Stock Analysis on Net
Stock Analysis on Net

Activision Blizzard Inc. (NASDAQ:ATVI)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

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 LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Price to earnings (P/E) 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 35.54 37.84 31.85 26.10
Price to operating profit (P/OP) 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 25.07 26.60 22.15 17.65
Price to sales (P/S) 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 5.21 5.64 5.67 4.99
Price to book value (P/BV) 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 2.89 3.20 2.40 2.33

Based on: 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), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06).

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641 734,998,115 731,183,860 729,020,389 726,186,329
Selected Financial Data (US$)
Net income (in millions) 580  505  524  204  328  447  651  260  402  500  (584) 188  243  426  253  199  151  363  159  127  212  394 
Earnings per share (EPS)2 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 1.17 1.08 1.17 1.21 0.00 0.00 0.00
Share price1, 3 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 31.67 35.00 25.67 23.20
Valuation Ratio
P/E ratio4 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 35.54 37.84 31.85 26.10

Based on: 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), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
EPS = (Net incomeQ2 2020 + Net incomeQ1 2020 + Net incomeQ4 2019 + Net incomeQ3 2019) ÷ No. shares of common stock outstanding
= (580,000,000 + 505,000,000 + 524,000,000 + 204,000,000) ÷ 771,872,058 = 2.35

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

4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= 86.45 ÷ 2.35 = 36.81

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641 734,998,115 731,183,860 729,020,389 726,186,329
Selected Financial Data (US$)
Operating income (in millions) 749  612  454  247  336  570  694  265  434  595  220  257  339  493  425  294  232  461  249  196  332  542 
Operating profit per share2 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 1.66 1.53 1.68 1.79 0.00 0.00 0.00
Share price1, 3 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 31.67 35.00 25.67 23.20
Valuation Ratio
P/OP ratio4 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 25.07 26.60 22.15 17.65

Based on: 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), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Operating profit per share = (Operating incomeQ2 2020 + Operating incomeQ1 2020 + Operating incomeQ4 2019 + Operating incomeQ3 2019) ÷ No. shares of common stock outstanding
= (749,000,000 + 612,000,000 + 454,000,000 + 247,000,000) ÷ 771,872,058 = 2.67

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

4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 86.45 ÷ 2.67 = 32.36

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641 734,998,115 731,183,860 729,020,389 726,186,329
Selected Financial Data (US$)
Net revenues (in millions) 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  1,352  990  1,044  1,278 
Sales per share2 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 8.00 7.24 6.56 6.35 0.00 0.00 0.00
Share price1, 3 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 31.67 35.00 25.67 23.20
Valuation Ratio
P/S ratio4 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 5.21 5.64 5.67 4.99

Based on: 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), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Sales per share = (Net revenuesQ2 2020 + Net revenuesQ1 2020 + Net revenuesQ4 2019 + Net revenuesQ3 2019) ÷ No. shares of common stock outstanding
= (1,932,000,000 + 1,788,000,000 + 1,986,000,000 + 1,282,000,000) ÷ 771,872,058 = 9.05

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

4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 86.45 ÷ 9.05 = 9.55

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 771,872,058 770,485,455 769,221,524 768,260,070 767,025,940 766,006,719 763,833,873 763,050,718 762,408,587 761,226,715 758,631,663 756,099,455 754,921,174 753,662,407 751,846,958 743,213,371 741,467,062 738,227,641 734,998,115 731,183,860 729,020,389 726,186,329
Selected Financial Data (US$)
Shareholders’ equity (in millions) 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  8,068  7,989  7,801  7,238 
Book value per share (BVPS)2 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 10.98 10.93 10.70 9.97
Share price1, 3 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 31.67 35.00 25.67 23.20
Valuation Ratio
P/BV ratio4 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 2.89 3.20 2.40 2.33

Based on: 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), 10-K (filing date: 2016-02-29), 10-Q (filing date: 2015-11-06), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 13,682,000,000 ÷ 771,872,058 = 17.73

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

4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 86.45 ÷ 17.73 = 4.88

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.