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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Boston Scientific Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The financial ratios over the observed periods reveal several distinct trends and fluctuations.
- Price to Earnings (P/E) Ratio
- This ratio shows significant volatility. Beginning with values around 33.06 in early 2018, it peaked to over 51.9 by the end of 2018. Subsequently, it declined sharply to approximately 11.72 to 13.68 in 2020, suggesting a period of increased earnings or reduced price levels. However, from 2021 onwards, the P/E ratio escalated dramatically, reaching an extraordinary peak of 304.26 and remaining elevated, albeit declining to 88.37 by early 2023. Such extreme highs indicate either sharply rising stock prices, falling earnings, or both, highlighting substantial market valuation changes during this period.
- Price to Operating Profit (P/OP) Ratio
- This ratio mirrors some volatility seen in the P/E ratio but with even more exaggerated spikes. After a steady range from about 31 to 37 between 2018 and mid-2019, it escalated sharply to 630.22 at the end of 2020, followed by a decrease to more moderate levels between approximately 40 and 133 in subsequent quarters. The surge followed by normalization suggests an unusual one-time event or distortion in operating profits relative to price, which then corrected, indicating fluctuations in profitability or market perceptions during this time.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits relative stability compared to P/E and P/OP ratios, remaining primarily in a narrow band between 4.5 and 6.0 over the entire time frame. Minor fluctuations occur, with a gradual increase visible from 4.73 in late 2022 to a peak of 5.72 by the first quarter of 2023. This steadiness suggests that the market valuation relative to sales has been fairly consistent, with gradual optimism emerging recently.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates a downward trend from about 6.33 in mid-2018 to a trough near 3.24 at the end of 2020, suggesting that the market price per book value declined during this period. Post-2020, the ratio rebounds gradually, moving back above 4.0 by early 2023. This recovery might indicate improving investor confidence in the underlying asset values or expected future growth prospects.
Overall, the valuation metrics present a narrative of increased market volatility and shifting investor sentiment. The P/E and P/OP ratios reflect pronounced swings, possibly driven by fluctuations in earnings and operating profits or market reactions to external factors. Meanwhile, the P/S and P/BV ratios show more tempered movements, indicating steadier relationships between stock price and sales or book values, especially in more recent quarters where a recovery trend is apparent.
Price to Earnings (P/E)
Boston Scientific Corp., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) available to common stockholders (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: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income (loss) available to common stockholdersQ1 2023
+ Net income (loss) available to common stockholdersQ4 2022
+ Net income (loss) available to common stockholdersQ3 2022
+ Net income (loss) available to common stockholdersQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits a general upward trend from the first quarter of 2018 through the first quarter of 2023. Starting at $29.48 in March 2018, it climbs steadily with some fluctuations, reaching a notable peak of $51.94 in March 2023. Despite intermittent declines, such as in early 2020 and marginal drops during certain quarters of 2021 and 2022, the overall trajectory remains positive.
Earnings per share (EPS) data are available from March 2019 onward. EPS shows considerable volatility across the observed period. Initial quarters of 2019 and 2020 feature relatively strong EPS figures, with values around 1.21 to 3.37, peaking in December 2019 at 3.37. However, in 2021, EPS experiences a significant decline, dropping to negative territory (-0.08) in the first quarter before recovering gradually to 0.77 by December 2021. The EPS remains positive but modest throughout 2022 and into early 2023, with values fluctuating between 0.42 and 0.69, showing moderate earnings stability at a lower level compared to the 2019-2020 peak.
The Price-to-Earnings (P/E) ratio reflects these changes with marked variability. From March 2019 to December 2019, P/E ratios were moderate, ranging from approximately 11.72 to 51.90. The P/E ratio spikes dramatically in early 2021, reaching extreme values such as 304.26 and 121, indicating highly elevated market valuation relative to earnings, which coincides with negative and low EPS during this period. Following this, P/E ratios decrease but remain elevated, fluctuating between approximately 55 and 105 through to the first quarter of 2023. This persistent elevation suggests that market expectations or investor sentiment remained optimistic despite the lower and inconsistent earnings performance post-2020.
In summary, the share price shows strong growth over the five-year span, while earnings per share demonstrate volatility and a general decline from their peak levels. The P/E ratio variability, including pronounced spikes during periods of weak or negative EPS, indicates periods where market pricing distanced significantly from contemporaneous earnings performance, reflecting changing investor confidence or expectations of future growth rather than current profitability.
Price to Operating Profit (P/OP)
Boston Scientific Corp., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (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: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited a generally upward trajectory from March 2018 to March 2023. Beginning at $29.48 in the first quarter of 2018, the share price increased steadily with some fluctuations, reaching $51.94 by March 2023. Intermediate fluctuations include periods of slight decline or stagnation, notably around early 2020 and late 2021, but the overall trend remains positive, indicating growing investor confidence or improved market valuation over the five-year span.
Operating profit per share data is available beginning in the first quarter of 2019. The values ranged from a low of -$0.06 in the fourth quarter of 2020, indicating a small operating loss per share, to a high of $1.21 in the first quarter of 2023. After maintaining levels around $1.09 to $1.18 in 2019, there was a visible decline during 2020, reaching near zero or negative values in the last quarter. From 2021 onward, operating profit per share exhibited a substantial recovery and consistent growth, rising steadily through to early 2023. This pattern may reflect operational challenges during 2020 followed by effective recovery and growth strategies subsequently.
The price-to-operating profit ratio (P/OP) presents a volatile pattern over the reported periods where data is available. Starting with a relatively moderate ratio of approximately 36 in early 2019, the ratio increased significantly towards 2020, peaking at an extreme value of 630.22 in the last quarter of 2020. This dramatic spike corresponds with the very low or negative operating profit per share during that period, leading to an inflated multiple. Following this outlier, the P/OP ratio normalized somewhat but continued to show elevated levels above 40 into 2023, suggesting that the share price increased at a faster rate relative to the operating profit per share in recent periods. This sustained elevated ratio might indicate increased market expectations for future earnings growth or reflect valuation premiums.
In summary, the data reveals a consistent rise in the share price over the past five years, with a notable dip in operational profitability during 2020, which was subsequently recovered with steady improvement. The fluctuations and occasional spikes in the price-to-operating profit ratio highlight periods of significant market valuation shifts, especially during times of reduced profitability. Overall, the company's financial performance metrics point toward a positive investor outlook and a recovery phase post-2020 operational challenges.
Price to Sales (P/S)
Boston Scientific Corp., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrated an overall upward trend from March 31, 2018, to March 31, 2023. Starting at $29.48, it increased to a peak at $44.7 in June 2021, followed by some fluctuations but remained generally stable before rising sharply in the final quarters to reach $51.94 by March 31, 2023. Notably, there were periods of modest declines, such as from June 2019 to September 2019 and again from March 2022 through September 2022, but these were temporary and followed by recovery.
Sales per share data is available starting March 31, 2019, and illustrates a steady incremental increase over the period analyzed. From $7.09 in March 2019, sales per share rose gradually each quarter, reaching $9.07 by March 31, 2023. This progression indicates consistent growth in revenue generated per share, reflecting positive business performance over the five-year span.
The price-to-sales ratio (P/S ratio) shows more volatility in contrast to the relatively stable upward movements in share price and sales per share. Initially high at 5.62 in March 2019, the ratio declined to under 5 at various points, such as June 2020 and several quarters in 2022, indicating that the share price was lower relative to sales at those times. Conversely, the P/S ratio rose back above 5 in early and late 2021, peaking around 6.04 in March 2021, which could suggest periods when the market valued the company more highly relative to its sales. The ratio’s movements likely reflect changes in market sentiment and valuation metrics beyond the direct correlation with sales figures.
Overall, the data reveals positive sales growth with an increasing sales per share metric, alongside a share price that has generally appreciated over the period examined. Fluctuations in the P/S ratio highlight varying investor perceptions of valuation, despite the underlying steady improvement in sales per share. This combination points to a company with improving fundamental performance accompanied by dynamic market valuation over time.
Price to Book Value (P/BV)
Boston Scientific Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| 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: 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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Boston Scientific Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several trends in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2018 through March 2023, increasing from $29.48 to $51.94. Notable fluctuations were observed: after a steady rise to a peak near $44.70 in mid-2021, the price experienced moderate declines and recuperations, with a significant uptick beginning late 2022, reaching the highest recorded level at the end of the dataset.
- Book Value Per Share (BVPS) Trend
- Book value per share gradually increased over the period, starting at $5.09 in March 2018 and reaching approximately $12.42 by March 2023. The growth was relatively stable, indicating consistent accumulation of equity value. A noticeable jump occurred between December 2019 and March 2020, where BVPS rose sharply from about $6.96 to nearly $9.86, followed by a steady incremental increase afterwards with minor fluctuations.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio demonstrated more variability. Early values from March 2018 through late 2019 hovered around 5.79 to 6.33, indicating a higher market valuation relative to book value. However, there was a marked decline beginning in the final quarter of 2019, bottoming out near 3.24 in the third quarter of 2020. Subsequently, the ratio oscillated moderately between approximately 3.2 and 4.2. The lower P/BV ratio post-2019 suggests that the market valuation relative to book value became more conservative during this later period despite rising share prices and book values.
- Interrelation Insights
- The substantial increase in book value per share in early 2020, juxtaposed with a declining P/BV ratio, implies the market adjusted its valuation expectations relative to equity base. Following this adjustment, share prices increased moderately while book value growth continued steadily. The resurgence of the P/BV ratio towards the end of the period indicates improving market confidence or anticipation of future growth, aligning with the rising share price trend.