Price to Book Value (P/BV)
since 2005
Calculation
Boston Scientific Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 3.85 | = | 47.18 | ÷ | 12.25 | 12.25 | = | 17,573 | ÷ | 1,434,780,104 | |
| Feb 23, 2022 | 3.75 | = | 43.71 | ÷ | 11.65 | 11.65 | = | 16,622 | ÷ | 1,426,724,712 | |
| Feb 23, 2021 | 3.58 | = | 38.75 | ÷ | 10.81 | 10.81 | = | 15,326 | ÷ | 1,417,165,707 | |
| Feb 25, 2020 | 4.02 | = | 39.91 | ÷ | 9.94 | 9.94 | = | 13,877 | ÷ | 1,396,195,349 | |
| Feb 19, 2019 | 6.33 | = | 39.86 | ÷ | 6.30 | 6.30 | = | 8,726 | ÷ | 1,385,961,926 | |
| Feb 20, 2018 | 5.26 | = | 26.83 | ÷ | 5.10 | 5.10 | = | 7,012 | ÷ | 1,374,910,797 | |
| Feb 23, 2017 | 4.96 | = | 24.48 | ÷ | 4.94 | 4.94 | = | 6,733 | ÷ | 1,363,488,640 | |
| Feb 24, 2016 | 3.70 | = | 17.33 | ÷ | 4.69 | 4.69 | = | 6,320 | ÷ | 1,348,346,253 | |
| Feb 25, 2015 | 3.49 | = | 16.92 | ÷ | 4.85 | 4.85 | = | 6,457 | ÷ | 1,330,512,367 | |
| Feb 26, 2014 | 2.70 | = | 13.34 | ÷ | 4.94 | 4.94 | = | 6,539 | ÷ | 1,324,192,809 | |
| Feb 22, 2013 | 1.46 | = | 7.37 | ÷ | 5.06 | 5.06 | = | 6,870 | ÷ | 1,357,426,289 | |
| Feb 17, 2012 | 0.78 | = | 6.09 | ÷ | 7.82 | 7.82 | = | 11,353 | ÷ | 1,451,346,240 | |
| Feb 17, 2011 | 1.00 | = | 7.40 | ÷ | 7.42 | 7.42 | = | 11,296 | ÷ | 1,523,368,979 | |
| Feb 26, 2010 | 0.95 | = | 7.74 | ÷ | 8.14 | 8.14 | = | 12,301 | ÷ | 1,511,368,790 | |
| Feb 27, 2009 | 0.80 | = | 7.02 | ÷ | 8.77 | 8.77 | = | 13,174 | ÷ | 1,502,237,400 | |
| Feb 28, 2008 | 1.26 | = | 12.72 | ÷ | 10.12 | 10.12 | = | 15,097 | ÷ | 1,492,320,521 | |
| Mar 1, 2007 | 1.57 | = | 16.21 | ÷ | 10.33 | 10.33 | = | 15,298 | ÷ | 1,480,340,219 | |
| Mar 1, 2006 | 4.60 | = | 24.00 | ÷ | 5.21 | 5.21 | = | 4,282 | ÷ | 821,567,300 |
Based on: 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), 10-K (reporting date: 2018-12-31), 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 Boston Scientific Corp. Annual Report.
The valuation of the company from 2006 to 2023 is characterized by three distinct phases: a period of significant contraction, a phase of aggressive market expansion, and a subsequent period of stabilization.
- Price to Book Value (P/BV) Trends
- The P/BV ratio exhibited extreme volatility over the analyzed period. From an initial high of 4.60 in 2006, the ratio declined sharply, reaching a trough of 0.78 by 2012. This indicates a prolonged period where the market valued the company below its net asset value. Between 2013 and 2019, the ratio underwent a sustained reversal, peaking at 6.33 in 2019 before correcting and stabilizing between 3.58 and 3.85 from 2020 to 2023.
- Share Price Performance
- A severe downward trend was observed from 2006 to 2009, with the share price falling from US$ 24.00 to US$ 7.02. Following a period of relative stagnation between 2009 and 2012, a consistent bullish trend emerged starting in 2013. The share price grew from US$ 7.37 in 2013 to a peak of US$ 47.18 in 2023, representing a substantial recovery and subsequent growth phase.
- Book Value Per Share (BVPS) Dynamics
- The BVPS demonstrated a non-linear trajectory. An initial increase peaked in 2007 at US$ 10.33, followed by a steady erosion of book value that reached a low of US$ 4.69 in 2016. From 2017 onward, BVPS entered a consistent growth phase, increasing to US$ 12.25 by 2023. This indicates a strengthening of the balance sheet in the latter half of the analyzed period.
- Valuation Correlation
- Between 2013 and 2019, a significant divergence occurred where share price growth far outpaced the growth of book value, driving the P/BV multiple to its historical peak. In contrast, from 2020 to 2023, the rapid increase in BVPS (from US$ 9.94 to US$ 12.25) occurred alongside more moderate share price appreciation, resulting in a compression and stabilization of the P/BV ratio.
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Comparison to Competitors
Boston Scientific Corp., P/BV, long-term trends, comparison to competitors
| Boston Scientific Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 23, 2023 | 3.85 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Feb 23, 2022 | 3.75 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 23, 2021 | 3.58 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 25, 2020 | 4.02 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 19, 2019 | 6.33 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 20, 2018 | 5.26 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 23, 2017 | 4.96 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 24, 2016 | 3.70 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 25, 2015 | 3.49 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 26, 2014 | 2.70 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 22, 2013 | 1.46 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 17, 2012 | 0.78 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 17, 2011 | 1.00 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 26, 2010 | 0.95 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 27, 2009 | 0.80 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 28, 2008 | 1.26 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Mar 1, 2007 | 1.57 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Mar 1, 2006 | 4.60 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 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), 10-K (reporting date: 2018-12-31), 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)
Boston Scientific Corp., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Boston Scientific Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 23, 2023 | 3.85 | 263,051.14 |
| Feb 23, 2022 | 3.75 | 5.01 |
| Feb 23, 2021 | 3.58 | 4.30 |
| Feb 25, 2020 | 4.02 | 4.00 |
| Feb 19, 2019 | 6.33 | 3.83 |
| Feb 20, 2018 | 5.26 | 3.44 |
| Feb 23, 2017 | 4.96 | 2.95 |
| Feb 24, 2016 | 3.70 | 2.39 |
| Feb 25, 2015 | 3.49 | 2.94 |
| Feb 26, 2014 | 2.70 | 2.12 |
| Feb 22, 2013 | 1.46 | 1.89 |
| Feb 17, 2012 | 0.78 | 2.39 |
| Feb 17, 2011 | 1.00 | 2.21 |
| Feb 26, 2010 | 0.95 | 2.31 |
| Feb 27, 2009 | 0.80 | 2.78 |
| Feb 28, 2008 | 1.26 | 3.52 |
| Mar 1, 2007 | 1.57 | 3.80 |
| Mar 1, 2006 | 4.60 | 3.90 |
Based on: 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), 10-K (reporting date: 2018-12-31), 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)
Boston Scientific Corp., P/BV, long-term trends, comparison to industry (health care)
| Boston Scientific Corp. | Health Care | |
|---|---|---|
| Feb 23, 2023 | 3.85 | 87,112.79 |
| Feb 23, 2022 | 3.75 | 5.48 |
| Feb 23, 2021 | 3.58 | 5.37 |
| Feb 25, 2020 | 4.02 | 5.14 |
| Feb 19, 2019 | 6.33 | 5.17 |
| Feb 20, 2018 | 5.26 | 4.55 |
| Feb 23, 2017 | 4.96 | 4.06 |
| Feb 24, 2016 | 3.70 | 3.62 |
| Feb 25, 2015 | 3.49 | 4.10 |
| Feb 26, 2014 | 2.70 | 3.51 |
| Feb 22, 2013 | 1.46 | 2.87 |
| Feb 17, 2012 | 0.78 | 2.51 |
| Feb 17, 2011 | 1.00 | 2.24 |
| Feb 26, 2010 | 0.95 | 2.36 |
| Feb 27, 2009 | 0.80 | 2.65 |
| Feb 28, 2008 | 1.26 | 3.45 |
| Mar 1, 2007 | 1.57 | 3.81 |
| Mar 1, 2006 | 4.60 | 3.97 |
Based on: 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), 10-K (reporting date: 2018-12-31), 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).