Enterprise Value to EBITDA (EV/EBITDA)
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
Boston Scientific Corp., EBITDA calculation
US$ in millions
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).
- Net income (loss)
- The net income exhibited significant volatility during the assessed period. It peaked notably in 2019 at 4700 million USD, followed by a substantial decline to a negative value of -82 million USD in 2020, indicating a loss. Subsequently, the net income recovered in 2021 to 1041 million USD but showed a decline again in 2022 to 698 million USD. This pattern suggests fluctuating profitability with a sharp dip in 2020 and partial recovery in the following years, although not returning to the 2019 level.
- Earnings before tax (EBT)
- The EBT followed a trend similar to net income but with less variability. Starting at 1422 million USD in 2018, it decreased significantly to 687 million USD in 2019, then turned slightly negative to -79 million USD in 2020. Afterward, it increased steadily to 1076 million USD in 2021 and further to 1141 million USD in 2022. This indicates a rebound in earnings before tax following the loss in 2020, with improving profitability in the last two years of the period.
- Earnings before interest and tax (EBIT)
- EBIT showed a different trend compared to net income and EBT. It started at 1663 million USD in 2018, decreased to 1160 million USD in 2019, and dropped more sharply to 282 million USD in 2020. However, it then increased substantially to 1417 million USD in 2021 and rose further to 1611 million USD in 2022. This pattern indicates that operational profitability weakened considerably in 2020 but recovered strongly, approaching the high levels seen in 2018 by 2022.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA mirrored the EBIT pattern but with higher absolute values, showing its inclusion of depreciation and amortization effects. Beginning at 2557 million USD in 2018, it decreased to 2171 million USD in 2019 and declined further to 1405 million USD in 2020. There was a robust recovery in 2021 to 2510 million USD, followed by an increase to 2747 million USD in 2022, surpassing the initial 2018 level. This suggests that cash operating profit experienced a significant dip in 2020 but rebounded strongly, with levels exceeding the start of the period by the end of 2022.
Enterprise Value to EBITDA Ratio, Current
Boston Scientific Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | |
| Valuation Ratio | |
| EV/EBITDA | |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Abbott Laboratories | |
| CVS Health Corp. | |
| 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: 2022-12-31).
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
Boston Scientific Corp., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | ||||||
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | ||||||
| Valuation Ratio | ||||||
| EV/EBITDA3 | ||||||
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| 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: 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).
3 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value demonstrates a generally upward trend over the five-year period. Starting at 62,154 million USD in 2018, the value increased to 75,700 million USD by the end of 2022. There was a slight decrease observed in 2020, dropping to 62,324 million USD from the previous year, but the value recovered and rose steadily afterwards, reaching its highest level in 2022.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA exhibited considerable volatility during the period reviewed. It initially dropped from 2,557 million USD in 2018 to 1,405 million USD in 2020. However, a strong recovery followed, with EBITDA increasing significantly to 2,510 million USD in 2021 and further to 2,747 million USD in 2022. The lowest EBITDA figure in 2020 suggests operational challenges or external factors impacting profitability during that year, but subsequent growth indicates a positive turnaround.
- EV/EBITDA Ratio
- The EV/EBITDA ratio fluctuated markedly over the years. It rose from 24.31 in 2018 to a peak of 44.36 in 2020, reflecting a period where enterprise value remained relatively stable while EBITDA declined sharply. This elevated ratio suggests potential overvaluation or reduced earnings performance during 2020. Following this peak, the ratio decreased significantly to 27.69 in 2021 and remained stable at 27.56 in 2022, indicating a normalization as EBITDA improved alongside the enterprise value.