Apple Inc. (NASDAQ:AAPL)

The analysis of key valuation ratios over the quarterly periods reveals several noteworthy trends and fluctuations.

Price to Earnings (P/E) Ratio

The P/E ratio demonstrates a general declining trend from the starting point in late 2020 through 2022, decreasing from 36 to around 24.8. This downtrend indicates that the stock price was decreasing relative to earnings or that earnings were growing faster than the stock price during this phase. Starting in early 2023, the P/E ratio experiences a gradual increase, reaching a peak near 36.87 by late 2024. However, towards mid to late 2025, it slightly declines again but remains elevated compared to the earlier trough. This rise may suggest growing investor optimism or higher valuation multiples driven by positive earnings outlooks.

Price to Operating Profit (P/OP) Ratio

The P/OP ratio follows a somewhat similar pattern to the P/E ratio, starting at 31 and declining steadily to approximately 20.74 by late 2022. This decline points to improving operating profitability relative to stock price or decreasing stock price relative to operating profit. From early 2023 onwards, the ratio rebounds, increasing to a maximum near 28.21 around late 2024. After peaking, the ratio dips in 2025 but then spikes again to 30.03 by the end of the observed period. This volatility suggests shifts in investor perception of operating profit sustainability or changes in market pricing.

Price to Sales (P/S) Ratio

The P/S ratio exhibits moderate volatility but shows an overall upward trajectory. From a base of roughly 7.82 at the end of 2020, it dips to about 6.28 by late 2022, reflecting some contraction in valuation multiples relative to sales. Post-2022, the P/S ratio ascends fairly consistently, reaching near 9.6 by late 2025. This increase implies enhanced sales valuation by the market or expectations of sales growth, indicating confidence in revenue-generating capacity.

Price to Book Value (P/BV) Ratio

The P/BV ratio is characterized by significant fluctuations and generally high valuation multiples. It starts around 34.75 and fluctuates upward to a peak over 48 toward late 2022. The ratio continues to oscillate substantially, peaking at 59.17 in mid to late 2024. Despite some declines after this peak, the P/BV ratio remains elevated above 40 through 2025, ending near 54.18. These elevated multiples indicate strong investor willingness to pay for the company's net asset value, possibly reflecting intangible assets or growth expectations.

Overall, the data illustrates cyclical valuation multiples with a pronounced dip in 2022 across most ratios, followed by a recovery and increase towards 2024, and some variability thereafter. The persistent high P/BV multiples suggest sustained investor confidence in the company's asset base and growth prospects. The rising P/S ratio in recent periods further supports expectations of revenue growth or stronger market positioning. The P/E and P/OP ratios display more volatility, reflecting dynamic earnings and operating profit performance relative to market pricing during the cycles.

Share Price Trends

The share price demonstrated an overall upward trajectory over the observed periods. Starting at $137.09 in late December 2020, it experienced moderate fluctuations before progressively increasing. Notable peaks include around $185.85 at the end of 2023, followed by a significant surge reaching $270.37 by late September 2025. Despite some intermittent declines, particularly in late 2024 and early 2025, the general trend was positive, suggesting strong market confidence and potential growth expectations.

Earnings Per Share (EPS) Trends

EPS showed consistent growth with minor fluctuations throughout the periods. Beginning at $3.81 in December 2020, it rose steadily to reach approximately $6.54 by December 2023. The following years reflected a more gradual increase, culminating at $7.58 by September 2025. Some quarters exhibited slight decreases, but the overall pattern indicates robust earnings growth, showcasing effective profitability improvements or revenue expansion.

Price-to-Earnings (P/E) Ratio Trends

The P/E ratio displayed more variability and did not follow a consistent trend. Initially, it decreased from 36 in December 2020 to around 24.82 by September 2022, indicating that share prices may have become more aligned with earnings during this time or market valuations became more conservative. Subsequently, the P/E ratio increased again, peaking near 36.87 in late 2024, before slightly declining to 35.67 by September 2025. This pattern suggests fluctuating investor sentiment regarding valuation, with periods of premium pricing relative to earnings.

Summary of Financial Performance Indicators

The simultaneous increase in share price and EPS implies solid financial performance and growing profitability over the analyzed quarters. The volatile P/E ratio suggests that market valuation perceptions experienced shifts possibly driven by external factors or changing growth expectations. The strong EPS growth supports the justifiability of rising share prices, although the increased P/E ratio in the latter periods may hint at higher future growth expectations or potentially elevated valuation levels. Overall, the data signifies a positive financial outlook with some valuation variability, reflecting a dynamic market environment.

The share price exhibited a general upward trend over the periods analyzed, with some fluctuations. Initially, the price ranged between approximately $133 and $170 until the end of 2021. Subsequently, there were periods of moderate increases and occasional dips, particularly around late 2022 to early 2023, before reaching a notable peak of $270.37 in September 2025.

The operating profit per share showed consistent growth across all quarters, moving steadily from $4.42 in December 2020 to $9.00 in September 2025. This indicates improving operational efficiency and profitability on a per-share basis over the analyzed timeframe.

The price to operating profit ratio (P/OP) fluctuated within a relatively narrow band, generally between 20 and 31. Initially, the ratio declined from 31 to a low around 20.74 by the third quarter of 2022, suggesting that the share price was becoming more aligned with the operating profit per share. However, from early 2023 onwards, the ratio experienced modest increases, peaking near 30 in the last quarter of 2025. This pattern may reflect changes in market valuation expectations or investor sentiment relative to the company's operating profitability.

Share Price

Displayed a steady increase over the five-year period with intermittent declines, culminating in a sharp rise by the final quarter measured.

Operating Profit per Share

Consistently increased each quarter, evidencing sustained growth in core profitability per share without signs of stagnation.

Price to Operating Profit Ratio (P/OP)

Experienced initial decline followed by gradual increases, indicating varying market valuation dynamics relative to operating profit over time.

The share price demonstrates a general upward trend over the examined periods, with some fluctuations. It started around $137 and experienced gradual increases with occasional declines, reaching a peak near $270 in the latest period. The most pronounced growth in share price appears in the latter periods, particularly from early 2024 onward, reflecting increased market valuation.

Sales per share show a consistent, steady increase over time. Beginning at approximately $17.52, the growth is gradual but persistent, reaching above $28 by the end of the timeline. This indicates ongoing revenue generation improvement on a per-share basis, highlighting continual operational expansion or increased sales efficiency.

The Price-to-Sales (P/S) ratio exhibits variability through the quarters. Early on, the ratio declined slightly before rising again around late 2021 and maintaining moderate volatility afterward. Notably, there is a significant surge in the P/S ratio starting in early 2024, coinciding with the higher share prices and relatively slower growth in sales per share. The P/S ratio peaks near 9.6 in the last period, suggesting that the market valuation is increasing at a faster pace than sales growth.

Share Price

Overall increases with intermittent dips; strong upward momentum from early 2024 reaching $270 approximately.

Sales per Share

Steady and consistent rise from $17.52 to beyond $28, indicating improved revenue generation per share.

Price-to-Sales (P/S) Ratio

Fluctuates moderately with noticeable growth from early 2024, peaking at around 9.6, reflecting rising market valuation relative to sales.

In summary, the data suggests a robust growth in market valuation supported by steadily improving sales per share. However, the disproportionate increase in the P/S ratio towards the later periods may warrant further investigation regarding market expectations or share price drivers beyond sales performance alone.

Share Price Trend

The share price shows a general upward trajectory over the observed periods, starting at $137.09 and increasing to $270.37 by the last quarter. The price experienced moderate fluctuations with occasional dips, such as from $170.33 to $157.65 between December 2021 and March 2022, and from $236 to $205.35 between September 2024 and December 2024. However, these declines were followed by strong recoveries, reaching a peak of $270.37 towards the end of the data range. This suggests robust market confidence and growth expectations over the long term.

Book Value Per Share (BVPS) Pattern

The book value per share fluctuates within a narrow range, beginning at $3.94 and ending at $4.99. There is no clear sustained trend upward or downward, but rather cyclical movements. After some declines through various quarters, such as from $4.41 in December 2021 to $3.19 in September 2022, BVPS recovers to above $4.00 in most subsequent quarters, indicating relative stability in the company's net asset value per share despite market variations.

Price-to-Book Value (P/BV) Ratio Development

The P/BV ratio exhibits a generally increasing pattern with significant volatility. Starting at 34.75, it gradually climbs, reaching peaks such as 59.17 in September 2024 before declining moderately to 54.18 at the end of the period. The ratio’s upward movement reflects accelerating market premiums over the company’s book value, implying heightened investor expectations and possibly increased intangible asset valuations or future earnings potential being priced in by the market. The volatility indicates changing perceptions or market conditions affecting the valuation multiples.

Overall Insights

The combined trends of rising share price and fluctuating but relatively stable BVPS result in a growing P/BV ratio, suggesting that the market places progressively higher value on each unit of book equity. This may indicate optimism about future growth prospects or profitability enhancements. The temporary decreases and rebounds in share price and BVPS show responsiveness to market or operational factors but ultimately underpin a strong positive valuation trend throughout the periods analyzed.