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Change Healthcare's Enterprise Value for the quarter that ended in Jun. 2022 was $12,006 Mil. Change Healthcare's EBIT for the trailing twelve months (TTM) ended in Jun. 2022 was $105 Mil. Change Healthcare's Earnings Yield (Joel Greenblatt) for the quarter that ended in Jun. 2022 was 0.88%.
The historical rank and industry rank for Change Healthcare's Earnings Yield (Joel Greenblatt) % or its related term are showing as below:
During the past 6 years, the highest Earnings Yield (Joel Greenblatt) of Change Healthcare was 1.37%. The lowest was -17.80%. And the median was 0.82%.
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
A better indicator of the attractiveness of an investment which takes growth into account is the Forward Rate of Return (Yacktman) %. Change Healthcare's Forward Rate of Return (Yacktman) % for the quarter that ended in Jun. 2022 was 0.00%. The Forward Rate of Return uses the normalized Free Cash Flow of the past seven years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
The historical data trend for Change Healthcare's Earnings Yield (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Change Healthcare Annual Data | |||||||||||||||
Trend | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | |||||||||
Earnings Yield (Joel Greenblatt) % | Get a 7-Day Free Trial | - | - | -14.12 | 0.85 | 1.14 |
Change Healthcare Quarterly Data | |||||||||||||||||||
Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | |
Earnings Yield (Joel Greenblatt) % | Get a 7-Day Free Trial | 1.30 | 1.39 | 1.07 | 1.14 | 0.88 |
For the Health Information Services subindustry, Change Healthcare's Earnings Yield (Joel Greenblatt) %, along with its competitors' market caps and Earnings Yield (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Healthcare Providers & Services industry and Healthcare sector, Change Healthcare's Earnings Yield (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Change Healthcare's Earnings Yield (Joel Greenblatt) % falls into.
In his book, The Little That Beat the Market, hedge fund manager Joel Greenblatt defines Earnings Yield as operating income divided by enterprise value.
Change Healthcares Earnings Yield (Joel Greenblatt) for the fiscal year that ended in Mar. 2022 is calculated as
Earnings Yield (Joel Greenblatt) | = | EBIT | / | Enterprise Value |
= | 128.243 | / | 11238.0846 | |
= | 1.14 % |
Change Healthcare's EBIT for the trailing twelve months (TTM) ended in Jun. 2022 adds up the quarterly data reported by the company within the most recent 12 months, which was $105 Mil.
Change Healthcare (NAS:CHNG) Earnings Yield (Joel Greenblatt) % Explanation
Joel Greenblatt defines the earnings yield using the above equation because it more accurately reflects the company's profitability relative to its stock price. Items like interest payment and tax etc. are not directly related to the company's operational profitability.
Enterprise Value instead of market cap (share price) is used in the calculation because it is the real price stock and bond investors together pay for the company.
Be Aware
Joel Greenblatt's definition of earnings yield has the same problems the regular earnings yield does. It does not consider the growth of the company. It only looks at one-year's business operation. For cyclical companies, the earnings yield is usually highest at the peak of the business cycle. But these earnings are rarely sustainable.
Forward Rate of Return (Yacktman) % based on Don Yacktman's definition is a better measure of the expected rate of return for a stock.
Thank you for viewing the detailed overview of Change Healthcare's Earnings Yield (Joel Greenblatt) % provided by GuruFocus.com. Please click on the following links to see related term pages.
Tracy Byers | officer: SVP and GM, Enterprise Imaging | C/O CHANGE HEALTHCARE INC. 424 CHURCH STREET, SUITE 1400 NASHVILLE TN 37219 |
Steven B. Martin | officer: EVP, Enterprise Technology | 3055 LEBANON PIKE SUITE 1000 NASHVILLE TN 37214 |
Nella Domenici | director | C/O ALLIANCEBERNSTEIN, 1345 AVENUE OF THE AMERICAS, NEW YORK NY 10105 |
Paul Rareshide | officer: SVP, Corporate Controller | C/O CHANGE HEALTHCARE INC. 3055 LEBANON PIKE, SUITE 1000 NASHVILLE TN 37214 |
Fredrik J Eliasson | officer: EVP & CFO | 500 WATER STREET, JACKSONVILLE FL 32202 |
De Crescenzo Neil E. | director, officer: President & CEO | C/O CHANGE HEALTHCARE INC. 3055 LEBANON PIKE, SUITE 1000 NASHVILLE TN 37214 |
Diana Mckenzie | director | METLIFE, 200 PARK AVENUE, NEW YORK NY 10166 |
Roderick H. O'reilly | officer: See Remarks | C/O CHANGE HEALTHCARE INC., 3055 LEBANON PIKE, SUITE 1000, NASHVILLE TN 37214 |
August Calhoun | officer: See Remarks | C/O CHANGE HEALTHCARE INC. 3055 LEBANON PIKE, SUITE 1000 NASHVILLE TN 37214 |
Thomas Mcenery | officer: EVP & Chief Marketing Officer | |
Bansi Nagji | director | MCKESSON CORPORATION, 6555 STATE HIGHWAY 161, IRVING TX 75039 |
Alex P. Choy | officer: See Remarks | C/O CHANGE HEALTHCARE INC. 3055 LEBANON PIKE, SUITE 1000 NASHVILLE TN 37214 |
Linda Whitley-taylor | officer: EVP & Chief People Officer | C/O BENSON HILL, INC., 1001 NORTH WARSON ROAD, SAINT LOUIS MO 63132 |
Phillip W. Roe | director | 20 BURTON HILLS BOULEVARD SUITE 100 NASHVILLE TN 37215 |
Kriten Joshi | officer: See Remarks | C/O CHANGE HEALTHCARE INC. 3055 LEBANON PIKE, SUITE 1000 NASHVILLE TN 37214 |
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