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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- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Humana Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
The analysis of the quarterly financial ratios over the observed periods reveals distinct trends and fluctuations that offer insights into valuation perceptions and market confidence in the company.
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits a generally cyclical pattern with notable volatility. Starting at 19.09 in the first quarter of 2020, it declined to a low of 13.49 by September 2020, indicating an improving earnings scenario or a downward adjustment in price. Subsequently, the ratio increased with considerable spikes, reaching peaks above 25 in September 2022 and June 2024. Recent quarters show elevated P/E ratios around 20 to 25, suggesting heightened market expectations for earnings growth or a premium valuation. The oscillations in P/E imply fluctuations in earnings or share price responses to external factors across quarters.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit ratio displays a similar pattern to the P/E ratio but with somewhat smoother transitions. Beginning at 14.59 in Q1 2020, the ratio decreased through 2020 to a low near 9.78 by the end of that year, signaling either increasing operating profits or price adjustments. The ratio then experienced a significant rise in 2021, notably peaking at 21.55 in September, before declining gradually in subsequent quarters. A downward trend is observed toward the end of 2023 and into 2024, with values dropping below 12. This suggests that operating profits relative to price strengthened late in the period or market prices moderated.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remains relatively low throughout the period, fluctuating mostly between 0.3 and 0.8. After a modest increase in early 2020, the ratio stabilized around 0.7 for several quarters before experiencing a gradual decline beginning in late 2022. The ratio dropped notably to 0.28 by Q3 2024, indicating either an increase in sales outperforming price appreciation or a declining valuation relative to sales. This trend may reflect conservative market pricing relative to revenue or modest sales growth.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio shows a decreasing trajectory over the full scope. Starting above 4 in early 2020, the ratio declined steadily with some fluctuations and accelerated depreciation in valuation from late 2022 onward. By Q3 2024, the P/BV had fallen to below 2, the lowest point recorded in the period. This suggests a diminishing market valuation relative to the company’s book equity, which could be indicative of changing investor sentiment, asset revaluation, or increased book value without proportionate price gains.
Overall, the data point to a pattern of fluctuating valuation multiples influenced by earnings and operating profit dynamics, alongside a marked decline in valuation relative to sales and book value in the most recent periods. While profitability-based multiples remain volatile but elevated, those based on sales and book values signal more conservative or reduced market valuations over time.
Price to Earnings (P/E)
Humana Inc., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income attributable to Humana (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: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net income attributable to HumanaQ3 2024
+ Net income attributable to HumanaQ2 2024
+ Net income attributable to HumanaQ1 2024
+ Net income attributable to HumanaQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Humana Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable volatility throughout the observed periods. Initially, from early 2020 to early 2021, there was a general upward trend with prices rising from approximately $377 to above $440. This was followed by further increases through late 2022, peaking near $560 in September 2022. Subsequently, a downward trend emerged starting in late 2022 and continuing through the first quarter of 2024, where the share price declined sharply to around $266, marking a significant decrease from prior highs.
- Earnings Per Share (EPS)
- EPS showed fluctuating performance over the timeframe. Early 2020 saw a steady rise, reaching a peak of about $31.38 in the third quarter of 2020. After some variation in 2021, EPS values largely stabilized around $20 to $25 through 2022 and 2023, with occasional increases nearing $27. However, EPS declined significantly in 2024, falling from $20.63 in the first quarter to $11.29 by the third quarter, indicating diminishing profitability or challenges affecting earnings.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio reflected fluctuating market valuations relative to earnings. It started at approximately 19 in early 2020, decreased through mid-2020 to a low around 13.5, then increased substantially through 2021, peaking above 22. In 2022 and 2023, the P/E ratio varied between about 17 and 25, indicating variable investor expectations or changes in earnings quality. In 2024, the ratio remained elevated despite lower EPS and declining share price, reaching approximately 23.6 by the third quarter, suggesting market valuation did not proportionately adjust downward with earnings.
- Overall Analysis
- The data indicate an initial period of growth in share price and earnings through 2020, with share price gains outpacing earnings growth leading to fluctuating but generally moderate P/E valuations. The highest share prices coincided with relatively stable earnings, suggesting favorable market sentiment. However, the marked decline in both share price and EPS in 2024 points to emerging financial or operational headwinds. The elevated P/E ratios during this decline imply that market valuations are somewhat resilient or slow to adjust in response to decreasing profitability. This combination may warrant further investigation into underlying causes impacting earnings and investor confidence.
Price to Operating Profit (P/OP)
Humana Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (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: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Income from operationsQ3 2024
+ Income from operationsQ2 2024
+ Income from operationsQ1 2024
+ Income from operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Humana Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward movement from early 2020 through late 2022, increasing from approximately $377 to a peak near $560 in the third quarter of 2022. However, starting in the first quarter of 2023, the price showed a downward trajectory, falling sharply to around $267 by the third quarter of 2024. This decline follows a period of volatility, with fluctuations occurring especially in late 2022 and early 2023.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed growth through much of 2020 and 2021, reaching a high in the fourth quarter of 2023 at about $36.43. After this peak, OPPS decreased steadily throughout 2024, dropping to $22.90 by the third quarter. Despite the decline in recent periods, OPPS maintained a relatively stable level during 2022 and 2023 with minor fluctuations around the $30-$36 range.
- Price to Operating Profit Ratio (P/OP)
- There was significant variability in the price-to-operating profit ratio over the observed period. Early in 2020, the ratio was moderate (around 14.6) but dropped to under 10 in late 2020, indicating a period where share price growth outpaced operating profit gains. In 2021, the ratio escalated sharply to above 21, signaling a peak valuation relative to operating profit. Subsequently, the ratio eased back to a range of approximately 10-18 in 2022 and 2023, indicating a stabilization of valuation relative to earnings. Entering 2024, the ratio dropped to around 11-13, reflecting the combined effect of declining share prices and falling operating profit per share.
- Summary of Insights
- The financial data illustrates a period of growth in both share price and operating profit per share through 2021 and 2022, culminating in high valuations as reflected by the elevated P/OP ratio in early 2021. Following this period, both share price and operating profit experienced downward trends throughout 2023 and into 2024. The decrease in operating profit per share was less steep than the share price decline, contributing to a reduction in the P/OP ratio and suggesting a market adjustment to lower valuations. The volatility and recent declines indicate potential challenges or market reassessments impacting investor sentiment and company profitability.
Price to Sales (P/S)
Humana Inc., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| External 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: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (External revenuesQ3 2024
+ External revenuesQ2 2024
+ External revenuesQ1 2024
+ External revenuesQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Humana Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits several notable trends in key metrics over the analyzed periods.
- Share Price
- The share price showed a general upward trend from early 2020 through late 2022, rising from $377.38 to a peak of $559.58 in September 2022. However, beginning in late 2022 and continuing through 2024, there was a significant decline in share price, falling to $266.32 by September 2024. This shift suggests a reversal in market sentiment or underlying business conditions that negatively affected investor valuation.
- Sales Per Share
- Sales per share demonstrated a consistent and steady increase throughout the entire timeframe, rising from $508.05 in March 2020 to $944.99 by September 2024. This persistent growth indicates continuous expansion in revenue generation relative to the number of shares outstanding, reflecting operational growth or market expansion without interruptions.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated notably during the reviewed periods. Initially, the ratio ranged between 0.64 and 0.76 through 2020 and 2021, before experiencing volatility with peaks and troughs up to 0.78 in late 2022. From early 2023 onward, the ratio exhibited a clear downward trend, dropping sharply from 0.66 to 0.28 by the third quarter of 2024. This contraction in the P/S ratio, coinciding with the share price decline despite rising sales per share, indicates that the market is valuing the company’s sales at a lower multiple. This could reflect diminished investor confidence, higher perceived risk, or expectations of slower future growth.
In summary, while operational performance as measured by sales per share improved consistently, the market valuation reflected by share price and price-to-sales ratio diverged significantly starting in late 2022. The reduced P/S ratio alongside falling share prices suggests a challenging investment environment or concerns about future profitability, warranting further qualitative investigation into underlying causes.
Price to Book Value (P/BV)
Humana Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (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: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Humana Inc. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited a general upward trend from early 2020 through late 2022, peaking in the third quarter of 2022 at approximately $559.58. Following this peak, a decline became apparent, with share prices decreasing markedly throughout 2023 and into mid-2024, reaching a low near $266.32 by the third quarter of 2024. The period included significant volatility, with the share price fluctuating notably in the latter part of the timeframe.
- Book Value per Share (BVPS)
- BVPS showed a consistent upward trajectory across the entire period analyzed. Starting at $93.45 in the first quarter of 2020, it increased steadily to reach $145.87 by the third quarter of 2024. This steady increase indicates progressive growth in the company's net asset value per share, reflecting accumulation of equity and retained earnings over time.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio demonstrated a declining trend from 2020 into mid-2024. Initially, the ratio hovered above 3.5, reaching highs over 4.0 in certain quarters of 2020 and 2022, indicative of market valuation significantly exceeding the book value. However, starting in 2023, the P/BV ratio declined sharply, coming down from about 3.81 in the first quarter of 2023 to a low of approximately 1.83 by the third quarter of 2024. This decline suggests that the market valuation of the company decreased relative to its book value, potentially reflecting market concerns, changes in investor sentiment, or external factors affecting perceived company value.
In summary, while the company’s fundamental book value per share has steadily increased, suggesting sound growth in underlying equity, the market valuation as evidenced by the share price and P/BV ratio has weakened considerably in the recent periods. The divergence between rising book value and declining share price and P/BV ratio points to a market reassessment of the company's worth, possibly influenced by macroeconomic trends or company-specific risk factors during this time.