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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibits a fluctuating pattern from March 2019 through September 2024. Beginning at 18.1 in March 2020, the ratio initially decreased to a low of 13.49 by December 2019, suggesting a period of valuation contraction. Following that, the ratio rose and peaked at 25.24 in March 2023 indicating an increased market valuation relative to earnings. After this peak, there is a general declining trend down to 23.6 by September 2024. Overall, the P/E ratio shows variability, highlighting periodic changes in market sentiment or earnings performance.
- Price to Operating Profit (P/OP) Ratio
- This ratio starts at 15.35 in March 2020 and decreases steadily to 9.84 by December 2019, indicating improving operating profitability or a correction in valuation. However, subsequent quarters see an increase, reaching a high of 21.55 in December 2021, representing a period where price grew faster relative to operating profit. Thereafter, a declining trend resumes, with the ratio falling to 11.63 by September 2024. The pattern highlights volatility in the market valuing operating profit, with peaks suggesting episodic optimism or valuation expansions.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio remains relatively stable yet gently declining over the observed period. Starting near 0.76 in early 2020, the ratio generally trends downward to 0.28 by September 2024. The decline indicates the market is pricing sales more conservatively over time, possibly reflecting changing revenue growth expectations or market conditions affecting the valuation multiples.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio begins at 3.07 in March 2019 and rises to a peak of 4.36 in September 2022, showing heightened market valuation relative to the book value during this period. After reaching this peak, a steady decline occurs, with the ratio dropping to 1.83 by September 2024. The decreasing trend suggests a waning investor confidence in the equity book value or book value growth lagging market valuation. This decline is relatively pronounced in the last two years, indicating a possible reassessment of the company's net asset value by the market.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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).
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 Trend
- The share price exhibited a general upward trend from March 2019 through September 2022, starting at $246.16 and peaking at $559.58. This growth includes some fluctuation, with the price decreasing notably in late 2022 and throughout 2023, dropping from $505.69 in December 2022 to a low of $266.32 by March 2024. The decline in the most recent quarters represents a significant reversal in the previously observed upward momentum.
- Earnings Per Share (EPS) Trend
- EPS values were not available until March 2020. From that point, EPS showed variability with an initial figure of 20.49, peaking at 27.26 in September 2023. However, after this peak, EPS declined steadily, reaching 11.29 in March 2024. This decline in EPS in recent quarters aligns with the downward trend observed in the share price, indicating weakening profitability or earnings performance during that period.
- Price-to-Earnings (P/E) Ratio Trend
- The P/E ratio started at 18.1 in March 2020, fluctuated over the ensuing years, and reached a high of 25.45 in September 2024. The ratio generally oscillated between approximately 15 and 25, with notable spikes coinciding with lower EPS values. The highest P/E levels emerged amid recent declines in EPS and share price, suggesting market reevaluation of earnings potential or increased risk perception.
- Summary Insights
- Overall, the financial data reveal a pattern of growth in share price and EPS through mid-2022, followed by a period of decline in both metrics through early 2024. The increase in the P/E ratio during the period of falling EPS and share price suggests a potential disconnect between price and earnings or possibly expectations of future recovery. The recent trends highlight challenges that may be affecting the company’s earnings capacity and investor confidence, warranting close monitoring in subsequent periods.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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).
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 overall growth from March 2019 until September 2022, increasing from $246.16 to a peak of $559.58. This represents a significant appreciation over approximately three and a half years. After this peak, the share price showed a marked decline, falling to $266.32 by March 2024. The drop from the high point reflects a considerable loss in value over six consecutive quarters.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share data starts from December 2019 at $24.16 and shows a general upward trajectory with some fluctuations. The value rose sharply from $24.16 in December 2019 to $43.03 in December 2020, indicating strong profit growth in the first year of data availability. However, in 2021, OPPS declined significantly to a low of $21.33 in December, followed by a gradual recovery reaching $36.43 by December 2023. The most recent quarters show a declining trend again, with OPPS dropping to $22.90 by September 2024.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio demonstrates an inverse relationship with OPPS during the period. Initially, from December 2019 to December 2020, the ratio declined sharply from 15.35 to 9.84, reflecting rapidly growing operating profits relative to the share price. This was followed by an increase in the P/OP ratio through 2021, peaking at 21.55 in December 2021, indicating a weakening profitability relative to the share price. From 2022 onwards, the ratio fluctuated mostly between 10.79 and 18.96, showing moderate valuation variations. Recent quarters indicate a downward trend in the P/OP ratio, consistent with the decline in share price and operating profit per share.
- Comprehensive Insights
- The data reveals a phase of strong financial performance and market valuation improvement up until late 2022, highlighted by increasing operating profits and share price. The subsequent period shows a clear reversal, with both operating profit per share and share price declining notably. The P/OP ratio movements suggest that while valuation multiples fluctuated, the fundamental profitability setbacks in recent quarters largely drove the stock price decline. This pattern may reflect changing market conditions, operational challenges, or external factors affecting profitability and investor confidence.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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).
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.
- Share Price Trends
- The share price experienced a general upward trend from March 2019 to September 2022, peaking at 559.58 US$ in September 2022. From this peak, a decline ensued, with the price falling sharply to 266.32 US$ by March 2024. This suggests a period of growth followed by a significant decrease in market valuation over the recent quarters.
- Sales Per Share Development
- Sales per share data, available from March 2020 onward, demonstrates steady growth each quarter. Starting at 487.39 US$, sales per share increased consistently, reaching 944.99 US$ by March 2024. This reflects continuous improvement in the company's revenue generation on a per-share basis over the four-year period.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio shows more volatility compared to sales per share. After initial readings around 0.74 to 0.76 in 2020, the ratio fluctuated between 0.59 and 0.78 until late 2022. Notably, starting in late 2022, the P/S ratio declined significantly, reaching a low of 0.28 by March 2024. This trend indicates that despite increasing sales, the stock price valuation relative to sales diminished substantially, reflecting either market skepticism or lower expectations about future profitability.
- Overall Insights
- The data suggest a scenario where sales growth is robust and persistent, yet the market valuation as expressed by share price and P/S ratio is increasingly cautious. The divergence between rising sales and falling share price and P/S ratio from late 2022 through early 2024 points to potential external factors impacting investor sentiment or concerns about the company's earnings quality, profitability, or growth prospects beyond sales figures.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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).
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.
- Share Price Trend
- The share price exhibited an overall increasing trend from March 2019 through September 2022, rising from 246.16 USD to a peak of 559.58 USD. This growth was marked by some volatility, including a notable dip in December 2020 and a sharp decline starting in December 2023, where the price dropped from 489.36 USD to 266.32 USD by September 2024. The decline in the most recent periods indicates increased market uncertainty or company-specific challenges.
- Book Value Per Share (BVPS) Trend
- BVPS showed consistent growth over the period, starting at 80.28 USD in March 2019 and increasing steadily to 145.87 USD by September 2024. This steady increase demonstrates ongoing value accumulation at the shareholder level, with relatively minor fluctuations suggesting stable financial performance and capitalization.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio generally ranged between 1.83 and 4.36 over the observed period, reflecting changes in market valuation relative to the company's book value. The ratio peaked around the third quarter of 2022 at 4.36, signaling high market confidence or possibly overvaluation relative to book value. Following that peak, a consistent decline was observed, with the ratio reaching a low of 1.83 in September 2024, corresponding with the share price decline despite the continued rise in BVPS. This indicates a market revaluation downward, potentially due to external factors or a reassessment of company prospects.
- Overall Insights
- The financial data illustrates a company that has built book value steadily over almost six years, supporting shareholder equity growth. However, the share price movements and the P/BV ratio reveal significant market fluctuations, with a bullish phase until late 2022 followed by a pronounced correction phase into 2024. The steep decline in share price and valuation multiples toward the end of the dataset suggests a shift in investor sentiment possibly influenced by external economic conditions or internal performance issues. The divergence between rising book value and falling market prices warrants close monitoring and further investigation into the factors driving market perception and valuation.