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).
Historical Valuation Ratios (Summary)
Shockwave Medical Inc., historical price multiples (quarterly data)
Based on: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio data are available starting from June 2022, beginning at a high level of 143.13 and remaining elevated through the first three quarters of 2022, with a slight decline to 113.9 by September 2022. There is a notable sharp decrease to 32.02 in December 2022, followed by moderate fluctuations, increasing to 41.86 and then slightly declining to 36.96 and 32.51 during the first three quarters of 2023. Toward the end of 2023 and early 2024, the P/E ratio rises again, reaching 65.99 by December 2023 and 75.78 by March 2024. This pattern suggests volatile market sentiment or earnings variability, with a general trend of a significant reduction from previously inflated levels followed by partial recovery.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio also starts from June 2022 at 129.69, closely mirroring the P/E ratio's elevated levels. It remains relatively stable in the second and third quarters of 2022 around 129 and 104, then falls sharply to 55.72 by December 2022. During 2023, the ratio fluctuates between 50.11 and 67.78, showing volatility yet staying significantly lower than earlier levels. There is a moderate upward movement towards the end of 2023 and early 2024, ending at 76.63 in March 2024. This trend reflects a possible improvement in operating profitability relative to price or changing market valuation standards.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a pronounced volatility over the entire period analyzed. Starting at a moderate 24.98 in March 2020, the ratio increased steadily, peaking at 60.01 by December 2020. Thereafter, it experienced a steady decline, reaching a low point of 11.81 in September 2023. There was a moderate recovery to 15.72 and 13.31 in December 2023 and March 2024, respectively. The sharp rise during 2020 suggests heightened market expectations or sales growth potential, while the subsequent sharp decline signals either rising sales performance relative to price or a market reassessment leading to a more conservative valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increased significantly from 7.15 in March 2020 to a peak of 38.17 in September 2021. This indicates a growing market valuation relative to the company's book value during that period. Following this peak, there was a steep decline to 13.53 by December 2022. Throughout 2023 and into early 2024, the ratio fluctuated in the range of approximately 13 to 17, ending at 16.48 in March 2024. The initial rise suggests increased shareholder confidence or asset revaluation, while the sharp decline and stabilization indicate a return to more moderate valuation multiples relative to book value.
- Overall Observations
- Across all valuation metrics, there is a common theme of elevated valuation multiples in 2020 and 2021, followed by a significant correction starting in late 2021 through 2022, and then stabilization with moderate fluctuations in 2023 and early 2024. The steep declines in P/E, P/OP, P/S, and P/BV ratios indicate a substantial market revaluation possibly driven by changes in earnings expectations, operating performance, sales growth, or book value adjustments. The moderate recovery or stabilization of ratios towards the end of the period suggests that the market may be adjusting to new fundamentals or conditions. The data highlight the importance of considering multiple valuation indicators in understanding investor sentiment and company performance over time.
Price to Earnings (P/E)
Shockwave Medical Inc., historical P/E calculation (quarterly data)
| 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 | 37,543,542 | 37,396,816 | 36,896,750 | 36,750,397 | 36,626,211 | 36,495,387 | 36,142,292 | 35,927,128 | 35,791,917 | 35,653,563 | 35,304,469 | 35,150,341 | 34,983,062 | 34,842,744 | 34,259,784 | 34,002,860 | 31,860,263 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) (in thousands) | 55,346) | 44,305) | 34,986) | 28,862) | 39,125) | 140,911) | 35,003) | 25,561) | 14,521) | 12,942) | 1,948) | (425) | (23,601) | (15,874) | (12,932) | (18,118) | (18,775) | ||||||
| Earnings per share (EPS)2 | 4.35 | 3.94 | 6.61 | 6.64 | 6.57 | 5.92 | 2.44 | 1.53 | 0.81 | -0.26 | -1.07 | -1.50 | -2.02 | -1.89 | -1.88 | -1.90 | -1.79 | ||||||
| Share price1, 3 | 330.00 | 259.89 | 214.90 | 245.27 | 274.96 | 189.52 | 277.42 | 221.77 | 115.91 | 175.59 | 238.19 | 189.82 | 134.80 | 116.76 | 86.68 | 52.30 | 39.88 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 75.78 | 65.99 | 32.51 | 36.96 | 41.86 | 32.02 | 113.90 | 144.94 | 143.13 | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Abbott Laboratories | 32.73 | 34.57 | 31.95 | 36.16 | 33.21 | 26.76 | 21.95 | 22.24 | 25.48 | 29.13 | 31.42 | 33.80 | 36.79 | — | — | — | — | ||||||
| Elevance Health Inc. | 19.55 | 19.80 | 18.14 | 17.03 | 17.46 | 19.20 | 18.75 | 18.07 | 20.46 | 18.13 | 18.65 | 22.10 | 19.99 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 65.38 | 74.11 | 61.96 | 79.78 | 79.43 | 64.99 | 56.03 | 52.74 | 55.10 | 59.94 | 71.86 | 69.15 | 89.95 | — | — | — | — | ||||||
| Medtronic PLC | 29.96 | 30.94 | 26.88 | 24.40 | 22.61 | 23.38 | 29.39 | 30.66 | 46.71 | 46.56 | 55.13 | 42.80 | 32.34 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 30.38 | 20.53 | 22.75 | 22.15 | 22.01 | 22.46 | 26.13 | 27.70 | 27.29 | 26.03 | 27.92 | 27.41 | 23.06 | — | — | — | — | ||||||
Based on: 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 Q1 2024 Calculation
EPS
= (Net income (loss)Q1 2024
+ Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023)
÷ No. shares of common stock outstanding
= (55,346,000 + 44,305,000 + 34,986,000 + 28,862,000)
÷ 37,543,542 = 4.35
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/E ratio = Share price ÷ EPS
= 330.00 ÷ 4.35 = 75.78
5 Click competitor name to see calculations.
- Share Price Trend
- The share price shows significant volatility across the reported periods. From March 2020 to March 2021, the price increased steadily from $39.88 to $134.8. The upward trajectory continued, peaking at $238.19 in September 2021, followed by a sharp decline to $115.91 by March 2022. Subsequently, the price rebounded to new highs, reaching $277.42 in September 2022. The latter quarters were marked by fluctuations with decreases and recoveries, ultimately culminating in a peak of $330 by the end of March 2024, representing notable long-term growth.
- Earnings Per Share (EPS) Analysis
- EPS figures reveal an initial period of negative earnings from March 2020 through December 2021, with values declining to as low as -2.02 in March 2021 before improving consistently. The transition to positive EPS begins at March 2022 with 0.81, followed by a continuous increase, reaching a peak of 6.64 in September 2023. A slight decline occurs toward the last two quarters measured, with EPS values of 3.94 and 4.35, respectively, by the end of March 2024. This indicates a strong recovery and improved profitability over time.
- Price to Earnings (P/E) Ratio Evaluation
- P/E ratios are not reported during the periods of negative EPS, which is standard practice. Once positive earnings emerge, the P/E ratios initially are very high, exceeding 140 in mid-2022, suggesting elevated valuation levels relative to earnings. Over subsequent quarters, P/E values decline steadily to 32.02 in December 2022, indicating either strong earnings growth outpacing price increases or a market correction in the share price. However, the ratio fluctuates somewhat afterward, ending at 75.78 in March 2024, signaling variability in investor sentiment or earnings expectations.
- Overall Financial Performance Insights
- The data exhibits a company transitioning from loss-making to profitability, as evidenced by the shift from negative to positive EPS and increasing earnings levels. The share price largely correlates with earnings trends but shows more volatility, reflecting broader market dynamics. The P/E ratio trend suggests an initial period of overvaluation or high growth expectations, followed by periods of normalization and renewed optimism. The combination of rising EPS and fluctuating valuation multiples indicates cautious but overall positive market reception to sustained financial improvement.
Price to Operating Profit (P/OP)
Shockwave Medical Inc., historical P/OP calculation (quarterly data)
| 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 | 37,543,542 | 37,396,816 | 36,896,750 | 36,750,397 | 36,626,211 | 36,495,387 | 36,142,292 | 35,927,128 | 35,791,917 | 35,653,563 | 35,304,469 | 35,150,341 | 34,983,062 | 34,842,744 | 34,259,784 | 34,002,860 | 31,860,263 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in thousands) | 42,407) | 43,282) | 43,623) | 32,374) | 39,814) | 42,423) | 36,763) | 29,576) | 15,372) | 13,983) | 2,813) | (180) | (17,487) | (15,866) | (12,807) | (18,011) | (18,979) | ||||||
| Operating profit per share2 | 4.31 | 4.25 | 4.29 | 4.12 | 4.06 | 3.40 | 2.65 | 1.72 | 0.89 | -0.02 | -0.87 | -1.32 | -1.83 | -1.88 | -1.90 | -1.92 | -1.84 | ||||||
| Share price1, 3 | 330.00 | 259.89 | 214.90 | 245.27 | 274.96 | 189.52 | 277.42 | 221.77 | 115.91 | 175.59 | 238.19 | 189.82 | 134.80 | 116.76 | 86.68 | 52.30 | 39.88 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 76.63 | 61.09 | 50.11 | 59.55 | 67.78 | 55.72 | 104.78 | 129.04 | 129.69 | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Abbott Laboratories | 28.99 | 30.54 | 27.48 | 30.47 | 27.70 | 22.18 | 18.35 | 18.63 | 21.33 | 24.45 | 26.84 | 29.01 | 31.39 | — | — | — | — | ||||||
| Elevance Health Inc. | 15.42 | 15.57 | 14.38 | 13.36 | 13.61 | 15.05 | 15.30 | 14.72 | 17.53 | 15.70 | 15.81 | 19.93 | 15.79 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 70.29 | 75.42 | 55.63 | 70.08 | 66.95 | 54.49 | 46.65 | 44.54 | 49.98 | 56.11 | 67.95 | 69.51 | 89.18 | — | — | — | — | ||||||
| Medtronic PLC | 19.27 | 21.20 | 19.53 | 17.99 | 19.55 | 20.48 | 25.40 | 27.20 | 38.83 | 37.44 | 49.88 | 42.55 | 35.86 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 14.49 | 14.20 | 15.63 | 15.33 | 15.41 | 15.89 | 18.75 | 19.96 | 19.69 | 18.77 | 19.63 | 19.05 | 16.12 | — | — | — | — | ||||||
Based on: 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 Q1 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023
+ Income (loss) from operationsQ3 2023
+ Income (loss) from operationsQ2 2023)
÷ No. shares of common stock outstanding
= (42,407,000 + 43,282,000 + 43,623,000 + 32,374,000)
÷ 37,543,542 = 4.31
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 330.00 ÷ 4.31 = 76.63
5 Click competitor name to see calculations.
The share price exhibited significant volatility over the observed periods. Initially, there was a steady increase from $39.88 at the end of Q1 2020 to a peak of $238.19 by Q3 2021. This was followed by a noticeable decline to $115.91 by Q1 2022. Subsequently, the share price recovered, reaching $277.42 at Q3 2022, before another drop to $189.52 at Q4 2022. From Q1 2023 onwards, the price demonstrated an upward trend reaching a new high of $330 by Q1 2024.
The operating profit per share displayed a consistent improvement throughout the period. Starting with negative values around -$1.84 in Q1 2020, losses gradually decreased each quarter, moving close to breakeven around Q4 2021 (-$0.02). From Q1 2022 onwards, the company achieved positive operating profits per share, increasing steadily to $4.31 by Q1 2024, indicating improving operational efficiency or profitability.
The P/OP (Price to Operating Profit) ratio data is available only from Q1 2022 onward. This ratio started extremely high at around 129.69, reflecting a high share price relative to operating profit, but declined over time to a low of approximately 50.11 in Q4 2023. The ratio then increased slightly to 76.63 by Q1 2024. The general downward trend in P/OP suggests that earnings growth outpaced share price growth during most of this period, improving valuation multiples from a profitability perspective. The recent uptick in P/OP could indicate share price appreciation outpacing operating profit growth in the latest quarter.
Overall, the financial metrics indicate a company transitioning from operating losses to profitability with fluctuating market valuation as reflected in the share price trends. The gradual reduction in operating losses and eventual profitability correspond with improved valuation multiples, despite some volatility in market pricing.
Price to Sales (P/S)
Shockwave Medical Inc., historical P/S calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 37,543,542 | 37,396,816 | 36,896,750 | 36,750,397 | 36,626,211 | 36,495,387 | 36,142,292 | 35,927,128 | 35,791,917 | 35,653,563 | 35,304,469 | 35,150,341 | 34,983,062 | 34,842,744 | 34,259,784 | 34,002,860 | 31,860,263 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in thousands) | 218,805) | 202,979) | 186,020) | 180,165) | 161,066) | 144,026) | 131,330) | 120,746) | 93,631) | 84,183) | 65,155) | 55,908) | 31,900) | 22,716) | 19,590) | 10,286) | 15,197) | ||||||
| Sales per share2 | 20.99 | 19.53 | 18.19 | 16.78 | 15.21 | 13.42 | 11.89 | 10.12 | 8.35 | 6.65 | 4.98 | 3.70 | 2.42 | 1.95 | 1.73 | 1.50 | 1.60 | ||||||
| Share price1, 3 | 330.00 | 259.89 | 214.90 | 245.27 | 274.96 | 189.52 | 277.42 | 221.77 | 115.91 | 175.59 | 238.19 | 189.82 | 134.80 | 116.76 | 86.68 | 52.30 | 39.88 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 15.72 | 13.31 | 11.81 | 14.62 | 18.07 | 14.12 | 23.32 | 21.91 | 13.88 | 26.40 | 47.87 | 51.28 | 55.81 | 60.01 | 50.01 | 34.78 | 24.98 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Abbott Laboratories | 4.57 | 4.93 | 4.13 | 4.64 | 4.64 | 4.25 | 3.85 | 4.18 | 4.42 | 4.78 | 5.38 | 5.36 | 5.64 | — | — | — | — | ||||||
| Elevance Health Inc. | 0.72 | 0.70 | 0.66 | 0.66 | 0.68 | 0.74 | 0.77 | 0.75 | 0.89 | 0.81 | 0.78 | 0.73 | 0.76 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 17.76 | 18.71 | 13.72 | 17.06 | 16.21 | 13.81 | 12.62 | 12.69 | 15.34 | 17.89 | 22.12 | 21.73 | 23.19 | — | — | — | — | ||||||
| Medtronic PLC | 3.44 | 3.72 | 3.55 | 3.42 | 3.79 | 3.72 | 4.54 | 4.54 | 5.74 | 5.57 | 5.71 | 5.43 | 5.11 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 1.24 | 1.25 | 1.39 | 1.35 | 1.37 | 1.40 | 1.62 | 1.66 | 1.61 | 1.58 | 1.55 | 1.47 | 1.49 | — | — | — | — | ||||||
Based on: 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 Q1 2024 Calculation
Sales per share
= (RevenueQ1 2024
+ RevenueQ4 2023
+ RevenueQ3 2023
+ RevenueQ2 2023)
÷ No. shares of common stock outstanding
= (218,805,000 + 202,979,000 + 186,020,000 + 180,165,000)
÷ 37,543,542 = 20.99
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 330.00 ÷ 20.99 = 15.72
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated significant growth from March 2020 to June 2021, rising from $39.88 to a peak of $238.19 in September 2021. This was followed by a notable decline to $115.91 by March 2022. Subsequently, there was a period of volatility with prices increasing again to $277.42 in September 2022, dipping to $189.52 in December 2022, and then generally recovering to reach a high of $330 by March 2024.
- Sales Per Share Evolution
- Sales per share exhibited a consistent upward trajectory throughout the entire period. Starting at $1.60 in March 2020, this metric increased steadily every quarter, reaching $20.99 by March 2024. There were no apparent declines or plateaus, indicating sustained revenue growth on a per-share basis.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio showed considerable fluctuation over the analyzed timeframe. Early in the period, it escalated sharply, peaking around 60.01 at the end of 2020. After this peak, the ratio generally declined, bottoming out at 11.81 in September 2023. Notably, the ratio declined more rapidly than sales per share increased, suggesting the share price was not rising proportionately with sales during some intervals. However, towards the end of the period, there is evidence of some recovery in the P/S ratio, increasing to 15.72 by March 2024.
- Overall Observations
- The data reveals strong sales growth underpinning the company's performance. Despite this, the share price experienced volatility, particularly around 2021 and 2022, which in turn affected valuation multiples as expressed by the P/S ratio. The initial surge in share price outpaced sales growth, resulting in a high valuation multiple, followed by a correction period where share price fell faster than sales growth, reducing the P/S ratio. In the later stages, stabilization and renewed share price gains align with continued revenue growth, marking a more balanced market valuation relative to sales.
Price to Book Value (P/BV)
Shockwave Medical Inc., historical P/BV calculation (quarterly data)
| 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 | 37,543,542 | 37,396,816 | 36,896,750 | 36,750,397 | 36,626,211 | 36,495,387 | 36,142,292 | 35,927,128 | 35,791,917 | 35,653,563 | 35,304,469 | 35,150,341 | 34,983,062 | 34,842,744 | 34,259,784 | 34,002,860 | 31,860,263 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 751,757) | 668,677) | 601,245) | 616,912) | 570,687) | 511,316) | 355,930) | 305,068) | 267,823) | 241,830) | 220,291) | 208,347) | 204,254) | 225,654) | 237,047) | 245,423) | 177,772) | ||||||
| Book value per share (BVPS)2 | 20.02 | 17.88 | 16.30 | 16.79 | 15.58 | 14.01 | 9.85 | 8.49 | 7.48 | 6.78 | 6.24 | 5.93 | 5.84 | 6.48 | 6.92 | 7.22 | 5.58 | ||||||
| Share price1, 3 | 330.00 | 259.89 | 214.90 | 245.27 | 274.96 | 189.52 | 277.42 | 221.77 | 115.91 | 175.59 | 238.19 | 189.82 | 134.80 | 116.76 | 86.68 | 52.30 | 39.88 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 16.48 | 14.53 | 13.19 | 14.61 | 17.65 | 13.53 | 28.17 | 26.12 | 15.49 | 25.89 | 38.17 | 32.02 | 23.09 | 18.03 | 12.53 | 7.25 | 7.15 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Abbott Laboratories | 4.75 | 5.12 | 4.40 | 5.02 | 5.21 | 5.06 | 4.85 | 5.21 | 5.56 | 5.75 | 6.61 | 6.38 | 6.27 | — | — | — | — | ||||||
| Elevance Health Inc. | 3.01 | 3.02 | 2.87 | 2.86 | 2.90 | 3.19 | 3.24 | 3.08 | 3.55 | 3.07 | 2.88 | 2.67 | 2.78 | — | — | — | — | ||||||
| Intuitive Surgical Inc. | 9.31 | 10.01 | 7.49 | 9.57 | 9.29 | 7.78 | 6.71 | 6.29 | 7.48 | 8.59 | 10.64 | 10.35 | 10.40 | — | — | — | — | ||||||
| Medtronic PLC | 2.12 | 2.26 | 2.12 | 2.03 | 2.23 | 2.24 | 2.75 | 2.77 | 3.52 | 3.26 | 3.14 | 3.02 | 2.84 | — | — | — | — | ||||||
| UnitedHealth Group Inc. | 5.38 | 5.18 | 5.84 | 5.68 | 5.60 | 5.81 | 6.80 | 6.94 | 6.54 | 6.27 | 6.13 | 5.76 | 5.86 | — | — | — | — | ||||||
Based on: 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 Q1 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 751,757,000 ÷ 37,543,542 = 20.02
3 Closing price as at the filing date of Shockwave Medical Inc. Quarterly or Annual Report.
4 Q1 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 330.00 ÷ 20.02 = 16.48
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the share price, book value per share (BVPS), and price-to-book value ratio (P/BV) over the observed periods.
- Share Price
- The share price demonstrates significant volatility with an overall upward trajectory. Starting at $39.88 in March 2020, it climbed steadily, reaching a peak of $238.19 in September 2021, reflecting strong market confidence or growth expectations. However, a notable decline followed by December 2021 to $175.59 and continued fluctuation into 2022 suggests periods of market correction or uncertainty. The price surged again in September 2022 to $277.42 before dropping to $189.52 in December 2022. The subsequent quarters show renewed strength, with the share price rising to an all-time high of $330 by March 2024, indicating renewed positive investor sentiment or improved company prospects.
- Book Value Per Share (BVPS)
- BVPS exhibited a generally positive and steady increase throughout the timeframe. Beginning at $5.58 in March 2020, the BVPS experienced minor fluctuations early on, decreasing slightly by December 2020, but resumed an upward progression from 2021 onwards. By March 2024, the BVPS reached $20.02, indicating healthy growth in the company's net asset value per share. This steady improvement suggests effective capital management and accumulation of shareholder equity over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showcases pronounced variability, reflecting changes in market valuation relative to the company's book value. The ratio started at 7.15 in March 2020, escalating sharply to a peak of 38.17 in September 2021, corresponding with the surge in share price outpacing the increase in BVPS. Following this peak, the ratio declined sharply to 13.53 by December 2022, indicating that the share price had more closely aligned with the book value during this period. In the most recent quarters, the P/BV ratio fluctuated moderately, reaching 16.48 in March 2024, suggesting a market valuation somewhat above book value but lower than prior peaks. This pattern may indicate market adjustments balancing optimism with fundamental asset values.