Price to Book Value (P/BV)
since 2005
Calculation
Humana Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2024 | 2.70 | = | 363.98 | ÷ | 134.78 | 134.78 | = | 16,262 | ÷ | 120,653,315 | |
| Feb 16, 2023 | 4.13 | = | 505.69 | ÷ | 122.51 | 122.51 | = | 15,311 | ÷ | 124,974,862 | |
| Feb 17, 2022 | 3.34 | = | 424.71 | ÷ | 126.98 | 126.98 | = | 16,080 | ÷ | 126,633,599 | |
| Feb 18, 2021 | 3.55 | = | 378.33 | ÷ | 106.53 | 106.53 | = | 13,728 | ÷ | 128,861,929 | |
| Feb 20, 2020 | 4.07 | = | 370.99 | ÷ | 91.12 | 91.12 | = | 12,037 | ÷ | 132,106,497 | |
| Feb 21, 2019 | 4.10 | = | 307.56 | ÷ | 74.95 | 74.95 | = | 10,161 | ÷ | 135,566,909 | |
| Feb 16, 2018 | 3.76 | = | 269.00 | ÷ | 71.48 | 71.48 | = | 9,842 | ÷ | 137,684,326 | |
| Feb 17, 2017 | 2.86 | = | 204.60 | ÷ | 71.56 | 71.56 | = | 10,685 | ÷ | 149,324,101 | |
| Feb 18, 2016 | 2.40 | = | 167.75 | ÷ | 69.76 | 69.76 | = | 10,346 | ÷ | 148,303,389 | |
| Feb 18, 2015 | 2.41 | = | 155.40 | ÷ | 64.48 | 64.48 | = | 9,646 | ÷ | 149,607,897 | |
| Feb 19, 2014 | 1.69 | = | 101.98 | ÷ | 60.48 | 60.48 | = | 9,316 | ÷ | 154,034,320 | |
| Feb 22, 2013 | 1.26 | = | 70.61 | ÷ | 55.87 | 55.87 | = | 8,847 | ÷ | 158,356,929 | |
| Feb 24, 2012 | 1.81 | = | 89.00 | ÷ | 49.15 | 49.15 | = | 8,063 | ÷ | 164,050,846 | |
| Feb 18, 2011 | 1.50 | = | 61.44 | ÷ | 41.08 | 41.08 | = | 6,924 | ÷ | 168,545,398 | |
| Feb 19, 2010 | 1.34 | = | 45.35 | ÷ | 33.93 | 33.93 | = | 5,776 | ÷ | 170,225,097 | |
| Feb 20, 2009 | 1.54 | = | 40.54 | ÷ | 26.40 | 26.40 | = | 4,457 | ÷ | 168,854,995 | |
| Feb 25, 2008 | 2.91 | = | 68.87 | ÷ | 23.68 | 23.68 | = | 4,029 | ÷ | 170,173,405 | |
| Feb 23, 2007 | 3.32 | = | 60.86 | ÷ | 18.32 | 18.32 | = | 3,054 | ÷ | 166,720,633 | |
| Mar 3, 2006 | 3.36 | = | 50.86 | ÷ | 15.13 | 15.13 | = | 2,474 | ÷ | 163,485,922 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 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 Humana Inc. Annual Report.
- Share Price
- The share price exhibits a general upward trend from 2006 to 2024, increasing from $50.86 to a peak of $505.69 in 2023 before declining to $363.98 in 2024. The price demonstrates notable volatility, with a significant dip in 2009 to $40.54 following the initial years of growth, and a sharp increase particularly from 2015 to 2023. The decline in 2024 represents a considerable correction after a period of strong price appreciation.
- Book Value Per Share (BVPS)
- BVPS has shown consistent growth over the entire period, rising from $15.13 in 2006 to $134.78 in 2024. This steady increase indicates sustained growth in the company’s net asset base on a per-share basis. The trajectory is smooth with no periods of decline, reflecting stable accumulation of equity value over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio reveals fluctuating market sentiment relative to the company's book value. Initially high at 3.36 in 2006, it dips sharply to a low of 1.26 in 2013. Subsequently, the ratio climbs to a peak of 4.13 in 2023 before falling back to 2.7 in 2024. The low P/BV levels in the early 2010s suggest the shares were undervalued compared to book value during that period, while the elevated ratios in the latter years imply overvaluation or increased market confidence during times of rapid share price appreciation.
- Overall Analysis
- The data presents a corporation with a solid increase in underlying book value per share, indicating financial growth and strength. The share price aligns broadly with this growth but incorporates pronounced volatility and investor sentiment shifts. The P/BV ratio highlights periods of both undervaluation and overvaluation in the market relative to the book value. The recent decline in share price and P/BV ratio after a substantial rise suggests a market correction or changing investor expectations, despite continued growth in fundamental book value. This pattern underlines the importance of assessing both market and fundamental indicators when evaluating the company’s financial standing.
Comparison to Competitors
Humana Inc., P/BV, long-term trends, comparison to competitors
| Humana Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 15, 2024 | 2.70 | 5.12 | 3.02 | 10.01 | 2.26 | 5.18 |
| Feb 16, 2023 | 4.13 | 5.06 | 1,553,040.70 | 7.78 | 2.24 | 5.81 |
| Feb 17, 2022 | 3.34 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Feb 18, 2021 | 3.55 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Feb 20, 2020 | 4.07 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Feb 21, 2019 | 4.10 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Feb 16, 2018 | 3.76 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Feb 17, 2017 | 2.86 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Feb 18, 2016 | 2.40 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Feb 18, 2015 | 2.41 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Feb 19, 2014 | 1.69 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Feb 22, 2013 | 1.26 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Feb 24, 2012 | 1.81 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Feb 18, 2011 | 1.50 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Feb 19, 2010 | 1.34 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Feb 20, 2009 | 1.54 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Feb 25, 2008 | 2.91 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Feb 23, 2007 | 3.32 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Mar 3, 2006 | 3.36 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 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)
Humana Inc., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Humana Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 15, 2024 | 2.70 | 4.43 |
| Feb 16, 2023 | 4.13 | 263,051.14 |
| Feb 17, 2022 | 3.34 | 5.01 |
| Feb 18, 2021 | 3.55 | 4.30 |
| Feb 20, 2020 | 4.07 | 4.00 |
| Feb 21, 2019 | 4.10 | 3.83 |
| Feb 16, 2018 | 3.76 | 3.44 |
| Feb 17, 2017 | 2.86 | 2.95 |
| Feb 18, 2016 | 2.40 | 2.39 |
| Feb 18, 2015 | 2.41 | 2.94 |
| Feb 19, 2014 | 1.69 | 2.12 |
| Feb 22, 2013 | 1.26 | 1.89 |
| Feb 24, 2012 | 1.81 | 2.39 |
| Feb 18, 2011 | 1.50 | 2.21 |
| Feb 19, 2010 | 1.34 | 2.31 |
| Feb 20, 2009 | 1.54 | 2.78 |
| Feb 25, 2008 | 2.91 | 3.52 |
| Feb 23, 2007 | 3.32 | 3.80 |
| Mar 3, 2006 | 3.36 | 3.90 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 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)
Humana Inc., P/BV, long-term trends, comparison to industry (health care)
| Humana Inc. | Health Care | |
|---|---|---|
| Feb 15, 2024 | 2.70 | 5.94 |
| Feb 16, 2023 | 4.13 | 87,112.79 |
| Feb 17, 2022 | 3.34 | 5.48 |
| Feb 18, 2021 | 3.55 | 5.37 |
| Feb 20, 2020 | 4.07 | 5.14 |
| Feb 21, 2019 | 4.10 | 5.17 |
| Feb 16, 2018 | 3.76 | 4.55 |
| Feb 17, 2017 | 2.86 | 4.06 |
| Feb 18, 2016 | 2.40 | 3.62 |
| Feb 18, 2015 | 2.41 | 4.10 |
| Feb 19, 2014 | 1.69 | 3.51 |
| Feb 22, 2013 | 1.26 | 2.87 |
| Feb 24, 2012 | 1.81 | 2.51 |
| Feb 18, 2011 | 1.50 | 2.24 |
| Feb 19, 2010 | 1.34 | 2.36 |
| Feb 20, 2009 | 1.54 | 2.65 |
| Feb 25, 2008 | 2.91 | 3.45 |
| Feb 23, 2007 | 3.32 | 3.81 |
| Mar 3, 2006 | 3.36 | 3.97 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 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).