Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

This company has been moved to the archive! The financial data has not been updated since July 31, 2023.

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

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).

Historical Valuation Ratios (Summary)

Activision Blizzard Inc., historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Price to earnings (P/E) 33.71 31.56 39.95 33.22 33.34 24.89 23.51 22.90 23.81 29.82 34.00 27.16 36.81 33.83 29.85 25.71 22.44 21.57 17.75 — — —
Price to operating profit (P/OP) 32.64 29.45 36.19 28.06 26.98 20.93 19.47 19.07 19.85 23.62 27.32 23.18 32.36 32.02 27.92 22.69 20.29 19.34 16.19 — — —
Price to sales (P/S) 8.38 7.20 8.03 7.56 8.20 7.42 7.21 6.68 6.95 8.04 9.24 7.85 9.55 8.18 6.91 6.09 5.32 5.16 4.29 — — —
Price to book value (P/BV) 3.51 2.92 3.14 2.96 3.43 3.45 3.61 3.57 3.81 4.50 4.97 4.18 4.88 4.06 3.50 3.43 3.16 3.27 2.83 4.49 5.46 5.18

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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Activision Blizzard Inc. P/E ratio decreased from Q4 2022 to Q1 2023 but then slightly increased from Q1 2023 to Q2 2023.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Activision Blizzard Inc. P/OP ratio decreased from Q4 2022 to Q1 2023 but then slightly increased from Q1 2023 to Q2 2023.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Activision Blizzard Inc. P/S ratio decreased from Q4 2022 to Q1 2023 but then increased from Q1 2023 to Q2 2023 exceeding Q4 2022 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Activision Blizzard Inc. P/BV ratio decreased from Q4 2022 to Q1 2023 but then increased from Q1 2023 to Q2 2023 exceeding Q4 2022 level.

Price to Earnings (P/E)

Activision Blizzard Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 786,798,320 786,158,727 784,274,126 782,625,319 782,306,592 781,881,472 779,234,888 778,888,584 777,708,445 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715
Selected Financial Data (US$)
Net income (in millions) 587 740 403 435 280 395 565 639 876 619 508 604 580 505 524 204 328 447 651 260 402 500
Earnings per share (EPS)2 2.75 2.36 1.93 2.14 2.40 3.17 3.46 3.39 3.35 2.97 2.84 2.86 2.35 2.03 1.95 2.12 2.20 2.30 2.37 0.00 0.00 0.00
Share price1, 3 92.76 74.59 77.07 71.10 80.08 78.78 81.44 77.67 79.83 88.69 96.42 77.77 86.45 68.53 58.33 54.55 49.33 49.55 42.14 62.79 74.06 66.82
Valuation Ratio
P/E ratio4 33.71 31.56 39.95 33.22 33.34 24.89 23.51 22.90 23.81 29.82 34.00 27.16 36.81 33.83 29.85 25.71 22.44 21.57 17.75 — — —
Benchmarks
P/E Ratio, Competitors5
Alphabet Inc. 26.82 22.64 22.47 18.32 20.58 20.32 25.74 27.53 28.90 31.05 34.65 30.70 31.99 26.52 28.96 — — — — — — —
Comcast Corp. 28.75 29.69 31.38 25.58 12.39 13.00 16.01 16.37 21.39 22.12 22.37 19.10 17.33 14.74 15.39 — — — — — — —
Meta Platforms Inc. 35.58 28.51 21.10 9.01 12.84 14.91 16.44 21.80 25.93 27.69 25.89 29.65 30.73 27.83 32.31 — — — — — — —
Netflix Inc. 44.61 34.72 36.17 23.66 19.54 19.36 33.56 57.28 51.57 60.01 86.39 76.39 82.63 85.48 80.66 — — — — — — —
Walt Disney Co. 44.85 61.51 54.90 65.23 72.29 86.97 137.89 289.34 — — — — 33.92 25.19 23.96 20.74 18.03 15.32 13.36 — — —

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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

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
= (587,000,000 + 740,000,000 + 403,000,000 + 435,000,000) ÷ 786,798,320 = 2.75

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
= 92.76 ÷ 2.75 = 33.71

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Activision Blizzard Inc. P/E ratio decreased from Q4 2022 to Q1 2023 but then slightly increased from Q1 2023 to Q2 2023.

Price to Operating Profit (P/OP)

Activision Blizzard Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 786,798,320 786,158,727 784,274,126 782,625,319 782,306,592 781,881,472 779,234,888 778,888,584 777,708,445 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715
Selected Financial Data (US$)
Operating income (in millions) 583 800 368 485 338 479 681 824 959 795 595 778 749 612 454 247 336 570 694 265 434 595
Operating profit per share2 2.84 2.53 2.13 2.53 2.97 3.76 4.18 4.07 4.02 3.75 3.53 3.36 2.67 2.14 2.09 2.40 2.43 2.56 2.60 0.00 0.00 0.00
Share price1, 3 92.76 74.59 77.07 71.10 80.08 78.78 81.44 77.67 79.83 88.69 96.42 77.77 86.45 68.53 58.33 54.55 49.33 49.55 42.14 62.79 74.06 66.82
Valuation Ratio
P/OP ratio4 32.64 29.45 36.19 28.06 26.98 20.93 19.47 19.07 19.85 23.62 27.32 23.18 32.36 32.02 27.92 22.69 20.29 19.34 16.19 — — —
Benchmarks
P/OP Ratio, Competitors5
Alphabet Inc. 21.93 18.38 18.01 15.62 17.97 18.39 24.86 26.82 29.02 32.10 33.85 31.47 30.75 25.72 29.05 — — — — — — —
Comcast Corp. 12.94 11.89 12.00 9.64 7.83 8.75 10.89 11.91 14.39 14.66 13.47 10.47 9.93 8.26 9.51 — — — — — — —
Meta Platforms Inc. 27.97 22.11 16.91 7.39 10.83 12.68 13.84 18.71 22.67 24.49 23.10 26.06 25.90 21.96 24.90 — — — — — — —
Netflix Inc. 33.68 27.12 28.85 20.88 16.77 15.62 27.71 44.39 37.28 40.38 52.02 52.42 59.01 61.48 57.82 — — — — — — —
Walt Disney Co. 26.48 32.61 26.43 31.54 35.31 53.03 91.54 197.21 — — — 242.78 21.67 26.30 24.82 21.70 18.48 11.63 11.37 — — —

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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

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
= (583,000,000 + 800,000,000 + 368,000,000 + 485,000,000) ÷ 786,798,320 = 2.84

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
= 92.76 ÷ 2.84 = 32.64

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Activision Blizzard Inc. P/OP ratio decreased from Q4 2022 to Q1 2023 but then slightly increased from Q1 2023 to Q2 2023.

Price to Sales (P/S)

Activision Blizzard Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 786,798,320 786,158,727 784,274,126 782,625,319 782,306,592 781,881,472 779,234,888 778,888,584 777,708,445 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715
Selected Financial Data (US$)
Net revenues (in millions) 2,207 2,383 2,334 1,782 1,644 1,768 2,162 2,070 2,296 2,275 2,412 1,954 1,932 1,788 1,986 1,282 1,396 1,825 2,382 1,512 1,641 1,965
Sales per share2 11.07 10.36 9.60 9.40 9.77 10.61 11.30 11.62 11.49 11.03 10.44 9.91 9.05 8.37 8.44 8.96 9.28 9.61 9.82 0.00 0.00 0.00
Share price1, 3 92.76 74.59 77.07 71.10 80.08 78.78 81.44 77.67 79.83 88.69 96.42 77.77 86.45 68.53 58.33 54.55 49.33 49.55 42.14 62.79 74.06 66.82
Valuation Ratio
P/S ratio4 8.38 7.20 8.03 7.56 8.20 7.42 7.21 6.68 6.95 8.04 9.24 7.85 9.55 8.18 6.91 6.09 5.32 5.16 4.29 — — —
Benchmarks
P/S Ratio, Competitors5
Alphabet Inc. 5.65 4.66 4.76 4.35 5.33 5.60 7.60 8.13 8.26 8.11 7.65 6.39 6.08 5.49 6.14 — — — — — — —
Comcast Corp. 1.55 1.40 1.39 1.14 1.43 1.55 1.95 2.08 2.45 2.49 2.28 1.89 1.89 1.58 1.84 — — — — — — —
Meta Platforms Inc. 6.65 5.21 4.20 2.20 3.62 4.65 5.49 7.82 9.64 9.90 8.78 9.49 9.62 7.95 8.45 — — — — — — —
Netflix Inc. 5.90 4.57 5.14 3.79 3.21 3.19 5.78 10.10 8.21 8.55 9.54 9.00 9.79 8.91 7.47 — — — — — — —
Walt Disney Co. 2.12 2.42 2.09 2.53 2.50 3.67 4.08 5.12 5.55 5.70 4.13 3.04 2.33 3.48 3.81 3.95 4.07 2.83 2.83 — — —

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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

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
= (2,207,000,000 + 2,383,000,000 + 2,334,000,000 + 1,782,000,000) ÷ 786,798,320 = 11.07

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
= 92.76 ÷ 11.07 = 8.38

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Activision Blizzard Inc. P/S ratio decreased from Q4 2022 to Q1 2023 but then increased from Q1 2023 to Q2 2023 exceeding Q4 2022 level.

Price to Book Value (P/BV)

Activision Blizzard Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 786,798,320 786,158,727 784,274,126 782,625,319 782,306,592 781,881,472 779,234,888 778,888,584 777,708,445 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715
Selected Financial Data (US$)
Shareholders’ equity (in millions) 20,793 20,115 19,243 18,808 18,248 17,831 17,599 16,950 16,286 15,331 15,037 14,382 13,682 13,021 12,805 12,235 11,977 11,596 11,357 10,659 10,346 9,819
Book value per share (BVPS)2 26.43 25.59 24.54 24.03 23.33 22.81 22.58 21.76 20.94 19.73 19.41 18.61 17.73 16.90 16.65 15.93 15.61 15.14 14.87 13.97 13.57 12.90
Share price1, 3 92.76 74.59 77.07 71.10 80.08 78.78 81.44 77.67 79.83 88.69 96.42 77.77 86.45 68.53 58.33 54.55 49.33 49.55 42.14 62.79 74.06 66.82
Valuation Ratio
P/BV ratio4 3.51 2.92 3.14 2.96 3.43 3.45 3.61 3.57 3.81 4.50 4.97 4.18 4.88 4.06 3.50 3.43 3.16 3.27 2.83 4.49 5.46 5.18
Benchmarks
P/BV Ratio, Competitors5
Alphabet Inc. 6.12 5.08 5.26 4.84 5.80 5.96 7.78 7.95 7.66 6.93 6.27 5.15 4.87 4.50 4.94 4.47 4.51 4.50 — — — —
Comcast Corp. 2.22 2.04 2.08 1.72 1.90 1.97 2.36 2.48 2.81 2.80 2.61 2.29 2.39 2.11 2.43 2.61 2.64 2.60 — — — —
Meta Platforms Inc. 5.98 4.90 3.89 2.09 3.43 4.52 5.18 6.59 7.31 6.99 5.88 6.37 6.54 5.54 5.91 5.81 6.45 6.38 — — — —
Netflix Inc. 8.30 6.68 7.82 5.81 5.22 5.53 10.83 18.89 16.34 17.51 21.56 20.75 23.74 22.69 19.86 17.58 22.60 27.62 — — — —
Walt Disney Co. 1.89 2.12 1.82 2.22 2.11 2.98 3.11 3.76 3.79 4.12 3.23 2.47 2.02 2.91 2.98 2.82 2.70 3.34 3.45 3.76 3.36 3.69

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), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q2 2023 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 20,793,000,000 ÷ 786,798,320 = 26.43

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
= 92.76 ÷ 26.43 = 3.51

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Activision Blizzard Inc. P/BV ratio decreased from Q4 2022 to Q1 2023 but then increased from Q1 2023 to Q2 2023 exceeding Q4 2022 level.