Price to Sales (P/S)
since 2008
Calculation
Activision Blizzard Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 8.03 | = | 77.07 | ÷ | 9.60 | 9.60 | = | 7,528 | ÷ | 784,274,126 | |
| Feb 25, 2022 | 7.21 | = | 81.44 | ÷ | 11.30 | 11.30 | = | 8,803 | ÷ | 779,234,888 | |
| Feb 23, 2021 | 9.24 | = | 96.42 | ÷ | 10.44 | 10.44 | = | 8,086 | ÷ | 774,753,965 | |
| Feb 27, 2020 | 6.91 | = | 58.33 | ÷ | 8.44 | 8.44 | = | 6,489 | ÷ | 769,221,524 | |
| Feb 28, 2019 | 4.29 | = | 42.14 | ÷ | 9.82 | 9.82 | = | 7,500 | ÷ | 763,833,873 | |
| Feb 27, 2018 | 7.85 | = | 72.61 | ÷ | 9.25 | 9.25 | = | 7,017 | ÷ | 758,631,663 | |
| Feb 28, 2017 | 5.13 | = | 45.13 | ÷ | 8.79 | 8.79 | = | 6,608 | ÷ | 751,846,958 | |
| Feb 29, 2016 | 4.99 | = | 31.67 | ÷ | 6.35 | 6.35 | = | 4,664 | ÷ | 734,998,115 | |
| Feb 26, 2015 | 3.83 | = | 23.35 | ÷ | 6.10 | 6.10 | = | 4,408 | ÷ | 722,918,352 | |
| Mar 3, 2014 | 3.03 | = | 19.52 | ÷ | 6.43 | 6.43 | = | 4,583 | ÷ | 712,370,652 | |
| Feb 22, 2013 | 3.33 | = | 14.51 | ÷ | 4.36 | 4.36 | = | 4,856 | ÷ | 1,113,696,788 | |
| Feb 28, 2012 | 2.85 | = | 12.06 | ÷ | 4.23 | 4.23 | = | 4,755 | ÷ | 1,122,866,712 | |
| Feb 25, 2011 | 2.95 | = | 11.11 | ÷ | 3.76 | 3.76 | = | 4,447 | ÷ | 1,182,249,613 | |
| Mar 1, 2010 | 3.20 | = | 10.94 | ÷ | 3.42 | 3.42 | = | 4,279 | ÷ | 1,249,909,250 | |
| Feb 27, 2009 | 4.33 | = | 10.03 | ÷ | 2.31 | 2.31 | = | 3,026 | ÷ | 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.
- Share Price Trend
- The share price exhibits an overall upward trajectory from 2009 to 2023, increasing from $10.03 to a peak of $96.42 in 2021. Despite notable volatility, such as a significant drop from $72.61 in 2018 to $42.14 in 2019, the share price recovered strongly by 2021. After reaching the peak, the price experienced a decline in the following two years, settling at $77.07 in 2023.
- Sales per Share Trend
- Sales per share demonstrate a generally rising trend with an increase from $2.31 in 2009 to a maximum of $11.3 in 2022. There is a minor fluctuation and a dip in 2020, where sales per share decline to $8.44 from $9.82 in 2019, followed by recovery in subsequent years. The sales figure slightly decreases again in 2023 to $9.6.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displays substantial variation, initially decreasing from 4.33 in 2009 to a low around 2.85 in 2012, indicating the market price was relatively low compared to sales at that time. Following 2012, the ratio rises steadily, peaking at 9.24 in 2021, which suggests an increasing market valuation relative to sales. Post-2021, the ratio declines somewhat but remains elevated at 8.03 in 2023.
- Overall Insights
- The company's share price growth generally outpaces its sales per share growth, indicating improving market sentiment or expectations that go beyond current sales performance. The increasing P/S ratio over time reflects heightened investor valuation relative to sales, with particularly high market enthusiasm around 2021. The volatility in both share price and sales per share during the 2018 to 2020 period may suggest external factors or company-specific events impacting performance and investor perception. Despite recent declines from peak values, the company's valuation remains significantly higher than in earlier years.
Comparison to Competitors
Activision Blizzard Inc., P/S, long-term trends, comparison to competitors
| Activision Blizzard Inc. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Take-Two Interactive Software Inc. | Walt Disney Co. | |
|---|---|---|---|---|---|---|---|
| Feb 23, 2023 | 8.03 | 4.76 | 1.39 | 4.20 | 5.14 | 4.07 | 2.09 |
| Feb 25, 2022 | 7.21 | 7.60 | 1.95 | 5.49 | 5.78 | 6.15 | 4.08 |
| Feb 23, 2021 | 9.24 | 7.65 | 2.28 | 8.78 | 9.54 | 5.18 | 4.13 |
| Feb 27, 2020 | 6.91 | 6.14 | 1.84 | 8.45 | 7.47 | 4.37 | 3.81 |
| Feb 28, 2019 | 4.29 | 5.82 | 1.75 | 8.52 | 9.09 | 7.27 | 2.83 |
| Feb 27, 2018 | 7.85 | 6.78 | 2.34 | 13.80 | 10.56 | 4.54 | 2.81 |
| Feb 28, 2017 | 5.13 | 6.14 | 2.22 | 13.70 | 6.94 | 2.24 | 2.81 |
| Feb 29, 2016 | 4.99 | 6.27 | 1.95 | 17.32 | 5.96 | 2.13 | 3.74 |
| Feb 26, 2015 | 3.83 | 5.44 | 2.19 | 17.51 | 4.88 | 0.80 | 3.12 |
| Mar 3, 2014 | 3.03 | 6.67 | 2.23 | 20.27 | 5.53 | 1.25 | 2.70 |
| Feb 22, 2013 | 3.33 | 4.95 | 1.69 | 13.92 | 2.56 | 1.28 | 2.04 |
| Feb 28, 2012 | 2.85 | 4.87 | 1.44 | — | 2.14 | 1.27 | 1.47 |
| Feb 25, 2011 | 2.95 | 6.85 | 1.85 | — | 5.76 | 1.44 | 1.83 |
| Mar 1, 2010 | 3.20 | 7.17 | 1.28 | — | 2.09 | 0.77 | 1.59 |
| Feb 27, 2009 | 4.33 | 5.17 | 1.08 | — | 1.54 | 0.43 | 0.92 |
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/S, long-term trends, comparison to sector (media & entertainment)
| Activision Blizzard Inc. | Media & Entertainment | |
|---|---|---|
| Feb 23, 2023 | 8.03 | 3.69 |
| Feb 25, 2022 | 7.21 | 5.57 |
| Feb 23, 2021 | 9.24 | 6.25 |
| Feb 27, 2020 | 6.91 | 5.12 |
| Feb 28, 2019 | 4.29 | 4.84 |
| Feb 27, 2018 | 7.85 | 5.90 |
| Feb 28, 2017 | 5.13 | 5.04 |
| Feb 29, 2016 | 4.99 | 5.11 |
| Feb 26, 2015 | 3.83 | 4.46 |
| Mar 3, 2014 | 3.03 | 4.64 |
| Feb 22, 2013 | 3.33 | 3.17 |
| Feb 28, 2012 | 2.85 | 2.40 |
| Feb 25, 2011 | 2.95 | 3.27 |
| Mar 1, 2010 | 3.20 | 2.82 |
| Feb 27, 2009 | 4.33 | 1.93 |
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/S, long-term trends, comparison to industry (communication services)
| Activision Blizzard Inc. | Communication Services | |
|---|---|---|
| Feb 23, 2023 | 8.03 | 2.91 |
| Feb 25, 2022 | 7.21 | 3.95 |
| Feb 23, 2021 | 9.24 | 4.19 |
| Feb 27, 2020 | 6.91 | 3.55 |
| Feb 28, 2019 | 4.29 | 3.21 |
| Feb 27, 2018 | 7.85 | 3.59 |
| Feb 28, 2017 | 5.13 | 3.11 |
| Feb 29, 2016 | 4.99 | 3.03 |
| Feb 26, 2015 | 3.83 | 2.67 |
| Mar 3, 2014 | 3.03 | 2.72 |
| Feb 22, 2013 | 3.33 | 2.08 |
| Feb 28, 2012 | 2.85 | 1.65 |
| Feb 25, 2011 | 2.95 | 1.84 |
| Mar 1, 2010 | 3.20 | 1.54 |
| Feb 27, 2009 | 4.33 | 1.28 |
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).