MeritValue

AbbVie Inc.

ABBVdata completeness 100%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$56.2B1$58.1B2$54.3B3$56.3B3$61.2B3
Net income$11.5B4$11.8B5$4.86B6$4.28B6$4.23B6
Operating cash flow$22.8B7$24.9B8$22.8B9$18.8B9$19B9
Capital expenditure$787M10$695M11$777M12$974M12$1.21B12
Free cash flow (derived)$22B7$24.2B8$22.1B9$17.8B9$17.8B9
Total debt$76B13$63.1B14$59.2B15$66.8B16$67B17
Cash & equivalents$9.75B18$9.2B19$12.8B20$5.52B21$5.23B21
Diluted shares1.78B1.78B1.77B1.77B1.77B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
5.6e-7%
of the whole company
Your share of last year’s profit
$23.84
Your share of its debt
$377.9
Your share of free cash flow
$100.49
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$101.17
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$17.8B
DCF · Growth Exit 5Y
$112.36
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$17.8B
Earnings Power Value
$28.9
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.86B
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $112.36

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001551152-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001551152-25-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001551152-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001551152-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001551152-25-000020 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001551152-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001551152-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001551152-25-000020 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001551152-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001551152-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001551152-25-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001551152-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001551152-22-000007 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001551152-23-000011 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001551152-24-000011 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001551152-25-000020 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001551152-26-000008 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001551152-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001551152-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001551152-25-000020 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001551152-26-000008 (CashAndCashEquivalentsAtCarryingValue)