Price to Sales (P/S)
since 2005
Calculation
Humana Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | External revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 15, 2024 | 0.42 | = | 363.98 | ÷ | 872.79 | 872.79 | = | 105,305 | ÷ | 120,653,315 | |
| Feb 16, 2023 | 0.68 | = | 505.69 | ÷ | 740.05 | 740.05 | = | 92,488 | ÷ | 124,974,862 | |
| Feb 17, 2022 | 0.65 | = | 424.71 | ÷ | 654.46 | 654.46 | = | 82,877 | ÷ | 126,633,599 | |
| Feb 18, 2021 | 0.64 | = | 378.33 | ÷ | 589.79 | 589.79 | = | 76,001 | ÷ | 128,861,929 | |
| Feb 20, 2020 | 0.76 | = | 370.99 | ÷ | 487.39 | 487.39 | = | 64,387 | ÷ | 132,106,497 | |
| Feb 21, 2019 | 0.74 | = | 307.56 | ÷ | 416.02 | 416.02 | = | 56,398 | ÷ | 135,566,909 | |
| Feb 16, 2018 | 0.69 | = | 269.00 | ÷ | 387.57 | 387.57 | = | 53,362 | ÷ | 137,684,326 | |
| Feb 17, 2017 | 0.57 | = | 204.60 | ÷ | 361.56 | 361.56 | = | 53,990 | ÷ | 149,324,101 | |
| Feb 18, 2016 | 0.46 | = | 167.75 | ÷ | 362.87 | 362.87 | = | 53,815 | ÷ | 148,303,389 | |
| Feb 18, 2015 | 0.48 | = | 155.40 | ÷ | 321.66 | 321.66 | = | 48,123 | ÷ | 149,607,897 | |
| Feb 19, 2014 | 0.38 | = | 101.98 | ÷ | 265.77 | 265.77 | = | 40,938 | ÷ | 154,034,320 | |
| Feb 22, 2013 | 0.29 | = | 70.61 | ÷ | 244.61 | 244.61 | = | 38,735 | ÷ | 158,356,929 | |
| Feb 24, 2012 | 0.40 | = | 89.00 | ÷ | 222.28 | 222.28 | = | 36,466 | ÷ | 164,050,846 | |
| Feb 18, 2011 | 0.31 | = | 61.44 | ÷ | 198.99 | 198.99 | = | 33,539 | ÷ | 168,545,398 | |
| Feb 19, 2010 | 0.25 | = | 45.35 | ÷ | 180.14 | 180.14 | = | 30,664 | ÷ | 170,225,097 | |
| Feb 20, 2009 | 0.24 | = | 40.54 | ÷ | 170.12 | 170.12 | = | 28,726 | ÷ | 168,854,995 | |
| Feb 25, 2008 | 0.47 | = | 68.87 | ÷ | 146.77 | 146.77 | = | 24,976 | ÷ | 170,173,405 | |
| Feb 23, 2007 | 0.48 | = | 60.86 | ÷ | 126.71 | 126.71 | = | 21,125 | ÷ | 166,720,633 | |
| Mar 3, 2006 | 0.58 | = | 50.86 | ÷ | 87.32 | 87.32 | = | 14,275 | ÷ | 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.
Analysis of the financial metrics from 2006 through 2024 reveals a consistent growth trajectory in revenue generation per share, contrasted by fluctuating market valuation multiples.
- Sales per Share Growth
- A sustained and significant upward trend is observed in sales per share, which grew from 87.32 US$ in 2006 to 872.79 US$ by 2024. This represents a nearly tenfold increase in revenue efficiency per share over the analyzed period, with growth remaining positive in every year recorded.
- Price to Sales (P/S) Ratio Evolution
- The P/S ratio exhibits three distinct phases. The first phase, from 2006 to 2009, was characterized by valuation compression, with the ratio falling from 0.58 to a period low of 0.24. The second phase, spanning from 2010 to 2020, showed a consistent expansion in market valuation, peaking at 0.76 in 2020. The third phase, from 2021 to 2024, indicates a period of volatility and eventual contraction.
- Share Price Correlation
- Share price movements generally mirrored the P/S ratio expansion between 2010 and 2023, climbing from 45.35 US$ to a peak of 505.69 US$. However, the relationship between price and sales decoupled in 2024, where the share price declined to 363.98 US$ despite sales per share reaching an all-time high.
The most recent data from February 2024 indicates a sharp correction in the P/S ratio to 0.42. This decline is particularly notable because it occurred alongside the highest recorded sales per share, suggesting that the market valuation has shifted downward regardless of the increase in top-line revenue per share.
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Comparison to Competitors
Humana Inc., P/S, long-term trends, comparison to competitors
| Humana Inc. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Feb 15, 2024 | 0.42 | 4.93 | 0.70 | 18.71 | 3.72 | 1.25 |
| Feb 16, 2023 | 0.68 | 4.25 | 362,239.81 | 13.81 | 3.72 | 1.40 |
| Feb 17, 2022 | 0.65 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Feb 18, 2021 | 0.64 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Feb 20, 2020 | 0.76 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Feb 21, 2019 | 0.74 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Feb 16, 2018 | 0.69 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Feb 17, 2017 | 0.57 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Feb 18, 2016 | 0.46 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Feb 18, 2015 | 0.48 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Feb 19, 2014 | 0.38 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Feb 22, 2013 | 0.29 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Feb 24, 2012 | 0.40 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Feb 18, 2011 | 0.31 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Feb 19, 2010 | 0.25 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Feb 20, 2009 | 0.24 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Feb 25, 2008 | 0.47 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Feb 23, 2007 | 0.48 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Mar 3, 2006 | 0.58 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Humana Inc. | Health Care Equipment & Services | |
|---|---|---|
| Feb 15, 2024 | 0.42 | 1.66 |
| Feb 16, 2023 | 0.68 | 100,807.66 |
| Feb 17, 2022 | 0.65 | 2.07 |
| Feb 18, 2021 | 0.64 | 1.86 |
| Feb 20, 2020 | 0.76 | 1.74 |
| Feb 21, 2019 | 0.74 | 1.69 |
| Feb 16, 2018 | 0.69 | 1.58 |
| Feb 17, 2017 | 0.57 | 1.30 |
| Feb 18, 2016 | 0.46 | 1.17 |
| Feb 18, 2015 | 0.48 | 1.23 |
| Feb 19, 2014 | 0.38 | 0.95 |
| Feb 22, 2013 | 0.29 | 0.85 |
| Feb 24, 2012 | 0.40 | 1.04 |
| Feb 18, 2011 | 0.31 | 0.96 |
| Feb 19, 2010 | 0.25 | 1.02 |
| Feb 20, 2009 | 0.24 | 1.08 |
| Feb 25, 2008 | 0.47 | 1.48 |
| Feb 23, 2007 | 0.48 | 1.64 |
| Mar 3, 2006 | 0.58 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Humana Inc. | Health Care | |
|---|---|---|
| Feb 15, 2024 | 0.42 | 3.52 |
| Feb 16, 2023 | 0.68 | 51,413.66 |
| Feb 17, 2022 | 0.65 | 3.28 |
| Feb 18, 2021 | 0.64 | 3.31 |
| Feb 20, 2020 | 0.76 | 3.21 |
| Feb 21, 2019 | 0.74 | 3.07 |
| Feb 16, 2018 | 0.69 | 3.06 |
| Feb 17, 2017 | 0.57 | 2.80 |
| Feb 18, 2016 | 0.46 | 2.72 |
| Feb 18, 2015 | 0.48 | 3.08 |
| Feb 19, 2014 | 0.38 | 2.81 |
| Feb 22, 2013 | 0.29 | 2.20 |
| Feb 24, 2012 | 0.40 | 1.90 |
| Feb 18, 2011 | 0.31 | 1.80 |
| Feb 19, 2010 | 0.25 | 2.08 |
| Feb 20, 2009 | 0.24 | 1.70 |
| Feb 25, 2008 | 0.47 | 2.42 |
| Feb 23, 2007 | 0.48 | 2.85 |
| Mar 3, 2006 | 0.58 | 3.17 |
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).