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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Express Scripts Holding Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The financial ratios for the company over the analyzed periods reveal several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a declining trend from the beginning of 2014 through the third quarter of 2018. Starting at approximately 30.52 in March 2014, it gradually decreased to a low near 8.96 by June 2018, before slightly increasing again to 11.16 by September 2018. This steady decline suggests a decreasing market valuation relative to earnings over time, potentially indicating either increasing earnings or market repricing of the company’s growth expectations.
- Price to Operating Profit (P/OP) Ratio
- This ratio followed a similar downward pattern, beginning at 16.07 in March 2014, then falling to a trough of 6.19 by September 2017. Notably, a rebound is seen during late 2017 into 2018, where the ratio rose again to around 10.23 by September 2018. The general decrease over the years suggests increasing operating profits or more conservative valuation multiples, with the late-period uptick potentially reflecting changing market sentiments or operational developments.
- Price to Sales (P/S) Ratio
- The P/S ratio fluctuated within a narrower band compared to P/E and P/OP. Initially around 0.54, it experienced a decline to about 0.33 by September 2017 followed by a recovery to 0.54 again in September 2018. This pattern indicates that the market valuation relative to sales weakened through mid-2017 but regained strength in the subsequent quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed some variability without a clear sustained directional trend. Starting at 2.51 in early 2014, it peaked at nearly 3.95 in mid-2015 before declining to about 2.09 by late 2017, and then increasing to 2.66 by September 2018. This variability suggests changes in market valuation relative to the company's book value, likely influenced by both market sentiment and balance sheet developments.
Overall, the data reflect an initial period of relatively high valuation multiples which generally declined over the four-year timeframe, accompanied by some recovery in sales-based and book value ratios in the latter quarters. The declining P/E and P/OP ratios especially may point to improved earnings and operating profits relative to stock price, or a market reassessment towards more conservative valuation. The movements in P/S and P/BV ratios in later periods hint at renewed investor confidence or operational changes impacting those metrics.
Price to Earnings (P/E)
Express Scripts Holding Co., historical P/E calculation (quarterly data)
| Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to Express Scripts (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: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2018 Calculation
EPS
= (Net income attributable to Express ScriptsQ3 2018
+ Net income attributable to Express ScriptsQ2 2018
+ Net income attributable to Express ScriptsQ1 2018
+ Net income attributable to Express ScriptsQ4 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Express Scripts Holding Co. Quarterly or Annual Report.
4 Q3 2018 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends related to the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited notable fluctuations throughout the periods. Initially, it ranged from approximately $67 to $87, peaking in December 2014 and June 2015. Subsequently, a decline occurred toward the end of 2015, with values dropping to below $70. During 2016 and early 2017, the share price remained relatively stable between roughly $58 and $78, with some downward trends evident in the first three quarters of 2017. A significant increase occurred in late 2017 and into 2018, culminating in a peak near $97 by September 2018. This later surge contrasts with earlier periods of volatility and lower prices.
- Earnings Per Share (EPS)
- The EPS followed a consistent upward trajectory over the entire timeframe. Starting from $2.33 in March 2014, EPS steadily increased each quarter, reaching $8.69 by September 2018. This represents a substantial growth and indicates improving profitability. The growth in earnings was particularly pronounced in the latter part of the period, with EPS rising from below $6 in early 2017 to over $8 by mid-2018. This steady increase suggests effective operational performance and potentially increasing net income.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio shows a clear downward trend across the quarters, beginning at around 30 in early 2014 and declining to approximately 9-11 by 2018. This decreasing ratio, despite the rising EPS, implies that the share price did not increase proportionately with earnings. In fact, the earlier high P/E ratios indicate a period when the market may have had higher growth expectations or that the shares were relatively overvalued. The subsequent decline in the P/E suggests a relative market re-rating or a moderation of investor expectations, potentially signifying that the stock became more attractively priced relative to its earnings.
In summary, the data indicates a period of rising profitability as demonstrated by increasing EPS, alongside share price volatility with a notable rise towards the end of the analyzed period. The simultaneous decline in the P/E ratio points to a market adjustment where the stock's valuation became more aligned with its stronger earnings performance. This combination reflects positive operational results with a cautious or recalibrated market valuation over time.
Price to Operating Profit (P/OP)
Express Scripts Holding Co., historical P/OP calculation (quarterly data)
| Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (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: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2018 Calculation
Operating profit per share
= (Operating incomeQ3 2018
+ Operating incomeQ2 2018
+ Operating incomeQ1 2018
+ Operating incomeQ4 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Express Scripts Holding Co. Quarterly or Annual Report.
4 Q3 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced fluctuating movements over the observed quarters. Initially, the price declined from 71.01 USD to 67.28 USD in mid-2014, followed by a recovery peaking at 86.72 USD at the end of 2014. The first half of 2015 showed an increase reaching 92.38 USD, but subsequently declined to 68.65 USD by the end of 2015. Through 2016 and 2017, the price maintained a downward tendency, reaching a low of 58.85 USD in the third quarter of 2017. A notable rebound occurred in late 2017 and into 2018, with the share price rising sharply to 96.97 USD by the third quarter of 2018, marking the highest point in the period analyzed.
- Operating Profit Per Share (OP) Trend
- The operating profit per share showed consistent growth throughout the period. Starting at 4.42 USD in the first quarter of 2014, it steadily increased each quarter, reaching a peak of 9.74 USD at the end of 2017. In 2018, the values slightly decreased but remained relatively stable around 9.48 USD by the third quarter, indicating sustained profitability improvements over the years.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio exhibited a downward trend from 16.07 at the start of 2014 to a trough of 6.19 at the third quarter of 2017. This decline suggests that the share price did not increase proportionally to the operating profit per share during this period, potentially indicating an increasing valuation attractiveness or improved operational performance not fully reflected in the share price. In early 2018, however, the ratio increased again to 10.23, driven primarily by the sharp rise in share price while operating profit per share remained relatively stable.
- Overall Insights
- The analysis reveals a clear pattern of improving operating profitability, with more than doubling of operating profit per share over the five-year span. The share price, while more volatile, showed a notable drop in mid to late 2017 followed by a strong recovery in 2018. The P/OP ratio highlights a period during which the company's operating profits grew faster than its share price, potentially signaling undervaluation or cautious investor sentiment during that time. The subsequent increase in the ratio in 2018 aligns with the share price rally, suggesting renewed investor confidence or market revaluation. Investors might interpret these trends as a company with robust earnings growth that has recently attracted heightened market interest.
Price to Sales (P/S)
Express Scripts Holding Co., historical P/S calculation (quarterly data)
| Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (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: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2018 Calculation
Sales per share
= (RevenuesQ3 2018
+ RevenuesQ2 2018
+ RevenuesQ1 2018
+ RevenuesQ4 2017)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Express Scripts Holding Co. Quarterly or Annual Report.
4 Q3 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Analysis
- The share price exhibited notable volatility over the observed periods. It began at $71.01 in March 2014, peaked at $92.38 in June 2015, and then experienced a downward trend reaching a low point around $58.85 in September 2017. Following this decline, the share price recovered significantly, ending at $96.97 by September 2018. This fluctuation indicates periods of investor optimism and pessimism within the timeframe, with the latter part of the data showing a strong upward momentum.
- Sales Per Share Analysis
- Sales per share demonstrated a consistent upward trend throughout the entire period. Starting at $131.55 in March 2014, the figure gradually increased in almost every quarter, reaching $179.75 by September 2018. This steady rise reflects continuous growth in company sales relative to the number of shares, suggesting positive business development and effective revenue generation over time.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio showed a general decline from 0.54 in March 2014 to a low of 0.33 in September 2017, indicating that the share price growth did not keep pace with sales growth during that period. This decline suggests that investors were valuing the stock less per unit of sales over time. However, from late 2017 to September 2018, the P/S ratio reversed this trend, rising back to 0.54, which correlates with the increase in share price, implying renewed investor confidence or improved market perception of the company's value in relation to its sales.
- Overall Insight
- The data reveals a company with steadily increasing sales per share, indicating strong operational performance. However, the share price and P/S ratio fluctuations suggest variable market sentiment and valuation over the analysed timeframe. The recovery in both share price and P/S ratio toward the end suggests a positive shift in market outlook, potentially driven by improved performance expectations or favorable external factors impacting investor perception.
Price to Book Value (P/BV)
Express Scripts Holding Co., historical P/BV calculation (quarterly data)
| Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Express Scripts 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: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2018 Calculation
BVPS = Total Express Scripts stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Express Scripts Holding Co. Quarterly or Annual Report.
4 Q3 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations throughout the observed periods. Initially, it showed an upward trend from 71.01 to a peak near 92.38 by mid-2015, followed by a notable decline to around 58.85 by late 2017. Subsequently, the price recovered significantly, reaching a high of 96.97 by late 2018, indicating increased market value and investor confidence at the end of the timeline.
- Book Value per Share (BVPS) Trend
- The book value per share demonstrated a relatively steady increase over time, starting at 28.28 and climbing gradually to 36.47 by the final period. Despite some minor fluctuations, the BVPS growth suggests strengthening of the company’s net asset value on a per-share basis, reflecting potential accumulation of equity or retained earnings.
- Price-to-Book Value Ratio (P/BV) Trend
- The price-to-book value ratio displayed considerable variability, with an initial value of 2.51 that rose sharply to almost 3.95 by mid-2015, indicating the market priced the shares at a significant premium to book value during this period. Thereafter, the ratio declined alongside the share price, falling to about 2.09 near late 2017. Final periods show a moderate rise to 2.66, implying a renewed relative valuation premium but lower than the earlier peak.
- Overall Analysis
- The combined trends reflect a period of heightened market optimism mid-2015, followed by a phase of share price softness despite increasing book value per share, indicating possible market concerns or external factors impacting investor sentiment. The recovery in share price towards the end of the data period, coupled with a steady increase in BVPS, may signal improved market conditions or operational performance influencing investor confidence.