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
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Analysis of Debt
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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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
The analysis of the financial ratios over the observed periods reveals several noteworthy trends and shifts in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio begins its recorded trend at 32.44 in March 2014 and demonstrates a consistent downward trajectory over the subsequent periods. It declines steadily, reaching a low of 8.96 by September 2018, before a slight uptick to 11.16 in the final period. This overall decrease suggests that the market's valuation of earnings became more conservative over time, possibly reflecting improved earnings or shifting investor sentiments.
- Price to Operating Profit (P/OP) Ratio
- This ratio exhibits a similar declining trend from 16.85 in March 2014 to a trough of 6.19 in December 2017. A modest recovery is noted in the last two quarters, rising to 10.23 by September 2018. The general decline indicates increasing operating profits relative to price, reflecting favorable operational performance or adjustments in market pricing.
- Price to Sales (P/S) Ratio
- The P/S ratio fluctuates moderately. Starting at 0.57 in March 2014, it initially decreases to a low near 0.33 in December 2017, indicating a declining valuation relative to sales. However, this ratio rebounds to 0.54 by September 2018, suggesting a renewed market confidence in sales relative to price towards the end of the period assessed.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows variability throughout the timeline. It begins at 2.02 in March 2013, peaks around 3.95 in June 2015, and subsequently trends downward to approximately 2.09 in December 2017. A slight increase to 2.66 is observed by September 2018. This pattern indicates fluctuations in market perceptions of the company’s net asset value, possibly driven by changes in book value or market price adjustments.
In summary, the data points to a general trend of declining valuation ratios over the majority of the observed timeframe, particularly evident in the P/E and P/OP metrics, which may reflect improving earnings and operating profit performance or altered investor expectations. The latter part of the period indicates some recovery in valuation levels, especially notable in the P/S and P/BV ratios, implying renewed positive market sentiment or changes in fundamental business 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 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
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.
- Share Price Trend
- The share price demonstrated fluctuations over the analyzed quarters from March 2013 to September 2018. Initially, it increased from $58.44 in March 2013, reaching peaks in December 2013 and December 2014 at $77.12 and $86.72 respectively. Following this, the price exhibited a declining trend from early 2015 through the end of 2017, declining to a low of $58.85 by September 2017. In 2018, however, the share price rebounded significantly, rising to a high of $96.97 by September 2018, representing the highest value in the series.
- Earnings Per Share (EPS) Development
- EPS data, available from the first quarter of 2014, shows a consistent upward trajectory across the periods. Beginning at $2.38 in March 2014, EPS increased steadily each quarter, demonstrating sustained growth in profitability. By the latest quarter in September 2018, EPS rose to $8.69, which indicates a strong improvement and suggests increased earnings performance over time.
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited a downward pattern across the quarters with certain fluctuations. Starting at 32.44 in March 2014, the ratio gradually decreased, indicating that the share price grew at a slower pace relative to earnings or that earnings improvements were outpacing share price growth. By September 2018, the P/E ratio had lowered to 11.16, reflecting a valuation that is more moderate compared to the earlier periods and possibly pointing toward improved earnings efficiency or market reassessment of growth expectations.
- Overall Financial Insights
- The combination of rising EPS and declining P/E ratios, alongside a volatile but ultimately higher share price, suggests that the company has enhanced its earnings capacity notably during the period. The decreasing P/E ratio could imply that the stock became relatively more attractively priced in relation to its earnings by the end of the period. The robust increase in share price in 2018 further underscores favorable market sentiment during that year, likely supported by the consistent earnings growth observed.
Price to Operating Profit (P/OP)
Express Scripts Holding Co., historical P/OP calculation (quarterly data)
| Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
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.
The analysis of the data indicates a generally upward trend in operating profit per share over the observed periods, with the value increasing from 4.58 US$ in March 2014 to 9.48 US$ by September 2018. This growth suggests sustained improvement in profitability on a per-share basis across these years.
The share price exhibits more volatility over the same timeframe. Beginning at 71.01 US$ in March 2014, it initially rises, reaching a peak of 92.38 US$ in June 2015 before experiencing a decline to 58.85 US$ by September 2017. Subsequently, the share price shows a recovery trend, climbing to a high of 96.97 US$ in September 2018. This variability indicates fluctuating market sentiment or external factors impacting the stock value during the period.
The Price to Operating Profit (P/OP) ratio demonstrates a consistent downward trajectory from 16.85 in March 2014 to a low of 6.19 in December 2017, followed by a moderate increase to 10.23 by September 2018. This decline suggests that while operating profit per share was increasing, the market price did not rise proportionally, potentially indicating a period where the stock was undervalued relative to its operating earnings. The subsequent increase in the ratio toward the end of the period may reflect market reassessment or renewed investor confidence.
Overall, the data reflects improving operational performance as evidenced by rising operating profits per share, alongside notable fluctuations in share price and valuation multiples that may warrant further investigation into market dynamics and company-specific events during these intervals.
- Operating Profit Per Share
- Consistently increased from 4.58 US$ in early 2014 to 9.48 US$ by late 2018, indicating solid profitability growth.
- Share Price
- Experienced volatility, with a peak above 90 US$ in mid-2015 and late 2018, a trough near 58 US$ in late 2017, signaling varying market perceptions.
- Price to Operating Profit (P/OP) Ratio
- Declined significantly over the period, reaching its lowest point in late 2017, before a partial rebound, highlighting changing relative valuation levels.
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 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
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.
The share price exhibited notable fluctuations over the observed periods, starting at $58.44 in March 2013 and reaching a peak of $96.97 in September 2018. Initially, the price rose steadily, peaking at $87.50 in March 2015 before declining to a low of $58.85 in September 2017. Subsequently, the share price recovered, climbing again toward the end of the series.
Sales per share data, available from March 2014 onward, showed a consistent upward trend. Beginning at $134.14 in March 2014, sales per share increased steadily to $179.75 by September 2018, reflecting growth in company revenue on a per-share basis without any significant reversals.
The Price to Sales (P/S) ratio demonstrated a generally declining pattern over time, despite some minor fluctuations. It started at 0.57 in March 2014, decreasing to a low of 0.33 in September 2017 before recovering slightly to 0.54 by September 2018. The decline in the P/S ratio during several consecutive quarters suggests that the share price was not increasing proportionally with sales per share, potentially indicating market undervaluation or cautious investor sentiment during that period. The modest rise later suggests a partial revaluation of the stock relative to sales.
Overall, the data reflects rising sales per share indicating business growth, accompanied by variable share pricing and a generally falling P/S ratio followed by recovery, pointing to dynamic market perceptions of value relative to sales performance across the timeline.
- Share Price
- Fluctuated significantly; initial increase to early 2015 peak, decline through late 2017, followed by recovery.
- Sales Per Share
- Consistently increased from March 2014 to September 2018, indicating steady revenue growth per share.
- Price to Sales (P/S) Ratio
- Declined overall from 0.57 to 0.33 then partially recovered to 0.54, hinting at valuation adjustments relative to revenue.
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 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).
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 notable fluctuations over the analyzed quarterly periods. Initially, it rose from $58.44 at the end of Q1 2013 to a peak of $92.38 in Q2 2015, showing a general upward trend during this timeframe. However, following this peak, the price declined significantly to $68.65 by Q4 2015, indicating a period of volatility. Post-2015, the share price remained relatively unstable, with values oscillating between approximately $58.85 and $78.64, before reaching a high point of $96.97 in Q3 2018, the highest value within the dataset.
- Book Value per Share (BVPS) Trend
- The BVPS presented a comparatively stable pattern with gradual changes across the quarters. From $28.89 in Q1 2013, it slightly decreased until mid-2014, reaching a low around $23.41 in Q2 2015. Subsequently, it demonstrated a steady upward trend, culminating at $36.47 by Q3 2018. This gradual increase suggests a consistent enhancement of the company's net asset value on a per-share basis after mid-2015.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio reflected the volatility observed in the share price combined with the more stable BVPS. Initially, the ratio hovered around 2.0 to 2.7 until early 2014, then surged to a peak of 3.95 in Q2 2015, coinciding with the peak in share price and the trough in BVPS. After this peak, the ratio declined alongside the share price, falling as low as 2.09 in Q1 2018. Towards the end of the period, there was a modest increase again to 2.66 by Q3 2018, consistent with the rising share price.
- Overall Insights
- The data indicates that the company experienced a phase of growth in share price until mid-2015, which outpaced increases in book value, leading to a high P/BV ratio. The subsequent correction in share price brought the valuation closer to the underlying book value before a renewed appreciation in both share price and book value occurred in 2018. The upward trend in BVPS over the latter part of the period suggests improving fundamental value, while the fluctuations in the P/BV ratio highlight changing investor sentiment and market valuation relative to net asset value.