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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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Edwards Lifesciences Corp., historical price multiples (quarterly data)
Based on: 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits fluctuations throughout the analyzed periods. Starting at 48.67 in March 2018, it declined to around 41.12 by September 2018 before peaking at 61.52 in September 2019. Subsequently, it experienced a notable decrease to 39.74 by March 2020, followed by another sharp increase to 66.48 in December 2020. Entering 2021, the ratio peaked at 70.7 in March and then generally trended downward, ending at 44.67 in December 2021. This pattern indicates varying investor sentiment and changing earnings expectations over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a generally similar trend to the P/E ratio, with values starting at 25.96 in March 2018 and increasing to a peak of 57.3 in September 2019. Following that peak, there was a decline to 35.77 in March 2020. The ration then rose again to a high of 65.18 in March 2021 before declining to 39.72 by December 2021. These shifts suggest fluctuations in the market’s valuation of the company relative to its operating profit, reflecting variations in profitability expectations and possibly underlying operational performance.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a consistent upward trajectory over the time frame reviewed. From a starting point of 7.91 in March 2018, the ratio rose steadily with occasional minor setbacks, reaching a high of 14.68 in September 2021. By December 2021, it decreased slightly to 12.83. The overall increase indicates enhanced market valuation relative to sales, which may represent growing investor confidence or favorable sales performance.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio also indicates a general upward trend, increasing from 8.4 in March 2018 to a peak of 13.63 in June 2021. Thereafter, it slightly declined to 11.5 by December 2021. This pattern points to an increasing premium over the book value of equity for much of the period, possibly due to improvements in asset quality, expectations of future growth, or intangible asset recognition, with a modest correction towards the end.
Price to Earnings (P/E)
Edwards Lifesciences Corp., historical P/E calculation (quarterly data)
| 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) (in thousands) | |||||||||||||||||||||
| 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-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 Q4 2021 Calculation
EPS
= (Net income (loss)Q4 2021
+ Net income (loss)Q3 2021
+ Net income (loss)Q2 2021
+ Net income (loss)Q1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the company's stock price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited an overall upward trend from March 2018 through December 2021. Initially, the price rose gradually from $43.10 to $59.26 during 2018, with a notable increase in the last quarter of that year. In 2019, the share price continued to increase reaching a peak near $76.85 by year-end. The price experienced fluctuations during 2020, with a dip in March followed by a recovery and a new high of $87.65 in December. The first three quarters of 2021 showed a strong upward momentum with the shares reaching a peak of $119.82 in September, before a decline to $107.73 by December.
- Earnings Per Share (EPS)
- EPS demonstrated steady growth across the entire period. Starting from $0.89 in Q1 2018, there was consistent improvement quarter over quarter with some moderate fluctuations. The EPS rose from $1.22 in Q1 2019 to a notable peak of $1.67 in Q4 2019. In 2020, EPS maintained incremental increases with a slight stagnation in mid-year, ending the year at $1.32. In 2021, EPS surged significantly, reaching values above $2.30 in the third and fourth quarters, signaling strong earnings performance in the latter part of the observed timeframe.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio experienced considerable variability. In 2018, despite rising EPS, the ratio fluctuated in a moderate range around 40 to 50, peaking at 51.14 in Q4 2018. The year 2019 saw elevated P/E ratios exceeding 60 in Q2 and Q3, reflecting possibly investor optimism or share price movement outpacing earnings growth. In 2020, the P/E ratio increased further, reaching highs above 66 by year-end, indicative of higher valuation multiples amid the period's market conditions. This elevated trend continued into 2021, with ratios peaking at 70.7 in Q1, then gradually decreasing to 44.67 by Q4, suggesting a normalization of valuation relative to earnings amid strong earnings growth.
In summary, the period analyzed evidenced consistent growth in earnings per share supported by a generally rising share price. However, the valuation multiples as represented by the P/E ratio fluctuated, at times reaching elevated levels which may indicate market optimism or adjustment to earnings growth acceleration. The peak valuation metrics in early 2021 combined with strong EPS growth suggest a phase of robust financial performance followed by a moderate valuation reset by year-end.
Price to Operating Profit (P/OP)
Edwards Lifesciences Corp., historical P/OP calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Operating income (loss) (in thousands) | |||||||||||||||||||||
| 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-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 Q4 2021 Calculation
Operating profit per share
= (Operating income (loss)Q4 2021
+ Operating income (loss)Q3 2021
+ Operating income (loss)Q2 2021
+ Operating income (loss)Q1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited a general upward trend over the observed periods, starting from $43.10 at the end of the first quarter of 2018 and reaching a peak of $119.82 by the third quarter of 2021. Significant increases were noted in mid to late 2021, although there was a slight decline in the final quarter of 2021. The share price demonstrated resilience despite some fluctuations in value around early 2020.
Operating profit per share showed variations throughout the periods but also displayed an overall increasing trajectory. Starting at $1.66 in the first quarter of 2018, it experienced relative stability with minor fluctuations through 2018 and 2019, followed by a noticeable improvement from 2020 onwards. By the last quarter of 2021, operating profit per share had risen to $2.71, almost doubling compared to the initial periods.
The price-to-operating profit (P/OP) ratio exhibited considerable volatility. It commenced at approximately 26 and spiked notably during certain quarters, reaching a high near 61.66 in the second quarter of 2020. After this peak, there was a downtrend, with the ratio moderating to values around the low 40s toward the end of 2021. This pattern suggests varying market perceptions of profitability relative to share price over time.
- Share Price
- Displayed a steady upward trend with peaks in late 2021 and a minor retreat at the end of the year.
- Operating Profit Per Share
- Showed overall growth with some fluctuations, particularly noticeable improvements from 2020 to 2021.
- P/OP Ratio
- Experienced significant variability, indicating shifts in market valuation relative to operating profitability; peaked markedly during mid-2020 before trending downward.
In summary, the data reflect strong share price appreciation supported by improving operating profits per share. However, the high variability in the P/OP ratio suggests investor sentiments and market conditions have influenced valuation metrics independently of underlying profit performance at times. The overall picture points to enhanced financial performance paired with fluctuating market evaluation throughout the observed period.
Price to Sales (P/S)
Edwards Lifesciences Corp., historical P/S calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||
| 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-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 Q4 2021 Calculation
Sales per share
= (Net salesQ4 2021
+ Net salesQ3 2021
+ Net salesQ2 2021
+ Net salesQ1 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates an overall upward trend from March 2018 to December 2021, increasing from $43.10 to a peak of $119.82 in September 2021, before slightly declining to $107.73 by the end of the year. This reflects significant market appreciation over the period, with notable acceleration in 2021.
Sales per share exhibit a steady increase throughout the period, rising from $5.45 in March 2018 to $8.40 in December 2021. The growth rate appears consistent, with only a minor dip observed in mid-2020, potentially indicative of external challenges during that time frame. Overall, the sales growth supports a positive revenue trajectory for the company.
The Price-to-Sales (P/S) ratio reveals some volatility but generally trends upward from 7.91 in March 2018 to a high of 14.68 in September 2021, before a decline to 12.83 at the end of 2021. The increasing P/S ratio suggests that the market valuation of the company's sales has been rising, implying improving investor sentiment or expectations of enhanced profitability. The decline in late 2021 indicates some moderation in these expectations or stock price correction relative to sales.
- Share Price
- Strong growth over the four-year period with a peak in Q3 2021 followed by slight correction.
- Sales Per Share
- Consistent upward trend with minor fluctuation, reflecting steady revenue growth.
- Price-to-Sales Ratio
- Increasing market valuation relative to sales until late 2021, with some pullback thereafter.
In summary, the company demonstrates sustained growth in sales per share accompanied by rising share prices and P/S ratios, indicating enhanced market confidence. The small correction in late 2021 across these metrics suggests a possible adjustment phase after a period of strong gains.
Price to Book Value (P/BV)
Edwards Lifesciences Corp., historical P/BV calculation (quarterly data)
| Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||
| Stockholders’ equity (in thousands) | |||||||||||||||||||||
| 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-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 Q4 2021 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Edwards Lifesciences Corp. Quarterly or Annual Report.
4 Q4 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits a general upward trend over the analyzed periods, starting at $43.10 and reaching a peak of $119.82 before a slight decline to $107.73 towards the end of the period. Notable growth is observed from early 2020 through 2021, indicating positive market sentiment or company performance during this time frame.
- Book Value Per Share (BVPS)
- Book value per share shows a steady incremental increase from $5.13 initially to $9.36 by the final quarter. Despite some minor fluctuations, the overall trend is positive, reflecting gradual growth in the company's net asset value attributable to each share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio demonstrates significant variability, starting at 8.4 and reaching levels above 13 in some quarters, indicating periods where the stock price was high relative to its book value. The ratio peaks notably in 2021, suggesting increased investor expectations or premium valuation relative to the company's book value. Toward the end of the period analyzed, there is a slight decline to 11.5, still above initial values, which might suggest a moderation in valuation relative to book value.
- Overall Analysis
- The data indicate sustained growth in book value per share, suggesting solid fundamental expansion in company equity. Concurrently, the share price growth outpaces the increase in BVPS, leading to elevated P/BV ratios that fluctuate but generally trend higher over the period. This pattern reflects increasing investor confidence or market expectations exceeding fundamental asset growth. The slight correction in share price and P/BV toward the final quarters may indicate market adjustments or revaluation. Overall, the company displays a strong performance trend with increasing shareholder value and premium stock market valuation.