Price to Book Value (P/BV)
since 2005
Calculation
Edwards Lifesciences Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2022 | 11.50 | = | 107.73 | ÷ | 9.36 | 9.36 | = | 5,835,900 | ÷ | 623,207,437 | |
| Feb 12, 2021 | 11.97 | = | 87.65 | ÷ | 7.32 | 7.32 | = | 4,574,300 | ÷ | 624,518,873 | |
| Feb 14, 2020 | 11.62 | = | 76.85 | ÷ | 6.61 | 6.61 | = | 4,148,300 | ÷ | 627,367,734 | |
| Feb 15, 2019 | 11.76 | = | 59.26 | ÷ | 5.04 | 5.04 | = | 3,140,400 | ÷ | 623,298,987 | |
| Feb 16, 2018 | 9.51 | = | 44.61 | ÷ | 4.69 | 4.69 | = | 2,956,200 | ÷ | 630,071,124 | |
| Feb 17, 2017 | 7.28 | = | 29.91 | ÷ | 4.11 | 4.11 | = | 2,619,000 | ÷ | 637,487,394 | |
| Feb 19, 2016 | 7.39 | = | 28.74 | ÷ | 3.89 | 3.89 | = | 2,503,100 | ÷ | 643,792,782 | |
| Feb 20, 2015 | 6.62 | = | 22.41 | ÷ | 3.39 | 3.39 | = | 2,191,400 | ÷ | 647,039,508 | |
| Feb 28, 2014 | 4.80 | = | 11.63 | ÷ | 2.42 | 2.42 | = | 1,559,200 | ÷ | 643,443,282 | |
| Feb 28, 2013 | 6.63 | = | 14.32 | ÷ | 2.16 | 2.16 | = | 1,479,300 | ÷ | 684,603,948 | |
| Feb 27, 2012 | 6.32 | = | 12.26 | ÷ | 1.94 | 1.94 | = | 1,337,900 | ÷ | 689,883,180 | |
| Feb 28, 2011 | 7.46 | = | 14.17 | ÷ | 1.90 | 1.90 | = | 1,308,200 | ÷ | 689,104,422 | |
| Feb 26, 2010 | 4.48 | = | 7.65 | ÷ | 1.71 | 1.71 | = | 1,157,900 | ÷ | 678,707,172 | |
| Mar 2, 2009 | 3.39 | = | 4.44 | ÷ | 1.31 | 1.31 | = | 878,800 | ÷ | 670,503,156 | |
| Feb 29, 2008 | 2.97 | = | 3.64 | ÷ | 1.23 | 1.23 | = | 835,000 | ÷ | 680,278,644 | |
| Mar 1, 2007 | 3.85 | = | 4.15 | ÷ | 1.08 | 1.08 | = | 749,400 | ÷ | 694,591,440 | |
| Mar 9, 2006 | 3.59 | = | 3.48 | ÷ | 0.97 | 0.97 | = | 690,000 | ÷ | 710,878,824 |
Based on: 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 Edwards Lifesciences Corp. Annual Report.
The financial trajectory from 2006 to 2022 is characterized by a substantial expansion in market valuation relative to book value. While both the share price and book value per share exhibited consistent upward growth, the share price accelerated at a significantly faster rate, resulting in a progressive increase in the Price to Book Value (P/BV) ratio over the observed period.
- Initial Valuation Phase (2006–2010)
- During this period, the P/BV ratio remained relatively low and stable, fluctuating between a minimum of 2.97 in 2008 and a maximum of 4.48 in 2010. This suggests a market valuation that was closely aligned with the underlying accounting value of the assets.
- Valuation Shift and Volatility (2011–2014)
- A marked increase in the P/BV ratio occurred in 2011, reaching 7.46. This period was characterized by higher volatility, with the ratio declining to 4.80 by 2014. Despite this fluctuation, the valuation floor remained higher than the levels seen in the 2006–2010 window.
- Sustained Premium Valuation (2015–2022)
- From 2015 onward, the P/BV ratio entered a phase of sustained expansion. The ratio consistently remained above 6.6, peaking at 11.97 in 2021 and ending the period at 11.50 in 2022. This trend indicates that the market attributed an increasing premium to the company, valuing it at more than 11 times its book value, which typically reflects high expectations for future growth, strong brand equity, or significant intellectual property not captured on the balance sheet.
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Comparison to Competitors
Edwards Lifesciences Corp., P/BV, long-term trends, comparison to competitors
| Edwards Lifesciences Corp. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 14, 2022 | 11.50 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 12, 2021 | 11.97 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 14, 2020 | 11.62 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 15, 2019 | 11.76 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 16, 2018 | 9.51 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 17, 2017 | 7.28 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 19, 2016 | 7.39 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 20, 2015 | 6.62 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 28, 2014 | 4.80 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 28, 2013 | 6.63 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 27, 2012 | 6.32 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 28, 2011 | 7.46 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 26, 2010 | 4.48 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Mar 2, 2009 | 3.39 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 29, 2008 | 2.97 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Mar 1, 2007 | 3.85 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Mar 9, 2006 | 3.59 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 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)
Edwards Lifesciences Corp., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Edwards Lifesciences Corp. | Health Care Equipment & Services | |
|---|---|---|
| Feb 14, 2022 | 11.50 | 5.01 |
| Feb 12, 2021 | 11.97 | 4.30 |
| Feb 14, 2020 | 11.62 | 4.00 |
| Feb 15, 2019 | 11.76 | 3.83 |
| Feb 16, 2018 | 9.51 | 3.44 |
| Feb 17, 2017 | 7.28 | 2.95 |
| Feb 19, 2016 | 7.39 | 2.39 |
| Feb 20, 2015 | 6.62 | 2.94 |
| Feb 28, 2014 | 4.80 | 2.12 |
| Feb 28, 2013 | 6.63 | 1.89 |
| Feb 27, 2012 | 6.32 | 2.39 |
| Feb 28, 2011 | 7.46 | 2.21 |
| Feb 26, 2010 | 4.48 | 2.31 |
| Mar 2, 2009 | 3.39 | 2.78 |
| Feb 29, 2008 | 2.97 | 3.52 |
| Mar 1, 2007 | 3.85 | 3.80 |
| Mar 9, 2006 | 3.59 | 3.90 |
Based on: 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)
Edwards Lifesciences Corp., P/BV, long-term trends, comparison to industry (health care)
| Edwards Lifesciences Corp. | Health Care | |
|---|---|---|
| Feb 14, 2022 | 11.50 | 5.48 |
| Feb 12, 2021 | 11.97 | 5.37 |
| Feb 14, 2020 | 11.62 | 5.14 |
| Feb 15, 2019 | 11.76 | 5.17 |
| Feb 16, 2018 | 9.51 | 4.55 |
| Feb 17, 2017 | 7.28 | 4.06 |
| Feb 19, 2016 | 7.39 | 3.62 |
| Feb 20, 2015 | 6.62 | 4.10 |
| Feb 28, 2014 | 4.80 | 3.51 |
| Feb 28, 2013 | 6.63 | 2.87 |
| Feb 27, 2012 | 6.32 | 2.51 |
| Feb 28, 2011 | 7.46 | 2.24 |
| Feb 26, 2010 | 4.48 | 2.36 |
| Mar 2, 2009 | 3.39 | 2.65 |
| Feb 29, 2008 | 2.97 | 3.45 |
| Mar 1, 2007 | 3.85 | 3.81 |
| Mar 9, 2006 | 3.59 | 3.97 |
Based on: 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).