Price to Sales (P/S)
since 2005
Calculation
Bed Bath & Beyond Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Apr 21, 2022 | 0.17 | = | 16.34 | ÷ | 98.54 | 98.54 | = | 7,867,778 | ÷ | 79,845,789 | |
| Apr 22, 2021 | 0.31 | = | 26.42 | ÷ | 84.61 | 84.61 | = | 9,233,028 | ÷ | 109,122,398 | |
| Apr 29, 2020 | 0.07 | = | 6.59 | ÷ | 88.17 | 88.17 | = | 11,158,580 | ÷ | 126,553,062 | |
| Apr 30, 2019 | 0.18 | = | 16.71 | ÷ | 91.07 | 91.07 | = | 12,028,797 | ÷ | 132,089,269 | |
| May 2, 2018 | 0.20 | = | 17.50 | ÷ | 88.01 | 88.01 | = | 12,349,301 | ÷ | 140,311,297 | |
| Apr 25, 2017 | 0.47 | = | 39.36 | ÷ | 84.16 | 84.16 | = | 12,215,757 | ÷ | 145,153,735 | |
| Apr 26, 2016 | 0.63 | = | 49.32 | ÷ | 77.67 | 77.67 | = | 12,103,887 | ÷ | 155,832,064 | |
| Apr 28, 2015 | 1.04 | = | 71.19 | ÷ | 68.61 | 68.61 | = | 11,881,176 | ÷ | 173,182,037 | |
| Apr 29, 2014 | 1.10 | = | 62.23 | ÷ | 56.39 | 56.39 | = | 11,503,963 | ÷ | 204,016,305 | |
| Apr 30, 2013 | 1.39 | = | 68.80 | ÷ | 49.60 | 49.60 | = | 10,914,585 | ÷ | 220,044,578 | |
| Apr 24, 2012 | 1.67 | = | 67.71 | ÷ | 40.64 | 40.64 | = | 9,499,890 | ÷ | 233,773,500 | |
| Apr 26, 2011 | 1.63 | = | 57.13 | ÷ | 35.03 | 35.03 | = | 8,758,503 | ÷ | 250,063,186 | |
| Apr 27, 2010 | 1.56 | = | 46.30 | ÷ | 29.74 | 29.74 | = | 7,828,793 | ÷ | 263,260,391 | |
| Apr 28, 2009 | 1.09 | = | 30.24 | ÷ | 27.76 | 27.76 | = | 7,208,340 | ÷ | 259,664,269 | |
| Apr 30, 2008 | 1.19 | = | 32.50 | ÷ | 27.22 | 27.22 | = | 7,048,942 | ÷ | 258,923,423 | |
| May 2, 2007 | 1.73 | = | 41.20 | ÷ | 23.88 | 23.88 | = | 6,617,429 | ÷ | 277,125,199 | |
| May 12, 2006 | 1.81 | = | 37.26 | ÷ | 20.58 | 20.58 | = | 5,809,562 | ÷ | 282,233,013 | |
| May 12, 2005 | 2.13 | = | 37.23 | ÷ | 17.50 | 17.50 | = | 5,147,678 | ÷ | 294,106,233 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Bed Bath & Beyond Inc. Annual Report.
The Price to Sales (P/S) ratio exhibits a long-term downward trajectory from 2005 to 2022, reflecting a significant compression in the market valuation of the company relative to its revenue generation.
- Price to Sales Ratio Evolution
- The P/S ratio began at a peak of 2.13 in 2005 and experienced a general decline over the subsequent seventeen years. After a period of relative stability between 2010 and 2012, where the ratio fluctuated between 1.56 and 1.67, a precipitous decline began in 2013. By 2020, the ratio reached a historical low of 0.07, indicating that the market assigned minimal value to each dollar of sales produced.
- Divergence Between Revenue and Market Value
- A notable divergence is observed between sales per share and the share price. Sales per share grew consistently from 17.50 US$ in 2005 to a peak of 91.07 US$ in 2019, and reached 98.54 US$ by 2022. Conversely, the share price peaked in 2015 at 71.19 US$ before entering a severe decline. This disconnect explains the collapse of the P/S ratio, as increasing operational revenue failed to sustain or drive investor confidence in the equity price.
- Late-Stage Volatility
- The final years of the analysis show extreme volatility. In 2021, the P/S ratio spiked to 0.31, driven by a sharp increase in share price to 26.42 US$ despite a slight decrease in sales per share. This recovery was short-lived, as the ratio fell again to 0.17 by 2022, coinciding with a share price drop to 16.34 US$.
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Comparison to Competitors
Bed Bath & Beyond Inc., P/S, long-term trends, comparison to competitors
| Bed Bath & Beyond Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Apr 21, 2022 | 0.17 | 2.06 | 2.17 | 1.56 | 1.50 |
| Apr 22, 2021 | 0.31 | 3.41 | 2.39 | 1.46 | 2.48 |
| Apr 29, 2020 | 0.07 | 4.32 | 1.77 | 0.71 | 1.34 |
| Apr 30, 2019 | 0.18 | 3.56 | 1.94 | 1.23 | 1.66 |
| May 2, 2018 | 0.20 | 3.43 | 2.01 | 1.02 | 1.47 |
| Apr 25, 2017 | 0.47 | 3.89 | 1.88 | 1.08 | 1.53 |
| Apr 26, 2016 | 0.63 | 2.90 | 1.85 | 1.15 | 1.68 |
| Apr 28, 2015 | 1.04 | 2.58 | 1.77 | 1.26 | 1.65 |
| Apr 29, 2014 | 1.10 | 1.85 | 1.38 | 0.93 | 1.57 |
| Apr 30, 2013 | 1.39 | 2.21 | 1.39 | 0.82 | 1.33 |
| Apr 24, 2012 | 1.67 | 2.03 | 1.08 | 0.75 | 1.27 |
| Apr 26, 2011 | 1.63 | 1.70 | 0.89 | 0.73 | 0.89 |
| Apr 27, 2010 | 1.56 | 2.26 | 0.83 | 0.74 | 0.87 |
| Apr 28, 2009 | 1.09 | 2.27 | 0.59 | 0.56 | 0.56 |
| Apr 30, 2008 | 1.19 | 1.31 | 0.64 | 0.74 | 0.77 |
| May 2, 2007 | 1.73 | 2.11 | 0.80 | 1.02 | 0.69 |
| May 12, 2006 | 1.81 | 1.56 | 1.11 | 1.17 | 0.73 |
| May 12, 2005 | 2.13 | 1.93 | 1.11 | 1.14 | 0.79 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Bed Bath & Beyond Inc., P/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Bed Bath & Beyond Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Apr 21, 2022 | 0.17 | 1.99 |
| Apr 22, 2021 | 0.31 | 2.94 |
| Apr 29, 2020 | 0.07 | 3.23 |
| Apr 30, 2019 | 0.18 | 2.73 |
| May 2, 2018 | 0.20 | 2.56 |
| Apr 25, 2017 | 0.47 | 2.67 |
| Apr 26, 2016 | 0.63 | 2.16 |
| Apr 28, 2015 | 1.04 | 1.97 |
| Apr 29, 2014 | 1.10 | 1.47 |
| Apr 30, 2013 | 1.39 | 1.52 |
| Apr 24, 2012 | 1.67 | 1.30 |
| Apr 26, 2011 | 1.63 | 1.06 |
| Apr 27, 2010 | 1.56 | 1.10 |
| Apr 28, 2009 | 1.09 | 0.83 |
| Apr 30, 2008 | 1.19 | 0.76 |
| May 2, 2007 | 1.73 | 0.96 |
| May 12, 2006 | 1.81 | 1.12 |
| May 12, 2005 | 2.13 | 1.14 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).
Comparison to Industry (Consumer Discretionary)
Bed Bath & Beyond Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Bed Bath & Beyond Inc. | Consumer Discretionary | |
|---|---|---|
| Apr 21, 2022 | 0.17 | 2.27 |
| Apr 22, 2021 | 0.31 | 3.58 |
| Apr 29, 2020 | 0.07 | 3.81 |
| Apr 30, 2019 | 0.18 | 2.33 |
| May 2, 2018 | 0.20 | 2.05 |
| Apr 25, 2017 | 0.47 | 2.06 |
| Apr 26, 2016 | 0.63 | 1.68 |
| Apr 28, 2015 | 1.04 | 1.57 |
| Apr 29, 2014 | 1.10 | 1.32 |
| Apr 30, 2013 | 1.39 | 1.33 |
| Apr 24, 2012 | 1.67 | 1.06 |
| Apr 26, 2011 | 1.63 | 0.97 |
| Apr 27, 2010 | 1.56 | 0.96 |
| Apr 28, 2009 | 1.09 | 0.92 |
| Apr 30, 2008 | 1.19 | 0.66 |
| May 2, 2007 | 1.73 | 0.79 |
| May 12, 2006 | 1.81 | 0.86 |
| May 12, 2005 | 2.13 | 0.79 |
Based on: 10-K (reporting date: 2022-02-26), 10-K (reporting date: 2021-02-27), 10-K (reporting date: 2020-02-29), 10-K (reporting date: 2019-03-02), 10-K (reporting date: 2018-03-03), 10-K (reporting date: 2017-02-25), 10-K (reporting date: 2016-02-27), 10-K (reporting date: 2015-02-28), 10-K (reporting date: 2014-03-01), 10-K (reporting date: 2013-03-02), 10-K (reporting date: 2012-02-25), 10-K (reporting date: 2011-02-26), 10-K (reporting date: 2010-02-27), 10-K (reporting date: 2009-02-28), 10-K (reporting date: 2008-03-01), 10-K (reporting date: 2007-03-03), 10-K (reporting date: 2006-02-25), 10-K (reporting date: 2005-02-26).