Name: Humana Inc. (NYSE:HUM) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Humana Inc., current enterprise value calculation

Current share price (P)	$266.32
No. shares of common stock outstanding	120,411,343
US$ in millions
Common equity (market value)¹	32,068)
Add: Preferred stock, $1 par; none issued (per books)	—)
Add: Noncontrolling interests (per books)	56)
Total equity	32,124)
Add: Book overdraft (per books)	353)
Add: Short-term debt (per books)	1,443)
Add: Long-term debt (per books)	10,213)
Total equity and debt	44,133)
Less: Cash and cash equivalents	4,694)
Less: Investment securities	16,626)
Enterprise value (EV)	22,813)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 266.32 × 120,411,343

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Humana Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$363.98	$505.69	$424.71	$378.33	$370.99
No. shares of common stock outstanding¹	120,653,315	124,974,862	126,633,599	128,861,929	132,106,497
US$ in millions
Common equity (market value)³	43,915)	63,199)	53,783)	48,752)	49,010)
Add: Preferred stock, $1 par; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interests (book value)	56)	59)	23)	—)	—)
Total equity	43,971)	63,258)	53,806)	48,752)	49,010)
Add: Book overdraft (book value)	353)	298)	326)	320)	225)
Add: Short-term debt (book value)	1,443)	2,092)	1,953)	600)	699)
Add: Long-term debt (book value)	10,213)	9,034)	10,541)	6,060)	4,967)
Total equity and debt	55,980)	74,682)	66,626)	55,732)	54,901)
Less: Cash and cash equivalents	4,694)	5,061)	3,394)	4,673)	4,054)
Less: Investment securities	16,626)	13,881)	13,192)	12,554)	10,972)
Enterprise value (EV)	34,660)	55,740)	50,040)	38,505)	39,875)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Humana Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 363.98 × 120,653,315

The financial trajectory from 2019 to 2023 is characterized by a period of valuation expansion peaking in 2022, followed by a sharp contraction in 2023 across all tracked valuation metrics.

Market Equity and Total Equity Trends: Market value of common equity remained relatively stable between 2019 and 2020, before entering a growth phase that saw values rise from 48,752 million in 2020 to a peak of 63,199 million in 2022. A significant correction occurred in 2023, with the value dropping to 43,915 million, representing the lowest level in the analyzed five-year period. Total equity closely mirrored this movement, peaking at 63,258 million in 2022 before declining to 43,971 million in 2023.
Enterprise Value (EV) Dynamics: Enterprise value exhibited a similar trajectory to market equity, experiencing a slight dip in 2020 to 38,505 million before ascending to a peak of 55,740 million in 2022. The subsequent decline in 2023 to 34,660 million indicates a substantial reduction in the total valuation of the business operations, marking a decrease of approximately 37.8% from the previous year's high.
Capital Structure and Total Obligations: Total equity and debt showed consistent growth from 2019 through 2022, rising from 54,901 million to 74,682 million. The 2023 figure of 55,980 million indicates a marked decrease in the combined equity and debt profile. The fact that Enterprise Value consistently remains lower than the sum of Total Equity and Debt across all years suggests the maintenance of a significant cash or cash-equivalent position that offsets the total debt and equity obligations.

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Humana Inc. (NYSE:HUM)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)