FibroGen (FibroGen) Free Cash Flow

: $-317.5 Mil (TTM As of Dec. 2023)

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FibroGen's total free cash flow for the months ended in Dec. 2023 was $-18.6 Mil. Its total free cash flow for the trailing twelve months (TTM) ended in Dec. 2023 was $-317.5 Mil.

FibroGen's Free Cash Flow per Share for the months ended in Dec. 2023 was $-0.19. Its free cash flow per share for the trailing twelve months (TTM) ended in Dec. 2023 was $-3.28.

Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Free Cash Flow Growth Rate using Free Cash Flow per Share data.

During the past 12 years, FibroGen's highest 3-Year average Free Cash Flow per Share Growth Rate was -6.70% per year. The lowest was -43.20% per year. And the median was -36.50% per year.

FibroGen Free Cash Flow Historical Data

The historical data trend for FibroGen's Free Cash Flow 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.

* Premium members only.

FibroGen Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Free Cash Flow

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-84.47

77.61

-112.42

-184.67

-317.54

FibroGen Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Free Cash Flow	Get a 7-Day Free Trial															-52.85	-102.18	-111.56	-85.22	-18.57

FibroGen Free Cash Flow Calculation

Free Cash Flow is considered one of the most important parameters to measure a company's earnings power by value investors because it is not subject to estimates of Depreciation, Depletion and Amortization (DDA). However, when we look at the Free Cash Flow, we should look from a long term perspective, because any year's Free Cash Flow can be drastically affected by the spending on Property, Plant, & Equipment (PPE) of the business in that year. Over the long term, Free Cash Flow should give pretty good picture on the real earnings power of the company.

FibroGen's Free Cash Flow for the fiscal year that ended in Dec. 2023 is calculated as

Free Cash Flow (A: Dec. 2023 )	=	Cash Flow from Operations	+	Capital Expenditure
	=	-315.021	+	-2.519
	=	-317.5

FibroGen's Free Cash Flow for the quarter that ended in Dec. 2023 is calculated as

Free Cash Flow (Q: Dec. 2023 )	=	Cash Flow from Operations	+	Capital Expenditure
	=	-18.321	+	-0.251
	=	-18.6

Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-317.5 Mil.

FibroGen (NAS:FGEN) Free Cash Flow Explanation

Free Cash Flow is very close to Warren Buffett's definition of Owner's Earnings, except that in Warren Buffett's Owner's Earnings, the spending for Property, Plant, and Equipment is only for maintenance (replacement), while in the Free Cash Flow calculation, the cost of new Property, Plant, and Equipment due to business expansion is also deducted. There, Free Cash Flow is more conservative than Owner's Earnings.

In Don Yacktman's calculation of forward rate of return, he uses Free Cash Flow for the calculation. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation.

This is what Yacktman said in his March 2012 interview - when the S&P 500 was at 1400:

If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.

The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).

For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over seven years. The reason we use seven years is because research shows that seven years is the length of the typical business cycle.

Therefore, as of Dec23, FibroGen's Forward Rate of Return (Yacktman) % is

Forward Rate of Return (Yacktman) % (Dec23)	=	Normalized Free Cash Flow	/	Price	+	5-Year EBITDA Growth Rate
	=	0	/	0.8863	+	0
	=	0.00 %

Be Aware

Free Cash Flow within a report period can be affected by management's decisions of capital spending. Therefore, it is important to look at long term when it comes to Free Cash Flow.

FibroGen Free Cash Flow Related Terms

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FibroGen (FibroGen) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » FibroGen Inc (NAS:FGEN) » Definitions » Free Cash Flow

Comparable Companies

Traded in Other Exchanges

FGEN:Mexico 1FG:Germany 1FG:Germany

Address

409 Illinois Street, San Francisco, CA, USA, 94158

Website

https://www.fibrogen.com

FibroGen Inc is a biotechnology company focused on discovering, developing, and commercializing novel therapeutics to treat serious unmet medical needs. The company generates the vast majority of its revenue in Europe, followed by Japan. Virtually all of FibroGen's revenue to date has been generated from its collaboration agreements. FibroGen seeks partners with research, development, and marketing capabilities and other resources that strengthen the company's ability to advance product candidates.

Executives

Jeffrey William Henderson	director	7000 CARDINAL PLACE, DUBLIN OH 43017
Enrique A Conterno	director, officer: Chief Executive Officer	LILLY CORPORATE CENTER, INDIANAPOLIS IN 46285
Thane Wettig	officer: Chief Commercial Officer	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Christine Chung	officer: SVP, China Operations	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Jeffrey L Edwards	director	2525 DUPONT DR, IRVINE CA 92612
Aoife Brennan	director	200 SIDNEY STREET, SUITE 320, C/O SYNLOGIC, INC., CAMBRIDGE MA 02139
Benjamin Cravatt	director	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Suzanne Blaug	director	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Maykin Ho	director	C/O AGIOS PHARMACEUTICALS, INC., 88 SIDNEY STREET, CAMBRIDGE MA 02139
James A Schoeneck	director	C/O DEPOMED, INC., 1360 O'BRIEN DRIVE, MENLO PARK CA 94025
Mark Eisner	officer: Incoming Chief Medical Officer	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Juan Graham	officer: Chief Financial Officer	C/O FIBROGEN, INC., 409 ILLINOIS STREET, SAN FRANCISCO CA 94158
Kearns Thomas F Jr	director	P O BOX 587, WARSAW IN 46581-0587
Pat Controneo	officer: VP, Finance and CFO	C/O FIBROGEN, INC., 409 ILLINOIS ST.,, SAN FRANCISCO CA 94158
Kalevi Kurkijarvi	director	C/O FIBROGEN, INC., 409 ILLINOIS ST.,, SAN FRANCISCO CA 94158