Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2008
- Operating Profit Margin since 2008
- Current Ratio since 2008
- Total Asset Turnover since 2008
- Price to Sales (P/S) since 2008
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Historical Valuation Ratios (Summary)
Activision Blizzard Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a generally upward trend from March 2019 to December 2020, increasing from 21.57 to a peak of 39.95 in December 2022. Notable fluctuations occurred, with a decline observed between December 2020 and June 2021, followed by a recovery and renewed growth reaching nearly 40 by late 2022. The most recent data points indicate a slight decrease but remaining elevated above the early periods, suggesting greater market valuation relative to earnings over time.
- Price to Operating Profit (P/OP) Ratio
- This ratio followed a similar pattern to the P/E, starting at 19.34 in early 2019 and rising to a high of 36.19 in December 2022. There is evidence of volatility around 2020 and early 2021, where the ratio temporarily decreased before climbing again. The latest figures maintain a high valuation level relative to operating profits, indicative of either market optimism about future operating performance or possibly compressed operating profit margins.
- Price to Sales (P/S) Ratio
- The P/S ratio showed consistent growth over the entire period, starting at 5.16 and peaking near 9.55 in mid-2020. After a decline in the subsequent quarters of 2021, the ratio climbed again, maintaining levels mostly above 7.0 in 2022 and into mid-2023. This trend implies increasing investor willingness to pay for each unit of sales, aligning with possible revenue growth or expectations thereof.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio rose from 3.27 in early 2019 to a high near 4.97 during late 2020, then experienced more variability throughout 2021 and 2022. A downward trend was observed in late 2022, reaching lows under 3.0 before rebounding slightly by mid-2023. This fluctuation might reflect changing perceptions of the company’s net asset value or shifts in the underlying book value, with market prices adjusting more dynamically than book values over this horizon.
Price to Earnings (P/E)
Activision Blizzard Inc., historical P/E calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed an overall upward trend from March 2019 to June 2020, increasing from $49.55 to a peak of $86.45. Following this peak, there was a decline through September and December 2020, with a subsequent oscillation between $71.10 and $92.76 up to June 2023. Notably, the share price reached highs around $96.42 in December 2020 and $92.76 in June 2023, indicating periods of investor optimism despite some volatility.
- Earnings Per Share (EPS)
- EPS demonstrated a generally positive trend from Q1 2019 through Q4 2021, rising from $2.30 to a peak of $3.46. However, starting in early 2022, EPS declined significantly, reaching a low of $1.93 in December 2022. Subsequently, there was a recovery phase through June 2023, with EPS increasing to $2.75, though not reaching previous highs. This pattern suggests a period of growth followed by a downturn and partial recovery in profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio generally increased from 21.57 in March 2019 to a high of approximately 39.95 in December 2022, reflecting increased market valuations relative to earnings over this period. Despite the rise in EPS up to late 2021, P/E fluctuated, indicating varying investor sentiment. The peak in P/E during late 2022 corresponds with the EPS trough, implying that share prices remained relatively elevated despite declining earnings. In mid-2023, the P/E ratio moderated to around 33.71, aligning with EPS recovery and share price dynamics.
- Overall Analysis
- The data presents a cycle of growth and some volatility. Initially, the company experienced increasing share prices and earnings, reflecting improved financial performance and market confidence. Starting in early 2022, earnings weakened considerably, which caused inconsistencies in market valuation as evidenced by the elevated P/E ratios. The partial EPS recovery in 2023, combined with fluctuating share prices, suggests ongoing adjustments in market expectations and earnings performance. Investors appeared to value the company at a premium relative to earnings during periods of earnings decline, possibly anticipating future growth or other qualitative factors not captured here.
Price to Operating Profit (P/OP)
Activision Blizzard Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods.
- Share Price
-
The share price exhibited an overall upward trajectory from early 2019 through mid-2020, rising from $49.55 to a peak near $96.42 by December 2020. Subsequently, the share price experienced fluctuations, including a decline throughout 2021 into 2022, reaching a low around $71.10 in September 2022. However, a recovery began towards early 2023, culminating in an increase to $92.76 by June 2023.
- Operating Profit Per Share (OP/Share)
-
The operating profit per share showed a generally increasing trend from March 2019, starting at $2.56 and rising steadily through 2021 to a peak of $4.18 by December 2021. Following this peak, a decline was observed during 2022, with operating profit per share dropping to approximately $2.13 by December 2022. By mid-2023, there was a partial recovery, reaching $2.84.
- Price to Operating Profit Ratio (P/OP)
-
The P/OP ratio displayed variability over the timeframe, generally mirroring share price movements relative to operating profit per share. Early in the period (2019), the ratio ranged between approximately 19 and 28, increasing sharply to peaks over 32 during mid-2020 and again fluctuating substantially through 2021 and 2022. Notably, the ratio peaked at 36.19 in December 2022, indicating elevated share price levels relative to operating profits during a period when operating profit declined. The ratio decreased slightly to 32.64 by mid-2023.
In summary, the data indicates that while operating profit per share generally strengthened through late 2021, it subsequently declined in 2022 before partial recovery. The share price moved broadly in line with profit trends but with greater volatility, especially increasing sharply in early 2020 and recovering in early 2023 after a dip. The price to operating profit ratio reflects these dynamics, with higher valuations during periods when price growth outpaced profitability gains and elevated investor expectations despite profit weakening.
Price to Sales (P/S)
Activision Blizzard Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company demonstrated a general upward trend from March 31, 2019, through June 30, 2023, with some fluctuations. Initial prices were around $49.55 and $49.33 in early 2019, rising steadily to a peak of $96.42 by December 31, 2020. Following this peak, the price experienced volatility, with lows near $71.10 in September 2022 and subsequent recovery to $92.76 by June 30, 2023.
Sales per share showed moderate growth over the same period. Starting at $9.61 in March 2019, there was some decline through late 2019 and early 2020, but a recovery is visible as sales per share steadily increased, reaching a high of $11.62 in September 2021. Afterward, slight declines and fluctuations occurred, with values stabilizing around $10.36 to $11.07 in the most recent quarters.
The Price-to-Sales (P/S) ratio exhibited considerable variability, reflecting changes in both share price and sales per share. The ratio rose from approximately 5.16 in early 2019 to a peak of 9.55 in June 2020. After this, the ratio fluctuated between roughly 6.68 and 9.24, indicating periods where the stock price growth outpaced sales growth and vice versa. The most recent data shows a P/S ratio of 8.38 in June 2023, representing a relatively high valuation compared to sales.
- Summary of share price trend
- Overall increase with peaks near end of 2020 and mid-2023, interspersed with periods of volatility and pullbacks.
- Sales per share trend
- Gradual growth over the observed quarters with seasonal fluctuations, peaking in late 2021 and stable values recently.
- Price-to-Sales ratio trend
- Marked variability reflecting shifting investor valuation; highest in mid-2020, with persistence of relatively elevated valuation levels.
- Insights
- The financial data suggests the market values the company at a premium to sales, especially during periods of share price peaks. Sales growth has been positive but more moderate compared to the share price increases, resulting in fluctuating yet generally high P/S ratios. The volatility in share price indicates sensitivity to external factors or market sentiment, while sales per share demonstrate stable underlying business performance.
Price to Book Value (P/BV)
Activision Blizzard Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Activision Blizzard Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price of the company exhibited an overall upward movement from March 2019 to June 2023, starting at $49.55 and rising to a peak of $96.42 by December 2020. After reaching this peak, the price showed some volatility and a declining trend, dropping to $77.07 in December 2022. However, a notable recovery occurred in the first half of 2023, with the share price climbing back to $92.76 by June 2023.
- Book Value per Share (BVPS) Trend
- The book value per share demonstrated a consistent and steady increase throughout the period. Starting at $15.14 in March 2019, it rose progressively each quarter, reaching $26.43 in June 2023. This steady growth indicates ongoing improvements in the company's net asset base per share over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio fluctuated across the quarters, reflecting the interaction between share price movements and BVPS growth. Initially, the ratio was around 3.27 in March 2019, and it peaked notably at 4.97 in December 2020, coinciding with peak share prices. Subsequent quarters showed a declining trend in the P/BV ratio, dropping to as low as 2.92 by March 2023, before slightly increasing again to 3.51 by June 2023. This pattern suggests periods where the market valuation either outpaced or lagged relative to book value changes.
- Summary of Insights
- Throughout the analyzed period, the company experienced significant appreciation in its share price with notable volatility after the peak in late 2020. Meanwhile, the book value per share grew steadily without reversal, indicating strengthening fundamentals. The fluctuation in the P/BV ratio highlights changing investor sentiment and valuation metrics, with the highest P/BV corresponding to peak market optimism and subsequent corrections aligning closer to underlying book value growth.