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)
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits fluctuating trends throughout the period. Starting at 12.6 in March 2018, it increased to a peak of 16.18 by June 2021, indicating that investors were willing to pay more for each dollar of earnings over time. However, after this peak, the ratio declined steadily to 9.39 by March 2022, suggesting a reduction in market optimism or improving earnings relative to price.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a somewhat similar pattern to the P/E ratio. It increased from 5.19 in March 2018 to reach a high of 9.33 in June 2021, indicative of rising market valuation compared to operating profits. Afterwards, it decreased notably to 5.72 by March 2022, signaling a potential market revaluation or stronger operating profit performance during that time.
- Price to Sales (P/S) Ratio
- The P/S ratio fluctuated with less volatility relative to earnings and operating profit ratios. It began at 0.77 in March 2018, gradually increased to a high of 1.43 in September 2021, and then slightly declined to 1.07 by March 2022. This trend suggests a general rise in valuation per sales dollar over the years, followed by modest correction in the most recent quarters.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data is incomplete with values only appearing late in the timeline. It shows an extraordinarily high figure of 105.4 and then a dramatic spike to 269.16, which might indicate an exceptional market reaction or an accounting anomaly during those periods. Due to the lack of consistent data, it is challenging to draw a reliable trend or provide detailed insights.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to HCA Healthcare, Inc. (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: 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).
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
= ( + + + )
÷ =
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
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited a general upward trend from March 2018 to December 2019, rising from $97.40 to $148.11. This period was marked by steady growth with minor fluctuations. However, in the first quarter of 2020, the share price experienced a significant decline to $99.48, coinciding with the onset of a broader market downturn. Following this dip, the share price recovered strongly and peaked at $251.00 in June 2021. After this peak, the price showed some volatility and a gradual decline, ending at $216.30 in March 2022.
Earnings per share (EPS) demonstrated consistent growth over the entire period analyzed. Starting at $7.73 in the first quarter of 2018, EPS increased steadily to $11.06 by the end of 2018. This upward momentum continued with minor fluctuations, reaching $13.90 in March 2021 and peaking at $23.03 in March 2022. The data indicates strong earnings performance and improving profitability quarter over quarter, particularly notable after the mid-2020 period.
The price-to-earnings (P/E) ratio displayed variability throughout the timeline analyzed. Initially, the ratio increased from 12.6 in March 2018 to a high of 15.73 in June 2018, then decreased gradually to 11.68 by March 2019. During the market disruption in early 2020, the P/E ratio dipped to 11.02, reflecting a drop in share price relative to earnings. Subsequently, the ratio climbed again, reaching 16.18 in June 2021. In the last quarters observed, from September 2021 to March 2022, there was a marked decline in the P/E ratio, settling at 9.39. This trend suggests that, despite rising earnings, the share price decreased relatively, indicating a possible market adjustment or changing investor expectations regarding growth prospects.
Overall, the financial metrics indicate that the company has significantly improved its earnings performance over the analyzed period. Share price movements largely reflect external market influences, with notable recovery and growth post-2020 downturn. The P/E ratio trends point to evolving market valuation dynamics, possibly signaling shifts in investor sentiment and valuation multiples in the later period.
Price to Operating Profit (P/OP)
HCA Healthcare Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (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: 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).
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
= ( + + + )
÷ =
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
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2018 through December 2021, starting at $97.40 and peaking at $251.00 in June 2021. There was a notable dip in March 2020 to $99.48, coinciding with global market disruptions, followed by a strong recovery and subsequent growth reaching its highest point by mid-2021. After this peak, the share price showed a declining trajectory into early 2022, falling to $216.30 by March 31, 2022.
- Operating Profit Per Share (OPPS)
- Operating profit per share demonstrated steady growth throughout the period analyzed. Beginning at $18.75 in March 2018, it increased gradually to $21.38 by December 2019. Despite a minor decline in the first quarter of 2020 to $20.30, OPPS rebounded quickly and showed significant acceleration in growth from 2021 onwards, reaching $37.81 by March 2022. This indicates an improving operating profitability per share over the medium to long term.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited considerable variability over the analyzed quarters. Initial levels ranged between approximately 5.19 and 6.93 from 2018 to late 2019, indicating relatively moderate valuation multiples in relation to operating profit per share. A sharp decrease occurred in March 2020, where the ratio dropped to 4.9, reflecting market share price declines despite stable OPPS. Subsequently, the ratio surged markedly, peaking at 9.33 in June 2021, which suggests a significant increase in valuation multiples during that period. Following this peak, the ratio trended downward to 5.72 by March 2022, aligning more closely with earlier historical valuation levels.
- Summary Insights
- Analysis reveals that operating profitability per share consistently improved over the examined timeframe. Share price movements were more volatile, reflecting broader market influences, with a pronounced impact during early 2020. The P/OP ratio's fluctuation highlights shifts in market sentiment and investor valuation benchmarks, particularly the elevated multiples mid-2021 that later normalized. Overall, the financial metrics suggest strong operational performance accompanied by periods of varying market valuation confidence.
Price to Sales (P/S)
HCA Healthcare Inc., historical P/S calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (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: 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).
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
= ( + + + )
÷ =
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
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced a steady increase from March 2018 through December 2019, rising from $97.40 to $148.11. A notable decline occurred in the first quarter of 2020, with the price dropping to $99.48, likely reflecting external market challenges. Subsequently, the share price recovered significantly during 2020 and 2021, reaching a peak of $251.00 in June 2021. This was followed by a moderate decline in late 2021 and early 2022, with the price decreasing to $216.30 by March 2022.
- Sales Per Share Dynamics
- Sales per share demonstrated a consistent upward trend over the entire period. Starting at $127.15 in March 2018, sales per share showed gradual increases each quarter, reaching $202.11 by March 2022. The progression was steady without any notable declines, indicating sustained revenue growth on a per share basis despite fluctuations in the share price.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated across the timeframe, initially increasing from 0.77 in March 2018 to 1.04 by December 2018. It then decreased to a low of 0.65 in March 2020, coinciding with the share price downturn observed earlier. Following this low point, the ratio rebounded significantly, peaking at 1.43 in June 2021. A moderate decline ensued afterward, with the ratio falling to 1.07 by March 2022. These changes suggest variability in market valuation relative to sales, influenced by both share price volatility and steady sales growth.
- Summary of Insights
- The company exhibited steady sales growth per share throughout the period, reflecting underlying operational strength. Share price movement was more volatile, affected by market conditions around early 2020 with a sharp drop, followed by a strong recovery and peak valuation in mid-2021. The P/S ratio's changes reveal shifting market sentiment and valuation multiples, initially rising pre-2020, dropping sharply during the market disruption, and climbing again during recovery. The recent downward trend in share price and P/S ratio after mid-2021 may indicate caution from investors or market adjustments. Overall, despite short-term price volatility, sustained sales growth provides a positive financial performance backdrop.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (deficit) attributable to HCA Healthcare, Inc. (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: 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).
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
= ÷ =
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
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed an overall upward trajectory from March 2018 through December 2021, starting at $97.40 and peaking near $251 in June 2021. Notably, there was a significant dip in March 2020, coinciding with the onset of the COVID-19 pandemic, where the price declined to $99.48. However, a robust recovery followed, peaking again in the first half of 2021 before experiencing a moderate decline to $216.30 by March 2022.
- Book Value per Share (BVPS)
- The BVPS exhibited a consistently negative value over the period analyzed, indicating persistent equity deficits or accumulated losses. Starting from -$17.88 in March 2018, the BVPS showed gradual improvement, approaching positive territory by December 2020 (reaching $1.68). However, the trend reversed afterwards, with BVPS declining again to -$6.88 by March 2022. Such fluctuations suggest volatility in the company's equity base and potential impacts from financial restructuring or operational challenges.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio was available for limited periods and showed extremely high values, such as 105.4 and 269.16 in December 2020 and March 2021 respectively. These unusually elevated ratios are likely attributable to the very low or negative book value denominator, which dramatically inflates the ratio. The sparse data points and large ratio values indicate caution in using this metric alone to assess valuation during this timeframe.
- Overall Insights
- The company’s market valuation fluctuated significantly throughout the period, with strong recovery after the early 2020 lows. Despite the negative and volatile book value per share, the share price appreciated considerably, suggesting market optimism possibly driven by growth prospects, earnings potential, or external factors affecting investor sentiment. The disparity between market price and book value signals a potential disconnect between accounting equity and market perception, warranting further investigation into underlying assets, liabilities, and operational performance.