Common Stock Valuation Ratios (Price Multiples)
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).
Current Valuation Ratios
Advanced Micro Devices Inc., current price multiples
| Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | Semiconductors & Semiconductor Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||
| Current share price (P) | $192.50 | |||||||||||||||
| No. shares of common stock outstanding | 1,630,410,843 | |||||||||||||||
| Growth rate (g) | 4.67% | |||||||||||||||
| Earnings per share (EPS) | $2.66 | |||||||||||||||
| Next year expected EPS | $2.78 | |||||||||||||||
| Operating profit per share | $2.27 | |||||||||||||||
| Sales per share | $21.25 | |||||||||||||||
| Book value per share (BVPS) | $38.64 | |||||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||||||
| Price to earnings (P/E) | 72.40 | 69.56 | 34.45 | 63.66 | — | 42.95 | 49.71 | 50.47 | 57.31 | 26.25 | 42.41 | 157.53 | 59.27 | |||
| Price to next year expected earnings | 69.17 | 68.48 | 25.44 | 64.19 | — | 26.53 | 34.44 | 46.55 | 41.06 | 19.97 | 36.40 | 142.65 | 47.21 | |||
| Price-earnings-growth (PEG) | 15.51 | 43.91 | 0.97 | — | — | 0.69 | 1.12 | 5.99 | 1.45 | 0.84 | 2.57 | 15.10 | 2.32 | |||
| Price to operating profit (P/OP) | 84.96 | 53.79 | 29.08 | 57.77 | — | 36.54 | 45.14 | 44.11 | 51.28 | 11.77 | 37.24 | 110.18 | 46.00 | |||
| Price to sales (P/S) | 9.06 | 14.31 | 8.50 | 23.04 | 4.56 | 14.35 | 14.45 | 11.53 | 32.01 | 3.28 | 13.01 | 23.53 | 12.23 | |||
| Price to book value (P/BV) | 4.98 | 4.66 | 11.81 | 18.11 | 2.11 | 37.18 | 27.01 | 7.96 | 52.65 | 6.86 | 12.04 | 18.54 | 17.40 | |||
Based on: 10-K (reporting date: 2025-12-27).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Advanced Micro Devices Inc., historical price multiples
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
The valuation ratios exhibit significant fluctuations over the five-year period. Initial values in 2021 are followed by substantial increases in 2022 and 2023, then declines in 2024 and 2025. These movements suggest a period of heightened market expectations followed by a recalibration of those expectations.
- Price to Earnings (P/E)
- The Price to Earnings ratio demonstrates the most dramatic changes. It increased from 45.54 in 2021 to a peak of 317.27 in 2023, indicating a substantial increase in investor willingness to pay for each dollar of earnings. Subsequently, the ratio decreased to 110.61 in 2024 and further to 75.29 in 2025, suggesting a return towards more moderate valuation levels. This pattern could reflect evolving perceptions of future earnings growth.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio mirrors the trend observed in the P/E ratio, escalating from 39.48 in 2021 to 675.69 in 2023. The subsequent decline to 95.53 in 2024 and 88.36 in 2025 indicates a similar adjustment in valuation relative to operating profitability. The magnitude of this ratio consistently exceeds the P/E ratio, potentially reflecting differences in accounting treatment or investor focus on operating performance.
- Price to Sales (P/S)
- The Price to Sales ratio experienced a decrease from 8.76 in 2021 to 5.38 in 2022, followed by an increase to 11.95 in 2023. A decrease to 7.04 in 2024 and a further increase to 9.42 in 2025 suggests a more volatile relationship with revenue compared to earnings or operating profit. This ratio’s fluctuations may be influenced by changes in revenue growth expectations or industry-specific factors.
- Price to Book Value (P/BV)
- The Price to Book Value ratio decreased significantly from 19.21 in 2021 to 2.32 in 2022, and continued to decline to 4.85 in 2023. A modest increase to 3.15 in 2024 and 5.18 in 2025 indicates a stabilization, albeit at a lower level than the initial value. This suggests a diminishing premium placed on the company’s net asset value by investors.
Overall, the observed patterns suggest a period of substantial valuation expansion followed by a correction. The ratios indicate that investor sentiment shifted considerably during the period, with a peak in optimism in 2023 followed by a more cautious outlook in 2024 and 2025.
Price to Earnings (P/E)
Advanced Micro Devices Inc., historical P/E calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,630,410,843 | 1,620,477,962 | 1,615,786,841 | 1,611,388,217 | 1,199,303,422 | |
| Selected Financial Data (US$) | ||||||
| Net income (in millions) | 4,335) | 1,641) | 854) | 1,320) | 3,162) | |
| Earnings per share (EPS)2 | 2.66 | 1.01 | 0.53 | 0.82 | 2.64 | |
| Share price1, 3 | 200.19 | 112.01 | 167.69 | 78.77 | 120.08 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 75.29 | 110.61 | 317.27 | 96.16 | 45.54 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Analog Devices Inc. | 54.43 | 66.48 | 27.14 | 31.21 | 68.31 | |
| Applied Materials Inc. | 29.37 | 19.20 | 19.63 | 13.55 | 22.05 | |
| Broadcom Inc. | 67.63 | 175.56 | 36.78 | 20.70 | 40.73 | |
| Intel Corp. | — | — | 109.27 | 14.54 | 9.85 | |
| KLA Corp. | 29.72 | 34.24 | 20.04 | 16.89 | 25.97 | |
| Lam Research Corp. | 24.09 | 27.05 | 19.26 | 13.77 | 21.03 | |
| Micron Technology Inc. | 24.69 | 145.72 | — | 6.62 | 13.38 | |
| NVIDIA Corp. | 43.95 | 56.68 | 131.70 | 68.08 | 78.54 | |
| Qualcomm Inc. | 34.74 | 18.95 | 17.07 | 9.75 | 17.15 | |
| Texas Instruments Inc. | — | 34.72 | 22.24 | 18.88 | 20.38 | |
| P/E Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | — | 78.62 | 48.39 | 22.88 | 24.30 | |
| P/E Ratio, Industry | ||||||
| Information Technology | — | 45.25 | 36.08 | 26.93 | 29.73 | |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= 4,335,000,000 ÷ 1,630,410,843 = 2.66
3 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 200.19 ÷ 2.66 = 75.29
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited significant fluctuations over the observed period. Initial values were high, followed by a substantial increase, then a decline, and a subsequent rise again. This analysis details these movements and their relationship to share price and earnings per share.
- Overall Trend
- The P/E ratio demonstrated considerable volatility. It began at 45.54, increased dramatically to 317.27, decreased to 110.61, and then fell to 75.29 before concluding at 75.29. This suggests shifting investor sentiment and/or substantial changes in earnings expectations.
- 2021 to 2022
- From December 25, 2021, to December 31, 2022, the P/E ratio more than doubled, increasing from 45.54 to 96.16. This increase occurred alongside a decrease in earnings per share, from US$2.64 to US$0.82, while the share price also declined from US$120.08 to US$78.77. The substantial rise in the P/E ratio despite declining earnings indicates investors were willing to pay a significantly higher premium for each dollar of earnings, potentially anticipating future growth or a market correction.
- 2022 to 2023
- The period between December 31, 2022, and December 30, 2023, saw an extreme increase in the P/E ratio, reaching 317.27. This was driven by a significant decrease in earnings per share to US$0.53, while the share price increased substantially to US$167.69. This represents a period where investors were paying a very high multiple for a small amount of earnings, potentially reflecting speculative behavior or strong expectations for a turnaround.
- 2023 to 2025
- From December 30, 2023, to December 27, 2025, the P/E ratio decreased from 317.27 to 75.29. This decline coincided with an increase in earnings per share, rising from US$0.53 to US$2.66, and a fluctuating share price, decreasing to US$112.01 before increasing to US$200.19. The decreasing P/E ratio suggests that investors became less willing to pay a premium for each dollar of earnings as earnings improved, indicating a normalization of valuation expectations.
In summary, the P/E ratio experienced considerable variation, influenced by both changes in share price and, more significantly, fluctuations in earnings per share. The initial high values and subsequent dramatic increase suggest periods of heightened investor optimism or speculative activity, while the later decline indicates a return to more conventional valuation levels as earnings recovered.
Price to Operating Profit (P/OP)
Advanced Micro Devices Inc., historical P/OP calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,630,410,843 | 1,620,477,962 | 1,615,786,841 | 1,611,388,217 | 1,199,303,422 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 3,694) | 1,900) | 401) | 1,264) | 3,648) | |
| Operating profit per share2 | 2.27 | 1.17 | 0.25 | 0.78 | 3.04 | |
| Share price1, 3 | 200.19 | 112.01 | 167.69 | 78.77 | 120.08 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 88.36 | 95.53 | 675.69 | 100.42 | 39.48 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Analog Devices Inc. | 42.08 | 53.48 | 23.53 | 26.16 | 56.12 | |
| Applied Materials Inc. | 24.80 | 17.52 | 17.58 | 11.35 | 18.85 | |
| Broadcom Inc. | 61.37 | 76.87 | 31.96 | 16.33 | 30.78 | |
| Intel Corp. | — | — | 1,984.43 | 49.91 | 10.06 | |
| KLA Corp. | 25.28 | 28.26 | 16.99 | 15.36 | 21.69 | |
| Lam Research Corp. | 21.88 | 24.29 | 16.79 | 11.79 | 18.34 | |
| Micron Technology Inc. | 21.58 | 86.94 | — | 5.93 | 12.48 | |
| NVIDIA Corp. | 39.33 | 51.16 | 136.19 | 66.12 | 75.08 | |
| Qualcomm Inc. | 15.58 | 19.08 | 15.85 | 7.95 | 15.84 | |
| Texas Instruments Inc. | — | 30.49 | 19.75 | 16.29 | 17.67 | |
| P/OP Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | — | 54.98 | 44.62 | 21.30 | 22.09 | |
| P/OP Ratio, Industry | ||||||
| Information Technology | — | 35.11 | 30.04 | 22.85 | 26.25 | |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 3,694,000,000 ÷ 1,630,410,843 = 2.27
3 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 200.19 ÷ 2.27 = 88.36
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited significant fluctuations over the observed period. Initially, the ratio decreased substantially before increasing dramatically, followed by a subsequent decline and a final increase. This volatility suggests considerable shifts in market sentiment regarding the company’s earnings potential relative to its share price.
- Initial Decline (2021-2022)
- The P/OP ratio decreased from 39.48 in 2021 to 100.42 in 2022. This movement coincided with a decrease in operating profit per share, from US$3.04 to US$0.78, and a decline in share price from US$120.08 to US$78.77. The increase in the ratio despite the decline in both share price and operating profit per share indicates that the market was anticipating further deterioration in operating profitability.
- Dramatic Increase (2022-2023)
- A substantial increase in the P/OP ratio was observed, rising to 675.69 in 2023. This surge occurred despite a further decrease in operating profit per share to US$0.25, while the share price increased significantly to US$167.69. The exceptionally high ratio suggests a period of speculative investment, potentially driven by expectations of future growth not yet reflected in current earnings. It also indicates a significant premium placed on the company’s stock relative to its operating profitability.
- Subsequent Decline and Recovery (2023-2025)
- The P/OP ratio decreased from its peak of 675.69 in 2023 to 95.53 in 2024, coinciding with a decrease in share price to US$112.01 and a modest increase in operating profit per share to US$1.17. This suggests a correction in market valuation as expectations moderated. Subsequently, the ratio increased to 88.36 in 2025, alongside an increase in share price to US$200.19 and a further increase in operating profit per share to US$2.27. This final increase indicates renewed investor confidence and a more reasonable valuation relative to operating performance.
Overall, the P/OP ratio demonstrates a complex pattern, characterized by initial decline, a period of extreme valuation, and a subsequent adjustment towards a more sustainable level. The fluctuations highlight the sensitivity of the ratio to both changes in share price and operating profitability, as well as broader market sentiment.
Price to Sales (P/S)
Advanced Micro Devices Inc., historical P/S calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,630,410,843 | 1,620,477,962 | 1,615,786,841 | 1,611,388,217 | 1,199,303,422 | |
| Selected Financial Data (US$) | ||||||
| Net revenue (in millions) | 34,639) | 25,785) | 22,680) | 23,601) | 16,434) | |
| Sales per share2 | 21.25 | 15.91 | 14.04 | 14.65 | 13.70 | |
| Share price1, 3 | 200.19 | 112.01 | 167.69 | 78.77 | 120.08 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 9.42 | 7.04 | 11.95 | 5.38 | 8.76 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Analog Devices Inc. | 11.20 | 11.53 | 7.31 | 7.14 | 12.98 | |
| Applied Materials Inc. | 7.25 | 5.07 | 5.08 | 3.43 | 5.63 | |
| Broadcom Inc. | 24.48 | 20.07 | 14.46 | 7.00 | 9.55 | |
| Intel Corp. | 4.26 | 1.58 | 3.40 | 1.85 | 2.48 | |
| KLA Corp. | 9.93 | 9.64 | 6.47 | 6.09 | 7.80 | |
| Lam Research Corp. | 7.00 | 6.95 | 4.99 | 3.68 | 5.62 | |
| Micron Technology Inc. | 5.64 | 4.51 | 4.94 | 1.87 | 2.83 | |
| NVIDIA Corp. | 24.55 | 27.69 | 21.33 | 24.67 | 20.41 | |
| Qualcomm Inc. | 4.35 | 4.93 | 3.45 | 2.85 | 4.62 | |
| Texas Instruments Inc. | — | 10.65 | 8.26 | 8.25 | 8.63 | |
| P/S Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | — | 11.74 | 8.26 | 5.82 | 6.25 | |
| P/S Ratio, Industry | ||||||
| Information Technology | — | 9.34 | 7.33 | 6.01 | 6.99 | |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Net revenue ÷ No. shares of common stock outstanding
= 34,639,000,000 ÷ 1,630,410,843 = 21.25
3 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 200.19 ÷ 21.25 = 9.42
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited considerable fluctuation over the five-year period. Initial values decreased before increasing significantly, followed by another decline and a subsequent rise. This suggests a dynamic valuation influenced by changing market perceptions of the company’s revenue generation relative to its stock price.
- Overall Trend
- The price-to-sales ratio began at 8.76 in 2021, decreased to a low of 5.38 in 2022, then increased substantially to 11.95 in 2023. A decrease to 7.04 was observed in 2024, followed by an increase to 9.42 in 2025. This pattern indicates volatility in investor sentiment regarding the company’s valuation based on its sales.
- 2021-2022
- A notable decrease in the price-to-sales ratio occurred between 2021 and 2022, moving from 8.76 to 5.38. This coincided with a decrease in share price and a slight increase in sales per share, suggesting that the market may have reassessed the company’s growth prospects or increased risk perception during this period.
- 2022-2023
- The period between 2022 and 2023 saw a significant increase in the price-to-sales ratio, rising from 5.38 to 11.95. This increase occurred alongside a substantial increase in share price, while sales per share experienced a modest decline. This suggests a period of renewed investor optimism, potentially driven by anticipated future growth or improved market conditions.
- 2023-2024
- From 2023 to 2024, the price-to-sales ratio decreased from 11.95 to 7.04. This decline occurred with a decrease in share price and an increase in sales per share. This could indicate a correction in valuation after the previous year’s gains, or a shift in investor expectations regarding future sales growth.
- 2024-2025
- The price-to-sales ratio increased from 7.04 to 9.42 between 2024 and 2025. This increase was accompanied by an increase in both share price and sales per share, suggesting a positive market response to improved financial performance and future outlook.
The fluctuations in the price-to-sales ratio suggest that the company’s valuation is sensitive to changes in both its stock price and its sales performance. The observed pattern indicates periods of both investor optimism and caution, resulting in a dynamic valuation over the analyzed timeframe.
Price to Book Value (P/BV)
Advanced Micro Devices Inc., historical P/BV calculation, comparison to benchmarks
| Dec 27, 2025 | Dec 28, 2024 | Dec 30, 2023 | Dec 31, 2022 | Dec 25, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,630,410,843 | 1,620,477,962 | 1,615,786,841 | 1,611,388,217 | 1,199,303,422 | |
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in millions) | 62,999) | 57,568) | 55,892) | 54,750) | 7,497) | |
| Book value per share (BVPS)2 | 38.64 | 35.53 | 34.59 | 33.98 | 6.25 | |
| Share price1, 3 | 200.19 | 112.01 | 167.69 | 78.77 | 120.08 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 5.18 | 3.15 | 4.85 | 2.32 | 19.21 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Analog Devices Inc. | 3.65 | 3.09 | 2.53 | 2.35 | 2.50 | |
| Applied Materials Inc. | 10.07 | 7.25 | 8.23 | 7.25 | 10.60 | |
| Broadcom Inc. | 19.24 | 15.29 | 21.59 | 10.23 | 10.50 | |
| Intel Corp. | 1.97 | 0.85 | 1.75 | 1.15 | 2.05 | |
| KLA Corp. | 25.73 | 28.07 | 23.25 | 40.05 | 15.98 | |
| Lam Research Corp. | 13.09 | 12.13 | 10.58 | 10.10 | 13.64 | |
| Micron Technology Inc. | 3.89 | 2.51 | 1.74 | 1.15 | 1.79 | |
| NVIDIA Corp. | 40.38 | 39.25 | 26.03 | 24.95 | 20.14 | |
| Qualcomm Inc. | 9.08 | 7.31 | 5.72 | 7.00 | 15.59 | |
| Texas Instruments Inc. | — | 9.86 | 8.57 | 11.33 | 11.87 | |
| P/BV Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | — | 9.25 | 6.44 | 5.18 | 6.24 | |
| P/BV Ratio, Industry | ||||||
| Information Technology | — | 13.29 | 11.49 | 10.46 | 12.54 | |
Based on: 10-K (reporting date: 2025-12-27), 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 62,999,000,000 ÷ 1,630,410,843 = 38.64
3 Closing price as at the filing date of Advanced Micro Devices Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 200.19 ÷ 38.64 = 5.18
5 Click competitor name to see calculations.
The price to book value ratio exhibited significant fluctuations over the observed period. Initially high, the ratio experienced a substantial decline before recovering, though not to its original level. This analysis details the observed trends and potential implications.
- Overall Trend
- The price to book value ratio began at 19.21 in 2021, decreased dramatically to 2.32 in 2022, then increased to 4.85 in 2023. A subsequent decrease to 3.15 was noted in 2024, followed by an increase to 5.18 in 2025. This pattern suggests considerable volatility in market valuation relative to net asset value.
- 2021-2022 Shift
- A marked decrease in the price to book value ratio occurred between 2021 and 2022. This coincided with a decrease in share price from US$120.08 to US$78.77, while book value per share increased substantially from US$6.25 to US$33.98. The significant rise in book value, coupled with the falling share price, drove the ratio downward.
- 2022-2023 Recovery
- From 2022 to 2023, the price to book value ratio increased from 2.32 to 4.85. This was driven by a substantial increase in share price (US$78.77 to US$167.69) and a modest increase in book value per share (US$33.98 to US$34.59). The share price increase had a more pronounced effect on the ratio.
- 2023-2025 Fluctuations
- The period between 2023 and 2025 showed continued volatility. The ratio decreased from 4.85 to 3.15 between 2023 and 2024, as the share price declined from US$167.69 to US$112.01, while book value per share continued to increase (US$34.59 to US$35.53). The ratio then increased to 5.18 in 2025, with the share price rising to US$200.19 and book value per share increasing to US$38.64. These movements indicate a sensitivity of the ratio to changes in both share price and book value.
In summary, the price to book value ratio demonstrated considerable variability throughout the period, influenced by concurrent changes in both share price and book value per share. The initial decline was primarily driven by a substantial increase in book value and a decrease in share price, while subsequent fluctuations were influenced by the interplay of both factors.