Price to Sales (P/S)
since 2019
Calculation
Shockwave Medical Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2024 | 13.31 | = | 259.89 | ÷ | 19.53 | 19.53 | = | 730,230 | ÷ | 37,396,816 | |
| Feb 27, 2023 | 14.12 | = | 189.52 | ÷ | 13.42 | 13.42 | = | 489,733 | ÷ | 36,495,387 | |
| Feb 25, 2022 | 26.40 | = | 175.59 | ÷ | 6.65 | 6.65 | = | 237,146 | ÷ | 35,653,563 | |
| Feb 26, 2021 | 60.01 | = | 116.76 | ÷ | 1.95 | 1.95 | = | 67,789 | ÷ | 34,842,744 | |
| Mar 12, 2020 | 21.46 | = | 29.00 | ÷ | 1.35 | 1.35 | = | 42,927 | ÷ | 31,765,657 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Shockwave Medical Inc. Annual Report.
The valuation trajectory of the company between March 2020 and February 2024 is characterized by a significant expansion in share price and an even more aggressive acceleration in revenue per share, resulting in a volatile but ultimately normalizing Price-to-Sales (P/S) ratio.
- Share Price Evolution
- A consistent upward trend in share price is observed over the analyzed period. The price increased from 29.00 US$ in March 2020 to 259.89 US$ by February 2024, representing a substantial increase in market valuation.
- Sales per Share Growth
- Revenue performance exhibits exponential growth. Sales per share rose from 1.35 US$ in March 2020 to 19.53 US$ in February 2024. The most significant acceleration occurred between February 2021 and February 2023, where sales per share grew from 1.95 US$ to 13.42 US$.
- Price-to-Sales Ratio Dynamics
- The P/S ratio experienced a sharp peak of 60.01 in February 2021, indicating a period where share price appreciation significantly outpaced revenue growth. Following this peak, a sustained downward trend is observed, with the ratio declining to 13.31 by February 2024. This compression of the P/S ratio, occurring despite the rising share price, is directly attributable to the rapid increase in sales per share, which effectively aligned the company's valuation more closely with its fundamental revenue generation.
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Comparison to Competitors
Shockwave Medical Inc., P/S, long-term trends, comparison to competitors
| Shockwave Medical Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 26, 2024 | 13.31 | 4.93 | 0.70 | 18.71 | 3.72 | 1.25 |
| Feb 27, 2023 | 14.12 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Feb 25, 2022 | 26.40 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 26, 2021 | 60.01 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Mar 12, 2020 | 21.46 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Comparison to Sector (Health Care Equipment & Services)
Shockwave Medical Inc., P/S, long-term trends, comparison to sector (health care equipment & services)
| Shockwave Medical Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 26, 2024 | 13.31 | 1.66 |
| Feb 27, 2023 | 14.12 | 100,807.66 |
| Feb 25, 2022 | 26.40 | 2.07 |
| Feb 26, 2021 | 60.01 | 1.86 |
| Mar 12, 2020 | 21.46 | 1.74 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Comparison to Industry (Health Care)
Shockwave Medical Inc., P/S, long-term trends, comparison to industry (health care)
| Shockwave Medical Inc. | Health Care | |
|---|---|---|
| Feb 26, 2024 | 13.31 | 3.52 |
| Feb 27, 2023 | 14.12 | 51,413.66 |
| Feb 25, 2022 | 26.40 | 3.28 |
| Feb 26, 2021 | 60.01 | 3.31 |
| Mar 12, 2020 | 21.46 | 3.21 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).