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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
Advanced Micro Devices Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio displays significant volatility over the analyzed period. Starting from the earliest available value of 41.66 in the first quarter of 2020, it experienced a gradual decline to around mid-30s by late 2021. Subsequently, the ratio rose to a peak exceeding 330 in early 2023. After this spike, the P/E ratio decreased sharply but remained elevated relative to earlier periods, stabilizing in a range between approximately 70 and 130 towards the end of the data series. This suggests considerable fluctuations in market valuation of earnings, potentially reflecting changing investor sentiment or variable earnings performance.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio shows marked fluctuations. Initially high at over 75 in early 2020, the ratio declined steadily through 2021, reaching below 40. It then surged dramatically, peaking above 780 in early 2023, paralleling the P/E ratio trend. Post-peak, the P/OP ratio corrected downward but remained higher than historical lows, settling between about 60 and 100 in the latest periods. This pattern indicates varying market expectations regarding operating profitability, with notable overvaluation phases followed by corrections.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio demonstrated a generally declining trend from above 10.6 in early 2020 to a low near 4.1 by the end of 2022. After this trough, the ratio rebounded modestly and fluctuated in a range between approximately 5.8 and 12 through 2023 and early 2024. More recently, the ratio exhibited a gradual decline toward values just below 6 by early 2025. This pattern reflects changing market valuation relative to sales, with a notable undervaluation period followed by a rebound and stabilization at moderate levels.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio started relatively high around 20.7 and demonstrated a downward trend until early 2022, reaching a low near 1.7. From that point forward, it experienced a recovery, fluctuating between approximately 2.3 and 4.8 through 2023 and into early 2024. Toward the latter part of the timeline, the ratio gradually declined again to values near 2.8 by early 2025. This indicates a period of revaluation of book equity on a per-share basis, with significant compression followed by partial normalization, and then a moderate reduction.
Price to Earnings (P/E)
Advanced Micro Devices Inc., historical P/E calculation (quarterly data)
| Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| Monolithic Power Systems Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Advanced Micro Devices Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a broadly upward trajectory from March 2020 to December 2021, rising from $53.66 to a peak of $122.28 in September 2021, followed by a slight decline but remaining elevated above $100 until March 2022. Thereafter, notable volatility is observed with a significant drop to $58.63 by September 2022, a rebound to $109.35 in July 2023, and a further sharp increase to a high of $167.69 by December 2023. Subsequently, the price experienced a downward adjustment through March 2025, ending at $100.36.
- Earnings per Share (EPS) Movement
- EPS figures commenced reporting from March 2021, showing a generally declining pattern until December 2023. EPS decreased steadily from $2.06 in March 2021 to negative territory (-$0.02) by September 2023. Thereafter, a recovery phase is evident, with EPS improving from $0.13 in December 2023 to $1.37 by March 2025. This indicates a strong rebound in profitability following a period of decline.
- Price-to-Earnings (P/E) Ratio Fluctuations
- The P/E ratio tracked a distinct rise during 2021 and early 2022, moving from approximately 41.66 in March 2021 to 50.59 by September 2021, then surging sharply to an extreme high of 332.75 in April 2023. This spike corresponds with a period of very low or negative EPS, inflating the ratio significantly as earnings dipped. After reaching a peak P/E of 839.13 in July 2023, the ratio gradually declined over subsequent quarters, reaching 73.07 by March 2025. The elevated P/E ratios during mid-2023 highlight market expectations of future growth despite temporary earnings weakness.
- Overall Analysis
- The data portrays a period of robust share price appreciation through 2021, followed by increased earnings volatility and a sharp earnings downturn through late 2022 and early 2023. Despite this, investor confidence appears resilient, as indicated by high share prices and soaring P/E ratios during EPS troughs, suggesting anticipation of a turnaround. Indeed, the subsequent EPS recovery by 2024 coincides with a gradual normalization of the P/E ratio. The final quarter observations signal a cautious but improving earnings environment alongside moderated investor valuation multiples.
Price to Operating Profit (P/OP)
Advanced Micro Devices Inc., historical P/OP calculation (quarterly data)
| Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| Monolithic Power Systems Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Advanced Micro Devices Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2020 to the end of 2021, rising from $53.66 to a peak of $122.28 in September 2021. This was followed by notable volatility and a sharp decline in late 2022, reaching a low of $58.63 in September 2022. Subsequently, the share price partially recovered, reaching $167.69 in December 2023, which represents the highest value observed within the dataset. From early 2024 onwards, the share price displayed a downward movement, falling to $100.36 by March 2025.
- Operating Profit Per Share (OPPS) Development
- Operating profit per share data begins in the first quarter of 2021 with a value of $1.13. It trends upward steadily, peaking at $3.04 in March 2022, before declining sharply during the remainder of 2022, reaching negative territory in September 2023 at -$0.23. From that point, a recovery trend is observed, with OPPS gradually increasing back into positive values and reaching $1.65 by March 2025. This indicates fluctuations in operational profitability across the period, with a significant downturn in mid-2023 followed by a recovery phase.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio initially decreases from 75.77 in March 2021 to a low of 39.48 in March 2022, suggesting improving valuation relative to operating profit growth. Afterwards, a dramatic increase in the ratio occurs, peaking at an extremely high 782.37 by April 2023. This spike corresponds with the period where OPPS turned negative, indicating the stock price was high relative to diminished or negative operating profitability. Following the peak, the ratio declines steadily through 2024, reaching 60.95 by March 2025, as operating profit recovers and the share price decreases.
- Overall Insights
- The data reflects a period of considerable volatility and operational challenges for the company. The strong growth in operating profit and share price through early 2022 signals robust performance initially. However, the sharp decline in profitability during 2022 and 2023, including periods of negative operating profit, suggests operational pressures or market challenges impacting earnings. The partial recovery in profits and subsequent moderation of the P/OP ratio imply improving fundamentals. Nonetheless, the share price volatility and fluctuations in valuation multiples underscore ongoing uncertainty in market perceptions relative to operating performance.
Price to Sales (P/S)
Advanced Micro Devices Inc., historical P/S calculation (quarterly data)
| Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net revenue (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| Monolithic Power Systems Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net revenueQ1 2025
+ Net revenueQ4 2024
+ Net revenueQ3 2024
+ Net revenueQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Advanced Micro Devices Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility over the observed periods. Initially, there was a general upward trajectory from $53.66 in March 2020 to a peak near $122.28 in September 2021, indicating strong market performance. Subsequently, the price experienced notable fluctuations, declining to $58.63 by September 2022, followed by recovery with another peak at $167.69 in December 2023. However, after this peak, the share price trended downward again, settling around $100.36 by March 2025. This pattern shows cyclical movements with periods of rapid appreciation followed by sharp corrections.
- Sales Per Share
- Data for sales per share begin in December 2020 at $8.06, with a consistent upward trend observed throughout the periods. Growth was steady, reaching $17.11 by March 2025. This almost doubling of sales per share over roughly four and a half years suggests improving revenue generation and operational growth on a per-share basis.
- Price-to-Sales (P/S) Ratio
- The P/S ratio shows a generally decreasing trend from 10.63 in March 2021 to 5.86 in March 2025, with intermediate fluctuations. Notably, after a low point of 4.14 in December 2022, the ratio climbed again to 11.95 in December 2023 before declining steadily. The declining P/S could indicate that the share price growth is not keeping pace with sales growth, possibly reflecting market reassessment or valuation adjustments despite increasing sales per share.
- Combined Insights
- The increasing sales per share coupled with a fluctuating but overall declining P/S ratio suggests that while fundamental business performance improved, market valuation multiples adjusted downward over time. The share price volatility aligns with these valuation changes, highlighting investor sensitivity to market conditions or company outlooks. The peaks and troughs in share price and P/S ratio also imply periods of market optimism followed by corrections.
Price to Book Value (P/BV)
Advanced Micro Devices Inc., historical P/BV calculation (quarterly data)
| Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| Monolithic Power Systems Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Advanced Micro Devices Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price showed a general upward trend from March 2020 to December 2021, rising from approximately $53.66 to a peak near $122.28 in September 2021. After reaching this high, the price declined significantly by September 2022, falling to $58.63. Subsequently, a recovery phase occurred through the first half of 2023, with an increase to around $108.04 by September 2023. This was followed by a noticeable peak in December 2023 at approximately $167.69. In the most recent quarters through March 2025, the share price experienced fluctuations and a downtrend, closing near $100.36.
- Book Value Per Share (BVPS)
- BVPS consistently increased over the examined periods, starting at $2.59 in March 2020 and rising steadily to approximately $6.25 by December 2021. A remarkable jump occurred in the first quarter of 2022, with BVPS jumping to over $34. This elevated level of book value was maintained relatively stable through the subsequent quarters into early 2025, ending at around $35.70, indicating a significant increase in the underlying equity value attributable per share.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibited substantial volatility across the periods. Initially, it was very high, exceeding 20 and reaching a peak over 27 in June 2020, reflecting a market valuation that was significantly above the book value. With the sharp increase in BVPS in early 2022, the P/BV ratio dropped markedly to around 2 or below, indicating a compression of the price relative to book value. Following this drop, the ratio fluctuated between approximately 1.7 and 4.85 into 2023 and 2024, suggesting varied market perceptions of value relative to the accounting book value during this period. The ratio slightly declined again toward early 2025, stabilizing near 2.8.
- Summary of Trends and Insights
- The data reflects an initial phase of strong share price growth alongside moderate increases in book value per share, resulting in very high valuation multiples. The sharp increase in book value starting early 2022 significantly altered the valuation metrics, leading to lower price-to-book ratios despite some volatility in share price. This change suggests either an accounting or financial event that materially increased net asset values. The market price post-2022 does not appear to fully reflect the proportional increase in book value, as indicated by the lower P/BV ratios, highlighting a potential revaluation or market adjustment phase. The fluctuations in share price in 2023 and beyond indicate continued market reassessment, with notable peaks and corrections. Overall, the company exhibits a substantially strengthened equity base with share price movements reflecting evolving market sentiment and valuation considerations.