Common Stock Valuation Ratios (Price Multiples)
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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Current Valuation Ratios
DexCom Inc., current price multiples
| DexCom Inc. | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | Health Care Equipment & Services | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||
| Current share price (P) | ||||||||||||
| No. shares of common stock outstanding | ||||||||||||
| Growth rate (g) | ||||||||||||
| Earnings per share (EPS) | ||||||||||||
| Next year expected EPS | ||||||||||||
| Operating profit per share | ||||||||||||
| Sales per share | ||||||||||||
| Book value per share (BVPS) | ||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||
| Price to earnings (P/E) | ||||||||||||
| Price to next year expected earnings | ||||||||||||
| Price-earnings-growth (PEG) | ||||||||||||
| Price to operating profit (P/OP) | ||||||||||||
| Price to sales (P/S) | ||||||||||||
| Price to book value (P/BV) | ||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
DexCom Inc., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant volatility over the analyzed period. Starting from a missing value in 2018, it rose sharply to 228.49 in 2019, then declined to 79.93 in 2020. Subsequently, it increased markedly to 255.37 in 2021 before dropping to 121.45 in 2022. This pattern indicates fluctuating market expectations of the company’s earnings, with periods of pronounced optimism followed by corrections.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio also shows variability, beginning at 162.33 in 2019, decreasing to 131.73 in 2020, then increasing again to 148.63 in 2021, and finally declining to 105.93 in 2022. This trend suggests changes in investors’ valuation relative to operating profitability, with a general downward movement after peaking in 2019.
- Price to Sales (P/S) Ratio
- The P/S ratio increased from 12.76 in 2018 to a peak of 20.48 in 2020, indicating a rising valuation per unit of sales. However, it declined to 16.13 in 2021 and further to 14.24 in 2022, implying a moderation in sales valuation multiples after reaching the highest point in 2020.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio grew from 19.84 in 2018 to 26.17 in 2019, reflecting increased market valuation relative to book value. It then decreased steadily over the next three years to 21.6 in 2020, 17.55 in 2021, and slightly rebounded to 19.44 in 2022. This indicates a softening market premium over the company’s net asset value after 2019.
Price to Earnings (P/E)
DexCom Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DexCom Inc. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trajectory over the five-year period. Starting at $36.56 at the end of 2018, it increased significantly to $63.05 in 2019, nearly doubling the initial value. This growth continued robustly into 2020, reaching $102.55. The share price stabilized somewhat in 2021 and 2022, with values of $101.75 and $107.24 respectively, showing minor fluctuations but generally maintaining the elevated levels achieved in 2020.
- Earnings per Share (EPS)
- The EPS showed a notable improvement over the period. In 2018, the company experienced a negative EPS of -$0.35, indicating losses. However, there was a marked recovery in 2019 when EPS turned positive at $0.28. The positive trend peaked in 2020 at $1.28, followed by a decline to $0.40 in 2021. In 2022, EPS rose again to $0.88, suggesting an overall improving but somewhat volatile earnings performance.
- Price to Earnings Ratio (P/E)
- The P/E ratio demonstrated significant variability and sensitivity to EPS changes. It was not available for 2018, likely due to the negative EPS that year. In 2019, the P/E ratio was extremely high at 228.49, reflecting the market's pricing relative to relatively low earnings. The ratio decreased to 79.93 in 2020 as EPS increased substantially. However, in 2021, it surged again to 255.37, coinciding with the dip in EPS that year. By 2022, the P/E ratio moderated to 121.45, consistent with the recovery in EPS though still indicating a high market valuation relative to earnings.
- Overall Insights
- The data reveals strong investor confidence as evidenced by the rising share price, particularly between 2018 and 2020. Earnings performance improved from losses toward profitability, though showing some fluctuations post-2020. The P/E ratio's volatility underscores the sensitivity of market valuation to changes in earnings, with particularly elevated ratios suggesting high growth expectations or market optimism. The general pattern points toward an improving financial position with occasional earnings instability impacting valuation metrics.
Price to Operating Profit (P/OP)
DexCom Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DexCom Inc. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share price
- The share price exhibited a consistent upward trend from 2018 to 2022. Starting at $36.56 in 2018, it increased substantially to $63.05 in 2019 and further surged to $102.55 in 2020. In the subsequent years, the price stabilized around the $100 mark, reaching $101.75 in 2021 and slightly increasing to $107.24 by the end of 2022.
- Operating profit per share
- Operating profit per share showed a marked improvement over the analyzed period. The figure started negative at -$0.52 in 2018, indicating an operating loss per share. This turned positive in 2019, reaching $0.39, and continued to grow to $0.78 in 2020. Although there was a minor decline in 2021 to $0.68, it rebounded to its highest value of $1.01 in 2022, reflecting improving operational profitability.
- Price to Operating Profit (P/OP) ratio
- The P/OP ratio was not available for 2018 due to negative operating profit per share. For the subsequent years, this ratio remained relatively high, indicating market expectations priced into the stock. In 2019, the ratio stood at 162.33, then decreased to 131.73 in 2020. A slight increase to 148.63 was observed in 2021, followed by a significant decrease to 105.93 in 2022. This decline suggests a shift towards a more moderate valuation relative to operating profits, possibly reflecting increased earnings or adjusted market perceptions.
Price to Sales (P/S)
DexCom Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenue (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DexCom Inc. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a strong upward trend from 2018 to 2020, rising from $36.56 to $102.55. In 2021, it slightly decreased to $101.75, followed by a moderate increase to $107.24 in 2022. Overall, the share price more than doubled over the five-year period, indicating significant market confidence and value appreciation.
- Sales per Share
- Sales per share showed consistent growth throughout the observed years. Starting at $2.87 in 2018, it increased steadily to $7.53 by the end of 2022. This continuous upward trend suggests strong revenue growth on a per-share basis, indicating improving operational performance or expanding market reach.
- Price-to-Sales Ratio (P/S)
- The P/S ratio rose from 12.76 in 2018 to a peak of 20.48 in 2020, reflecting increasing investor willingness to pay more for each dollar of sales. However, subsequent years saw a decline to 16.13 in 2021 and further to 14.24 in 2022. This decrease suggests a relative correction in market valuation or a moderation in the growth expectations despite rising sales.
- Overall Insights
- The data indicates robust sales growth paired with a significant increase in share price over the five-year period. The initial surge in the P/S ratio implies heightened investor optimism which later subsided somewhat in 2021 and 2022. This pattern reflects a potential market reevaluation balancing strong underlying sales performance against more cautious valuation metrics.
Price to Book Value (P/BV)
DexCom Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Abbott Laboratories | ||||||
| CVS Health Corp. | ||||||
| Elevance Health Inc. | ||||||
| Intuitive Surgical Inc. | ||||||
| Medtronic PLC | ||||||
| UnitedHealth Group Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Health Care Equipment & Services | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 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).
1 Data adjusted for splits and stock dividends.
2 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DexCom Inc. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a strong upward trend over the five-year period. Starting at $36.56 at the end of 2018, it rose sharply to $63.05 in 2019 and continued to increase to $102.55 by the end of 2020. After a slight decline to $101.75 in 2021, the share price rose again to $107.24 in 2022. Overall, this indicates significant market value growth with some stabilization in the latter years.
- Book Value per Share (BVPS)
- The BVPS showed consistent growth from $1.84 in 2018 to a peak of $5.80 in 2021, reflecting an enhancement in the company's net asset value per share. However, there was a slight decline to $5.52 in 2022, which might suggest minor adjustments or changes in equity that year. The general trend points to strengthening fundamentals until 2021 with a minor setback afterward.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio experienced fluctuations throughout the period. It increased from 19.84 in 2018 to a peak of 26.17 in 2019, indicating that the market price was growing at a rate much faster than book value. Subsequently, the ratio declined steadily to 21.60 in 2020 and further down to 17.55 in 2021. It showed an increase again to 19.44 in 2022. This pattern indicates varying market sentiment and valuation premiums over the book value, with the market becoming somewhat more conservative after 2019 but slightly optimistic again in 2022.