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).
Historical Valuation Ratios (Summary)
HCA Healthcare Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits some volatility over the periods analyzed. Starting in early 2017 with missing values, it begins at 15.92 in March 2017, declines to a low of 9.39 by March 2022. Throughout the timeline, fluctuations occurred, reaching peaks around 16.18 in September 2021 and troughs near 9.39 by the end of the period. This decline over time may suggest an improving earnings profile relative to the stock price or a market reassessment of growth expectations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows variability with a general downward trend towards the end of the period. It started around 5.82 in March 2017, increased and peaked at approximately 9.33 in September 2021, indicating elevated valuation relative to operating profit during that time. Afterward, it decreased to 5.72 by March 2022, suggesting a correction or improved operating profit relative to market price.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a more consistent upward trajectory initially, moving from about 0.81 in March 2017 to a peak of 1.43 in September 2021. This rise may reflect growing market confidence in revenue generation capacity. However, after this peak, the ratio declines to 1.07 by March 2022, which could indicate a tempering of sales growth expectations or a price adjustment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presents significantly high and volatile values in the latter years, with extremely elevated figures recorded in March and June 2021 (105.4 and 269.16 respectively). These values stand out as outliers compared to earlier periods where data was incomplete. Such spikes may imply substantial market valuation relative to the company's net asset value during these quarters, possibly reflecting extraordinary events or accounting changes.
Price to Earnings (P/E)
HCA Healthcare Inc., historical P/E calculation (quarterly data)
| 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 | 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 | 295,484,400 | 303,600,000 | 311,022,800 | 320,141,900 | 330,655,500 | 339,917,500 | 338,374,700 | 338,033,300 | 337,618,900 | 338,427,300 | 339,178,300 | 340,982,800 | 342,307,400 | 342,376,700 | 344,160,500 | 346,046,000 | 349,299,200 | 349,903,700 | 354,052,500 | 361,249,700 | 366,904,600 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income attributable to HCA Healthcare, Inc. (in millions) | 1,273) | 1,814) | 2,269) | 1,450) | 1,423) | 1,426) | 668) | 1,079) | 581) | 1,071) | 612) | 783) | 1,039) | 1,064) | 759) | 820) | 1,144) | 474) | 426) | 657) | 659) | |||||||
| Earnings per share (EPS)2 | 23.03 | 22.91 | 21.12 | 15.51 | 13.90 | 11.04 | 10.05 | 9.89 | 9.02 | 10.36 | 10.31 | 10.69 | 10.76 | 11.06 | 9.29 | 8.28 | 7.73 | 6.33 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 216.30 | 244.10 | 250.99 | 251.00 | 201.06 | 177.37 | 125.40 | 128.05 | 99.48 | 148.11 | 133.65 | 127.14 | 125.61 | 142.01 | 135.24 | 130.16 | 97.40 | 100.84 | 77.92 | 78.87 | 84.13 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 9.39 | 10.65 | 11.89 | 16.18 | 14.47 | 16.06 | 12.48 | 12.95 | 11.02 | 14.30 | 12.96 | 11.89 | 11.68 | 12.84 | 14.56 | 15.73 | 12.60 | 15.92 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 25.48 | 29.13 | 31.42 | 33.80 | 36.79 | 48.49 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 16.49 | 17.39 | 16.78 | 14.94 | 14.44 | 12.88 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 20.46 | 18.13 | 18.65 | 22.10 | 19.99 | 15.87 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 55.10 | 59.94 | 71.86 | 69.15 | 89.95 | 87.47 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 46.71 | 46.56 | 55.13 | 42.80 | 32.34 | 26.30 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 27.29 | 26.03 | 27.92 | 27.41 | 23.06 | 20.54 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q1 2022 Calculation
EPS
= (Net income attributable to HCA Healthcare, Inc.Q1 2022
+ Net income attributable to HCA Healthcare, Inc.Q4 2021
+ Net income attributable to HCA Healthcare, Inc.Q3 2021
+ Net income attributable to HCA Healthcare, Inc.Q2 2021)
÷ No. shares of common stock outstanding
= (1,273,000,000 + 1,814,000,000 + 2,269,000,000 + 1,450,000,000)
÷ 295,484,400 = 23.03
3 Closing price as at the filing date of HCA Healthcare Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/E ratio = Share price ÷ EPS
= 216.30 ÷ 23.03 = 9.39
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility from March 2017 to March 2022. Initially, it fluctuated mildly, moving between approximately $77.92 and $142.01 through 2017 and 2018. Starting in 2019, the share price showed an upward trajectory, reaching a peak near $250 in the second half of 2021. Notably, there was a sharp rise from around $125 in December 2020 to over $250 by mid-2021. However, after this peak, the share price declined to $216.30 by March 2022.
- Earnings Per Share (EPS) Progression
- Earnings per share data begins available in March 2018 and demonstrates a steady increase over the subsequent quarters. EPS rose from $6.33 to $23.03 by March 2022, representing substantial growth. This increment is consistent though somewhat variable in pace, with EPS nearing or surpassing $10 by the end of 2019, and accelerating notably after 2020, reaching over $21 by late 2021.
- Price-to-Earnings (P/E) Ratio Patterns
- The price-to-earnings ratio displays a fluctuating pattern without a clear trend over the period. Initially high at 15.92 in March 2018, it decreased to levels around 11 to 13 through 2019 and 2020, before increasing again to a peak of approximately 16.18 in the third quarter of 2021. Subsequently, it decreased sharply, ending at 9.39 by March 2022. This decline in P/E despite rising EPS and high share prices towards the end suggests that the market's valuation relative to earnings became more conservative during that final period.
- Combined Insights
- The combination of rising EPS and significant fluctuations in share price implies strong operational performance with investor sentiment varying over time. The soaring share price in 2021 corresponds with a peak in earnings and an initially elevated P/E ratio, reflecting optimism or growth expectations. The subsequent decline in both share price and P/E ratio by early 2022, despite high earnings, might indicate market reevaluation or external factors influencing investor behavior. Overall, there is evidence of robust earnings growth complemented by an evolution in market valuation sentiment over the analyzed intervals.
Price to Operating Profit (P/OP)
HCA Healthcare Inc., historical P/OP calculation (quarterly data)
| 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 | 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 | 295,484,400 | 303,600,000 | 311,022,800 | 320,141,900 | 330,655,500 | 339,917,500 | 338,374,700 | 338,033,300 | 337,618,900 | 338,427,300 | 339,178,300 | 340,982,800 | 342,307,400 | 342,376,700 | 344,160,500 | 346,046,000 | 349,299,200 | 349,903,700 | 354,052,500 | 361,249,700 | 366,904,600 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 2,211) | 2,949) | 3,520) | 2,493) | 2,336) | 2,449) | 1,333) | 1,947) | 1,526) | 2,025) | 1,634) | 1,667) | 1,910) | 1,931) | 1,511) | 1,667) | 1,961) | 1,801) | 1,231) | 1,558) | 1,475) | |||||||
| Operating profit per share2 | 37.81 | 37.21 | 34.72 | 26.90 | 24.39 | 21.34 | 20.19 | 21.10 | 20.30 | 21.38 | 21.06 | 20.58 | 20.50 | 20.65 | 20.17 | 19.25 | 18.75 | 17.33 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 216.30 | 244.10 | 250.99 | 251.00 | 201.06 | 177.37 | 125.40 | 128.05 | 99.48 | 148.11 | 133.65 | 127.14 | 125.61 | 142.01 | 135.24 | 130.16 | 97.40 | 100.84 | 77.92 | 78.87 | 84.13 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 5.72 | 6.56 | 7.23 | 9.33 | 8.24 | 8.31 | 6.21 | 6.07 | 4.90 | 6.93 | 6.35 | 6.18 | 6.13 | 6.88 | 6.71 | 6.76 | 5.19 | 5.82 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 21.33 | 24.45 | 26.84 | 29.01 | 31.39 | 40.69 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 10.06 | 10.43 | 9.43 | 7.87 | 7.61 | 6.65 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 17.53 | 15.70 | 15.81 | 19.93 | 15.79 | 12.10 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 49.98 | 56.11 | 67.95 | 69.51 | 89.18 | 88.37 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 38.83 | 37.44 | 49.88 | 42.55 | 35.86 | 26.29 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 19.69 | 18.77 | 19.63 | 19.05 | 16.12 | 14.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q1 2022 Calculation
Operating profit per share
= (Operating incomeQ1 2022
+ Operating incomeQ4 2021
+ Operating incomeQ3 2021
+ Operating incomeQ2 2021)
÷ No. shares of common stock outstanding
= (2,211,000,000 + 2,949,000,000 + 3,520,000,000 + 2,493,000,000)
÷ 295,484,400 = 37.81
3 Closing price as at the filing date of HCA Healthcare Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 216.30 ÷ 37.81 = 5.72
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations over the analyzed period. Initially, the price decreased from $84.13 in March 2017 to a low near $77.92 in September 2017, then gradually increased, peaking at $142.01 by December 2018. It subsequently experienced a drop to $125.61 in March 2019, with moderate growth reaching $148.11 by December 2019. During 2020, the share price dipped sharply to a low of $99.48 in March but recovered significantly to a peak of $177.37 by December 2020. The upward momentum continued in 2021, culminating in a high of $251 in June, followed by a mild decline towards $216.3 in March 2022.
- Operating Profit Per Share
- Operating profit per share data begins from March 2018, starting at $17.33 and showing a steady increase throughout the period. By December 2018, it rose to $20.17, followed by a gradual ascent with minor fluctuations, reaching $21.38 by March 2020. Despite the market disruptions in 2020, operating profit per share remained relatively stable, oscillating around $20 to $21 before accelerating in 2021. The figures reached $34.72 in December 2021 and further increased to $37.81 by March 2022, highlighting substantial growth in operational profitability.
- Price to Operating Profit (P/OP) Ratio
- This ratio reflects the market's valuation relative to operating profit per share. Early in the data, from March 2018 to December 2019, the ratio fluctuated between approximately 5.19 and 6.93, indicating moderate valuation levels. At the onset of 2020, the ratio dipped to 4.9 in March 2020, coinciding with the share price decline, suggesting a more attractive valuation relative to operating profit. However, from June 2020 onwards, the ratio increased consistently, peaking at 9.33 in September 2021. Subsequently, it declined to 5.72 by March 2022, implying the market valuation became less elevated relative to operating profit.
- Overall Insights
- The period under review shows a positive long-term trend in both share price and operating profit per share, with the latter demonstrating robust growth, especially in the latter quarters. The share price exhibits higher volatility, influenced by external market factors in 2020 but with a strong recovery and growth in 2021. The variation in the P/OP ratio reflects changes in market sentiment and valuation, initially moderate, then elevated during 2021, before retreating to more reasonable levels by early 2022. Together, these patterns suggest improving operational efficiency and profitability alongside fluctuating market perceptions and valuations.
Price to Sales (P/S)
HCA Healthcare Inc., historical P/S calculation (quarterly data)
| 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 | 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 | 295,484,400 | 303,600,000 | 311,022,800 | 320,141,900 | 330,655,500 | 339,917,500 | 338,374,700 | 338,033,300 | 337,618,900 | 338,427,300 | 339,178,300 | 340,982,800 | 342,307,400 | 342,376,700 | 344,160,500 | 346,046,000 | 349,299,200 | 349,903,700 | 354,052,500 | 361,249,700 | 366,904,600 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenues (in millions) | 14,945) | 15,064) | 15,276) | 14,435) | 13,977) | 14,293) | 13,311) | 11,068) | 12,861) | 13,523) | 12,694) | 12,602) | 12,517) | 12,274) | 11,451) | 11,529) | 11,423) | 11,562) | 10,696) | 10,733) | 10,623) | |||||||
| Sales per share2 | 202.11 | 193.52 | 186.42 | 174.97 | 159.23 | 151.60 | 150.02 | 148.35 | 153.07 | 151.69 | 147.67 | 143.24 | 139.56 | 136.33 | 133.56 | 130.65 | 127.15 | 124.65 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 216.30 | 244.10 | 250.99 | 251.00 | 201.06 | 177.37 | 125.40 | 128.05 | 99.48 | 148.11 | 133.65 | 127.14 | 125.61 | 142.01 | 135.24 | 130.16 | 97.40 | 100.84 | 77.92 | 78.87 | 84.13 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 1.07 | 1.26 | 1.35 | 1.43 | 1.26 | 1.17 | 0.84 | 0.86 | 0.65 | 0.98 | 0.91 | 0.89 | 0.90 | 1.04 | 1.01 | 1.00 | 0.77 | 0.81 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 4.42 | 4.78 | 5.38 | 5.36 | 5.64 | 6.30 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.44 | 0.47 | 0.45 | 0.39 | 0.40 | 0.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 0.89 | 0.81 | 0.78 | 0.73 | 0.76 | 0.60 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 15.34 | 17.89 | 22.12 | 21.73 | 23.19 | 21.29 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 5.74 | 5.57 | 5.71 | 5.43 | 5.11 | 4.36 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 1.61 | 1.58 | 1.55 | 1.47 | 1.49 | 1.24 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q1 2022 Calculation
Sales per share
= (RevenuesQ1 2022
+ RevenuesQ4 2021
+ RevenuesQ3 2021
+ RevenuesQ2 2021)
÷ No. shares of common stock outstanding
= (14,945,000,000 + 15,064,000,000 + 15,276,000,000 + 14,435,000,000)
÷ 295,484,400 = 202.11
3 Closing price as at the filing date of HCA Healthcare Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= 216.30 ÷ 202.11 = 1.07
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed notable volatility over the observed quarters. Beginning at $84.13 in March 2017, it decreased slightly through September 2017, then increased sharply to reach a peak of $142.01 by December 2018. Following this, the price moderately fluctuated but experienced a sharp decline to $99.48 by March 2020, which may reflect market disruptions. Subsequently, there was a strong recovery and upward trend, reaching a peak of $251 by June 2021. After peaking, the share price slightly decreased but remained relatively elevated compared to earlier years, closing at $216.3 in March 2022.
- Sales Per Share
- Sales per share data commenced from March 2018 and showed a consistent upward trajectory throughout the periods. Starting at $124.65, sales per share steadily increased each quarter, reaching $202.11 by March 2022. There was a minor dip in the third quarter of 2020 to $148.35 but this was succeeded by consistent growth. The upward trend suggests stable revenue growth relative to the number of shares outstanding over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited fluctuations that generally corresponded to changes in share price relative to sales growth. Initially, the ratio was between 0.77 and 1 from March 2018 to December 2018, indicating the stock was trading near or at its sales value per share. There was a significant dip to 0.65 in March 2020, aligning with the share price decline seen in the same period, likely reflecting an undervaluation or market uncertainty. After this low point, the P/S ratio increased substantially, peaking at 1.43 in September 2021. The ratio moderated thereafter but remained above 1, indicating a market premium over sales revenue. This suggests improved market confidence or expectations of higher future revenue or profitability.
- Overall Insights
- The share price and P/S ratio trends are consistent with market disruptions around early 2020, followed by a robust recovery and growth phase. The steady increase in sales per share supports the view of improving business performance. The rising P/S ratios from mid-2020 to late 2021 point to heightened market valuations relative to sales. The slight decline in share price and P/S ratio in early 2022 might indicate a period of consolidation or market correction after strong gains.
Price to Book Value (P/BV)
HCA Healthcare Inc., historical P/BV calculation (quarterly data)
| 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 | 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 | 295,484,400 | 303,600,000 | 311,022,800 | 320,141,900 | 330,655,500 | 339,917,500 | 338,374,700 | 338,033,300 | 337,618,900 | 338,427,300 | 339,178,300 | 340,982,800 | 342,307,400 | 342,376,700 | 344,160,500 | 346,046,000 | 349,299,200 | 349,903,700 | 354,052,500 | 361,249,700 | 366,904,600 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. (in millions) | (2,033) | (933) | (695) | (593) | 247) | 572) | (974) | (1,786) | (2,962) | (2,808) | (3,565) | (3,902) | (4,354) | (4,950) | (5,605) | (5,989) | (6,244) | (6,806) | (6,780) | (6,792) | (7,017) | |||||||
| Book value per share (BVPS)2 | -6.88 | -3.07 | -2.23 | -1.85 | 0.75 | 1.68 | -2.88 | -5.28 | -8.77 | -8.30 | -10.51 | -11.44 | -12.72 | -14.46 | -16.29 | -17.31 | -17.88 | -19.45 | -19.15 | -18.80 | -19.12 | |||||||
| Share price1, 3 | 216.30 | 244.10 | 250.99 | 251.00 | 201.06 | 177.37 | 125.40 | 128.05 | 99.48 | 148.11 | 133.65 | 127.14 | 125.61 | 142.01 | 135.24 | 130.16 | 97.40 | 100.84 | 77.92 | 78.87 | 84.13 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | — | — | — | — | 269.16 | 105.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 5.56 | 5.75 | 6.61 | 6.38 | 6.27 | 6.65 | 6.30 | 5.94 | 5.40 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 1.79 | 1.83 | 1.71 | 1.47 | 1.51 | 1.33 | 1.24 | 1.24 | 1.21 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 3.55 | 3.07 | 2.88 | 2.67 | 2.78 | 2.19 | 2.10 | 2.06 | 2.23 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 7.48 | 8.59 | 10.64 | 10.35 | 10.40 | 9.53 | 9.35 | 9.19 | 7.22 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 3.52 | 3.26 | 3.14 | 3.02 | 2.84 | 2.48 | 2.60 | 2.94 | 2.87 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 6.54 | 6.27 | 6.13 | 5.76 | 5.86 | 4.83 | 4.54 | 4.53 | 4.81 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 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 Q1 2022 Calculation
BVPS = Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. ÷ No. shares of common stock outstanding
= -2,033,000,000 ÷ 295,484,400 = -6.88
3 Closing price as at the filing date of HCA Healthcare Inc. Quarterly or Annual Report.
4 Q1 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= 216.30 ÷ -6.88 = —
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited overall growth from March 2017 to March 2022, starting at $84.13 and reaching a peak of $251.00 in June 2021. It experienced volatility with periods of decline, such as a dip in early 2019 and a significant drop to $99.48 in March 2020, likely corresponding to broader economic disruptions. After this decline, a sharp recovery followed, with the share price rising substantially through to the end of 2021 before pulling back to $216.30 in March 2022.
- Book Value per Share (BVPS) Trend
- The book value per share consistently remained negative throughout the observed periods, starting at -$19.12 in March 2017 and moving closer to zero before deteriorating again towards the end of the timeline. The BVPS showed an improving trend during the 2019 to early 2020 period, culminating in a positive value of $1.68 in December 2020, but then reverted to negative territory, reaching -$6.88 by March 2022. This fluctuation indicates ongoing challenges in equity value or accumulation of liabilities beyond assets during the period.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio was not reported consistently across all periods but showed extremely high values in 2020 and 2021, peaking at 269.16 in June 2021. These very elevated ratios reflect the combination of a negative or low book value per share with relatively high share prices, indicating that the market valuation significantly exceeded the book equity value. Such a pattern may suggest high investor confidence despite the book value's negative status or possible intangible asset valuation not captured in the book value.
- Overall Insights
- The data indicates a company experiencing strong market valuation growth, with increasing share prices over time despite negative book values per share. The negative and fluctuating book values suggest balance sheet challenges, possibly related to liabilities or goodwill impairments. The sharp recovery in share price post-March 2020 points to investor optimism or operational resilience in the face of external shocks. The elevated P/BV ratios underscore a disconnect between market valuation and accounting book value, which may warrant further investigation into underlying asset quality and market perceptions.