Enterprise Value to EBITDA (EV/EBITDA)
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Shockwave Medical Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Net Profit Margin since 2019
- Total Asset Turnover since 2019
- Aggregate Accruals
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Shockwave Medical Inc., EBITDA calculation
US$ in thousands
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).
- Net Income (Loss)
- The net income experienced significant fluctuations over the reviewed periods. Initially, the company reported substantial losses, with a loss of approximately US$51.1 million in 2019 and an increased loss of about US$65.7 million in 2020. A notable improvement was observed in 2021, with losses sharply reducing to roughly US$9.1 million. In 2022, the company reversed its performance entirely, generating a considerable net profit of approximately US$216.0 million. This positive trend continued into 2023, although net income slightly declined to US$147.3 million.
- Earnings Before Tax (EBT)
- Earnings before tax mirrored the net income trend closely. Initially, EBT was negative, worsening from about US$51 million loss in 2019 to approximately US$65.6 million loss in 2020. The losses decreased significantly in 2021 to around US$8.8 million. Subsequently, there was a strong turnaround with positive EBT of roughly US$120.8 million in 2022, which then further increased significantly to about US$174.3 million in 2023.
- Earnings Before Interest and Tax (EBIT)
- EBIT followed a similar trajectory as EBT, displaying negative results in 2019 and 2020, with losses of roughly US$50.1 million and US$64.4 million respectively. Losses diminished in 2021 to close to US$7.7 million. A marked recovery occurred in 2022 with EBIT rising sharply to a positive US$122.7 million, which further improved to US$181.2 million in 2023, indicating strong operational performance growth.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- EBITDA reflected a similar pattern with substantial negative figures in 2019 and 2020, amounting to losses of approximately US$48.8 million and US$62.5 million respectively. The loss was substantially reduced in 2021 to about US$4.2 million, evidencing improving operational cash flow. The company achieved positive EBITDA in 2022 of US$127.6 million, which increased substantially to about US$191.5 million in 2023. This indicates strong underlying earnings before non-cash expenses in recent years.
- Overall Financial Performance Trend
- The financial data demonstrates a clear and significant turnaround from substantial losses between 2019 and 2020 toward a profitable enterprise from 2022 onward. Improvements across all profitability metrics indicate enhanced operational efficiency and improved market or business conditions leading to positive earnings and cash flow. The gradual reduction in losses during 2021 foreshadowed the strong earnings recovery observed in 2022 and 2023. While 2023 saw a slight decline in net income compared to 2022, other earnings measures such as EBT, EBIT, and EBITDA continued to grow, suggesting possible changes in non-operating factors affecting net income.
Enterprise Value to EBITDA Ratio, Current
Shockwave Medical Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| Elevance Health Inc. | |
| Intuitive Surgical Inc. | |
| Medtronic PLC | |
| UnitedHealth Group Inc. | |
| EV/EBITDA, Sector | |
| Health Care Equipment & Services | |
| EV/EBITDA, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
Shockwave Medical Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| EV/EBITDA, Sector | ||||||
| Health Care Equipment & Services | ||||||
| EV/EBITDA, Industry | ||||||
| Health Care | ||||||
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).
3 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited substantial growth over the five-year period. Starting at approximately US$739.7 million in 2019, it increased significantly each year, reaching about US$9.46 billion by the end of 2023. This represents a more than twelvefold increase, with particularly notable jumps between 2019 and 2020, and again between 2022 and 2023.
- Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA)
- The EBITDA figures reveal a clear trend of financial improvement. Initially negative in 2019 and 2020 at -US$48.8 million and -US$62.5 million respectively, EBITDA approached near breakeven in 2021 with a small negative value of -US$4.2 million. This was followed by a strong positive turnaround in 2022, achieving US$127.6 million, and further increasing to US$191.5 million in 2023. This shift from negative to positive EBITDA signals improved operational profitability over the period.
- EV/EBITDA Ratio
- The EV/EBITDA ratio, available for the last two years, is notably high at 52.02 in 2022 and decreased slightly to 49.39 in 2023. Despite the decrease, the ratio remains elevated, suggesting that the enterprise value is quite high relative to EBITDA. This may reflect market expectations of continued growth or high valuation multiples in the sector.