Price to Earnings (P/E)
since 2008
Calculation
Activision Blizzard Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 39.95 | = | 77.07 | ÷ | 1.93 | 1.93 | = | 1,513 | ÷ | 784,274,126 | |
| Feb 25, 2022 | 23.51 | = | 81.44 | ÷ | 3.46 | 3.46 | = | 2,699 | ÷ | 779,234,888 | |
| Feb 23, 2021 | 34.00 | = | 96.42 | ÷ | 2.84 | 2.84 | = | 2,197 | ÷ | 774,753,965 | |
| Feb 27, 2020 | 29.85 | = | 58.33 | ÷ | 1.95 | 1.95 | = | 1,503 | ÷ | 769,221,524 | |
| Feb 28, 2019 | 17.75 | = | 42.14 | ÷ | 2.37 | 2.37 | = | 1,813 | ÷ | 763,833,873 | |
| Feb 27, 2018 | 201.77 | = | 72.61 | ÷ | 0.36 | 0.36 | = | 273 | ÷ | 758,631,663 | |
| Feb 28, 2017 | 35.13 | = | 45.13 | ÷ | 1.28 | 1.28 | = | 966 | ÷ | 751,846,958 | |
| Feb 29, 2016 | 26.10 | = | 31.67 | ÷ | 1.21 | 1.21 | = | 892 | ÷ | 734,998,115 | |
| Feb 26, 2015 | 20.22 | = | 23.35 | ÷ | 1.16 | 1.16 | = | 835 | ÷ | 722,918,352 | |
| Mar 3, 2014 | 13.77 | = | 19.52 | ÷ | 1.42 | 1.42 | = | 1,010 | ÷ | 712,370,652 | |
| Feb 22, 2013 | 14.06 | = | 14.51 | ÷ | 1.03 | 1.03 | = | 1,149 | ÷ | 1,113,696,788 | |
| Feb 28, 2012 | 12.48 | = | 12.06 | ÷ | 0.97 | 0.97 | = | 1,085 | ÷ | 1,122,866,712 | |
| Feb 25, 2011 | 31.42 | = | 11.11 | ÷ | 0.35 | 0.35 | = | 418 | ÷ | 1,182,249,613 | |
| Mar 1, 2010 | 121.01 | = | 10.94 | ÷ | 0.09 | 0.09 | = | 113 | ÷ | 1,249,909,250 | |
| Feb 27, 2009 | — | = | 10.03 | ÷ | -0.08 | -0.08 | = | -107 | ÷ | 1,307,215,125 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Activision Blizzard Inc. Annual Report.
The financial trajectory from 2009 to 2023 is characterized by substantial growth in equity value and a general upward trend in earnings, though these metrics exhibit significant periods of volatility. The relationship between share price and earnings per share has resulted in wide fluctuations in the price-to-earnings (P/E) ratio, indicating varying levels of market sentiment and earnings stability over the fifteen-year period.
- Share Price Evolution
- A long-term bullish trend is observed, with the share price increasing from 10.03 US$ in 2009 to a peak of 96.42 US$ in 2021. While a notable correction occurred in 2019, where the price dropped to 42.14 US$, the value recovered rapidly. By 2023, the share price stabilized at 77.07 US$, representing a significant increase over the initial observation period.
- Earnings Per Share (EPS) Dynamics
- Earnings transitioned from a negative position of -0.08 US$ in 2009 to a peak of 3.46 US$ in 2022. A period of steady growth occurred between 2010 and 2014, followed by a sharp, anomalous decline in 2018 to 0.36 US$. Subsequent recovery led to a multi-year peak in 2022, before a contraction to 1.93 US$ was recorded in 2023.
- P/E Ratio Analysis
- The P/E ratio demonstrates extreme volatility, particularly during years where earnings were disproportionately low relative to the share price. A significant spike to 121.01 occurred in 2010, followed by a period of relative stability between 12.48 and 35.13 from 2011 to 2017. The most acute outlier occurred in 2018, with the ratio reaching 201.77, driven by the collapse in EPS despite a high share price of 72.61 US$. In the final five years of the period, the ratio fluctuated between 17.75 and 39.95, suggesting a return to more normalized valuation levels despite ongoing earnings volatility.
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Comparison to Competitors
Activision Blizzard Inc., P/E, long-term trends, comparison to competitors
| Activision Blizzard Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|
| Feb 23, 2023 | 39.95 | 22.47 | 31.38 | 21.10 | 36.18 | 54.90 |
| Feb 25, 2022 | 23.51 | 25.74 | 16.01 | 16.44 | 33.56 | 137.89 |
| Feb 23, 2021 | 34.00 | 34.65 | 22.37 | 25.89 | 86.39 | — |
| Feb 27, 2020 | 29.85 | 28.96 | 15.39 | 32.31 | 80.67 | 23.96 |
| Feb 28, 2019 | 17.75 | 25.92 | 14.11 | 21.51 | 118.55 | 13.36 |
| Feb 27, 2018 | 201.77 | 59.34 | 8.70 | 35.20 | 220.96 | 17.28 |
| Feb 28, 2017 | 35.13 | 28.45 | 20.56 | 37.05 | 328.55 | 16.65 |
| Feb 29, 2016 | 26.10 | 29.71 | 17.78 | 84.21 | 329.51 | 23.41 |
| Feb 26, 2015 | 20.22 | 24.87 | 18.01 | 74.26 | 100.63 | 20.31 |
| Mar 3, 2014 | 13.77 | 30.87 | 21.12 | 106.36 | 215.28 | 19.83 |
| Feb 22, 2013 | 14.06 | 23.14 | 17.05 | 1,336.24 | 537.02 | 15.18 |
| Feb 28, 2012 | 12.48 | 18.97 | 19.40 | — | 30.37 | 12.48 |
| Feb 25, 2011 | 31.42 | 23.60 | 19.29 | — | 77.34 | 17.62 |
| Mar 1, 2010 | 121.01 | 26.00 | 12.59 | — | 30.08 | 17.36 |
| Feb 27, 2009 | — | 26.67 | 14.52 | — | 25.23 | 7.83 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Sector (Media & Entertainment)
Activision Blizzard Inc., P/E, long-term trends, comparison to sector (media & entertainment)
| Activision Blizzard Inc. | Media & Entertainment | |
|---|---|---|
| Feb 23, 2023 | 39.95 | 24.34 |
| Feb 25, 2022 | 23.51 | 23.98 |
| Feb 23, 2021 | 34.00 | 36.25 |
| Feb 27, 2020 | 29.85 | 28.02 |
| Feb 28, 2019 | 17.75 | 22.32 |
| Feb 27, 2018 | 201.77 | 29.39 |
| Feb 28, 2017 | 35.13 | 27.71 |
| Feb 29, 2016 | 26.10 | 32.13 |
| Feb 26, 2015 | 20.22 | 27.07 |
| Mar 3, 2014 | 13.77 | 30.86 |
| Feb 22, 2013 | 14.06 | 22.94 |
| Feb 28, 2012 | 12.48 | 17.55 |
| Feb 25, 2011 | 31.42 | 21.71 |
| Mar 1, 2010 | 121.01 | 20.34 |
| Feb 27, 2009 | — | 16.53 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).
Comparison to Industry (Communication Services)
Activision Blizzard Inc., P/E, long-term trends, comparison to industry (communication services)
| Activision Blizzard Inc. | Communication Services | |
|---|---|---|
| Feb 23, 2023 | 39.95 | 25.39 |
| Feb 25, 2022 | 23.51 | 21.07 |
| Feb 23, 2021 | 34.00 | 36.50 |
| Feb 27, 2020 | 29.85 | 24.23 |
| Feb 28, 2019 | 17.75 | 19.46 |
| Feb 27, 2018 | 201.77 | 18.11 |
| Feb 28, 2017 | 35.13 | 24.33 |
| Feb 29, 2016 | 26.10 | 23.89 |
| Feb 26, 2015 | 20.22 | 26.45 |
| Mar 3, 2014 | 13.77 | 21.66 |
| Feb 22, 2013 | 14.06 | 27.51 |
| Feb 28, 2012 | 12.48 | 24.54 |
| Feb 25, 2011 | 31.42 | 16.12 |
| Mar 1, 2010 | 121.01 | 16.95 |
| Feb 27, 2009 | — | 13.32 |
Based on: 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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31).