Enterprise Value (EV)
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Humana Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
Humana Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $1 par; none issued (per books) | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Book overdraft (per books) | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Investment securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Humana Inc., EV calculation
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
= ×
The financial data reveals notable trends over the five-year period ending December 31, 2023, across key equity and enterprise value measures.
- Common equity (market value)
- This metric remained relatively stable from 2019 to 2020, with a slight decrease from 49,010 million USD to 48,752 million USD. It then demonstrated growth in 2021 and 2022, reaching a peak of 63,199 million USD before declining significantly in 2023 to 43,915 million USD. The sharp drop in the final year represents a notable reversal from the preceding upward trend.
- Total equity
- Total equity trends closely mirror the common equity market value, beginning at 49,010 million USD in 2019 and decreasing marginally in 2020. Subsequent years showed increases to 53,806 million USD in 2021 and 63,258 million USD in 2022. However, the 2023 figure dropped to 43,971 million USD, reflecting a significant contraction in the company's equity position consistent with market value declines.
- Total equity and debt
- This combined measure of financing resources showed steady growth from 54,901 million USD in 2019 to a peak of 74,682 million USD in 2022, indicating an expanding capital base fueled by equity and/or debt increases. In 2023, however, there was a notable reduction to 55,980 million USD, suggesting a downsizing of the company’s overall capital structure during that period.
- Enterprise value (EV)
- Following a similar pattern, the enterprise value decreased from 39,875 million USD in 2019 to 38,505 million USD in 2020, before rising substantially to 50,040 million USD in 2021 and 55,740 million USD in 2022. In 2023, enterprise value dropped sharply to 34,660 million USD, underscoring a significant decline in the market’s valuation of the company when considering both equity and debt.
Overall, the data indicates a period of growth in equity and enterprise value between 2020 and 2022, followed by a pronounced decline in 2023. This suggests that the company experienced a contraction in market valuation and capital structure during the latest year, reversing earlier positive trends. The consistency across various measures implies that both equity markets and credit perspectives have shifted negatively toward the company in 2023.