Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Humana Inc., EBITDA calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Humana	2,489)	2,806)	2,933)	3,367)	2,707)
Add: Net income attributable to noncontrolling interest	(5)	(4)	1)	—)	—)
Add: Income tax expense	836)	762)	485)	1,307)	763)
Earnings before tax (EBT)	3,320)	3,564)	3,419)	4,674)	3,470)
Add: Interest expense	493)	401)	326)	283)	242)
Earnings before interest and tax (EBIT)	3,813)	3,965)	3,745)	4,957)	3,712)
Add: Depreciation	850)	749)	640)	528)	505)
Add: Amortization	67)	96)	73)	88)	70)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,730)	4,810)	4,458)	5,573)	4,287)

Based on: 10-K (reporting date: 2023-12-31), 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).

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Enterprise Value to EBITDA Ratio, Current

Humana Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	22,813)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,730)
Valuation Ratio
EV/EBITDA	4.82
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	15.21
Elevance Health Inc.	8.54
Intuitive Surgical Inc.	33.82
Medtronic PLC	13.62
UnitedHealth Group Inc.	16.89
EV/EBITDA, Sector
Health Care Equipment & Services	13.09
EV/EBITDA, Industry
Health Care	24.47

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Enterprise Value to EBITDA Ratio, Historical

Humana Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	34,660)	55,740)	50,040)	38,505)	39,875)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,730)	4,810)	4,458)	5,573)	4,287)
Valuation Ratio
EV/EBITDA³	7.33	11.59	11.22	6.91	9.30
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	19.49	15.85	17.42	—	—
Elevance Health Inc.	10.24	10.26	10.05	—	—
Intuitive Surgical Inc.	53.08	40.96	44.10	—	—
Medtronic PLC	15.28	14.99	24.41	—	—
UnitedHealth Group Inc.	13.60	15.11	17.39	—	—
EV/EBITDA, Sector
Health Care Equipment & Services	15.60	15.26	18.05	—	—
EV/EBITDA, Industry
Health Care	20.27	14.00	14.33	—	—