23.96% 25.08% 16.06% 12.28% 27.26% Total Accounts Receivable 3.59B 4.02B 4.86B 5.91B 7.05B Total Accounts Receivable Growth - 11.86% 21.04% 21.46% 19.36% Accounts Receivables, Net 3.03B 3.39B 4.41B 5.37B 5.8B Accounts Receivables, Gross 3.61B 4.08B 5.09B 5.76B 6.46B Bad Debt/Doubtful Accounts (579.79M) (690.12M) (676.91M) (392.36M) (658.63M) Other Receivable 562.75M 630.06M 451.73M 536.62M 1.25B…arrow_forwardCalculate Times interestearned Return on Financial leveragearrow_forward
- GIVE THE COMPARATIVE BALANCE SHEET HORIZONTAL AND VERTICAL ANALYSIS FROM THE GIVEN BALANCE SHEET BELOW JOLLIBEE BALANCE SHEET ASSETS ITEM 2016 2017 2018 2019 2020 Cash & Short Term Investments 17.46B 22.52B 24.17B 23.02B 57.46B Cash & Short Term Investments Growth - 28.99% 7.32% -4.75% 149.59% Cash Only 16.73B 21.11B 23.29B 20.89B 21.36B Short-Term Investments 726M 1.41B 883.2M 2.13B 36.1B Cash & ST Investments / Total Assets 23.96% 25.08% 16.06% 12.28% 27.26% Total Accounts Receivable 3.59B 4.02B 4.86B 5.91B 7.05B Total Accounts Receivable Growth - 11.86% 21.04% 21.46% 19.36% Accounts Receivables, Net 3.03B 3.39B 4.41B 5.37B 5.8B Accounts Receivables, Gross 3.61B 4.08B 5.09B 5.76B 6.46B Bad Debt/Doubtful Accounts (579.79M) (690.12M) (676.91M) (392.36M) (658.63M) Other Receivable 562.75M 630.06M 451.73M…arrow_forwardect Assignment The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement. For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains. Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 435 6 128 569 247 158 41 446 $123 $ 12.30 Saved Help Additional information: 1. Selling and administrative expense includes $28 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…arrow_forwardQuestion #5 please!arrow_forward
- (Profitability Ratio)What is the Return on Asset Ratio in 2020?arrow_forward2021 2020 2019 2018 2017 Sales $703,787 $ 463,018 $370,414 $256,342 $191,300 Cost of goods sold 361,331 237,839 192,311 132,684 97,563 Accounts receivable 33,993 27,133 25,299 14,996 13,066 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.arrow_forwardFeeney, Inc., reported the following sales and net income amounts (Click on the icon to view the data.) Show Feeney's trend percentages for sales and net income. Use 2018 as the base year. (Do not enter the % sign if any of the input fields.) Sales Net income 2021 % % 2020 1% % 2019 % 28 29 % 2018 % %arrow_forward
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