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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Baxter International Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a general upward trend from early 2012 through 2014, increasing steadily from 13.61 in the first quarter of 2012 to a peak around 21.18 by mid-2014. Following this peak, there is a notable decline through 2015, reaching a low near 10.47 in the middle of that year. Subsequently, the ratio rises sharply again toward the end of 2015 and early 2016, before experiencing a significant drop in mid-2016 down to approximately 5.45. This pattern indicates fluctuating investor expectations regarding earnings performance, with periods of optimism followed by market reassessment.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a consistent growth from early 2012 through late 2014, moving from 10.54 to a high around 16.78. However, a marked and abrupt increase occurs beginning in late 2015, with ratios surging above 45 by early and mid-2016. This dramatic elevation suggests a considerable divergence between price and operating profit during the most recent periods, potentially reflecting changes in market valuation dynamics or temporary declines in operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio maintains relative stability compared to other metrics, generally fluctuating within a narrow band between about 2.1 and 2.7 throughout the observed timeframe. Initial slight increases occur through 2013, followed by modest declines in late 2014 and early 2015. The ratio then recovers gradually, reaching the upper end of the range again by mid-2016. This consistency implies steadier relationships between market valuation and sales revenue over the periods analyzed.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio follows a rising trend in the earlier years, increasing from around 4.54 in early 2012 to just over 5.4 in mid-2013. Subsequently, a downward trend develops through late 2015 where the ratio declines sharply to near 2.44, indicating a significant revaluation relative to book value. From early 2016 onward, a slight recovery is observed with the ratio climbing back toward 3.07 by mid-year. This trend suggests shifts in investor sentiment regarding the company's net asset value over time, including phases of premium valuation followed by more conservative appraisals.
Price to Earnings (P/E)
Baxter International Inc., historical P/E calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to Baxter (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: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
EPS
= (Net income attributable to BaxterQ2 2016
+ Net income attributable to BaxterQ1 2016
+ Net income attributable to BaxterQ4 2015
+ Net income attributable to BaxterQ3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Baxter International Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend from early 2012 through the first quarter of 2015, rising from $55.40 to a peak near $76.09. This period of growth was interrupted in mid-2015 by a sharp decline, with the price dropping to as low as $37.66 by the third quarter of 2015. Following this downturn, a modest recovery occurred in 2016, with the price rising to $48.08 by mid-year.
- Earnings per Share (EPS)
- EPS showed relative stability with some fluctuations between 2012 and early 2015, remaining mostly within a range of approximately $3.45 to $5. During 2015, there was a marked decrease to $1.77 by mid-year, coinciding with the decline in share price. Subsequently, earnings experienced a strong rebound, reaching a high of $8.82 by mid-2016. This rebound suggests a significant recovery in profitability after a period of weakness.
- Price to Earnings (P/E) Ratio
- The P/E ratio generally increased from around 13.61 in early 2012 to a peak near 21.18 in mid-2014, indicating increasing investor willingness to pay for each dollar of earnings during that period. However, in 2015, the P/E ratio dropped sharply, reaching a low of 10.47 around mid-year, and then further fell to as low as 5.45 by mid-2016. This decline occurred despite the significant rise in EPS, indicating that the share price did not fully keep pace with earnings growth, possibly reflecting market skepticism or adjustments in valuation expectations.
- Overall Trends and Insights
- The data reveals a period of consistent growth in both share price and earnings from 2012 through early 2015, followed by a notable drop in both metrics in mid-2015. What is particularly striking is the divergence in 2016, where EPS surged substantially while the share price showed only moderate recovery, leading to a significant contraction in the P/E ratio. This pattern may indicate a reassessment of future growth prospects or changes in market sentiment despite improved earnings. Investors would likely need to investigate underlying operational or market factors to understand the causes of this valuation shift.
Price to Operating Profit (P/OP)
Baxter International Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (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: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Operating profit per share
= (Operating incomeQ2 2016
+ Operating incomeQ1 2016
+ Operating incomeQ4 2015
+ Operating incomeQ3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Baxter International Inc. Quarterly or Annual Report.
4 Q2 2016 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 generally upward trend from March 2012 through December 2014, increasing steadily from $55.40 to a peak near $76.09. However, starting in early 2015, a marked decline is observed. By June 2015, the share price dropped sharply to approximately $41.88 and further decreased slightly before stabilizing around the mid-$40 range in mid-2016. This significant reduction reflects a period of increased market volatility or potential concerns affecting the company’s valuation.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed moderate stability during the period from March 2012 to December 2014, fluctuating slightly but remaining close to a range of $4.3 to $5.3. From 2015 onward, there was a substantial and consistent decline in operating profit per share, plummeting from $3.91 in the first quarter of 2015 to less than $1 by the end of 2015 and mid-2016. This trend indicates a significant deterioration in the company’s profitability on a per-share basis during this latter period.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio generally increased from around 10.54 in March 2012 through to mid-2015, peaking at 19.27 in September 2015. After this, the ratio surged dramatically to values exceeding 45 by mid-2016. This disproportionate increase, especially visible between 2015 and 2016, suggests that the operating profit per share dropped much faster than the share price, causing the valuation multiple to inflate significantly. This condition might indicate market expectations remaining somewhat optimistic despite declining earnings or could reflect a delayed market adjustment to deteriorated profitability.
- Summary and Insights
- The company experienced a strong share price and operational profit phase through 2012 to 2014, indicating relative financial health and investor confidence during this time. However, beginning in 2015, there was a pronounced decline in both operating profit per share and share price, with the operating profit showing a more dramatic fall. The sharp rise in the P/OP ratio in this latter period highlights a potential disconnect between earnings performance and market valuation. This misalignment suggests that investors might have been slow to recalibrate expectations or that other factors influenced share price persistence despite earnings weakness. The overall financial indicators point to a challenging period starting in 2015, warranting careful examination of the underlying operational issues that caused profitability declines.
Price to Sales (P/S)
Baxter International Inc., historical P/S calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (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: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
Sales per share
= (Net salesQ2 2016
+ Net salesQ1 2016
+ Net salesQ4 2015
+ Net salesQ3 2015)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Baxter International Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend from March 2012 through December 2014, with fluctuations ranging from $55.4 to a peak near $76.09. Notably, a significant decline occurred starting in early 2015, with the price dropping sharply to a low around $37.66 in September 2015, followed by a moderate recovery to $48.08 by June 2016.
- Sales per Share
- Sales per share showed a gradual increase from approximately $25.42 in early 2012 to a peak of $30.73 in December 2014. After this peak, a clear downward trend emerged, with sales per share declining consistently through 2015 and stabilizing around $18 by mid-2016.
- Price-to-Sales (P/S) Ratio
- The P/S ratio generally trended upward from about 2.18 in early 2012 to around 2.62 in March 2013, before experiencing some volatility. It dipped to near 2.23 by the end of 2014, then declined sharply to lows of approximately 1.69–1.74 in mid-2015. Subsequently, the ratio rebounded strongly, reaching 2.6 by mid-2016.
- Overall Insights
- The data reflects an initial period of growth in both share price and sales per share through 2014, indicating strengthening market valuation and operational performance. However, from 2015 onward, there is a pronounced deterioration in sales per share and share price. The P/S ratio's recovery in 2016 despite stagnant sales per share suggests the market may have anticipated improvement or reassessed the company's valuation relative to revenues. This divergence warrants further investigation into underlying business fundamentals or external market factors affecting investor sentiment.
Price to Book Value (P/BV)
Baxter International Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Baxter shareholders’ 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: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2016 Calculation
BVPS = Total Baxter shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Baxter International Inc. Quarterly or Annual Report.
4 Q2 2016 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends regarding the share price, book value per share (BVPS), and the price-to-book value ratio (P/BV) over the examined periods.
- Share Price
- The share price exhibited a general upward trend from early 2012 through the first quarter of 2015, rising from $55.40 to a peak of $68.91. Following this peak, there was a marked decline starting in mid-2015, with the share price dropping sharply to a low of $37.66 in the third quarter of 2015. After this trough, a gradual recovery is observable, with the price climbing back to around $48.08 by the second quarter of 2016. This pattern suggests a period of growth followed by significant volatility and partial recovery.
- Book Value per Share (BVPS)
- BVPS showed a more stable and generally positive trajectory over the same time frame. Beginning at $12.21 in the first quarter of 2012, BVPS experienced moderate increases with some fluctuations, reaching a high of $16.33 in the second quarter of 2016. The data indicate overall growth in the book value despite some quarterly variability, notably around late 2014 and early 2015 where a slight decrease is noted before rising again.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio followed a pattern closely linked to the movements in the share price, given BVPS's more gradual changes. Initially, the ratio increased from 4.54 in early 2012 to a peak around 5.44 in the second quarter of 2013, suggesting that the market price rose faster than the book value during this period. Subsequently, the ratio declined toward mid-2015, hitting a low of 2.44 in the fourth quarter of 2015, indicating a period where the share price dropped more sharply relative to book value. Toward mid-2016, the ratio exhibited a mild recovery to 3.07, reflecting both the partial rebound in share price and steady book value.
In summary, the financial data indicate that while the intrinsic value of the company as reflected by book value per share steadily increased, the market valuation presented greater volatility. This imbalance between share price and book value during 2015 highlights a period of market uncertainty or adverse sentiment, followed by tentative signs of recovery. The trends suggest that market perceptions and external factors may have had a significant impact on share price performance during the latter part of the timeline examined.