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).
Paying user area
Try for free
Alphabet Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Alphabet Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Alphabet Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
The financial ratios over the periods illustrate varying trends in valuation metrics, reflecting shifts in market perceptions and underlying financial performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a decreasing trend from a high of 34.65 in March 2021 to a low of 17.91 by June 2025, with minor fluctuations in between. This decline indicates a growth in earnings relative to share price or a reduction in market price expectations. Periodic increases, such as those noted around December 2023 and June 2024, suggest short-term rebounds or changes in investor sentiment.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a trend similar to the P/E ratio, with values lowering from 33.85 in March 2021 down to 16.92 by June 2025. The consistent decrease points to improved operating profitability or valuation adjustments. Intermediate rises, notably in December 2023 and June 2024, mirror the P/E ratio's pattern, indicating correlation between operating profit valuation and earnings valuation fluctuations.
- Price to Sales (P/S) Ratio
- Contrasting with earnings and operating profit ratios, the P/S ratio experienced a notable decline from 8.26 in September 2021 to a trough around 4.35 by December 2022, signaling either slower revenue growth or a lower sales-based valuation. Post this decline, a rebound trend emerges, with gradual increases reaching about 6.29 by June 2025. This recovery suggests an improving sales valuation or renewed market confidence in revenue generation capabilities in the later periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibits volatility, starting from 4.5 in March 2020 and rising steadily to a peak near 7.95 by September 2021. Thereafter, it declines to around 4.84 by September 2022, followed by fluctuations and another upward pressure reaching approximately 7.33 in March 2024. The ratio's oscillation may reflect changing perceptions of asset value, equity strength, or balance sheet quality, aligning with valuation adjustments observed in other metrics.
Overall, the data reveal a downward adjustment in earnings and operating profit valuation multiples over the assessed timeframe, while sales and book value multiples show initial declines followed by partial recoveries. These trends may be indicative of evolving market expectations, changes in earnings quality, and asset valuation dynamics over the quarters.
Price to Earnings (P/E)
Alphabet Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Charter Communications Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends in the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the period analyzed.
- Share Price
- The share price demonstrated an overall upward trajectory from March 2020 through mid-2025, with some fluctuations. Initially, the price rose steadily from $67.07 in March 2020 to a peak of $148.04 by December 2021. This was followed by a decline during 2022, reaching a low near $94.82 in September 2022. Subsequent recovery phases were observed, with the share price climbing again to $141.8 by December 2023. The upward momentum strengthened further, culminating in the highest recorded value of $193.3 by December 2024, although a slight dip occurred in the following quarters.
- Earnings Per Share (EPS)
- Starting from the first reported value in March 2021, EPS displayed consistent growth across all subsequent quarters. From $2.99 in Q1 2021, EPS increased steadily, exceeding $9.5 by mid-2025. This continuous rise reflects considerable improvement in profitability and earnings capacity, contributing to the share price appreciation observed during the same period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed a general declining trend from early 2021, when it stood at approximately 34.65, down to a range of around the low 20s by the end of 2021. A notable dip in the P/E ratio occurred throughout 2022, reaching a low of 17.91 in the second quarter of 2025, indicating that share prices were beginning to reflect more value relative to earnings. However, some fluctuations are noticeable, with periodic increases back to mid-20s levels, suggesting market reassessment moments. The decreasing P/E ratio amidst rising EPS and fluctuating share price may indicate growing investor confidence in the company’s earnings sustainability, or adjustments of market valuation multiples.
In summary, the data reflects strong earnings growth as a key driver, with the share price reacting accordingly but vulnerable to market volatility phases. The decline in P/E ratio over time, alongside rising EPS, suggests improving earnings quality and potentially a market trend toward more conservative valuation multiples despite positive fundamentals.
Price to Operating Profit (P/OP)
Alphabet Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Income from operations (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Charter Communications Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024
+ Income from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated a general upward trajectory from March 31, 2020, through December 31, 2021, increasing from $67.07 to a peak of $148.04. A noticeable decline followed during 2022, reaching a trough around $94.82 in September 2022. Subsequently, the share price rebounded, climbing steadily throughout 2023 and into 2024, attaining a high near $193.3 by December 31, 2024. However, in early 2025, the share price showed some volatility, fluctuating between approximately $163.85 and $193.2.
- Operating Profit Per Share (OPPS) Development
- Operating profit per share began being reported in March 31, 2020, and has shown consistent growth overall. Starting at $3.06 in March 2020, OPPS rose steadily through 2021, reaching $6.32 by September 2021. The increase continued at a stable pace into 2022 and beyond, with minor fluctuations, culminating in an estimated value exceeding $10 by June 30, 2025. This growth indicates improving operational efficiency and profitability on a per-share basis over the observed period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio revealed a downward trend from 33.85 in March 2020 to 15.62 by September 2021, reflecting share prices becoming relatively more attractive compared to operating profits at that time. Following this low, the ratio experienced fluctuations, rising above 20 during parts of 2022 and 2023, indicating some variability in market valuation relative to operating profits. Into 2024 and early 2025, the ratio oscillated mostly within the range of 16.92 to 23.24, suggesting a market reassessment of valuation metrics amid increasing operating profits and volatile share prices.
- Overall Interpretation
- The data shows a strong correlation between rising operating profits per share and the general increase in share price over time, especially apparent after the dip in 2022. The initial decrease in the P/OP ratio until late 2021 suggests investors were gaining confidence in the company's profitability relative to its share price. The subsequent increase and fluctuation in the ratio imply periods of market uncertainty or reassessment despite ongoing growth in operating profit. The recent spike in share price and corresponding operating profit growth towards 2024 indicate positive investor sentiment, albeit accompanied by some volatility in valuation multiples.
Price to Sales (P/S)
Alphabet Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Charter Communications Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited substantial growth from 2020 through 2021, rising from $67.07 at the end of Q1 2020 to a peak near $148 in Q4 2021. This upward movement indicates strong market confidence during this period. However, in early 2022, there was a notable decline with prices falling to around $94.82 in Q3 2022 before gradually recovering. Subsequent quarters through 2024 showed a consistent upward trajectory, reaching an all-time high near $193 in late 2024. A slight decrease occurred in early 2025, yet the price remained significantly elevated compared to prior years.
- Sales Per Share Progression
- Sales per share data commence at Q1 2021 with $13.54 and demonstrate steady growth each quarter thereafter. From Q1 2021 to Q2 2025, sales per share increased progressively from $13.54 to $30.71. This consistent upward trend reflects improving operational performance and revenue generation on a per-share basis, indicating sustained business growth.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio, available from Q1 2021 onward, initially increased slightly from 7.65 to above 8 during mid-2021, suggesting that the share price was rising faster than sales per share. Subsequently, a sharp decline in the P/S ratio occurred through 2022, reaching lows near 4.35 in Q3 2022. This reduction coincides with the period of share price slump, indicating a more favorable valuation relative to sales for investors at that time. During 2023 and 2024, the P/S ratio fluctuated generally between 4.5 and 6.7, reflecting moderate valuation adjustments corresponding with the share price recovery. The ratio's variability suggests alternating market sentiment and evolving considerations of growth prospects.
- Overall Financial Insights
- The data exhibits an initial phase of robust share price growth accompanied by steady increases in sales per share, reinforcing positive financial fundamentals. The mid-2022 decline in share price and P/S ratio indicates a period of market correction or revaluation possibly linked to external factors affecting investor confidence. The subsequent recovery phase highlights renewed optimism and continued sales growth. The moderate P/S ratio levels in the recent periods imply a valuation balancing act between growth expectations and market risk assessment.
Price to Book Value (P/BV)
Alphabet Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Charter Communications Inc. | |||||||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a consistent upward trajectory from March 2020 through December 2021, increasing from $67.07 to a peak of $148.04. However, a notable decline followed during 2022, reaching a low of $94.82 in September 2022. In 2023, the price showed recovery with an upward trend, reaching $141.8 by December 2023, and this positive momentum continued into 2024, peaking at $193.3 in December 2024. A subsequent decline occurred in the first half of 2025, with the price falling to $163.85 in March before rebounding to $193.2 by June 2025.
- Book Value Per Share (BVPS) Trend
- The book value per share displayed steady growth across the entire period. Starting at $14.92 in March 2020, BVPS increased gradually without any significant dips, reaching $19.04 by December 2021, and continued on this upward trajectory to $30.01 by June 2025. This demonstrates consistent accumulation of shareholder equity over time.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio rose steadily from 4.5 in March 2020, peaking near 7.95 in September 2021, indicating increasing market valuation relative to book value. This was followed by a marked decline in 2022, dropping to 4.84 in September 2022, reflecting a decrease in market price relative to book value during the period of share price weakness. In 2023 and early 2024, the ratio rebounded to over 7, suggesting renewed investor confidence. The ratio exhibited some volatility in 2024 and early 2025, fluctuating between approximately 5.76 and 7.33, indicating variable market sentiment compared to the company's underlying book value.
- Overall Analysis
- The data indicates a company with steadily growing intrinsic value, as reflected in the continuous rise of book value per share. Market valuation, represented by share price and price-to-book ratio, experienced volatility influenced by wider economic or sector-specific factors, particularly noticeable during 2022. Despite temporary setbacks, the market valuation has generally trended upward over the longer term, with the P/BV ratio suggesting cyclical investor sentiment responsiveness relative to the company's stable book value growth.