Price to Book Value (P/BV)
since 2011
Calculation
HCA Healthcare Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc.1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 18, 2022 | — | = | 244.10 | ÷ | -3.07 | -3.07 | = | -933 | ÷ | 303,600,000 | |
| Feb 19, 2021 | 105.40 | = | 177.37 | ÷ | 1.68 | 1.68 | = | 572 | ÷ | 339,917,500 | |
| Feb 20, 2020 | — | = | 148.11 | ÷ | -8.30 | -8.30 | = | -2,808 | ÷ | 338,427,300 | |
| Feb 21, 2019 | — | = | 142.01 | ÷ | -14.46 | -14.46 | = | -4,950 | ÷ | 342,376,700 | |
| Feb 23, 2018 | — | = | 100.84 | ÷ | -19.45 | -19.45 | = | -6,806 | ÷ | 349,903,700 | |
| Feb 22, 2017 | — | = | 85.91 | ÷ | -19.73 | -19.73 | = | -7,302 | ÷ | 370,153,000 | |
| Feb 26, 2016 | — | = | 70.44 | ÷ | -19.14 | -19.14 | = | -7,599 | ÷ | 396,958,400 | |
| Feb 26, 2015 | — | = | 72.27 | ÷ | -18.77 | -18.77 | = | -7,894 | ÷ | 420,576,500 | |
| Feb 26, 2014 | — | = | 50.48 | ÷ | -18.77 | -18.77 | = | -8,270 | ÷ | 440,512,800 | |
| Feb 27, 2013 | — | = | 36.68 | ÷ | -21.78 | -21.78 | = | -9,660 | ÷ | 443,609,800 | |
| Feb 24, 2012 | — | = | 26.74 | ÷ | -18.87 | -18.87 | = | -8,258 | ÷ | 437,618,000 |
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).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of HCA Healthcare Inc. Annual Report.
A consistent and significant appreciation in share price is observed from February 2012 through February 2022, with the valuation increasing from 26.74 US$ to 244.10 US$. This trajectory indicates strong market growth and investor confidence over the eleven-year period.
- Share Price Trajectory
- The equity valuation exhibited steady growth between 2012 and 2017, followed by an accelerated upward trend from 2018 onwards. The most substantial year-over-year increase occurred between February 2021 and February 2022, where the price rose from 177.37 US$ to 244.10 US$.
- Book Value per Share (BVPS) Analysis
- The book value per share remained negative for nearly the entire period analyzed, indicating a deficit in shareholders' equity. The BVPS reached its lowest point in February 2013 at -21.78 US$. A gradual recovery trend is observed between 2014 and 2021, culminating in a brief shift to a positive book value of 1.68 US$ in February 2021. However, this trend reversed in February 2022, with the BVPS returning to a negative value of -3.07 US$.
- Price to Book Value (P/BV) Interpretation
- The P/BV ratio is absent for the majority of the timeline, as the ratio is mathematically non-meaningful when book value is negative. A singular recording of 105.40 is noted in February 2021. This exceptionally high ratio coincided with the only period of positive BVPS (1.68 US$) relative to a high share price (177.37 US$), reflecting a minimal equity cushion compared to the market capitalization.
The divergence between the consistently rising share price and the predominantly negative book value suggests a financial structure characterized by significant liabilities or aggressive share repurchases that exceeded the retained earnings and contributed equity.
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Comparison to Competitors
HCA Healthcare Inc., P/BV, long-term trends, comparison to competitors
| HCA Healthcare Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 18, 2022 | — | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 19, 2021 | 105.40 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 20, 2020 | — | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 21, 2019 | — | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 23, 2018 | — | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 22, 2017 | — | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 26, 2016 | — | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 26, 2015 | — | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 26, 2014 | — | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 27, 2013 | — | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 24, 2012 | — | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
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).
Comparison to Sector (Health Care Equipment & Services)
HCA Healthcare Inc., P/BV, long-term trends, comparison to sector (health care equipment & services)
| HCA Healthcare Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 18, 2022 | — | 5.01 |
| Feb 19, 2021 | 105.40 | 4.30 |
| Feb 20, 2020 | — | 4.00 |
| Feb 21, 2019 | — | 3.83 |
| Feb 23, 2018 | — | 3.44 |
| Feb 22, 2017 | — | 2.95 |
| Feb 26, 2016 | — | 2.39 |
| Feb 26, 2015 | — | 2.94 |
| Feb 26, 2014 | — | 2.12 |
| Feb 27, 2013 | — | 1.89 |
| Feb 24, 2012 | — | 2.39 |
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).
Comparison to Industry (Health Care)
HCA Healthcare Inc., P/BV, long-term trends, comparison to industry (health care)
| HCA Healthcare Inc. | Health Care | |
|---|---|---|
| Feb 18, 2022 | — | 5.48 |
| Feb 19, 2021 | 105.40 | 5.37 |
| Feb 20, 2020 | — | 5.14 |
| Feb 21, 2019 | — | 5.17 |
| Feb 23, 2018 | — | 4.55 |
| Feb 22, 2017 | — | 4.06 |
| Feb 26, 2016 | — | 3.62 |
| Feb 26, 2015 | — | 4.10 |
| Feb 26, 2014 | — | 3.51 |
| Feb 27, 2013 | — | 2.87 |
| Feb 24, 2012 | — | 2.51 |
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).