Price to Sales (P/S)
since 2005
Calculation
Express Scripts Holding Co., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 27, 2018 | 0.44 | = | 78.64 | ÷ | 177.31 | 177.31 | = | 100,064,600 | ÷ | 564,347,000 | |
| Feb 14, 2017 | 0.42 | = | 69.63 | ÷ | 165.57 | 165.57 | = | 100,287,500 | ÷ | 605,720,000 | |
| Feb 16, 2016 | 0.45 | = | 68.65 | ÷ | 152.31 | 152.31 | = | 101,751,800 | ÷ | 668,046,000 | |
| Feb 23, 2015 | 0.62 | = | 86.72 | ÷ | 138.79 | 138.79 | = | 100,887,100 | ÷ | 726,898,000 | |
| Feb 20, 2014 | 0.57 | = | 77.12 | ÷ | 134.14 | 134.14 | = | 104,098,800 | ÷ | 776,032,000 | |
| Feb 19, 2013 | 0.50 | = | 56.98 | ÷ | 114.67 | 114.67 | = | 93,858,100 | ÷ | 818,499,000 | |
| Feb 22, 2012 | 0.54 | = | 51.63 | ÷ | 95.15 | 95.15 | = | 46,128,300 | ÷ | 484,778,000 | |
| Feb 16, 2011 | 0.67 | = | 57.42 | ÷ | 85.13 | 85.13 | = | 44,973,200 | ÷ | 528,284,000 | |
| Feb 24, 2010 | 0.98 | = | 43.88 | ÷ | 44.95 | 44.95 | = | 24,748,900 | ÷ | 550,596,000 | |
| Feb 25, 2009 | 0.65 | = | 28.73 | ÷ | 44.37 | 44.37 | = | 21,978,000 | ÷ | 495,352,000 | |
| Feb 21, 2008 | 0.90 | = | 32.38 | ÷ | 36.14 | 36.14 | = | 18,273,600 | ÷ | 505,616,000 | |
| Feb 8, 2007 | 0.56 | = | 18.15 | ÷ | 32.55 | 32.55 | = | 17,660,000 | ÷ | 542,544,000 | |
| Feb 23, 2006 | 0.80 | = | 22.15 | ÷ | 27.78 | 27.78 | = | 16,266,000 | ÷ | 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.
Analysis of the valuation metrics indicates a long-term compression of the Price to Sales (P/S) ratio despite substantial growth in both share price and revenue per share over the analyzed period.
- Revenue Performance
- Sales per share exhibited consistent and aggressive growth, increasing from 27.78 USD in 2006 to 177.31 USD in 2018. A significant acceleration in revenue generation is noted between 2010 and 2011, where sales per share nearly doubled from 44.95 USD to 85.13 USD.
- Share Price Trajectory
- The share price followed a general upward trajectory, rising from 22.15 USD in 2006 to 78.64 USD in 2018. This growth was characterized by periodic volatility, with notable contractions occurring in 2007, 2009, 2012, and 2016.
- Price to Sales (P/S) Ratio Dynamics
- The P/S ratio remained below 1.0 throughout the entire period, reflecting a valuation that did not award a premium relative to sales. The ratio peaked at 0.98 in 2010 before trending downward. In the final two years of the period, the ratio reached its lowest levels, stabilizing between 0.42 and 0.44.
- Correlation and Divergence
- A distinct divergence is observable between the growth rates of revenue and market valuation. While the share price increased by approximately 256%, sales per share grew by approximately 537%. This imbalance explains the contraction of the P/S ratio, as revenue growth significantly outpaced the appreciation of the share price.
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Comparison to Competitors
Express Scripts Holding Co., P/S, 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 | 0.44 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 14, 2017 | 0.42 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 16, 2016 | 0.45 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 23, 2015 | 0.62 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 20, 2014 | 0.57 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 19, 2013 | 0.50 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 22, 2012 | 0.54 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Feb 16, 2011 | 0.67 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Feb 24, 2010 | 0.98 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Feb 25, 2009 | 0.65 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Feb 21, 2008 | 0.90 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 8, 2007 | 0.56 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Feb 23, 2006 | 0.80 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Express Scripts Holding Co. | Health Care Equipment & Services | |
|---|---|---|
| Feb 27, 2018 | 0.44 | 1.58 |
| Feb 14, 2017 | 0.42 | 1.30 |
| Feb 16, 2016 | 0.45 | 1.17 |
| Feb 23, 2015 | 0.62 | 1.23 |
| Feb 20, 2014 | 0.57 | 0.95 |
| Feb 19, 2013 | 0.50 | 0.85 |
| Feb 22, 2012 | 0.54 | 1.04 |
| Feb 16, 2011 | 0.67 | 0.96 |
| Feb 24, 2010 | 0.98 | 1.02 |
| Feb 25, 2009 | 0.65 | 1.08 |
| Feb 21, 2008 | 0.90 | 1.48 |
| Feb 8, 2007 | 0.56 | 1.64 |
| Feb 23, 2006 | 0.80 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Express Scripts Holding Co. | Health Care | |
|---|---|---|
| Feb 27, 2018 | 0.44 | 3.06 |
| Feb 14, 2017 | 0.42 | 2.80 |
| Feb 16, 2016 | 0.45 | 2.72 |
| Feb 23, 2015 | 0.62 | 3.08 |
| Feb 20, 2014 | 0.57 | 2.81 |
| Feb 19, 2013 | 0.50 | 2.20 |
| Feb 22, 2012 | 0.54 | 1.90 |
| Feb 16, 2011 | 0.67 | 1.80 |
| Feb 24, 2010 | 0.98 | 2.08 |
| Feb 25, 2009 | 0.65 | 1.70 |
| Feb 21, 2008 | 0.90 | 2.42 |
| Feb 8, 2007 | 0.56 | 2.85 |
| Feb 23, 2006 | 0.80 | 3.17 |
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).