EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Azure Power Global's Enterprise Value is $1,328.7 Mil.
Azure Power Global's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2024 was $35.4 Mil. Therefore, Azure Power Global's EV-to-FCF for today is 37.53.
The historical rank and industry rank for Azure Power Global's EV-to-FCF or its related term are showing as below:
AZREF'
s EV-to-FCF Range Over the Past 10 Years
Min: 0 Med: 0 Max: 37.53
Current: 37.53
During the past 11 years, the highest EV-to-FCF of Azure Power Global was 37.53. The lowest was 0.00. And the median was 0.00.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Azure Power Global (OTCPK:AZREF) EV-to-FCF Explanation
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Azure Power Global's PE Ratio (TTM) for today is calculated as:
Azure Power Global's share price for today is $1.00.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Azure Power Global's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was $-0.628.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Azure Power Global EV-to-FCF Related Terms
Azure Power Global EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Azure Power Global's EV-to-FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Utilities - Renewable subindustry, Azure Power Global's EV-to-FCF, along with its competitors' market caps and EV-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Azure Power Global EV-to-FCF vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Azure Power Global's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Azure Power Global's EV-to-FCF falls into.
Azure Power Global's current Enterprise Value is $1,328.7 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Azure Power Global's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2024 was $35.4 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Azure Power Global (AZREF) has a EV-to-FCF of 37.53 as of Jul. 03, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Azure Power Global and its competitors.
Is Azure Power Global's EV-to-FCF too high?
Azure Power Global's current EV-to-FCF is 37.53. The Utilities - Independent Power Producers industry median EV-to-FCF is 15.90. Azure Power Global's value of 37.53 is 136.1% above this industry median. Overall, Azure Power Global has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Azure Power Global's EV-to-FCF compare to SAFX and VGAS?
Azure Power Global's EV-to-FCF of 37.53 can be compared against companies in the Utilities - Independent Power Producers industry. The industry median EV-to-FCF is 15.90. Azure Power Global's value of 37.53 is 136.1% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for an Utilities - Independent Power Producers company?
The median EV-to-FCF among Utilities - Independent Power Producers companies is 15.90, based on 236 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Azure Power Global's current EV-to-FCF of 37.53 is 136.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Azure Power Global and its competitors. For the Utilities - Independent Power Producers industry, the median EV-to-FCF is 15.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Azure Power Global's current EV-to-FCF is 37.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azure Power Global stock overvalued right now?
Azure Power Global (AZREF) has a current EV-to-FCF of 37.53. The current EV-to-FCF is 37.53 and 136.1% above the Utilities - Independent Power Producers industry median of 15.90. Azure Power Global's overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Azure Power Global (AZREF), the current EV-to-FCF is 37.53 as of Jul. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Azure Power Global Ltd is a utility-scale renewable energy project developer and operator. It is engaged in the development, construction, ownership, operation, maintenance, and management of renewable energy assets based on long-term contracts (Power Purchase Agreements or PPA) with Indian Government energy distribution companies, as well as other Indian non-governmental energy distribution companies and commercial customers.
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