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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Edwards Lifesciences Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
The financial ratios over the analyzed periods reveal several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
-
Starting from March 31, 2018, the P/E ratio ranged around mid to high 40s and low 50s, showing some volatility throughout the years.
The ratio peaked at 70.7 in December 2020, indicating a relatively high market valuation compared to earnings at that time.
Subsequently, a downward trend is observed with the ratio decreasing to 44.67 by December 2021, suggesting a correction or improved earnings relative to price.
- Price to Operating Profit (P/OP) Ratio
-
The P/OP ratio showed an increasing trend from about 25.66 in March 2018 to a high of 65.18 in December 2020, reflecting rising market valuations on operating profits.
Similar to P/E, a notable decline followed in 2021, with the ratio decreasing to 39.72 by the end of the year, indicating a possible improvement in operating profitability or a market adjustment.
- Price to Sales (P/S) Ratio
-
This ratio generally increased over the period, moving from below 8.2 in early 2018 to a peak of 14.68 in September 2021, demonstrating growing market valuation relative to revenue.
A slight dip to 12.83 occurred by December 2021, possibly reflecting market revaluation or changes in sales performance.
- Price to Book Value (P/BV) Ratio
-
The P/BV ratio exhibited variability without a consistent directional trend, ranging from lows around 6.82 in late 2017 to highs near 13.63 in September 2021.
Generally, ratios stayed above 8, indicating sustained market valuation premiums relative to book value.
Late 2021 showed a modest decline from peak levels to 11.5 at year-end, which may suggest some normalization after strong valuation periods.
Overall, the data suggests increasing market valuations across multiple financial metrics through 2020 and into 2021, followed by some degree of correction or stabilization towards the end of 2021. Elevated P/E and P/OP ratios during 2020 indicate heightened investor expectations or temporarily compressed earnings and operating profits compared to market prices. The upward trend in P/S implies markets were anticipating persistent sales growth or premium pricing. Fluctuations in P/BV suggest shifts in investor perceptions of net asset value supporting stock price levels. The observed patterns reflect a dynamic valuation environment with periodic adjustments likely driven by changes in earnings, profitability, and market sentiment over the period analyzed.
Price to Earnings (P/E)
Edwards Lifesciences Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
EPS
= (Net income (loss)Q4 2021
+ Net income (loss)Q3 2021
+ Net income (loss)Q2 2021
+ Net income (loss)Q1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated an overall upward trajectory from March 2017 to December 2021. Starting at $36.56 in March 2017, the price reached a peak of $119.82 in September 2021 before slightly declining to $107.73 by the end of 2021. The price showed periods of steady increase, particularly notable during 2018 and throughout 2020 to mid-2021, with occasional short-term fluctuations.
- Earnings Per Share (EPS) Trends
- EPS data begins in March 2018, showing a generally positive growth trend over the observed periods. Starting at $0.93 in the first record, EPS rose consistently to peak at $2.41 in December 2021. Despite some minor fluctuations—such as a decline from $1.79 in June 2020 to $1.20 in September 2020—EPS generally grew, indicating improving profitability over time.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio exhibited significant volatility throughout the timeframe. Initial values near 48 decreased to the low 40s in late 2017 and 2018, then experienced spikes reaching above 70 during late 2020 and early 2021. The ratio subsequently normalized to mid-40s by the end of 2021. These fluctuations suggest varying market sentiment and valuation relative to earnings, possibly reflecting changes in growth expectations or external market conditions.
- Insights and Interpretations
- The positive correlation between rising EPS and the overall increase in share price indicates improving company financial performance being recognized by the market. However, the P/E ratio's volatility suggests fluctuating investor sentiment, possibly influenced by broader market dynamics or company-specific news. The decline in share price towards the end of 2021, despite stable EPS, may indicate expectations of slower growth moving forward or profit-taking by investors. Overall, the data reflects sustained growth with periodic reassessments of market valuation.
Price to Operating Profit (P/OP)
Edwards Lifesciences Corp., historical P/OP calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in thousands) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
Operating profit per share
= (Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021
+ Operating income (loss)Q2 2021
+ Operating income (loss)Q1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods regarding share price, operating profit per share, and the price-to-operating profit ratio (P/OP).
- Share Price
- The share price exhibits a generally upward trajectory from March 2017 through December 2021, with some fluctuations. Starting at $36.56 in March 2017, the price gradually increased, reaching approximately $59.26 by December 2018. The upward momentum continued into 2019 and beyond, with some periodic volatility. Notably, the share price peaked at $119.82 in September 2021 before experiencing a decline to $107.73 at the end of December 2021. Overall, the share price more than doubled over the period, indicating sustained investor confidence and market appreciation.
- Operating Profit Per Share
- Operating profit per share data, available from March 2018 onward, shows moderate variation with a generally increasing trend. Values oscillated between $1.2 and $1.75 per share during 2018. In 2019, a slight decline was observed initially, followed by a rebound with peaks reaching $1.83 to $1.99 in early to mid-2020. After a dip in late 2020, the operating profit per share rose again markedly in 2021, culminating in a peak of $2.71 in December 2021. This upward trend suggests improving operational efficiency or profitability per share over time.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio displays significant fluctuations and does not follow a linear trend. Initially, in early 2018, the ratio ranged in the mid-20s, then it sharply increased to between approximately 47 and 57 through 2019, indicating a higher price relative to operating profit per share. The ratio lowered somewhat in late 2019 and early 2020, before exhibiting heightened volatility in 2020 and 2021, with peaks above 60 and subsequent declines. The elevated levels in recent periods may reflect increased market optimism or expectations regarding future earnings growth, despite the rise in operating profit per share.
In summary, the share price experienced substantial growth with intermittent volatility, while operating profit per share showed steady improvement, particularly in the later periods. The P/OP ratio's variability suggests changing market sentiment, with occasional premium valuations relative to operating profit. This pattern points toward an overall positive financial performance with investor anticipation of continued growth.
Price to Sales (P/S)
Edwards Lifesciences Corp., historical P/S calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net sales (in thousands) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
Sales per share
= (Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021
+ Net salesQ1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis focuses on the share price, sales per share, and price-to-sales (P/S) ratio of the company over a period extending from March 2017 to December 2021. Notably, sales per share data is only available from March 2018 onward, and P/S ratios are similarly recorded from that time frame.
- Share Price Trends
- The share price exhibits a general upward trend throughout the analyzed periods. Beginning at $36.56 in March 2017, the share price increased steadily with some fluctuations, reaching a peak of $119.82 in September 2021. There were periods of volatility, such as a dip from $119.82 in September 2021 to $107.73 by December 2021. Overall, the trajectory shows significant appreciation, particularly from 2019 onwards.
- Sales per Share Trends
- Sales per share data commences in March 2018 with a value of $5.45, which remained stable through June 2018. Subsequent quarters show a gradual increase, reaching $8.40 by December 2021. This reflects a steady improvement in the company's revenue generation per share over the nearly four-year period, demonstrating consistent growth in sales performance.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio has generally increased over the period observed, starting at 8.18 in March 2018 and peaking at 14.68 in September 2021. This upward trend indicates an increasing market valuation relative to sales, suggesting greater investor confidence or perceived growth potential. Some fluctuations are present, such as a decrease from 14.68 in September 2021 to 12.83 in December 2021, mirroring the decrease in share price during the same timeframe.
In summary, the company has experienced consistent growth in sales per share accompanied by substantial appreciation in share price. The rising P/S ratio over time highlights growing valuation multiples, albeit with occasional short-term corrections towards the end of the observed period. These patterns collectively suggest positive market sentiment and improving operational performance over the analyzed quarters.
Price to Book Value (P/BV)
Edwards Lifesciences Corp., historical P/BV calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity (in thousands) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Abbott Laboratories | ||||||||||||||||||||||||||
| CVS Health Corp. | ||||||||||||||||||||||||||
| Elevance Health Inc. | ||||||||||||||||||||||||||
| Intuitive Surgical Inc. | ||||||||||||||||||||||||||
| Medtronic PLC | ||||||||||||||||||||||||||
| UnitedHealth Group Inc. | ||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2021 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited overall growth from March 2017 to December 2021, increasing from $36.56 to $107.73. Throughout the period, there were fluctuations with notable rises particularly from December 2017 ($44.61) to December 2018 ($59.26), and a significant upward momentum from March 2020 ($71.05) reaching a peak at $119.82 in September 2021 before a slight decline at year-end 2021.
- Book Value Per Share (BVPS) Trend
- The book value per share showed a steady upward trend over the same timeframe, rising from $4.36 in March 2017 to $9.36 in December 2021. This steady increase suggests consistent growth in equity value per share, with mild short-term fluctuations observed in certain quarters such as a slight dip in June 2018 compared to March 2018, but the general direction remained positive.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio fluctuated considerably over the observed periods, starting at 8.39 in March 2017, dropping to a low of 6.82 in September 2017, and peaking at 13.63 in June 2021. This variability indicates that the market price surged disproportionately relative to book value at times. After the peak in mid-2021, the P/BV ratio declined somewhat by the end of 2021 to 11.50. The higher P/BV ratios in recent years suggest increased investor confidence or potentially higher market expectations relative to the company’s book value.
- Summary of Observations
- There is a clear overall positive trend in both share price and book value per share, reflecting growth in market valuation and underlying equity value. However, the P/BV ratio's fluctuations demonstrate varying investor sentiment or market valuation multiples over time. The period post-2019 shows greater volatility and peaks in P/BV ratios, which may imply changing market perceptions or external economic factors influencing valuation metrics.