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).
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Amgen 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 exhibit varying trends over the observed periods, indicating shifts in valuation metrics and investor sentiment.
- Price to earnings (P/E) ratio
- The P/E ratio began trending from 18.82 in early 2020, rising gradually to a peak of 23.14 by the end of 2023. This was followed by a sharp increase to 44.38 in mid-2024, reaching a high of 53.65 before decreasing steadily to 23.15 by mid-2025. The initial gradual increase suggests improving earnings expectations or investor confidence, while the mid-2024 surge may indicate heightened market speculation or lowered earnings. The subsequent decline reflects possible market correction or earnings recovery.
- Price to operating profit (P/OP) ratio
- The P/OP ratio showed a generally increasing trend from 14.96 in early 2020 to a peak of 27.68 by late 2024. After reaching this height, it declined to 18.71 by mid-2025. This indicates growing investor willingness to pay for operating profitability up to late 2024, followed by a revaluation or normalization of operating profit expectations thereafter.
- Price to sales (P/S) ratio
- The P/S ratio remained relatively stable throughout the periods, fluctuating mildly around the 5.0 to 5.9 range. It demonstrated slight increments up to late 2023, peaking near 5.93, before a gradual decrease to approximately 4.57 by mid-2025. This stability suggests consistent sales valuation by the market with minor adjustments in response to sales growth or market conditions.
- Price to book value (P/BV) ratio
- The P/BV ratio showed notable volatility. Initially oscillating between approximately 11.57 to 18.51, it then surged dramatically to 138.87 in early 2022, followed by a rapid decline to 20.63 by mid-2025. Such an extreme spike indicates either a significant change in book value, extraordinary market conditions, or potential adjustments in accounting valuations at that time. The subsequent sharp decline suggests a return to more normalized valuation levels relative to book value.
In summary, the valuation ratios collectively indicate periods of heightened market optimism particularly around 2023 to mid-2024, with subsequent corrections. The P/E and P/OP ratios reflect increased investor expectations which were moderated by mid-2025. The stable P/S ratio points to consistent sales performance, while the P/BV ratio’s dramatic volatility could point to extraordinary circumstances impacting book value or market perception during the observed timeframe.
Price to Earnings (P/E)
Amgen 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 (loss) (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
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 income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amgen Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited notable fluctuations over the analyzed periods. Initially, it experienced moderate volatility, ranging roughly between $217 and $249 from early 2020 to the end of 2021. From early 2022 onwards, an upward trend was observed, culminating in a peak near $320 in late 2024, followed by a slight decline toward the mid-$280s by mid-2025. This indicates an overall appreciation in market value with intermittent corrections.
- Earnings Per Share (EPS)
- EPS data, available beginning in March 2021, revealed some variability over time. After an initial decrease from approximately $12.6 to around $10 by the end of 2021, EPS showed improvement into early 2023, reaching highs near $14.9. Subsequently, a marked decline occurred in late 2023 and throughout 2024, with EPS dropping below $6 before rebounding toward $12 by mid-2025. This pattern suggests periods of profitability pressure followed by recovery.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio reflected substantial volatility, broadly correlating inversely with EPS movements. Early 2021 showed ratios in the 18 to 22 range, which declined modestly through 2022 as earnings improved. However, a significant spike occurred in 2024, where the P/E surged past 50 before descending toward the mid-20s by mid-2025. This surge indicates increased investor expectations or pricing relative to declining earnings during that period.
- Overall Observations
- The financial data portrays a company experiencing cyclical variations in earnings and market valuation. The share price uplift aligns generally with long-term EPS growth, despite interim declines. P/E ratio spikes correspond with EPS troughs, highlighting periods where market optimism may have outpaced actual earnings performance. The recovery seen in EPS and normalization of P/E ratios toward mid-2025 suggest renewed confidence and financial stability moving forward.
Price to Operating Profit (P/OP)
Amgen Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
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
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amgen 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 Trend
- The share price exhibited moderate fluctuations over the observed period. From March 2020 to the end of 2020, the price experienced some volatility, declining from $230.98 to $236.65 with a dip midway. Starting in 2021, the price generally increased, peaking at $290.07 in December 2023. Subsequently, there was a gradual decline through March to June 2025, reaching approximately $284.67 by mid-2025. Overall, the price showed an upward trend with some periods of correction.
- Operating Profit Per Share (OPPS) Trend
- The operating profit per share data commences from the first quarter of 2021. Initially, OPPS showed a declining trend from $15.82 in March 2021 to around $11.52 by September 2024. However, toward the latter part of the timeline, specifically from December 2024 to June 2025, the OPPS began to recover slightly, reaching $15.22 in March 2025 and $15.85 by mid-2025. This pattern indicates a period of contraction followed by stabilization and modest growth in operating profitability per share.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio started at 14.96 in March 2021, with a gradual increase observed thereafter. It peaked notably in the period ending December 2024 at 27.68, indicating that market price outpaced operating profit gains significantly during this time. Following this zenith, a downward correction was evident, with the ratio declining to approximately 18.71 by mid-2025. The elevated P/OP ratio across late 2023 into 2024 suggests possible investor optimism or overvaluation relative to operating profit before the market adjusted downward.
- Interrelation and Implications
- The share price and P/OP ratio moved in a generally correlated pattern where increases in share price, especially during 2023 and 2024, were not matched by proportional rises in operating profit per share, resulting in a higher P/OP ratio. This divergence may imply investor expectations of future growth or other non-operating factors influencing valuation. The subsequent decline in the P/OP ratio accompanied by a stabilization or slight increase in OPPS toward mid-2025 suggests a re-alignment of market price with underlying operational performance.
Price to Sales (P/S)
Amgen Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Product sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
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
= (Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Amgen Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several significant trends in the financial performance and market valuation over the periods analyzed.
- Share Price
- The share price exhibits notable volatility with general upward momentum from 2020 through 2024. Beginning at around $231 in early 2020, the price fluctuates with occasional declines in late 2020 and early 2021, followed by a recovery and steady increase peaking near $320 by late 2024. However, some corrections occur toward the end of the dataset, with the share price declining slightly below $285 by mid-2025.
- Sales per Share
- Sales per share data starts from the first quarter of 2021, displaying consistent growth quarter-over-quarter. The sales per share rise from approximately $41.97 in early 2021 to about $62.25 by mid-2025, indicating sustained business expansion or increased revenue generation per share during this timeframe.
- Price-to-Sales (P/S) Ratio
- The P/S ratio, calculated as share price divided by sales per share, reveals a downward trend over the period despite share price increases. Initially above 5.6 in early 2021, it gradually declines to around 4.57 by mid-2025. This decreasing P/S ratio suggests that sales growth is outpacing share price gains, implying improving valuation relative to sales or increasing investor caution about future growth prospects.
In summary, the company shows a pattern of rising sales per share accompanied by a generally increasing share price, but with a declining price-to-sales ratio. This combination indicates strong operational performance and growth in revenues per share, while the market valuation relative to sales is becoming more conservative over time. The share price trajectory confirms investor confidence despite market fluctuations, corroborated by consistent revenue growth. The declining price-to-sales ratio might be interpreted as the stock becoming more reasonably valued as sales increase or reflecting heightened market scrutiny.
Price to Book Value (P/BV)
Amgen Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||||||||
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 Amgen Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited fluctuations over the observed quarters. Initially, the share price showed an upward movement, reaching a peak around September 2022 at 269.04 US dollars. Following this peak, there was a period of volatility with some declines and recoveries, reaching the highest observed value of 320.16 US dollars in December 2024, before dipping slightly in the last two periods to approximately 281.22 US dollars by June 2025.
The book value per share (BVPS) experienced significant variations during the same period. It started at 16.12 US dollars in March 2020 and showed a generally decreasing trend until late 2021, reaching a low point at 1.71 US dollars in March 2022. After this trough, the BVPS recovered steadily, peaking again around September 2023 at 14.31 US dollars. The value fluctuated thereafter, showing moderate variability but staying mostly between 10 and 14 US dollars towards the end of the period.
The price-to-book value (P/BV) ratio demonstrated considerable volatility, mirroring the inverse relationship between the share price and the BVPS. The ratio began around 14 in early 2020, experienced several swings, and hit very high extremes in early 2022, peaking above 138. This peak corresponds to the period when the book value per share was at its lowest, indicating potentially significant market valuation relative to the company's book value at that point. Subsequent quarters showed a gradual decline in the P/BV ratio, dropping to below 25 towards the end of the observed period, suggesting a movement towards a more balanced valuation although still elevated compared to the start of 2020.
Overall, the data indicates that while the share price maintained an upward trajectory with fluctuations, the book value per share was more volatile and experienced a dramatic drop and recovery. The P/BV ratio’s volatility highlights changing market perceptions about the company’s underlying value, with extreme overvaluation seen in early 2022 followed by a corrective trend. This suggests periods of market optimism and possible concern regarding the company’s financial fundamentals during the analyzed timeframe.
- Share Price
- General growth with fluctuations, peaking in late 2024 before a slight decline.
- Book Value Per Share
- Marked decline until early 2022 followed by recovery, fluctuating later in the period.
- Price-to-Book Value Ratio
- Highly volatile with extreme peaks correlating to low BVPS values, tapering off to more moderate levels by mid-2025.