Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Abiomed Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited significant variability over the observed periods. Initially, the ratio increased from 84.53 to a peak of 156.41 by the first quarter of 2018. Subsequently, there was a downward trend reaching a low of 36.03 at the end of 2019. This was followed by another rise peaking at 104.67 during the third quarter of 2021. Towards the end of the dataset, the ratio showed a declining tendency, stabilizing around the low 60s by the third quarter of 2022. Overall, this pattern indicates phases of high investor optimism interspersed with corrections or adjustments.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio broadly mirrored the fluctuations seen in the P/E ratio. It started at 63.47 and progressively increased to 111.65 by the first quarter of 2018. Following this peak, the ratio fell to a lower level near 34.43 by the end of 2019. A resurgence was observed thereafter, with a peak of approximately 108.28 during the third quarter of 2021, after which the ratio trended downward to roughly 51.89 by the third quarter of 2022. This suggests shifts in market valuation relative to the company’s operating profitability, reflecting changing investor sentiments over time.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrated a more moderate but still notable volatility. Beginning at 13.63, it increased sharply to a high of 29.55 in early 2018. A gradual decline ensued, reaching around 10.5 by the end of 2019. The ratio then exhibited some recovery with fluctuations between 15.32 and 16.93 from late 2020 through 2021, before decreasing again to approximately 10.41 in mid-2022. This pattern indicates changing valuation relative to revenue generation, with high valuations during growth phases and corrections during slower periods.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio started at 11.42 and escalated considerably to 25.44 by the first quarter of 2018, signifying a strong market premium over book value at that time. Thereafter, the ratio declined steadily to the range of 8.28 to 8.65 by mid-2020. A subsequent increase occurred, reaching peaks above 12 in 2021. Towards the later periods, the ratio showed a fluctuating but generally downward trend, ending near 10.94 by the third quarter of 2022. These movements may reflect fluctuations in the company's net asset valuations and market expectations.
Price to Earnings (P/E)
Abiomed Inc., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income (loss)Q2 2023
+ Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abiomed Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility throughout the observed periods. Initially, there was a significant upward trajectory from approximately $147 to nearly $394 within the span of one year, indicating a strong market valuation during that time. This peak was followed by a marked decline over the subsequent years, reaching a low near $196. In the most recent quarters, there was some recovery, with the share price increasing again to above $370, suggesting renewed investor confidence or favorable developments.
Earnings per share (EPS) showed a general upward trend from the beginning to the middle of the timeline. Starting at $1.74, EPS rose steadily and peaked at approximately $5.74 before experiencing some fluctuations. Despite periodic dips, EPS maintained a relatively high level, with recent values again rising close to $6. This pattern indicates overall improved profitability and earnings growth over the long term, albeit with some short-term variations.
The price-to-earnings (P/E) ratio demonstrated significant changes, reflecting shifts in market sentiment relative to earnings. Early in the period, P/E ratios were exceptionally high, exceeding 150 at one point, which could indicate high growth expectations or overvaluation. Subsequently, the P/E ratio decreased substantially to near 36, correlating with the EPS rise and the falling share price, suggesting a market correction or tempered growth expectations. In the later quarters, the P/E ratio fluctuated between the mid-50s and low 100s, indicating varied investor perspectives on the company's future earnings potential and associated risk.
- Key Insights
- 1. The share price's rapid rise followed by a sharp decline and partial recovery highlights fluctuating market conditions and investor sentiment.
- 2. Earnings per share generally increased over the period, signifying sustained growth in underlying profitability despite some short-term volatility.
- 3. The P/E ratio's variability indicates changing market valuation standards and expectations, alternating between optimism and caution.
- 4. The inverse relationship observed at times between the P/E ratio and EPS suggests moments where share price adjustments aligned with earnings performance fluctuations.
- 5. Overall, the financial metrics reflect a company experiencing growth with periods of market reassessment and adjustment.
Price to Operating Profit (P/OP)
Abiomed Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2023
+ Income (loss) from operationsQ1 2023
+ Income (loss) from operationsQ4 2022
+ Income (loss) from operationsQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abiomed Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated a notable upward trajectory from mid-2017 through early 2018, starting at $146.78 and peaking at $394.46 by March 31, 2018. Following this peak, the price exhibited significant volatility but generally trended downward throughout 2019, reaching around $196 by early 2020. A recovery phase occurred in mid-2020, with prices climbing to approximately $325 by year-end 2020. The price then fluctuated in 2021, peaking again near $349 in mid-year before declining toward early 2022, and showed a renewed increase by the third quarter of 2022, ending at $373.63.
Operating profit per share (OPPS) showed consistent growth from June 2017 to March 2020, starting at $2.31 and increasing steadily to around $5.54. This growth reflects improved profitability per share during this period. However, from mid-2020 through early 2022, OPPS declined, reaching a low near $3.04 in late 2021, before rebounding sharply in mid-2022 to $5.63 and maintaining this level through the third quarter of 2022.
The price to operating profit ratio (P/OP) varied considerably over the examined quarters, reflecting changes in market valuation relative to profitability. Initially, the ratio increased from 63.47 to a high of 111.65 by March 2018, indicating the share price was rising faster than operating profit. Subsequently, the ratio declined steadily, hitting a low around 34.43 by late 2019, signaling a more favorable valuation relative to earnings. During 2020 and into 2021, the ratio increased again significantly, peaking above 108 in late 2021, suggesting the market was valuing shares at higher multiples despite declining profitability. In 2022, the P/OP ratio decreased back to the 50–70 range, aligning more closely with improved operating profit levels.
Overall, the share price and operating profit per share displayed cyclical patterns with periods of growth, correction, and recovery. The price to operating profit ratio reflects these fluctuations, indicating varying investor sentiment and market valuation dynamics throughout the timeframe. The resurgence in both market price and profitability metrics in 2022 suggests a renewed positive outlook.
Price to Sales (P/S)
Abiomed Inc., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (RevenueQ2 2023
+ RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abiomed Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility throughout the observed periods. Initially, there was a strong upward trajectory from $146.78 in mid-2017, peaking at $394.46 by March 2018. Subsequently, the share price experienced a notable decline, dropping to around $196 by early 2020. Following this downturn, the price partially recovered, fluctuating between approximately $280 and $375 from 2021 to late 2022, without reaching the previous peak levels.
- Sales Per Share Trends
- Sales per share demonstrated a consistent upward trend over the entire period. Starting from $10.77 in June 2017, the figure gradually increased quarter-over-quarter, reaching $23.82 by September 2022. This steady growth indicates sustained improvement in revenue generation on a per-share basis, reflecting overall business expansion or increased sales efficiency.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio showed pronounced fluctuations, reflecting changing market valuations relative to sales. The ratio climbed sharply from 13.63 in mid-2017 to a peak of 29.55 by March 2018, suggesting heightened investor optimism and elevated share prices relative to sales. Thereafter, the ratio declined significantly, falling to around 10.5 in early 2020, coinciding with the reduction in share price. In the post-2020 period, the P/S ratio varied between approximately 10 and 18, indicating a more moderate market valuation relative to sales, albeit with some volatility.
- Integrated Insights
- The data reflects a company experiencing rapid share price appreciation followed by correction, while sales per share maintained steady growth. The disconnection between share price trends and sales growth during certain periods points to external market factors or investor sentiment influencing valuations beyond fundamental sales performance. The consistent increase in sales per share indicates business resilience and long-term growth potential, while the variability in the P/S ratio signals changing market perceptions regarding the company's future prospects and risk profile.
Price to Book Value (P/BV)
Abiomed Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Abbott Laboratories | |||||||||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-K (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-K (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-K (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-K (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-K (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Abiomed Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the company’s quarterly financial data over the period from mid-2017 to late 2022 reveals several notable trends and fluctuations in key valuation metrics.
- Share Price
- The share price showed a significant upward trend between June 2017 and March 2018, rising sharply from $146.78 to a peak of $394.46. Following this peak, the price experienced a notable decline, falling to $196.01 by December 2019. Thereafter, the share price exhibited volatility with intermittent recoveries, notably rising above $300 again in parts of 2020 and 2021, and ending at $373.63 in September 2022. Overall, the share price demonstrated strong growth over the full period, albeit with considerable short- to medium-term fluctuations.
- Book Value Per Share (BVPS)
- BVPS showed a consistent and steady increase throughout the entire timeframe, rising from $12.86 in June 2017 to $34.15 by September 2022. This reflects gradual net asset growth and underlying improvements in the company's equity base. There were no periods of decline, indicating sustained accumulation or retention of earnings and assets.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio displayed high volatility in contrast to the steady BVPS growth. It rose sharply from 11.42 in June 2017 to a peak of 25.44 by March 2018, coinciding with the share price peak. Following this, the ratio decreased significantly, reaching a low of 7.15 in June 2022. This decline aligns with the prior drop and subsequent fluctuations in share price against the steadily increasing book value. The ratio’s movements indicate changing market sentiment and valuation multiples, with periods of high optimism followed by correction phases. The rise again to 10.94 by September 2022 suggests a resurgence in investor confidence or improved market conditions.
In summary, the company’s financial valuation reflected a dynamic market response to consistent asset growth. Share price volatility led to significant oscillations in the P/BV ratio, despite the steady accumulation of book value per share. These patterns suggest that market perceptions and other external factors influenced valuation multiples more than intrinsic asset changes during the period under review.