Alphabet Inc. (GOOG)


Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner


Historical Valuation Ratios (Summary)

Alphabet Inc., historical price multiples (quarterly data)

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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 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Price to earnings (P/E) 29.48 25.92 39.70 53.24 42.58 59.34 33.70 34.05 30.63 28.45 27.55 29.48 28.78 29.71 31.48 30.47 25.83 24.87
Price to operating profit (P/OP) 31.82 30.27 28.90 34.38 26.65 28.74 28.19 28.51 25.42 23.37 23.39 24.78 23.47 24.29 26.83 25.39 22.27 21.78
Price to sales (P/S) 5.81 5.82 5.74 7.01 6.04 6.78 6.77 6.64 6.69 6.14 6.14 6.49 6.10 6.27 6.87 6.34 5.52 5.44
Price to book value (P/BV) 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 3.91 4.24 3.95 3.46 3.44 3.73 4.16 3.86

Based on: 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-05), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-03), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-24).

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. Alphabet Inc.’s P/E ratio declined from Q3 2018 to Q4 2018 but then slightly increased from Q4 2018 to Q1 2019.
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. Alphabet Inc.’s P/OP ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
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. Alphabet Inc.’s P/S ratio increased from Q3 2018 to Q4 2018 but then slightly declined from Q4 2018 to Q1 2019.
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. Alphabet Inc.’s P/BV ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 694,243,815 695,186,396 695,465,998 695,677,773 694,548,763 695,297,530 694,802,111 692,879,488 691,748,603 691,420,327 689,238,589 687,273,797 686,555,233 688,319,767 687,725,164 685,535,249 682,409,365 680,622,782 678,365,654 676,391,986 674,493,876
Selected Financial Data (USD $)
Net income available to all stockholders (in millions) 6,657  8,948  9,192  3,195  9,401  (3,020) 6,732  3,524  5,426  5,333  5,061  4,877  4,207  4,923  3,979  3,409  3,515  4,757  2,813  3,422  3,452 
Earnings per share (EPS)3 40.32 44.21 26.99 23.44 23.95 18.21 30.25 27.92 29.92 28.17 27.67 26.17 24.06 22.99 22.77 21.14 21.26 21.22 0.00 0.00 0.00
Share price1, 2 1,188.48 1,145.99 1,071.47 1,248.08 1,019.98 1,080.60 1,019.27 950.70 916.44 801.49 762.13 771.61 692.36 683.11 716.92 644.28 549.08 527.83 543.98 589.02 525.16
P/E ratio4 29.48 25.92 39.70 53.24 42.58 59.34 33.70 34.05 30.63 28.45 27.55 29.48 28.78 29.71 31.48 30.47 25.83 24.87

Based on: 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-05), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-03), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-24).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Alphabet Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

3 EPS = (Net income available to all stockholdersQ1 2019 + Net income available to all stockholdersQ4 2018 + Net income available to all stockholdersQ3 2018 + Net income available to all stockholdersQ2 2018) ÷ No. shares of common stock outstanding
= (6,657,000,000 + 8,948,000,000 + 9,192,000,000 + 3,195,000,000) ÷ 694,243,815 = 40.32

4 P/E ratio = Share price ÷ EPS
= 1,188.48 ÷ 40.32 = 29.48

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. Alphabet Inc.’s P/E ratio declined from Q3 2018 to Q4 2018 but then slightly increased from Q4 2018 to Q1 2019.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 694,243,815 695,186,396 695,465,998 695,677,773 694,548,763 695,297,530 694,802,111 692,879,488 691,748,603 691,420,327 689,238,589 687,273,797 686,555,233 688,319,767 687,725,164 685,535,249 682,409,365 680,622,782 678,365,654 676,391,986 674,493,876
Selected Financial Data (USD $)
Income from operations (in millions) 6,608  8,203  8,310  2,807  7,001  7,664  7,782  4,132  6,568  6,639  5,767  5,968  5,342  5,380  4,708  4,825  4,447  4,399  3,724  4,258  4,115 
Operating profit per share3 37.35 37.86 37.07 36.30 38.27 37.60 36.16 33.35 36.06 34.30 32.58 31.13 29.50 28.13 26.72 25.37 24.66 24.24 0.00 0.00 0.00
Share price1, 2 1,188.48 1,145.99 1,071.47 1,248.08 1,019.98 1,080.60 1,019.27 950.70 916.44 801.49 762.13 771.61 692.36 683.11 716.92 644.28 549.08 527.83 543.98 589.02 525.16
P/OP ratio4 31.82 30.27 28.90 34.38 26.65 28.74 28.19 28.51 25.42 23.37 23.39 24.78 23.47 24.29 26.83 25.39 22.27 21.78

Based on: 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-05), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-03), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-24).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Alphabet Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

3 Operating profit per share = (Income from operationsQ1 2019 + Income from operationsQ4 2018 + Income from operationsQ3 2018 + Income from operationsQ2 2018) ÷ No. shares of common stock outstanding
= (6,608,000,000 + 8,203,000,000 + 8,310,000,000 + 2,807,000,000) ÷ 694,243,815 = 37.35

4 P/OP ratio = Share price ÷ Operating profit per share
= 1,188.48 ÷ 37.35 = 31.82

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. Alphabet Inc.’s P/OP ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 694,243,815 695,186,396 695,465,998 695,677,773 694,548,763 695,297,530 694,802,111 692,879,488 691,748,603 691,420,327 689,238,589 687,273,797 686,555,233 688,319,767 687,725,164 685,535,249 682,409,365 680,622,782 678,365,654 676,391,986 674,493,876
Selected Financial Data (USD $)
Revenues (in millions) 36,339  39,276  33,740  32,657  31,146  32,323  27,772  26,010  24,750  26,064  22,451  21,500  20,257  21,329  18,675  17,727  17,258  18,103  16,523  15,955  15,420 
Sales per share3 204.56 196.81 186.73 178.10 168.82 159.44 150.54 143.28 136.99 130.56 124.10 118.96 113.59 108.95 104.35 101.54 99.41 96.97 0.00 0.00 0.00
Share price1, 2 1,188.48 1,145.99 1,071.47 1,248.08 1,019.98 1,080.60 1,019.27 950.70 916.44 801.49 762.13 771.61 692.36 683.11 716.92 644.28 549.08 527.83 543.98 589.02 525.16
P/S ratio4 5.81 5.82 5.74 7.01 6.04 6.78 6.77 6.64 6.69 6.14 6.14 6.49 6.10 6.27 6.87 6.34 5.52 5.44

Based on: 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-05), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-03), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-24).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Alphabet Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

3 Sales per share = (RevenuesQ1 2019 + RevenuesQ4 2018 + RevenuesQ3 2018 + RevenuesQ2 2018) ÷ No. shares of common stock outstanding
= (36,339,000,000 + 39,276,000,000 + 33,740,000,000 + 32,657,000,000) ÷ 694,243,815 = 204.56

4 P/S ratio = Share price ÷ Sales per share
= 1,188.48 ÷ 204.56 = 5.81

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. Alphabet Inc.’s P/S ratio increased from Q3 2018 to Q4 2018 but then slightly declined from Q4 2018 to Q1 2019.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
No. shares of common stock outstanding1 694,243,815 695,186,396 695,465,998 695,677,773 694,548,763 695,297,530 694,802,111 692,879,488 691,748,603 691,420,327 689,238,589 687,273,797 686,555,233 688,319,767 687,725,164 685,535,249 682,409,365 680,622,782 678,365,654 676,391,986 674,493,876
Selected Financial Data (USD $)
Stockholders’ equity (in millions) 183,472  177,628  169,840  162,000  160,825  152,502  157,100  148,286  144,949  139,036  134,103  127,879  123,569  120,331  116,241  111,783  108,448  104,500  98,815  95,749  91,711 
Book value per share (BVPS)3 264.28 255.51 244.21 232.87 231.55 219.33 226.11 214.01 209.54 201.09 194.57 186.07 179.98 174.82 169.02 163.06 158.92 153.54 145.67 141.56 135.97
Share price1, 2 1,188.48 1,145.99 1,071.47 1,248.08 1,019.98 1,080.60 1,019.27 950.70 916.44 801.49 762.13 771.61 692.36 683.11 716.92 644.28 549.08 527.83 543.98 589.02 525.16
P/BV ratio4 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 3.91 4.24 3.95 3.46 3.44 3.73 4.16 3.86

Based on: 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-05), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-24), 10-Q (filing date: 2018-04-24), 10-K (filing date: 2018-02-06), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-05-02), 10-K (filing date: 2017-02-03), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-03), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-29), 10-K (filing date: 2015-02-09), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-25), 10-Q (filing date: 2014-04-24).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Alphabet Inc.’s Quarterly or Annual Report.

Q1 2019 Calculations

3 BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 183,472,000,000 ÷ 694,243,815 = 264.28

4 P/BV ratio = Share price ÷ BVPS
= 1,188.48 ÷ 264.28 = 4.50

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. Alphabet Inc.’s P/BV ratio increased from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.