Price to Book Value (P/BV)
since 2005
Calculation
Express Scripts Holding Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Express Scripts stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2018 | 2.45 | = | 78.64 | ÷ | 32.11 | 32.11 | = | 18,119,600 | ÷ | 564,347,000 | |
| Feb 14, 2017 | 2.60 | = | 69.63 | ÷ | 26.80 | 26.80 | = | 16,236,000 | ÷ | 605,720,000 | |
| Feb 16, 2016 | 2.64 | = | 68.65 | ÷ | 26.01 | 26.01 | = | 17,372,800 | ÷ | 668,046,000 | |
| Feb 23, 2015 | 3.14 | = | 86.72 | ÷ | 27.59 | 27.59 | = | 20,054,200 | ÷ | 726,898,000 | |
| Feb 20, 2014 | 2.74 | = | 77.12 | ÷ | 28.14 | 28.14 | = | 21,837,400 | ÷ | 776,032,000 | |
| Feb 19, 2013 | 1.99 | = | 56.98 | ÷ | 28.57 | 28.57 | = | 23,385,000 | ÷ | 818,499,000 | |
| Feb 22, 2012 | 10.12 | = | 51.63 | ÷ | 5.10 | 5.10 | = | 2,473,700 | ÷ | 484,778,000 | |
| Feb 16, 2011 | 8.41 | = | 57.42 | ÷ | 6.83 | 6.83 | = | 3,606,600 | ÷ | 528,284,000 | |
| Feb 24, 2010 | 6.80 | = | 43.88 | ÷ | 6.45 | 6.45 | = | 3,551,800 | ÷ | 550,596,000 | |
| Feb 25, 2009 | 13.20 | = | 28.73 | ÷ | 2.18 | 2.18 | = | 1,078,200 | ÷ | 495,352,000 | |
| Feb 21, 2008 | 23.51 | = | 32.38 | ÷ | 1.38 | 1.38 | = | 696,400 | ÷ | 505,616,000 | |
| Feb 8, 2007 | 8.75 | = | 18.15 | ÷ | 2.07 | 2.07 | = | 1,124,900 | ÷ | 542,544,000 | |
| Feb 23, 2006 | 8.85 | = | 22.15 | ÷ | 2.50 | 2.50 | = | 1,465,000 | ÷ | 585,484,088 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Express Scripts Holding Co. Annual Report.
The analysis of the Price to Book Value (P/BV) ratio reveals a distinct transition in the valuation profile from a high-premium, volatile state to a lower-multiple, stabilized state over the observed period.
- Valuation Volatility (2006–2012)
- During the initial phase, the P/BV ratio exhibited significant variance, ranging from a low of 6.80 in 2010 to a peak of 23.51 in February 2008. The 2008 spike was primarily driven by a contraction in the book value per share to its period low of 1.38, occurring simultaneously with an increase in the share price. These high multiples indicate that the market valued the equity at a substantial premium relative to its accounting book value.
- Structural Shift in Book Value (2013)
- A fundamental shift in the valuation metric occurred in February 2013. The book value per share increased sharply from 5.10 in 2012 to 28.57. This rapid expansion of the equity base resulted in a precipitous decline in the P/BV ratio, which dropped to 1.99, marking a transition toward a valuation more closely aligned with the company's tangible assets.
- Stabilization Phase (2014–2018)
- In the final period, the P/BV ratio entered a phase of relative stability, fluctuating within a narrow range between 2.45 and 3.14. While the share price reached its highest historical peak of 86.72 in 2015, the corresponding sustained growth in book value per share—which climbed to 32.11 by 2018—effectively moderated the ratio. This suggests a more mature valuation stage where the market premium remained consistent regardless of fluctuations in the share price.
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Comparison to Competitors
Express Scripts Holding Co., P/BV, long-term trends, comparison to competitors
| Express Scripts Holding Co. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 27, 2018 | 2.45 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 14, 2017 | 2.60 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 16, 2016 | 2.64 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 23, 2015 | 3.14 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 20, 2014 | 2.74 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 19, 2013 | 1.99 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 22, 2012 | 10.12 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 16, 2011 | 8.41 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 24, 2010 | 6.80 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 25, 2009 | 13.20 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 21, 2008 | 23.51 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 8, 2007 | 8.75 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Feb 23, 2006 | 8.85 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Health Care Equipment & Services)
Express Scripts Holding Co., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Express Scripts Holding Co. | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2018 | 2.45 | 3.44 |
| Feb 14, 2017 | 2.60 | 2.95 |
| Feb 16, 2016 | 2.64 | 2.39 |
| Feb 23, 2015 | 3.14 | 2.94 |
| Feb 20, 2014 | 2.74 | 2.12 |
| Feb 19, 2013 | 1.99 | 1.89 |
| Feb 22, 2012 | 10.12 | 2.39 |
| Feb 16, 2011 | 8.41 | 2.21 |
| Feb 24, 2010 | 6.80 | 2.31 |
| Feb 25, 2009 | 13.20 | 2.78 |
| Feb 21, 2008 | 23.51 | 3.52 |
| Feb 8, 2007 | 8.75 | 3.80 |
| Feb 23, 2006 | 8.85 | 3.90 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Express Scripts Holding Co., P/BV, long-term trends, comparison to industry (health care)
| Express Scripts Holding Co. | Health Care | |
|---|---|---|
| Feb 27, 2018 | 2.45 | 4.55 |
| Feb 14, 2017 | 2.60 | 4.06 |
| Feb 16, 2016 | 2.64 | 3.62 |
| Feb 23, 2015 | 3.14 | 4.10 |
| Feb 20, 2014 | 2.74 | 3.51 |
| Feb 19, 2013 | 1.99 | 2.87 |
| Feb 22, 2012 | 10.12 | 2.51 |
| Feb 16, 2011 | 8.41 | 2.24 |
| Feb 24, 2010 | 6.80 | 2.36 |
| Feb 25, 2009 | 13.20 | 2.65 |
| Feb 21, 2008 | 23.51 | 3.45 |
| Feb 8, 2007 | 8.75 | 3.81 |
| Feb 23, 2006 | 8.85 | 3.97 |
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).