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).
Historical Valuation Ratios (Summary)
Alphabet Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The valuation ratios exhibit a general upward trajectory over the analyzed period, characterized by a phase of moderate fluctuation between 2022 and 2024, a sharp contraction in the first quarter of 2025, and a subsequent aggressive expansion through early 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Earnings and operating profit multiples followed a closely correlated path. From March 2022 to December 2024, the P/E ratio fluctuated primarily between 18.32 and 26.05, while the P/OP ratio remained between 15.62 and 23.24. A significant valuation trough occurred in March 2025, with the P/E dropping to 17.91 and the P/OP to 16.92. This was followed by a rapid ascent, with the P/E peaking at 30.33 in December 2025 and the P/OP reaching its period high of 33.50 by March 2026.
- Price to Sales (P/S)
- The revenue multiple demonstrated a steady climb from a low of 4.35 in September 2022 to a peak of 6.75 in March 2024. Similar to other metrics, a correction is observed in March 2025, where the ratio fell to 5.53. However, the subsequent expansion was more pronounced than in previous years, with the ratio accelerating to 9.95 by December 2025 and concluding the period at a maximum of 10.95 in March 2026.
- Price to Book Value (P/BV)
- Asset-based valuation showed a consistent mirroring of the P/S trend. The P/BV ratio moved from a range of 4.84 to 5.96 in 2022 to a heightened range of 6.86 to 7.33 in 2024. Following a dip to 5.76 in March 2025, the ratio surged to 9.65 by December 2025 and remained nearly flat at 9.67 in March 2026, indicating a substantial increase in the premium paid over the book value of assets.
The convergence of these trends suggests a significant shift in market sentiment beginning in mid-2025. The simultaneous spike across all four valuation metrics indicates a substantial increase in the equity premium, as the market transitioned from a valuation baseline established between 2022 and 2024 to a significantly higher multiplier regime by the first quarter of 2026.
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Price to Earnings (P/E)
Alphabet Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,116,000,000 | 12,097,000,000 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (in millions) | 62,578) | 34,455) | 34,979) | 28,196) | 34,540) | 26,536) | 26,301) | 23,619) | 23,662) | 20,687) | 19,689) | 18,368) | 15,051) | 13,624) | 13,910) | 16,002) | 16,436) | ||||||
| Earnings per share (EPS)2 | 13.22 | 10.93 | 10.30 | 9.56 | 9.15 | 8.21 | 7.70 | 7.12 | 6.67 | 5.94 | 5.33 | 4.83 | 4.61 | 4.68 | 5.18 | 5.52 | 5.66 | ||||||
| Share price1, 3 | 381.94 | 331.33 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 28.88 | 30.33 | 27.38 | 20.22 | 17.91 | 23.54 | 22.87 | 24.49 | 26.05 | 23.89 | 23.76 | 26.82 | 22.64 | 22.47 | 18.32 | 20.58 | 20.32 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Comcast Corp. | 6.01 | 5.35 | 4.40 | 5.36 | 7.89 | 7.86 | 11.39 | 9.88 | 9.64 | 12.01 | 10.40 | 28.75 | 29.69 | 31.38 | 25.58 | 12.39 | 13.00 | ||||||
| Meta Platforms Inc. | 22.01 | 30.89 | 28.70 | 27.17 | 21.59 | 27.91 | 25.80 | 24.48 | 24.47 | 30.97 | 24.92 | 35.58 | 28.51 | 21.10 | 9.01 | 12.84 | 14.91 | ||||||
| Netflix Inc. | 30.65 | 33.11 | 45.35 | 50.14 | 44.68 | 47.72 | 41.97 | 38.31 | 37.14 | 45.64 | 38.78 | 44.61 | 34.72 | 36.18 | 23.66 | 19.54 | 19.36 | ||||||
| Trade Desk Inc. | — | 25.58 | 50.61 | 103.52 | 71.43 | 90.94 | 212.26 | 171.26 | 212.06 | 206.87 | 246.46 | 306.77 | 410.83 | 609.53 | — | 788.40 | 211.66 | ||||||
| Walt Disney Co. | 15.10 | 15.49 | 17.93 | 20.60 | 35.59 | 39.74 | 32.64 | 113.35 | 60.90 | 73.44 | 71.09 | 44.85 | 61.51 | 54.90 | 65.23 | 72.29 | 86.97 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025)
÷ No. shares of common stock outstanding
= (62,578,000,000 + 34,455,000,000 + 34,979,000,000 + 28,196,000,000)
÷ 12,116,000,000 = 13.22
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 381.94 ÷ 13.22 = 28.88
5 Click competitor name to see calculations.
An analysis of the financial metrics from March 31, 2022, through March 31, 2026, reveals a long-term growth trajectory in both share price and earnings per share, accompanied by a significant expansion in valuation multiples toward the end of the period.
- Earnings Per Share (EPS) Trend
- A period of moderate contraction is observed in 2022, with EPS declining from 5.66 US$ in the first quarter to 4.68 US$ by the fourth quarter. However, starting in March 2023, a consistent and accelerating upward trend is established. EPS grew steadily through 2024 and 2025, culminating in a peak of 13.22 US$ by March 31, 2026. This represents a substantial increase in profitability over the analyzed timeframe.
- Share Price Performance
- The share price exhibited volatility in 2022, reaching a low of 94.82 US$ in September before initiating a recovery. A strong bullish trend is evident from 2023 through 2024, with the price rising from approximately 104 US$ to 193 US$. After a temporary correction to 163.85 US$ in March 2025, the price experienced an aggressive surge, ending the period at a high of 381.94 US$ in March 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio remained relatively stable between 18.32 and 26.82 during 2022 and 2023, suggesting a valuation aligned with earnings growth. In March 2025, the ratio dropped to its lowest point of 17.91, correlating with a decrease in share price. Subsequently, a sharp valuation expansion occurred throughout 2025, with the ratio peaking at 30.33 by December 31, 2025. This indicates that share price appreciation significantly outpaced earnings growth during the latter half of 2025.
- Correlation and Valuation Insight
- While the growth in share price was supported by rising EPS for much of the period, the divergence in late 2025 suggests a shift in market sentiment. The expansion of the P/E ratio from 17.91 to over 30.00 indicates an increased willingness by investors to pay a premium for future earnings, marking a transition from value-based pricing to a more aggressive growth valuation.
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Price to Operating Profit (P/OP)
Alphabet Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,116,000,000 | 12,097,000,000 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income from operations (in millions) | 39,696) | 35,934) | 31,228) | 31,271) | 30,606) | 30,972) | 28,521) | 27,425) | 25,472) | 23,697) | 21,343) | 21,838) | 17,415) | 18,160) | 17,135) | 19,453) | 20,094) | ||||||
| Operating profit per share2 | 11.40 | 10.67 | 10.28 | 10.04 | 9.68 | 9.22 | 8.59 | 7.96 | 7.47 | 6.78 | 6.29 | 5.91 | 5.68 | 5.84 | 6.07 | 6.32 | 6.25 | ||||||
| Share price1, 3 | 381.94 | 331.33 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 33.50 | 31.06 | 27.42 | 19.25 | 16.92 | 20.97 | 20.51 | 21.92 | 23.24 | 20.92 | 20.13 | 21.93 | 18.38 | 18.01 | 15.62 | 17.97 | 18.39 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Comcast Corp. | 5.90 | 5.18 | 4.49 | 5.45 | 5.35 | 5.46 | 7.33 | 6.37 | 6.33 | 7.93 | 6.75 | 12.94 | 11.89 | 12.00 | 9.64 | 7.83 | 8.75 | ||||||
| Meta Platforms Inc. | 17.53 | 22.43 | 20.51 | 24.69 | 19.68 | 25.09 | 22.96 | 21.42 | 20.99 | 25.90 | 20.16 | 27.97 | 22.11 | 16.91 | 7.39 | 10.83 | 12.68 | ||||||
| Netflix Inc. | 29.42 | 27.28 | 37.42 | 41.76 | 37.21 | 39.91 | 33.87 | 31.43 | 30.36 | 35.50 | 29.21 | 33.68 | 27.12 | 28.85 | 20.89 | 16.77 | 15.62 | ||||||
| Trade Desk Inc. | — | 19.24 | 42.06 | 90.92 | 64.99 | 83.69 | 173.83 | 142.04 | 169.07 | 184.64 | 241.10 | 269.27 | 295.72 | 286.30 | — | 669.01 | 212.81 | ||||||
| Walt Disney Co. | 14.29 | 14.76 | 17.26 | 15.44 | 21.45 | 23.75 | 19.06 | 39.89 | 29.75 | 33.90 | 34.95 | 26.48 | 32.61 | 26.43 | 31.54 | 35.31 | 53.03 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025)
÷ No. shares of common stock outstanding
= (39,696,000,000 + 35,934,000,000 + 31,228,000,000 + 31,271,000,000)
÷ 12,116,000,000 = 11.40
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 381.94 ÷ 11.40 = 33.50
5 Click competitor name to see calculations.
The financial trajectory from March 31, 2022, to March 31, 2026, is characterized by a substantial appreciation in equity value and a consistent expansion in operational profitability. While operating profit per share grew steadily, the share price experienced more aggressive growth, leading to a significant expansion of the valuation multiple toward the end of the analyzed period.
- Share Price Movement
- The share price exhibited initial volatility in 2022, reaching a period low of 94.82 US$ in September 2022. Following this trough, a sustained upward trend emerged, with the price ascending to 193.30 US$ by December 31, 2024. A period of accelerated growth occurred between September 30, 2025, and March 31, 2026, where the price rose from 281.90 US$ to a peak of 381.94 US$.
- Operating Profit per Share Trends
- Operating profit per share remained relatively flat during the first year, declining slightly from 6.25 US$ in March 2022 to 5.68 US$ in March 2023. Subsequently, a consistent growth pattern was established, with profitability increasing every quarter from June 2023 (5.91 US$) through March 2026 (11.40 US$). This represents a near doubling of operating profit per share from its 2023 low.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio reflects a shift in market valuation. Between March 2022 and December 2023, the ratio fluctuated primarily between 15.62 and 23.24. A notable contraction occurred in March 2024, where the ratio dropped to 16.92. However, the final stages of the period saw a sharp expansion in the multiple, climbing from 19.25 in June 2025 to 33.50 by March 2026. This indicates that the share price increased at a rate significantly higher than the growth in operating profits, suggesting an increase in the premium investors were willing to pay per unit of operating profit.
The overall data indicates a transition from a period of moderate valuation and stability to a high-growth phase characterized by both fundamental improvement in earnings and a significant expansion in the valuation multiple.
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Price to Sales (P/S)
Alphabet Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,116,000,000 | 12,097,000,000 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (in millions) | 109,896) | 113,828) | 102,346) | 96,428) | 90,234) | 96,469) | 88,268) | 84,742) | 80,539) | 86,310) | 76,693) | 74,604) | 69,787) | 76,048) | 69,092) | 69,685) | 68,011) | ||||||
| Sales per share2 | 34.87 | 33.30 | 31.94 | 30.71 | 29.64 | 28.71 | 27.76 | 26.67 | 25.74 | 24.72 | 23.74 | 22.96 | 22.42 | 22.08 | 21.80 | 21.32 | 20.53 | ||||||
| Share price1, 3 | 381.94 | 331.33 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 10.95 | 9.95 | 8.82 | 6.29 | 5.53 | 6.73 | 6.34 | 6.54 | 6.75 | 5.74 | 5.34 | 5.65 | 4.66 | 4.76 | 4.35 | 5.33 | 5.60 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Comcast Corp. | 0.90 | 0.87 | 0.81 | 0.99 | 1.00 | 1.03 | 1.36 | 1.23 | 1.22 | 1.52 | 1.30 | 1.55 | 1.40 | 1.39 | 1.14 | 1.43 | 1.55 | ||||||
| Meta Platforms Inc. | 7.23 | 9.29 | 8.87 | 10.87 | 8.45 | 10.58 | 9.17 | 8.41 | 7.84 | 8.98 | 5.84 | 6.65 | 5.21 | 4.20 | 2.20 | 3.62 | 4.65 | ||||||
| Netflix Inc. | 8.74 | 8.05 | 10.91 | 12.32 | 10.31 | 10.66 | 8.69 | 7.49 | 6.84 | 7.32 | 5.36 | 5.90 | 4.57 | 5.14 | 3.79 | 3.21 | 3.19 | ||||||
| Trade Desk Inc. | — | 3.91 | 7.95 | 16.12 | 11.46 | 14.62 | 28.32 | 19.95 | 20.77 | 19.02 | 20.57 | 22.90 | 19.30 | 20.62 | 13.17 | 19.16 | 16.47 | ||||||
| Walt Disney Co. | 1.93 | 2.03 | 2.19 | 1.95 | 2.16 | 2.16 | 1.73 | 2.15 | 2.04 | 1.94 | 1.82 | 2.12 | 2.42 | 2.09 | 2.53 | 2.50 | 3.67 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ No. shares of common stock outstanding
= (109,896,000,000 + 113,828,000,000 + 102,346,000,000 + 96,428,000,000)
÷ 12,116,000,000 = 34.87
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 381.94 ÷ 34.87 = 10.95
5 Click competitor name to see calculations.
An analysis of the valuation metrics reveals a period of steady fundamental growth contrasted by significant expansion in market valuation multiples. While revenue generation per share followed a consistent linear trajectory, the market's valuation of those earnings accelerated sharply toward the end of the observed period.
- Sales per Share Trend
- A consistent and uninterrupted upward trend is observed in sales per share, rising from 20.53 US$ in March 2022 to 34.87 US$ by March 2026. This indicates steady organic growth in revenue efficiency relative to the share count throughout the entire timeframe.
- Share Price Volatility and Growth
- The share price experienced initial volatility in 2022, reaching a low of 94.82 US$ in September before beginning a sustained ascent. A period of rapid appreciation is evident starting in mid-2025, where the price climbed from 193.20 US$ in June to 381.94 US$ by March 2026, representing a substantial increase in market capitalization.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio remained relatively stable between 4.35 and 6.75 from March 2022 through March 2025, suggesting a period of valuation consolidation. However, a significant valuation rerating occurred in the latter half of 2025 and early 2026. The ratio escalated from 6.29 in June 2025 to 10.95 by March 2026, indicating that the market began assigning a significantly higher premium to each dollar of revenue.
- Correlation Between Price and Valuation Multiples
- The expansion of the P/S ratio in the final six quarters was driven primarily by share price growth outpacing the linear growth of sales per share. The shift from a P/S ratio of 5.53 in March 2025 to 10.95 in March 2026 reflects a transition from a moderate valuation phase to a high-growth valuation phase.
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Price to Book Value (P/BV)
Alphabet Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 12,116,000,000 | 12,097,000,000 | 12,067,000,000 | 12,094,000,000 | 12,135,000,000 | 12,190,000,000 | 12,241,000,000 | 12,310,000,000 | 12,358,000,000 | 12,433,000,000 | 12,516,000,000 | 12,609,000,000 | 12,697,000,000 | 12,807,000,000 | 12,943,000,000 | 13,044,000,000 | 13,169,997,540 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in millions) | 478,746) | 415,265) | 386,867) | 362,916) | 345,267) | 325,084) | 314,119) | 300,753) | 292,844) | 283,379) | 273,202) | 267,141) | 260,894) | 256,144) | 253,626) | 255,419) | 254,004) | ||||||
| Book value per share (BVPS)2 | 39.51 | 34.33 | 32.06 | 30.01 | 28.45 | 26.67 | 25.66 | 24.43 | 23.70 | 22.79 | 21.83 | 21.19 | 20.55 | 20.00 | 19.60 | 19.58 | 19.29 | ||||||
| Share price1, 3 | 381.94 | 331.33 | 281.90 | 193.20 | 163.85 | 193.30 | 176.14 | 174.37 | 173.69 | 141.80 | 126.67 | 129.66 | 104.45 | 105.22 | 94.82 | 113.60 | 115.02 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 9.67 | 9.65 | 8.79 | 6.44 | 5.76 | 7.25 | 6.86 | 7.14 | 7.33 | 6.22 | 5.80 | 6.12 | 5.08 | 5.26 | 4.84 | 5.80 | 5.96 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Comcast Corp. | 1.28 | 1.10 | 1.03 | 1.27 | 1.43 | 1.49 | 1.95 | 1.79 | 1.80 | 2.24 | 1.91 | 2.22 | 2.04 | 2.08 | 1.72 | 1.90 | 1.97 | ||||||
| Meta Platforms Inc. | 6.37 | 8.60 | 8.66 | 9.96 | 7.78 | 9.53 | 8.71 | 8.03 | 7.49 | 7.91 | 5.19 | 5.98 | 4.90 | 3.89 | 2.09 | 3.43 | 4.52 | ||||||
| Netflix Inc. | 13.17 | 13.66 | 18.23 | 20.59 | 17.24 | 16.80 | 14.37 | 12.29 | 11.19 | 11.99 | 7.94 | 8.30 | 6.68 | 7.82 | 5.81 | 5.22 | 5.53 | ||||||
| Trade Desk Inc. | — | 4.56 | 8.53 | 16.02 | 10.84 | 12.12 | 24.91 | 18.04 | 19.70 | 17.10 | 17.47 | 19.15 | 16.36 | 15.38 | 10.20 | 14.95 | 12.90 | ||||||
| Walt Disney Co. | 1.71 | 1.75 | 1.90 | 1.76 | 1.96 | 1.96 | 1.55 | 1.94 | 1.81 | 1.74 | 1.64 | 1.89 | 2.12 | 1.82 | 2.22 | 2.11 | 2.98 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 478,746,000,000 ÷ 12,116,000,000 = 39.51
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 381.94 ÷ 39.51 = 9.67
5 Click competitor name to see calculations.
An analysis of valuation metrics from March 2022 through March 2026 reveals a significant expansion in the market valuation of the company relative to its book value. While the book value per share grew at a consistent and linear pace, the share price experienced higher volatility and a period of aggressive growth, resulting in a substantial increase in the Price to Book Value (P/BV) multiple.
- Book Value Per Share (BVPS) Progression
- The BVPS exhibited a continuous upward trend throughout the entire period, rising from US$ 19.29 in March 2022 to US$ 39.51 by March 2026. This steady growth indicates a persistent increase in the company's net asset value and retained earnings, providing a stable fundamental base despite fluctuations in market price.
- Share Price Volatility and Growth
- The share price moved through three distinct phases. Initial volatility was observed in 2022, with a low of US$ 94.82 in September. This was followed by a recovery phase through 2023 and early 2024, where prices stabilized between US$ 126.67 and US$ 176.14. The final phase, beginning in June 2025, was characterized by rapid acceleration, with the price climbing from US$ 193.20 to a peak of US$ 381.94 in March 2026.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio transitioned from a range of 4.84 to 6.22 during 2022 and 2023 to significantly higher levels in the subsequent years. After a peak of 7.33 in March 2024 and a subsequent correction to 5.76 in March 2025, the ratio entered a sharp ascent. By the end of the period in March 2026, the P/BV ratio reached 9.67, suggesting that the market began assigning a much higher premium to the company's assets and future earning potential.
The divergence between the linear growth of the book value and the exponential increase in the share price during the 2025-2026 period indicates that the valuation is increasingly driven by market expectations and intangible growth factors rather than purely by the growth of tangible net assets.
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