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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Historical Valuation Ratios (Summary)
Boston Scientific Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed significant volatility across the examined quarters. Initially, it rose sharply from 28.42 to a peak of 51.9 by September 2019, followed by a sharp decline to approximately 11.72 by June 2020. Due to missing data for December 2020, a precise trend at this point is unclear; however, it then surged dramatically to an exceptionally high value of 304.26 by March 2021. Subsequently, it decreased steadily to range between 55.06 and 88.37 from September 2021 to March 2023, indicating increased valuation fluctuations over the latest periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed substantial variability and extreme spikes throughout the periods analyzed. It generally increased from 31.15 in March 2019 to a significant high of 630.22 by September 2020, marking a period of heightened valuation relative to operating profit. A considerable data gap for December 2019 and December 2020 complicates trend analysis. Post these peaks, the ratio stabilized to lower figures between roughly 40 and 133 during 2021 to 2023, demonstrating a normalization after the prior volatility but still maintaining relatively elevated levels compared to the early 2019 baseline.
- Price to Sales (P/S) Ratio
- The P/S ratio maintained more stability in comparison to P/E and P/OP ratios, fluctuating within a narrower band. Starting near 5.14 in March 2019, the ratio gently increased and oscillated between approximately 4.66 and 6.04 throughout the quarters. The ratio exhibits moderate valuation relative to sales with minor increases during 2021 and early 2023, suggesting consistent market perception of sales value without extreme volatility.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a declining trend from above 5.5 in early 2019 to a low of about 3.24 by September 2020, indicating a decreasing market valuation relative to book value over this period. After this trough, the ratio gradually increased, reaching approximately 4.18 by March 2023. This pattern suggests initial market reassessment of the company's book value followed by a recovery or stabilization in investor confidence relative to underlying book assets over recent periods.
Price to Earnings (P/E)
Boston Scientific Corp., historical P/E calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) available to common stockholders (in millions) | |||||||||||||||||||||||
| 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income (loss) available to common stockholdersQ1 2023
+ Net income (loss) available to common stockholdersQ4 2022
+ Net income (loss) available to common stockholdersQ3 2022
+ Net income (loss) available to common stockholdersQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated fluctuations over the examined period. Starting at $36.73 in March 2019, it rose to a peak near $42.86 by June 2019, followed by a slight decline and then a recovery toward the end of 2019, reaching approximately $39.91. In 2020, the price experienced minor volatility, dipping to around $35.21 in September before recovering. From 2021 onwards, a more consistent upward trajectory is observable, culminating in a notable increase to $51.94 by March 2023. This suggests a strengthening market valuation over the longer term.
- Earnings per Share (EPS) Pattern
- EPS showed considerable variability. The value started at $1.29 in Q1 2019, with a general decline through Q3 2019 before a substantial spike to $3.37 in Q4 2019. During 2020, EPS decreased, even turning negative (-$0.08) in Q4, indicating a period of financial challenge. From 2021, EPS shows a gradual recovery trend, fluctuating between $0.14 and $0.77, with a slight dip again in late 2022. By Q1 2023, EPS improved to $0.59, reflecting ongoing recovery but remaining below the peak observed in late 2019.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio presents a highly volatile pattern throughout the timeframe. Initially high in early 2019, peaking at 51.90 in Q3, it dropped sharply to around 11.86 by the end of 2019, consistent with the EPS spike. The absence of a P/E value for Q4 2020 likely corresponds to the negative EPS reported. In early 2021, the ratio surged dramatically to 304.26, then gradually declined but remained elevated, fluctuating between approximately 55 and 105 through 2022 and early 2023. This elevated P/E suggests investor expectations of future growth despite recent EPS fluctuations.
- Overall Insights
- The company's financial indicators reflect a period of volatility marked by earnings instability, particularly in 2019 and 2020, with an EPS high followed by a severe decline and partial recovery. The share price illustrates enduring investor confidence, especially from 2021 onwards, supported by elevated valuation multiples. Such elevated P/E ratios indicate a potentially optimistic outlook on future earnings growth despite recent earnings variability. The recovery in EPS combined with increasing share price supports a cautiously positive market sentiment regarding the company's prospects.
Price to Operating Profit (P/OP)
Boston Scientific Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||
| 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited moderate fluctuations over the observed period, starting at $36.73 at the end of March 2019 and experiencing a general upward trend peaking at $51.94 by March 31, 2023. Initial variations show a peak above $42 in mid-2019, followed by a dip around early 2020, corresponding to a decline near $35. Significant recovery and growth are evident from early 2021 onward, with the price stabilizing in the $40-$47 range before reaching its highest point in early 2023.
- Operating Profit Per Share (OPPS)
- Operating profit per share showed a declining trend from 1.18 USD in the first quarter of 2019 to a low of -0.06 USD in the last quarter of 2020, indicating a significant operational challenge during this period. Post this trough, OPPS progressively improved, returning to positive territory by Q1 2021 and continuing a steady increase up to 1.21 USD by Q1 2023. This recovery suggests enhanced operational efficiency or profitability beginning in 2021.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio displayed considerable volatility, reflecting the interplay of share price changes and fluctuations in operating profit per share. It began around 31.15 in early 2019, escalated sharply, reaching extremely high levels (above 600) in Q3 2020 due to near-zero or negative operating profit, which distorted the ratio. Subsequently, the ratio stabilized to more moderate levels of approximately 40-50 from 2021 onwards, suggesting a normalization of investor valuation relative to earnings. However, minor upward movement toward 43 in early 2023 indicates a slightly higher market valuation relative to operating profits compared to previous quarters.
- Summary and Insights
- The analyzed financial performance reveals a period of operational difficulty culminating in late 2020, followed by a sustained improvement in profitability and stock price recovery. The pronounced volatility in the P/OP ratio, especially during mid to late 2020, highlights the sensitivity of valuation metrics to earnings fluctuations during times of operational stress. The positive trajectory in operating profit per share and the rising share price after 2020 indicate regained confidence in the company's earnings potential and market prospects. Overall, the data suggests a turnaround from a challenging phase to a more stable and profitable operational environment.
Price to Sales (P/S)
Boston Scientific Corp., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||
| 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited fluctuations from March 2019 to March 2023. Initially, there was an increase from $36.73 in March 2019 to a peak of $42.86 in June 2019. This was followed by a decline and subsequent volatility throughout 2019 and 2020, with a notable decrease to $35.21 in September 2020. From early 2021, the share price showed a general upward trend, rising from $43.04 in March 2021 to $51.94 by March 2023, indicating growing investor confidence or improved market conditions during this period.
- Sales per Share Pattern
- Sales per share demonstrated a consistent upward trajectory over the entire period. Starting at $7.15 in March 2019, the value gradually increased quarter-over-quarter, reaching $9.07 by March 2023. Despite some minor fluctuations, the general trend reflects steady growth in revenue generation relative to shares outstanding, which may suggest successful sales performance or effective business expansion.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio showed variability with an overall pattern that mirrored share price movements relative to sales per share. The ratio began at 5.14 in March 2019, peaked at 5.92 in June 2019, and then experienced a decline through 2019 and 2020, dropping to 4.66 in March 2020 followed by fluctuations near the 5.0 to 5.5 range. In 2021, a slight decline was observed, bottoming at approximately 4.73 in September 2022. Subsequently, the ratio rebounded to 5.72 by March 2023. This oscillation suggests changing market valuations relative to sales, potentially reflecting shifts in investor sentiment, profitability expectations, or market risk perceptions.
- Overall Insights
- The upward trend in both share price and sales per share over the analyzed period indicates improving financial fundamentals and enhanced market valuation. The P/S ratio's fluctuations highlight that while sales growth was stable, investors' valuation multiples varied, possibly due to external market factors or company-specific events. The strengthening share price in recent years aligns with improved sales performance, supporting the view of positive market reception.
Price to Book Value (P/BV)
Boston Scientific Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||||
| 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited variability across the observed period. Initially, it increased from $36.73 at the end of March 2019 to a peak of $42.86 by June 2019, followed by a moderate decline toward the end of 2019 with values around $39.91 in December. A decline was observed in the first quarter of 2020 to $35.89, likely reflecting market uncertainties, followed by fluctuations between approximately $35.21 and $38.75 throughout the remainder of 2020. The share price recovered in 2021, reaching approximately $44.70 in mid-year before a slight decline towards $42.03 by March 2022. Thereafter, an upward trajectory was noted from mid-2022 through early 2023, culminating at $51.94 by March 2023, indicating positive investor sentiment or improved company performance.
- Book Value Per Share (BVPS) Trend
- The book value per share showed consistent growth throughout the period. Starting at $6.64 in March 2019, it increased steadily to reach $9.94 by December 2019. This upward trend continued through 2020, stabilizing just above $10 per share by the end of that year. BVPS further trended upwards from around $11.06 in March 2021 to $12.42 by March 2023, demonstrating continuous accumulation of equity or retained earnings enhancing shareholders' intrinsic value.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio reflected significant fluctuation corresponding to share price dynamics relative to the underlying book value. Starting from a high ratio of 6.33 in June 2019, it declined sharply to around 4.02 by December 2019, coinciding with the growth in BVPS and weakening share price. In 2020, the ratio continued a downward trend, reaching a low near 3.24 in September, suggesting the share price became more aligned or undervalued relative to book value. Subsequently, the ratio began to climb again, approaching 4.18 by March 2023, as share price increases outpaced the steady growth in BVPS. This pattern suggests a phase of investor re-rating or increased market confidence in company prospects.
- Overall Observations
- Over the observed quarters, the company demonstrated a solid increase in intrinsic equity value as evidenced by the steady rise in book value per share. Despite short-term volatility in share price, particularly marked in early 2020, the longer-term trend is positive, with the share price exhibiting a robust recovery and reaching new highs by early 2023. The fluctuating yet gradually rising P/BV ratio indicates alternating market perceptions of value relative to book equity, with recent periods showing increased market optimism or valuation premium. The combination of these trends suggests improving fundamentals alongside evolving market sentiment over the analyzed period.