Price to Earnings (P/E)
since 2005
Calculation
Humana Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Humana1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2024 | 17.64 | = | 363.98 | ÷ | 20.63 | 20.63 | = | 2,489 | ÷ | 120,653,315 | |
| Feb 16, 2023 | 22.52 | = | 505.69 | ÷ | 22.45 | 22.45 | = | 2,806 | ÷ | 124,974,862 | |
| Feb 17, 2022 | 18.34 | = | 424.71 | ÷ | 23.16 | 23.16 | = | 2,933 | ÷ | 126,633,599 | |
| Feb 18, 2021 | 14.48 | = | 378.33 | ÷ | 26.13 | 26.13 | = | 3,367 | ÷ | 128,861,929 | |
| Feb 20, 2020 | 18.10 | = | 370.99 | ÷ | 20.49 | 20.49 | = | 2,707 | ÷ | 132,106,497 | |
| Feb 21, 2019 | 24.77 | = | 307.56 | ÷ | 12.41 | 12.41 | = | 1,683 | ÷ | 135,566,909 | |
| Feb 16, 2018 | 15.13 | = | 269.00 | ÷ | 17.78 | 17.78 | = | 2,448 | ÷ | 137,684,326 | |
| Feb 17, 2017 | 49.76 | = | 204.60 | ÷ | 4.11 | 4.11 | = | 614 | ÷ | 149,324,101 | |
| Feb 18, 2016 | 19.50 | = | 167.75 | ÷ | 8.60 | 8.60 | = | 1,276 | ÷ | 148,303,389 | |
| Feb 18, 2015 | 20.27 | = | 155.40 | ÷ | 7.67 | 7.67 | = | 1,147 | ÷ | 149,607,897 | |
| Feb 19, 2014 | 12.76 | = | 101.98 | ÷ | 7.99 | 7.99 | = | 1,231 | ÷ | 154,034,320 | |
| Feb 22, 2013 | 9.15 | = | 70.61 | ÷ | 7.72 | 7.72 | = | 1,222 | ÷ | 158,356,929 | |
| Feb 24, 2012 | 10.29 | = | 89.00 | ÷ | 8.65 | 8.65 | = | 1,419 | ÷ | 164,050,846 | |
| Feb 18, 2011 | 9.42 | = | 61.44 | ÷ | 6.52 | 6.52 | = | 1,099 | ÷ | 168,545,398 | |
| Feb 19, 2010 | 7.43 | = | 45.35 | ÷ | 6.11 | 6.11 | = | 1,040 | ÷ | 170,225,097 | |
| Feb 20, 2009 | 10.58 | = | 40.54 | ÷ | 3.83 | 3.83 | = | 647 | ÷ | 168,854,995 | |
| Feb 25, 2008 | 14.06 | = | 68.87 | ÷ | 4.90 | 4.90 | = | 834 | ÷ | 170,173,405 | |
| Feb 23, 2007 | 20.82 | = | 60.86 | ÷ | 2.92 | 2.92 | = | 487 | ÷ | 166,720,633 | |
| Mar 3, 2006 | 26.95 | = | 50.86 | ÷ | 1.89 | 1.89 | = | 308 | ÷ | 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.
The long-term trajectory of valuation metrics from 2006 to 2024 reveals a complex relationship between share price appreciation and earnings growth. While the share price grew substantially over the period, reaching a peak in 2023 before contracting in 2024, the earnings per share (EPS) demonstrated a more consistent, albeit volatile, upward trend.
- P/E Ratio Compression (2006–2010)
- A period of significant valuation compression occurred between 2006 and 2010, with the P/E ratio falling from 26.95 to a low of 7.43. This decline persisted even as EPS increased from 1.89 to 6.11, suggesting that earnings growth outpaced share price appreciation during this interval.
- Valuation Volatility and the 2017 Peak
- The P/E ratio exhibited a sharp spike in 2017, reaching 49.76. This anomaly was driven by a substantial decrease in EPS to 4.11 during a period where the share price continued to rise to 204.60, indicating a temporary decoupling of market price from immediate earnings performance.
- Stabilization and Recent Trends (2018–2024)
- Following the 2017 volatility, the P/E ratio entered a phase of relative stabilization, fluctuating primarily between 14.48 and 24.77. The final recorded value of 17.64 in 2024 reflects a balanced valuation relative to an EPS of 20.63, occurring alongside a notable decline in share price from the 505.69 peak seen in 2023.
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Comparison to Competitors
Humana Inc., P/E, long-term trends, comparison to competitors
| Humana Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 15, 2024 | 17.64 | 34.57 | 19.80 | 74.11 | 30.94 | 20.53 |
| Feb 16, 2023 | 22.52 | 26.76 | 9,358,713.46 | 64.99 | 23.38 | 22.46 |
| Feb 17, 2022 | 18.34 | 29.13 | 18.13 | 59.94 | 46.56 | 26.03 |
| Feb 18, 2021 | 14.48 | 48.49 | 15.87 | 87.47 | 26.30 | 20.54 |
| Feb 20, 2020 | 18.10 | 41.83 | 15.96 | 48.72 | 28.78 | 20.48 |
| Feb 21, 2019 | 24.77 | 56.47 | 21.45 | 53.03 | 37.80 | 21.09 |
| Feb 16, 2018 | 15.13 | 220.29 | 15.44 | 70.95 | 29.96 | 20.77 |
| Feb 17, 2017 | 49.76 | 55.16 | 17.48 | 37.16 | 33.17 | 21.73 |
| Feb 18, 2016 | 19.50 | 12.83 | 12.99 | 34.24 | 40.56 | 18.18 |
| Feb 18, 2015 | 20.27 | 31.30 | 15.29 | 44.77 | 20.75 | 18.50 |
| Feb 19, 2014 | 12.76 | 23.25 | 9.95 | 22.82 | 14.99 | 12.35 |
| Feb 22, 2013 | 9.15 | 9.24 | 7.09 | 35.05 | 10.57 | 10.58 |
| Feb 24, 2012 | 10.29 | 18.67 | 8.36 | 39.05 | 13.37 | 10.78 |
| Feb 18, 2011 | 9.42 | 15.68 | 8.74 | 33.85 | 12.65 | 10.01 |
| Feb 19, 2010 | 7.43 | 14.69 | 5.53 | 54.30 | 17.11 | 9.91 |
| Feb 20, 2009 | 10.58 | 17.11 | 8.26 | 21.99 | 26.02 | 11.66 |
| Feb 25, 2008 | 14.06 | 23.82 | 12.02 | 79.87 | 20.81 | 12.85 |
| Feb 23, 2007 | 20.82 | 48.17 | 16.05 | 58.08 | 21.31 | 17.58 |
| Mar 3, 2006 | 26.95 | 20.03 | 20.66 | 36.68 | 35.12 | 24.20 |
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/E, long-term trends, comparison to sector (health care equipment & services)
| Humana Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 15, 2024 | 17.64 | 25.86 |
| Feb 16, 2023 | 22.52 | 1,429,718.32 |
| Feb 17, 2022 | 18.34 | 28.98 |
| Feb 18, 2021 | 14.48 | 27.23 |
| Feb 20, 2020 | 18.10 | 25.22 |
| Feb 21, 2019 | 24.77 | 28.84 |
| Feb 16, 2018 | 15.13 | 28.17 |
| Feb 17, 2017 | 49.76 | 27.54 |
| Feb 18, 2016 | 19.50 | 20.20 |
| Feb 18, 2015 | 20.27 | 21.28 |
| Feb 19, 2014 | 12.76 | 14.93 |
| Feb 22, 2013 | 9.15 | 10.51 |
| Feb 24, 2012 | 10.29 | 14.07 |
| Feb 18, 2011 | 9.42 | 12.56 |
| Feb 19, 2010 | 7.43 | 11.86 |
| Feb 20, 2009 | 10.58 | 15.75 |
| Feb 25, 2008 | 14.06 | 17.58 |
| Feb 23, 2007 | 20.82 | 22.77 |
| Mar 3, 2006 | 26.95 | 24.03 |
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/E, long-term trends, comparison to industry (health care)
| Humana Inc. | Health Care | |
|---|---|---|
| Feb 15, 2024 | 17.64 | 30.62 |
| Feb 16, 2023 | 22.52 | 351,256.81 |
| Feb 17, 2022 | 18.34 | 21.55 |
| Feb 18, 2021 | 14.48 | 32.22 |
| Feb 20, 2020 | 18.10 | 22.09 |
| Feb 21, 2019 | 24.77 | 24.32 |
| Feb 16, 2018 | 15.13 | 33.04 |
| Feb 17, 2017 | 49.76 | 21.90 |
| Feb 18, 2016 | 19.50 | 19.53 |
| Feb 18, 2015 | 20.27 | 21.38 |
| Feb 19, 2014 | 12.76 | 18.67 |
| Feb 22, 2013 | 9.15 | 15.77 |
| Feb 24, 2012 | 10.29 | 15.79 |
| Feb 18, 2011 | 9.42 | 15.12 |
| Feb 19, 2010 | 7.43 | 11.71 |
| Feb 20, 2009 | 10.58 | 13.07 |
| Feb 25, 2008 | 14.06 | 19.29 |
| Feb 23, 2007 | 20.82 | 18.61 |
| Mar 3, 2006 | 26.95 | 21.71 |
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).