Price to Sales (P/S)
since 2005
Calculation
Abiomed Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| May 20, 2022 | 10.41 | = | 235.75 | ÷ | 22.64 | 22.64 | = | 1,031,753 | ÷ | 45,563,937 | |
| May 21, 2021 | 14.96 | = | 280.00 | ÷ | 18.71 | 18.71 | = | 847,522 | ÷ | 45,295,979 | |
| May 21, 2020 | 10.50 | = | 196.32 | ÷ | 18.70 | 18.70 | = | 840,883 | ÷ | 44,956,959 | |
| May 23, 2019 | 15.40 | = | 262.64 | ÷ | 17.05 | 17.05 | = | 769,432 | ÷ | 45,124,729 | |
| May 24, 2018 | 29.55 | = | 394.46 | ÷ | 13.35 | 13.35 | = | 593,749 | ÷ | 44,477,837 | |
| May 25, 2017 | 13.37 | = | 135.88 | ÷ | 10.16 | 10.16 | = | 445,304 | ÷ | 43,819,330 | |
| May 26, 2016 | 12.81 | = | 98.80 | ÷ | 7.71 | 7.71 | = | 329,543 | ÷ | 42,735,136 | |
| May 28, 2015 | 10.98 | = | 60.57 | ÷ | 5.52 | 5.52 | = | 230,311 | ÷ | 41,737,054 | |
| May 28, 2014 | 4.72 | = | 21.71 | ÷ | 4.60 | 4.60 | = | 183,643 | ÷ | 39,926,903 | |
| May 28, 2013 | 5.43 | = | 22.17 | ÷ | 4.08 | 4.08 | = | 158,124 | ÷ | 38,735,227 | |
| Jun 4, 2012 | 6.16 | = | 19.77 | ÷ | 3.21 | 3.21 | = | 126,375 | ÷ | 39,383,341 | |
| Jun 2, 2011 | 6.78 | = | 17.81 | ÷ | 2.63 | 2.63 | = | 101,151 | ÷ | 38,482,962 | |
| Jun 8, 2010 | 4.17 | = | 9.55 | ÷ | 2.29 | 2.29 | = | 85,713 | ÷ | 37,433,189 | |
| Jun 8, 2009 | 3.79 | = | 7.43 | ÷ | 1.96 | 1.96 | = | 73,210 | ÷ | 37,350,501 | |
| Jun 16, 2008 | 11.07 | = | 19.80 | ÷ | 1.79 | 1.79 | = | 58,941 | ÷ | 32,956,535 | |
| Jun 13, 2007 | 7.19 | = | 11.23 | ÷ | 1.56 | 1.56 | = | 50,649 | ÷ | 32,439,174 | |
| Jun 14, 2006 | 7.69 | = | 12.66 | ÷ | 1.65 | 1.65 | = | 43,670 | ÷ | 26,532,524 | |
| Jun 14, 2005 | 6.33 | = | 9.25 | ÷ | 1.46 | 1.46 | = | 38,216 | ÷ | 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.
The analysis of valuation metrics from 2005 to 2022 reveals a long-term expansion in revenue generation paired with significant volatility in market valuation multiples.
- Revenue Per Share Trajectory
- A consistent and uninterrupted upward trend in sales per share is observed, increasing from 1.46 USD in 2005 to 22.64 USD by 2022. This reflects sustained growth in underlying business operations over the seventeen-year period, with sales per share growing more than fifteen-fold.
- Price-to-Sales (P/S) Ratio Fluctuations
- The P/S ratio exhibited considerable variance, moving from a baseline range of approximately 4.0 to 7.0 between 2005 and 2014. A notable contraction occurred in 2009, where the ratio reached a period low of 3.79, correlating with a temporary decline in share price despite continued growth in sales per share.
- Peak Valuation Period
- A period of aggressive valuation expansion occurred between 2015 and 2018. The P/S ratio accelerated from 10.98 in 2015 to an anomalous peak of 29.55 in 2018. This spike indicates a market valuation that far outpaced the growth of sales per share during that specific interval, representing a significant deviation from historical averages.
- Valuation Normalization
- Following the 2018 peak, a corrective trend is evident. The P/S ratio receded to 15.40 in 2019 and 10.50 in 2020. Despite a brief increase to 14.96 in 2021, the ratio stabilized at 10.41 by 2022, suggesting a return to valuation levels more closely aligned with the mid-2010s performance.
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Comparison to Competitors
Abiomed Inc., P/S, long-term trends, comparison to competitors
| Abiomed Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| May 20, 2022 | 10.41 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| May 21, 2021 | 14.96 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| May 21, 2020 | 10.50 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| May 23, 2019 | 15.40 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| May 24, 2018 | 29.55 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| May 25, 2017 | 13.37 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| May 26, 2016 | 12.81 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| May 28, 2015 | 10.98 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| May 28, 2014 | 4.72 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| May 28, 2013 | 5.43 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Jun 4, 2012 | 6.16 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Jun 2, 2011 | 6.78 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Jun 8, 2010 | 4.17 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Jun 8, 2009 | 3.79 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Jun 16, 2008 | 11.07 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Jun 13, 2007 | 7.19 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Jun 14, 2006 | 7.69 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Jun 14, 2005 | 6.33 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Abiomed Inc. | Health Care Equipment & Services | |
|---|---|---|
| May 20, 2022 | 10.41 | 100,807.66 |
| May 21, 2021 | 14.96 | 2.07 |
| May 21, 2020 | 10.50 | 1.86 |
| May 23, 2019 | 15.40 | 1.74 |
| May 24, 2018 | 29.55 | 1.69 |
| May 25, 2017 | 13.37 | 1.58 |
| May 26, 2016 | 12.81 | 1.30 |
| May 28, 2015 | 10.98 | 1.17 |
| May 28, 2014 | 4.72 | 1.23 |
| May 28, 2013 | 5.43 | 0.95 |
| Jun 4, 2012 | 6.16 | 0.85 |
| Jun 2, 2011 | 6.78 | 1.04 |
| Jun 8, 2010 | 4.17 | 0.96 |
| Jun 8, 2009 | 3.79 | 1.02 |
| Jun 16, 2008 | 11.07 | 1.08 |
| Jun 13, 2007 | 7.19 | 1.48 |
| Jun 14, 2006 | 7.69 | 1.64 |
| Jun 14, 2005 | 6.33 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Abiomed Inc. | Health Care | |
|---|---|---|
| May 20, 2022 | 10.41 | 51,413.66 |
| May 21, 2021 | 14.96 | 3.28 |
| May 21, 2020 | 10.50 | 3.31 |
| May 23, 2019 | 15.40 | 3.21 |
| May 24, 2018 | 29.55 | 3.07 |
| May 25, 2017 | 13.37 | 3.06 |
| May 26, 2016 | 12.81 | 2.80 |
| May 28, 2015 | 10.98 | 2.72 |
| May 28, 2014 | 4.72 | 3.08 |
| May 28, 2013 | 5.43 | 2.81 |
| Jun 4, 2012 | 6.16 | 2.20 |
| Jun 2, 2011 | 6.78 | 1.90 |
| Jun 8, 2010 | 4.17 | 1.80 |
| Jun 8, 2009 | 3.79 | 2.08 |
| Jun 16, 2008 | 11.07 | 1.70 |
| Jun 13, 2007 | 7.19 | 2.42 |
| Jun 14, 2006 | 7.69 | 2.85 |
| Jun 14, 2005 | 6.33 | 3.17 |
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).