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Common Stock Valuation Ratios (Price Multiples)
Difficulty: Beginner
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).
Current Valuation Ratios
Apple Inc., current price multiples
| Apple Inc. | Applied Materials Inc. | Broadcom Inc. | Cisco Systems Inc. | HP Inc. | Intel Corp. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | Technology Hardware & Equipment | Technology | |
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| Selected Financial Data | |||||||||||
| Current share price (P) | $ |
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| No. shares of common stock outstanding | |
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| Growth rate (g) | |
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| Earnings per share (EPS) | $ |
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| Next year expected EPS | $ |
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| Operating profit per share | $ |
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| Sales per share | $ |
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| Book value per share (BVPS) | $ |
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| Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |
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| Price to next year expected earnings | |
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| Price-earnings-growth (PEG) | |
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| Price to operating profit (P/OP) | |
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| Price to sales (P/S) | |
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| Price to book value (P/BV) | |
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Based on: 10-K (filing date: 2018-11-05).
If company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Apple Inc., historical price multiples
| Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | ||
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| Price to earnings (P/E) | |
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| Price to operating profit (P/OP) | |
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| Price to sales (P/S) | |
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| Price to book value (P/BV) | |
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Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).
| 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. | Apple Inc.’s P/E ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
| 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. | Apple Inc.’s P/OP ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
| 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. | Apple Inc.’s P/S ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
| 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. | Apple Inc.’s P/BV ratio increased from 2016 to 2017 and from 2017 to 2018. |
Price to Earnings (P/E)
Apple Inc., historical P/E calculation, comparison to benchmarks
| Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | ||
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| No. shares of common stock outstanding1 | |
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| Selected Financial Data (USD $) | |||||||
| Net income (in millions) | |
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| Earnings per share (EPS)3 | |
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| Share price1, 2 | |
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| Ratio | |||||||
| P/E ratio4 | |
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| Benchmarks | |||||||
| P/E Ratio, Competitors | |||||||
| Applied Materials Inc. | |
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| Broadcom Inc. | |
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| Cisco Systems Inc. | |
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| HP Inc. | |
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| Intel Corp. | |
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| NVIDIA Corp. | |
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| Qualcomm Inc. | |
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| Texas Instruments Inc. | |
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| P/E Ratio, Sector | |||||||
| Technology Hardware & Equipment | |
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| P/E Ratio, Industry | |||||||
| Technology | |
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Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).
1 Data adjusted for splits and stock dividends.
2 Close price on the filing date of Apple Inc.’s Annual Report.
2018 Calculations
3 EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
4 P/E ratio = Share price ÷ EPS
= ÷ =
| 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. | Apple Inc.’s P/E ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
Price to Operating Profit (P/OP)
Apple Inc., historical P/OP calculation, comparison to benchmarks
| Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | ||
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| No. shares of common stock outstanding1 | |
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| Selected Financial Data (USD $) | |||||||
| Operating income (in millions) | |
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| Operating profit per share3 | |
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| Share price1, 2 | |
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| Ratio | |||||||
| P/OP ratio4 | |
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| Benchmarks | |||||||
| P/OP Ratio, Competitors | |||||||
| Applied Materials Inc. | |
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| Broadcom Inc. | |
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| Cisco Systems Inc. | |
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| HP Inc. | |
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| Intel Corp. | |
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| NVIDIA Corp. | |
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| Qualcomm Inc. | |
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| Texas Instruments Inc. | |
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| P/OP Ratio, Sector | |||||||
| Technology Hardware & Equipment | |
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| P/OP Ratio, Industry | |||||||
| Technology | |
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Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).
1 Data adjusted for splits and stock dividends.
2 Close price on the filing date of Apple Inc.’s Annual Report.
2018 Calculations
3 Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
4 P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
| 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. | Apple Inc.’s P/OP ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
Price to Sales (P/S)
Apple Inc., historical P/S calculation, comparison to benchmarks
| Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | ||
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| No. shares of common stock outstanding1 | |
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| Selected Financial Data (USD $) | |||||||
| Net sales (in millions) | |
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| Sales per share3 | |
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| Share price1, 2 | |
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| Ratio | |||||||
| P/S ratio4 | |
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| Benchmarks | |||||||
| P/S Ratio, Competitors | |||||||
| Applied Materials Inc. | |
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| Broadcom Inc. | |
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| Cisco Systems Inc. | |
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| HP Inc. | |
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| Intel Corp. | |
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| NVIDIA Corp. | |
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| Qualcomm Inc. | |
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| Texas Instruments Inc. | |
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| P/S Ratio, Sector | |||||||
| Technology Hardware & Equipment | |
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| P/S Ratio, Industry | |||||||
| Technology | |
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Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).
1 Data adjusted for splits and stock dividends.
2 Close price on the filing date of Apple Inc.’s Annual Report.
2018 Calculations
3 Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
4 P/S ratio = Share price ÷ Sales per share
= ÷ =
| 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. | Apple Inc.’s P/S ratio increased from 2016 to 2017 but then slightly declined from 2017 to 2018. |
Price to Book Value (P/BV)
Apple Inc., historical P/BV calculation, comparison to benchmarks
| Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | Sep 26, 2015 | Sep 27, 2014 | Sep 28, 2013 | ||
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| No. shares of common stock outstanding1 | |
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| Selected Financial Data (USD $) | |||||||
| Shareholders’ equity (in millions) | |
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| Book value per share (BVPS)3 | |
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| Share price1, 2 | |
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| Ratio | |||||||
| P/BV ratio4 | |
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| Benchmarks | |||||||
| P/BV Ratio, Competitors | |||||||
| Applied Materials Inc. | |
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| Broadcom Inc. | |
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| Cisco Systems Inc. | |
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| HP Inc. | |
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| Intel Corp. | |
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| NVIDIA Corp. | |
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| Qualcomm Inc. | |
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| Texas Instruments Inc. | |
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| P/BV Ratio, Sector | |||||||
| Technology Hardware & Equipment | |
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| P/BV Ratio, Industry | |||||||
| Technology | |
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Based on: 10-K (filing date: 2018-11-05), 10-K (filing date: 2017-11-03), 10-K (filing date: 2016-10-26), 10-K (filing date: 2015-10-28), 10-K (filing date: 2014-10-27), 10-K (filing date: 2013-10-30).
1 Data adjusted for splits and stock dividends.
2 Close price on the filing date of Apple Inc.’s Annual Report.
2018 Calculations
3 BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
4 P/BV ratio = Share price ÷ BVPS
= ÷ =
| 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. | Apple Inc.’s P/BV ratio increased from 2016 to 2017 and from 2017 to 2018. |