Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

Historical Valuation Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Price to earnings (P/E) 29.82 34.00 27.16 36.81 33.83 29.85 25.71 22.44 21.57 17.75 82.89 111.59 146.59 201.77 44.58 43.08 38.89 35.13
Price to operating profit (P/OP) 23.62 27.32 23.18 32.36 32.02 27.92 22.69 20.29 19.34 16.19 31.65 37.49 36.05 42.08 32.69 31.14 27.71 24.03
Price to sales (P/S) 8.04 9.24 7.85 9.55 8.18 6.91 6.09 5.32 5.16 4.29 6.69 7.77 7.01 7.85 7.08 6.96 5.82 5.13
Price to book value (P/BV) 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 5.82 4.97 4.97 4.24 3.72 3.51 3.54 3.29

Based on: 10-Q (filing date: 2021-05-04), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-10-29), 10-Q (filing date: 2020-08-04), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-27), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-09).

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.’s P/E ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
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.’s P/OP ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
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.’s P/S ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Activision Blizzard Inc.’s P/BV ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641
Selected Financial Data (US$)
Net income (in millions) 619  508  604  580  505  524  204  328  447  651  260  402  500  (584) 188  243  426  253  199  151  363 
Earnings per share (EPS)2 2.97 2.84 2.86 2.35 2.03 1.95 2.12 2.20 2.30 2.37 0.76 0.66 0.46 0.36 1.47 1.48 1.37 1.28 0.00 0.00 0.00
Share price1, 3 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 72.61 65.45 63.97 53.10 45.13 41.70 40.83 37.15
Valuation Ratio
P/E ratio4 29.82 34.00 27.16 36.81 33.83 29.85 25.71 22.44 21.57 17.75 82.89 111.59 146.59 201.77 44.58 43.08 38.89 35.13
Benchmarks
P/E Ratio, Competitors5
Alphabet Inc. 31.05 34.65 30.70 31.99 26.53 28.96 26.70 24.95 29.48 25.92 39.70 53.24 42.58 59.34 33.70 34.05 30.63 28.45
Charter Communications Inc. 34.97 36.53 44.87 52.52 58.10 65.14 79.42 65.14 63.06 60.65 6.44 7.03 6.31 9.34 98.79 100.98 23.38 24.77
Comcast Corp. 22.12 22.37 19.10 17.33 14.74 15.39 16.44 16.79 16.01 14.11 6.74 6.64 6.80 8.70 16.91 19.34 20.57 20.56
Facebook Inc. 27.69 25.89 29.65 30.73 27.83 32.31 30.33 33.56 28.21 21.51 22.37 26.69 28.23 35.20 34.13 37.63 37.87 37.05
Netflix Inc. 60.01 86.39 76.39 82.63 85.48 80.66 85.33 119.81 124.52 118.55 119.73 165.07 216.75 220.95 192.24 219.23 180.43 328.44
Walt Disney Co. 33.92 25.19 23.96 20.74 18.03 15.32 13.36 14.42 13.22 14.61 17.28 18.34 18.99 19.17 16.65 16.83 18.97 16.59

Based on: 10-Q (filing date: 2021-05-04), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-10-29), 10-Q (filing date: 2020-08-04), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-27), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-09).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
EPS = (Net incomeQ1 2021 + Net incomeQ4 2020 + Net incomeQ3 2020 + Net incomeQ2 2020) ÷ No. shares of common stock outstanding
= (619,000,000 + 508,000,000 + 604,000,000 + 580,000,000) ÷ 777,016,759 = 2.97

3 Closing price as at the filing date of Activision Blizzard Inc.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/E ratio = Share price ÷ EPS
= 88.69 ÷ 2.97 = 29.82

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.’s P/E ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641
Selected Financial Data (US$)
Operating income (in millions) 795  595  778  749  612  454  247  336  570  694  265  434  595  220  257  339  493  425  294  232  461 
Operating profit per share2 3.75 3.53 3.36 2.67 2.14 2.09 2.40 2.43 2.56 2.60 1.98 1.98 1.85 1.73 2.00 2.05 1.92 1.88 0.00 0.00 0.00
Share price1, 3 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 72.61 65.45 63.97 53.10 45.13 41.70 40.83 37.15
Valuation Ratio
P/OP ratio4 23.62 27.32 23.18 32.36 32.02 27.92 22.69 20.29 19.34 16.19 31.65 37.49 36.05 42.08 32.69 31.14 27.71 24.03
Benchmarks
P/OP Ratio, Competitors5
Alphabet Inc. 32.10 33.85 31.47 30.75 25.72 29.05 26.25 26.84 31.82 30.27 28.90 34.38 26.65 28.74 28.19 28.51 25.42 23.37
Charter Communications Inc. 14.65 14.00 15.27 16.24 15.28 16.69 16.57 15.27 14.80 14.29 13.54 15.64 14.86 22.51 19.78 23.79 29.19 35.52
Comcast Corp. 14.66 13.47 10.47 9.93 8.26 9.51 10.00 10.19 9.97 8.71 8.77 8.58 8.74 10.98 9.34 10.45 10.85 10.61
Facebook Inc. 24.49 23.10 26.06 25.90 21.96 24.90 23.82 26.58 24.22 19.10 17.84 21.39 22.58 27.76 29.85 32.12 31.81 30.46
Netflix Inc. 40.38 52.02 52.42 59.01 61.48 57.82 51.09 74.10 97.38 89.46 92.49 119.87 141.40 147.25 113.23 123.13 103.61 161.44
Walt Disney Co. 242.78 21.67 26.30 24.82 21.70 18.48 11.63 11.37 12.16 10.74 11.53 11.26 11.73 12.19 12.31 11.01 10.74 12.24 10.86

Based on: 10-Q (filing date: 2021-05-04), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-10-29), 10-Q (filing date: 2020-08-04), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-27), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-09).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
Operating profit per share = (Operating incomeQ1 2021 + Operating incomeQ4 2020 + Operating incomeQ3 2020 + Operating incomeQ2 2020) ÷ No. shares of common stock outstanding
= (795,000,000 + 595,000,000 + 778,000,000 + 749,000,000) ÷ 777,016,759 = 3.75

3 Closing price as at the filing date of Activision Blizzard Inc.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 88.69 ÷ 3.75 = 23.62

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.’s P/OP ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641
Selected Financial Data (US$)
Net revenues (in millions) 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  2,042  1,618  1,631  1,726  2,015  1,568  1,570  1,455 
Sales per share2 11.03 10.44 9.91 9.05 8.37 8.44 8.96 9.28 9.61 9.82 9.38 9.53 9.53 9.25 9.24 9.19 9.13 8.79 0.00 0.00 0.00
Share price1, 3 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 72.61 65.45 63.97 53.10 45.13 41.70 40.83 37.15
Valuation Ratio
P/S ratio4 8.04 9.24 7.85 9.55 8.18 6.91 6.09 5.32 5.16 4.29 6.69 7.77 7.01 7.85 7.08 6.96 5.82 5.13
Benchmarks
P/S Ratio, Competitors5
Alphabet Inc. 8.11 7.65 6.39 6.08 5.49 6.14 5.62 5.85 5.81 5.82 5.74 7.01 6.04 6.78 6.77 6.64 6.69 6.14
Charter Communications Inc. 2.60 2.45 2.56 2.55 2.27 2.37 2.19 1.98 1.88 1.71 1.57 1.66 1.49 2.22 1.91 2.32 2.47 3.01
Comcast Corp. 2.49 2.28 1.89 1.89 1.58 1.84 1.88 1.96 1.98 1.75 1.84 1.82 1.82 2.34 2.03 2.21 2.29 2.22
Facebook Inc. 9.90 8.78 9.49 9.62 7.95 8.45 8.22 9.15 9.36 8.52 8.41 10.49 11.31 13.80 14.25 14.92 14.43 13.70
Netflix Inc. 8.55 9.54 9.00 9.79 8.91 7.47 6.39 7.83 9.48 9.09 10.15 11.77 11.40 10.56 7.77 7.79 6.40 6.94
Walt Disney Co. 5.70 4.13 3.04 2.33 3.48 3.81 3.95 4.07 2.83 2.83 2.99 2.67 2.87 2.81 2.98 3.16 3.12 2.81 2.77 3.15 2.77

Based on: 10-Q (filing date: 2021-05-04), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-10-29), 10-Q (filing date: 2020-08-04), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-27), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-09).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
Sales per share = (Net revenuesQ1 2021 + Net revenuesQ4 2020 + Net revenuesQ3 2020 + Net revenuesQ2 2020) ÷ No. shares of common stock outstanding
= (2,275,000,000 + 2,412,000,000 + 1,954,000,000 + 1,932,000,000) ÷ 777,016,759 = 11.03

3 Closing price as at the filing date of Activision Blizzard Inc.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= 88.69 ÷ 11.03 = 8.04

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.’s P/S ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
No. shares of common stock outstanding1 777,016,759 774,753,965 772,857,185 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641
Selected Financial Data (US$)
Shareholders’ equity (in millions) 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  9,462  9,967  9,715  9,436  9,119  8,818  8,554  8,348 
Book value per share (BVPS)2 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 12.47 13.18 12.87 12.52 12.13 11.86 11.54 11.31
Share price1, 3 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 72.61 65.45 63.97 53.10 45.13 41.70 40.83 37.15
Valuation Ratio
P/BV ratio4 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 5.82 4.97 4.97 4.24 3.72 3.51 3.54 3.29
Benchmarks
P/BV Ratio, Competitors5
Alphabet Inc. 6.93 6.27 5.15 4.87 4.50 4.94 4.47 4.51 4.50 4.49 4.39 5.36 4.40 4.93 4.51 4.44 4.37 3.99 3.92 4.15 3.85
Charter Communications Inc. 6.05 4.94 4.49 4.05 3.55 3.46 3.01 2.50 2.32 2.06 1.82 1.89 1.61 2.36 2.37 2.58 2.27 2.17 1.66 1.72
Comcast Corp. 2.80 2.61 2.29 2.39 2.11 2.43 2.61 2.64 2.60 2.31 2.28 2.25 2.28 2.88 3.06 3.38 3.41 3.31 2.80 3.09 2.83
Facebook Inc. 6.99 5.88 6.37 6.54 5.54 5.91 5.81 6.45 6.38 5.65 5.43 6.41 6.49 7.54 7.30 7.45 7.03 6.39 6.39 7.12 7.08
Netflix Inc. 17.51 21.56 20.75 23.74 22.69 19.86 17.58 22.60 27.62 27.41 30.18 36.33 36.16 34.48 25.43 25.50 20.46 22.88 20.93 15.23 17.89
Walt Disney Co. 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 3.76 3.88 4.01 3.99 3.61 3.52 3.92 3.43

Based on: 10-Q (filing date: 2021-05-04), 10-K (filing date: 2021-02-23), 10-Q (filing date: 2020-10-29), 10-Q (filing date: 2020-08-04), 10-Q (filing date: 2020-05-05), 10-K (filing date: 2020-02-27), 10-Q (filing date: 2019-11-07), 10-Q (filing date: 2019-08-08), 10-Q (filing date: 2019-05-02), 10-K (filing date: 2019-02-28), 10-Q (filing date: 2018-11-08), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-04), 10-K (filing date: 2017-02-28), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-09).

1 Data adjusted for splits and stock dividends.

2 Q1 2021 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 15,331,000,000 ÷ 777,016,759 = 19.73

3 Closing price as at the filing date of Activision Blizzard Inc.’s Quarterly or Annual Report.

4 Q1 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= 88.69 ÷ 19.73 = 4.50

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’s required rate of return and its actual rate of return. Activision Blizzard Inc.’s P/BV ratio increased from Q3 2020 to Q4 2020 but then slightly decreased from Q4 2020 to Q1 2021 not reaching Q3 2020 level.