Price to Book Value (P/BV)
since 2005
Calculation
Abiomed Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| May 20, 2022 | 7.15 | = | 235.75 | ÷ | 32.99 | 32.99 | = | 1,503,326 | ÷ | 45,563,937 | |
| May 21, 2021 | 9.54 | = | 280.00 | ÷ | 29.36 | 29.36 | = | 1,329,675 | ÷ | 45,295,979 | |
| May 21, 2020 | 8.28 | = | 196.32 | ÷ | 23.70 | 23.70 | = | 1,065,466 | ÷ | 44,956,959 | |
| May 23, 2019 | 12.65 | = | 262.64 | ÷ | 20.76 | 20.76 | = | 936,890 | ÷ | 45,124,729 | |
| May 24, 2018 | 25.44 | = | 394.46 | ÷ | 15.50 | 15.50 | = | 689,524 | ÷ | 44,477,837 | |
| May 25, 2017 | 13.17 | = | 135.88 | ÷ | 10.32 | 10.32 | = | 452,071 | ÷ | 43,819,330 | |
| May 26, 2016 | 11.45 | = | 98.80 | ÷ | 8.63 | 8.63 | = | 368,775 | ÷ | 42,735,136 | |
| May 28, 2015 | 8.67 | = | 60.57 | ÷ | 6.99 | 6.99 | = | 291,560 | ÷ | 41,737,054 | |
| May 28, 2014 | 5.15 | = | 21.71 | ÷ | 4.22 | 4.22 | = | 168,353 | ÷ | 39,926,903 | |
| May 28, 2013 | 6.26 | = | 22.17 | ÷ | 3.54 | 3.54 | = | 137,080 | ÷ | 38,735,227 | |
| Jun 4, 2012 | 6.16 | = | 19.77 | ÷ | 3.21 | 3.21 | = | 126,297 | ÷ | 39,383,341 | |
| Jun 2, 2011 | 6.54 | = | 17.81 | ÷ | 2.72 | 2.72 | = | 104,743 | ÷ | 38,482,962 | |
| Jun 8, 2010 | 3.31 | = | 9.55 | ÷ | 2.88 | 2.88 | = | 107,956 | ÷ | 37,433,189 | |
| Jun 8, 2009 | 2.39 | = | 7.43 | ÷ | 3.11 | 3.11 | = | 115,983 | ÷ | 37,350,501 | |
| Jun 16, 2008 | 6.97 | = | 19.80 | ÷ | 2.84 | 2.84 | = | 93,594 | ÷ | 32,956,535 | |
| Jun 13, 2007 | 2.98 | = | 11.23 | ÷ | 3.76 | 3.76 | = | 122,095 | ÷ | 32,439,174 | |
| Jun 14, 2006 | 4.83 | = | 12.66 | ÷ | 2.62 | 2.62 | = | 69,488 | ÷ | 26,532,524 | |
| Jun 14, 2005 | 4.31 | = | 9.25 | ÷ | 2.15 | 2.15 | = | 56,179 | ÷ | 26,153,672 |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Abiomed Inc. Annual Report.
- Share Price Trend
- The share price exhibited significant volatility over the period analyzed. Initially, it rose from $9.25 in mid-2005 to a peak of $19.80 in mid-2008, followed by a sharp decline to $7.43 by mid-2009. After 2009, the share price generally trended upwards, with notable increases beginning in 2014 where it surged from $21.71 to $394.46 by 2018. Subsequent years showed correction and more moderate fluctuations, settling around the $235-$280 range by mid-2022.
- Book Value per Share (BVPS) Trend
- Book value per share presented consistent growth over the period. Starting at $2.15 in 2005, BVPS experienced minor fluctuations but maintained an upward trajectory, reaching $32.99 by mid-2022. This steady increase reflects growth in net asset value available to shareholders, indicating a strengthening equity base.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio fluctuated significantly, reflecting the disparity between market valuation and book value. Early years showed moderate ratios between 2.39 and 4.83, with a notable spike to 6.97 in 2008. The ratio peaked dramatically in 2018 at 25.44, coinciding with the peak share price. Afterwards, the ratio declined but remained elevated, fluctuating between approximately 7.15 and 13.17 through 2022. This suggests periods of high market optimism or expectations about growth potential, resulting in the market valuing shares at a substantial premium to book value.
- Overall Insights
- The data indicates strong growth in intrinsic value as evidenced by the increasing BVPS, coupled with large swings in market perception indicated by volatile share prices and elevated P/BV ratios. The substantial premium over book value in later years may reflect heightened investor confidence and growth expectations. The correction post-peak share price suggests market adjustments to more sustainable valuations yet still above historical norms. This pattern is typical of companies experiencing rapid expansion or transformational business phases.
Comparison to Competitors
Abiomed Inc., P/BV, long-term trends, comparison to competitors
| Abiomed Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| May 20, 2022 | 7.15 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| May 21, 2021 | 9.54 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| May 21, 2020 | 8.28 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| May 23, 2019 | 12.65 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| May 24, 2018 | 25.44 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| May 25, 2017 | 13.17 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| May 26, 2016 | 11.45 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| May 28, 2015 | 8.67 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| May 28, 2014 | 5.15 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| May 28, 2013 | 6.26 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Jun 4, 2012 | 6.16 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Jun 2, 2011 | 6.54 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Jun 8, 2010 | 3.31 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Jun 8, 2009 | 2.39 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Jun 16, 2008 | 6.97 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Jun 13, 2007 | 2.98 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Jun 14, 2006 | 4.83 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Jun 14, 2005 | 4.31 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
Comparison to Sector (Health Care Equipment & Services)
Abiomed Inc., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Abiomed Inc. | Health Care Equipment & Services | |
|---|---|---|
| May 20, 2022 | 7.15 | 263,051.14 |
| May 21, 2021 | 9.54 | 5.01 |
| May 21, 2020 | 8.28 | 4.30 |
| May 23, 2019 | 12.65 | 4.00 |
| May 24, 2018 | 25.44 | 3.83 |
| May 25, 2017 | 13.17 | 3.44 |
| May 26, 2016 | 11.45 | 2.95 |
| May 28, 2015 | 8.67 | 2.39 |
| May 28, 2014 | 5.15 | 2.94 |
| May 28, 2013 | 6.26 | 2.12 |
| Jun 4, 2012 | 6.16 | 1.89 |
| Jun 2, 2011 | 6.54 | 2.39 |
| Jun 8, 2010 | 3.31 | 2.21 |
| Jun 8, 2009 | 2.39 | 2.31 |
| Jun 16, 2008 | 6.97 | 2.78 |
| Jun 13, 2007 | 2.98 | 3.52 |
| Jun 14, 2006 | 4.83 | 3.80 |
| Jun 14, 2005 | 4.31 | 3.90 |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).
Comparison to Industry (Health Care)
Abiomed Inc., P/BV, long-term trends, comparison to industry (health care)
| Abiomed Inc. | Health Care | |
|---|---|---|
| May 20, 2022 | 7.15 | 87,112.79 |
| May 21, 2021 | 9.54 | 5.48 |
| May 21, 2020 | 8.28 | 5.37 |
| May 23, 2019 | 12.65 | 5.14 |
| May 24, 2018 | 25.44 | 5.17 |
| May 25, 2017 | 13.17 | 4.55 |
| May 26, 2016 | 11.45 | 4.06 |
| May 28, 2015 | 8.67 | 3.62 |
| May 28, 2014 | 5.15 | 4.10 |
| May 28, 2013 | 6.26 | 3.51 |
| Jun 4, 2012 | 6.16 | 2.87 |
| Jun 2, 2011 | 6.54 | 2.51 |
| Jun 8, 2010 | 3.31 | 2.24 |
| Jun 8, 2009 | 2.39 | 2.36 |
| Jun 16, 2008 | 6.97 | 2.65 |
| Jun 13, 2007 | 2.98 | 3.45 |
| Jun 14, 2006 | 4.83 | 3.81 |
| Jun 14, 2005 | 4.31 | 3.97 |
Based on: 10-K (reporting date: 2022-03-31), 10-K (reporting date: 2021-03-31), 10-K (reporting date: 2020-03-31), 10-K (reporting date: 2019-03-31), 10-K (reporting date: 2018-03-31), 10-K (reporting date: 2017-03-31), 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31), 10-K (reporting date: 2010-03-31), 10-K (reporting date: 2009-03-31), 10-K (reporting date: 2008-03-31), 10-K (reporting date: 2007-03-31), 10-K (reporting date: 2006-03-31), 10-K (reporting date: 2005-03-31).