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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 pattern of expansion from 2022 through early 2026, followed by a significant contraction in the latter half of 2026. This trajectory suggests a period of increasing market premiums that peaked between December 2025 and March 2026, preceding a sharp valuation correction across all measured metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio fluctuated between 18.32 and 26.82 from March 2022 through December 2024. A significant upward trend emerged in 2025, reaching a period peak of 30.33 by December 31, 2025. However, a rapid decline followed in 2026, with the ratio falling to 14.73 by September 30, 2026, representing the lowest valuation multiple in the observed timeframe.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a similar trajectory to the P/E ratio, maintaining a range of 15.62 to 23.24 during the first three years. A sharp escalation occurred between June 2025 and March 2026, where the ratio reached its maximum value of 33.50. A subsequent correction reduced the ratio to 22.11 by the end of the period.
- Price to Sales (P/S) Ratio
- A sustained expansion in the P/S ratio is observable starting from a low of 4.35 in September 2022. The ratio climbed steadily, surpassing 6.00 in early 2024 and accelerating to a peak of 10.95 in March 2026. This metric experienced a notable contraction in the following quarters, descending to 7.37 by September 30, 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio mirrored the trends seen in sales and operating profit valuations. After an initial dip to 4.84 in September 2022, the ratio trended upward, peaking at 9.67 in March 2026. A steep decline was recorded in the final two quarters of the analysis, ending at 5.12 by September 30, 2026.
Overall, the synchronicity between the P/OP, P/S, and P/BV ratios suggests that the valuation peak in March 2026 was driven by broad market sentiment or aggressive pricing relative to fundamental book and sales values. The subsequent sharp decline across all four ratios indicates a comprehensive valuation reset occurring in the second and third quarters of 2026.
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Price to Earnings (P/E)
Alphabet Inc., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 12,294,000,000 | 12,230,000,000 | 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) | 26,468) | 112,193) | 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 | 19.17 | 19.97 | 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 | 282.32 | 318.34 | 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 | 14.73 | 15.94 | 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. | 7.17 | 6.95 | 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. | 22.04 | 20.16 | 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. | 18.09 | 21.03 | 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 | ||||||
| Walt Disney Co. | 20.43 | 16.72 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= (26,468,000,000 + 112,193,000,000 + 62,578,000,000 + 34,455,000,000)
÷ 12,294,000,000 = 19.17
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 282.32 ÷ 19.17 = 14.73
5 Click competitor name to see calculations.
The valuation trajectory of Alphabet Inc. from March 2022 through September 2026 is characterized by significant expansion in both nominal share price and earnings per share, culminating in a sharp contraction of the price-to-earnings (P/E) multiple in the final year of the period.
- Share Price Dynamics
- The share price exhibited a volatile but generally upward trend. After an initial decline to a period low of 94.82 USD in September 2022, the price entered a sustained growth phase. A significant acceleration occurred between December 2024 (193.30 USD) and March 2026, where the price reached a peak of 381.94 USD. This was followed by a corrective phase, with the price receding to 282.32 USD by September 2026.
- Earnings Per Share (EPS) Progression
- EPS demonstrated a strong and consistent growth trajectory over the analyzed period. Following a trough of 4.61 USD in March 2023, earnings grew steadily, surpassing 10.00 USD by September 2025. A sharp increase is observed in the first half of 2026, with EPS peaking at 19.97 USD in June 2026, representing a substantial increase in profitability relative to the 2022 baseline.
- P/E Ratio Evolution
- The P/E ratio experienced three distinct phases. Between March 2022 and December 2023, the ratio remained relatively stable, fluctuating between 18.32 and 26.82. A phase of valuation expansion followed, with the ratio peaking at 30.33 in December 2025. However, the most notable shift occurred in 2026, where the P/E ratio collapsed from 28.88 in March 2026 to 14.73 by September 2026.
- Valuation Synthesis
- The dramatic compression of the P/E ratio in 2026 suggests a decoupling between earnings growth and share price appreciation. While the share price declined toward the end of the period, the EPS remained at historically high levels. This indicates that the market shifted toward a significantly more conservative valuation of the company's earnings, moving from a high-growth multiple (above 30) to a more value-oriented multiple (below 15) despite the sustained increase in fundamental profitability.
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Price to Operating Profit (P/OP)
Alphabet Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 12,294,000,000 | 12,230,000,000 | 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) | 40,576) | 40,770) | 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 | 12.77 | 12.07 | 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 | 282.32 | 318.34 | 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 | 22.11 | 26.37 | 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. | 4.48 | 4.25 | 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. | 20.89 | 15.80 | 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. | 17.16 | 20.00 | 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 | ||||||
| Walt Disney Co. | 13.01 | 14.32 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (40,576,000,000 + 40,770,000,000 + 39,696,000,000 + 35,934,000,000)
÷ 12,294,000,000 = 12.77
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 282.32 ÷ 12.77 = 22.11
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through September 2026 reveals a period of significant volatility in market pricing contrasted by a consistent upward trajectory in operational profitability.
- Share Price Trends
- The share price exhibited an initial decline, reaching a low of 94.82 US$ in September 2022. This was followed by a sustained recovery and growth phase, peaking at 381.94 US$ in March 2026. A subsequent correction occurred in the latter half of 2026, with the price retreating to 282.32 US$ by September 2026.
- Operating Profit per Share Performance
- Operating profit per share demonstrated strong and steady growth over the analyzed period. After a slight dip to 5.68 US$ in March 2023, the metric rose consistently every quarter, more than doubling to reach 12.77 US$ by September 2026. This indicates a continuous improvement in fundamental operational efficiency regardless of market price fluctuations.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio remained relatively stable between 15.62 and 23.24 from March 2022 through December 2024. A period of rapid valuation expansion occurred between March 2025 and March 2026, where the ratio climbed from 16.92 to a peak of 33.50. This spike suggests that share price appreciation significantly outpaced the growth in operating profits during this window.
- Valuation Correlation and Normalization
- A decoupling of share price and operating profit is evident in early 2026, leading to an elevated P/OP ratio. However, the contraction of the ratio to 22.11 by September 2026 indicates a market normalization, where the valuation returned to levels more closely aligned with the underlying operational growth.
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Price to Sales (P/S)
Alphabet Inc., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 12,294,000,000 | 12,230,000,000 | 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) | 127,577) | 119,796) | 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 | 38.32 | 36.46 | 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 | 282.32 | 318.34 | 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 | 7.37 | 8.73 | 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. | 0.66 | 0.62 | 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. | 6.86 | 6.02 | 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. | 5.37 | 5.94 | 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 | ||||||
| Walt Disney Co. | 1.78 | 1.93 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (127,577,000,000 + 119,796,000,000 + 109,896,000,000 + 113,828,000,000)
÷ 12,294,000,000 = 38.32
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 282.32 ÷ 38.32 = 7.37
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through September 2026 reveals a notable divergence between consistent operational revenue growth and fluctuating market valuation.
- Sales per Share Performance
- A consistent and linear upward trajectory is observed in sales per share, which rose from 20.53 US$ in March 2022 to 38.32 US$ by September 2026. This steady quarterly increase indicates a stable and uninterrupted growth in revenue generation relative to the number of shares outstanding throughout the entire period.
- Share Price Dynamics
- The share price experienced significant volatility characterized by three distinct phases. An initial period of instability occurred in 2022, with prices fluctuating between 94.82 US$ and 115.02 US$. This was followed by a period of steady appreciation through 2023 and 2024. The most aggressive growth occurred in 2025, where the price surged from 163.85 US$ in March to a peak of 381.94 US$ in March 2026, before contracting to 282.32 US$ by September 2026.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio remained relatively range-bound between 4.35 and 6.75 from March 2022 until December 2024, suggesting a stable relationship between market price and revenue. A significant valuation expansion began in 2025, as the ratio climbed from 5.53 in March to 9.95 by December. This trend peaked in March 2026 at 10.95, indicating a period where the market price grew at a rate far exceeding revenue growth. A subsequent correction is evident in 2026, with the ratio receding to 7.37 by September.
In summary, while the underlying revenue per share grew at a predictable and constant rate, the market valuation multiple underwent a sharp expansion and subsequent contraction during the 2025-2026 period, reflecting heightened investor volatility and shifting valuation premiums.
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Price to Book Value (P/BV)
Alphabet Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | 12,294,000,000 | 12,230,000,000 | 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) | 677,549) | 640,480) | 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 | 55.11 | 52.37 | 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 | 282.32 | 318.34 | 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 | 5.12 | 6.08 | 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. | 0.88 | 0.87 | 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. | 6.09 | 5.26 | 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. | 9.12 | 9.52 | 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 | ||||||
| Walt Disney Co. | 1.60 | 1.73 | 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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 677,549,000,000 ÷ 12,294,000,000 = 55.11
3 Closing price as at the filing date of Alphabet Inc. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 282.32 ÷ 55.11 = 5.12
5 Click competitor name to see calculations.
The valuation of Alphabet Inc. between March 2022 and September 2026 is characterized by a consistent increase in underlying book value contrasted with significant volatility in market pricing, leading to fluctuating Price-to-Book Value (P/BV) multiples.
- Book Value per Share (BVPS) Progression
- A steady and uninterrupted upward trend is observed in the book value per share. Starting at 19.29 US$ in March 2022, the BVPS grew incrementally every quarter, reaching 55.11 US$ by September 2026. This consistent growth indicates a sustained accumulation of net assets and a strengthening of the company's equity position over the period.
- Share Price Volatility
- The share price exhibited substantial fluctuations. After an initial decline to a period low of 94.82 US$ in September 2022, the price entered a prolonged growth phase, peaking at 381.94 US$ in March 2026. However, a corrective phase followed in the subsequent quarters, with the price retreating to 282.32 US$ by September 2026.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio mirrored the volatility of the share price, as the steady growth of the BVPS was frequently offset by larger price swings. The ratio reached a minimum of 4.84 in September 2022 and experienced a significant expansion phase beginning in 2024, culminating in a peak of 9.67 in March 2026. This peak represents the highest market premium paid over the book value during the observed timeframe.
- Valuation Correction
- A sharp contraction in the P/BV ratio is evident in the second and third quarters of 2026. The ratio fell from 9.67 in March 2026 to 5.12 by September 2026. This decline was driven by a decrease in the share price that outpaced the continued growth of the book value, effectively returning the valuation multiple to levels seen in early 2023.
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