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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Celgene Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Price to earnings (P/E) ratio
- The P/E ratio demonstrated a general declining trend over the observed periods. Initially, it increased from 35.14 to a peak of 57.19 in September 2015. Following this peak, the ratio experienced a downward movement, with occasional moderate fluctuations. Starting from 45.43 in March 2017, it consistently decreased to a low point of 12.45 in June 2019, before a slight increase to 13.08 in September 2019. This trend could suggest a decreasing market expectation of future earnings growth or a rise in earnings relative to price.
- Price to operating profit (P/OP) ratio
- This ratio also showed a notable decline throughout the timeframe. Initially, it rose from 28.42 in March 2015 to 44.94 in September 2015. Thereafter, it generally trended downward, dropping significantly from 29.53 in March 2017 to 8.98 in June 2019, followed by a minor uptick to 9.74 in September 2019. The reduction in P/OP suggests increased operating profitability relative to the share price or reduced market valuation relative to operating profit.
- Price to sales (P/S) ratio
- The P/S ratio exhibited a declining pattern from the beginning of the period, starting at 10.83 in March 2015 and fluctuating throughout the years. After peaking at 12.87 in June 2015, it progressively decreased to a value near 4.53 in September 2019. The consistent drop indicates that the stock price scaled down in relation to sales, possibly due to market valuation changes or improving sales figures.
- Price to book value (P/BV) ratio
- The P/BV ratio initially increased from 12.67 in March 2015, reaching a high of 18.11 in December 2018. However, from this peak, it showed a steady decline, falling to 6.36 by September 2019. This pattern suggests a shift in investor sentiment or changes in the company's book value, with the latter part of the period indicating a lower market valuation relative to the net asset value.
Price to Earnings (P/E)
Celgene Corp., historical P/E calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
| Amgen 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: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
EPS
= (Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019
+ Net income (loss)Q4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance and market valuation over the given periods.
- Share Price
- The share price exhibits a fluctuating pattern. Starting at $108.06 in Q1 2015, it peaks at $135.42 in Q2 2015 before declining to $99.59 by the end of 2015. It then moderately recovers, reaching $134.15 in mid-2017, followed by a downward trend hitting the lowest point of $72.72 in Q3 2018. Subsequently, there is a gradual recovery, closing at $108.03 in Q3 2019. This indicates volatility with periods of both strong appreciation and significant depreciation.
- Earnings per Share (EPS)
- The EPS data shows a generally upward trajectory. Beginning at $3.08 in Q1 2015, there is a dip in mid-2015, followed by a steady increase that accelerates notably after 2017. EPS reaches $8.26 by Q3 2019, suggesting consistent growth in profitability over the period, particularly in the later years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio starts relatively high at 35.14 in Q1 2015 and peaks at 57.19 in Q3 2015. Subsequently, it experiences a declining trend overall, falling below 20 by late 2018 and further down to around 13 by mid-2019. Despite the rising EPS, the decrease in P/E indicates a reduction in the market's valuation multiple, possibly reflecting changed investor expectations, market sentiment, or risk perceptions.
In summary, the company’s earnings growth is strong, especially from 2017 onwards, while its share price demonstrates volatility with significant declines and recoveries. The decreasing P/E ratio in the context of rising EPS suggests that the market valuation is becoming more conservative despite improving profitability.
Price to Operating Profit (P/OP)
Celgene Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen 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: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Operating profit per share
= (Operating incomeQ3 2019
+ Operating incomeQ2 2019
+ Operating incomeQ1 2019
+ Operating incomeQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial indicators over the specified periods reveals several notable trends and fluctuations. The company's share price exhibited volatility, with an initial upward movement reaching a peak around the mid-2017 period, followed by a decline through most of 2018. The price fluctuated toward the end of the period under review, with signs of recovery observed in early 2019.
Operating profit per share (OP) demonstrated a consistent upward trend throughout the timeframe. Starting from a relatively modest level in early 2015, OP per share showed steady quarterly growth, with some acceleration in the latter half of the period. This suggests improving operational efficiency or profitability at the per-share level, indicating enhanced earnings performance over time.
The price-to-operating profit ratio (P/OP) displayed a downward trend overall, reflecting the interplay between share price movements and growing operating profits per share. Early in the examined period, the ratio was comparatively high, indicating a higher valuation relative to operating profits. However, as operating profits increased and share price experienced periods of decline or stagnation, the ratio decreased substantially, reaching its lowest points in late 2018 and early 2019. This decline in P/OP ratio could imply an improving valuation from the perspective of operating profitability or evolving market perceptions regarding the company's earnings quality.
- Share Price
- Initially rose from approximately 108 US$ to a high over 134 US$ by mid-2017, then fell to a low near 72 US$ in late 2018, followed by partial recovery close to 108 US$ by late 2019.
- Operating Profit per Share
- Consistently increased from 3.8 US$ in early 2015 to over 11 US$ by late 2019, reflecting ongoing improvement in per-share profitability.
- Price-to-Operating Profit Ratio
- Decreased from above 40 early on to below 10 by the end of the period, indicating a lower market price per unit of operating profit and potentially better valuation relative to earnings.
In summary, while the share price has experienced noticeable volatility, the steady increase in operating profit per share coupled with a falling price-to-operating profit ratio suggests improving profitability and a becoming more attractive valuation over time. This combination could be indicative of strengthening operational fundamentals despite market price fluctuations during the covered quarters.
Price to Sales (P/S)
Celgene Corp., historical P/S calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net product sales (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||
| Amgen 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: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Sales per share
= (Net product salesQ3 2019
+ Net product salesQ2 2019
+ Net product salesQ1 2019
+ Net product salesQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable fluctuations over the observed periods. It initially increased from approximately 108 US$ in March 2015 to a peak near 135 US$ in June 2015, followed by a decline towards the end of 2015. Throughout 2016 and early 2017, the price generally rose, reaching around 134 US$ mid-2017. However, from late 2017 to late 2018, the share price experienced a pronounced downward trend, dropping below 73 US$. From early 2019 onwards, the price showed recovery signs, climbing back to just above 108 US$ by the third quarter of 2019.
- Sales Per Share Development
- Sales per share demonstrated steady and consistent growth throughout the entire period. Starting at just under 10 US$ in March 2015, the value rose progressively each quarter, reaching nearly 24 US$ by September 2019. This steady increase indicates sustained revenue growth on a per-share basis with little to no volatility.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio showed a general declining trend over the timeframe. Initially, the ratio was relatively high, above 10 in early 2015, and experienced a significant drop to below 6 by the end of 2017. This decline continued into 2018, reaching a low point near 3.5. A modest rebound occurred in 2019, with the ratio climbing slightly above 4 by the third quarter. The declining P/S ratio despite rising sales per share suggests that share price appreciation did not keep pace with sales increases during much of this period, possibly indicating changing market sentiment or valuation adjustments.
- Overall Insights
- The data reveals a company with increasing sales efficiency and revenue on a per-share basis. However, the share price volatility, especially the decline from late 2017 to 2018, coupled with a falling P/S ratio, points to a period of market reevaluation or investor caution. The partial recovery in share price and stabilization of the P/S ratio in 2019 may reflect regained investor confidence or improved market conditions. The divergence between strong sales growth and share price performance in certain periods could warrant further investigation into external factors or company-specific operational challenges.
Price to Book Value (P/BV)
Celgene Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||
| Amgen 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: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Celgene Corp. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable patterns and developments over the observed periods.
- Share Price Trends
- The share price exhibited considerable volatility throughout the timeframe. Starting at $108.06 in March 2015, it peaked at $135.42 in June 2015 before experiencing fluctuations with a general downward drift until December 2017, where it reached a low of $95.16 after a significant drop from the previous quarter. Subsequently, the share price fell further to $72.72 by September 2018 but showed partial recovery by the end of 2019, closing at $108.03. Overall, the share price demonstrated cycles of rises and declines but ended near its initial value.
- Book Value Per Share (BVPS)
- BVPS showed a generally increasing trend over the entire period, starting from $8.53 in March 2015 and rising to $16.98 by September 2019, nearly doubling its value. Despite some fluctuations, including a dip from $12.51 in September 2017 to $9.2 in December 2017 and a further decline to $4.88 in June 2018, the subsequent quarters saw recovery and significant growth in book value. The upward trend suggests an accumulation of equity or retained earnings contributing positively to shareholders' value on a per-share basis.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio mirrored changes in both share price and book value per share, exhibiting high ratios largely above 10 for the majority of the period. The ratio peaked at 18.11 in June 2018, coinciding with a low book value and relatively stable share price, indicating the market price was significantly higher than the book value at that time. Following the peak, the P/BV ratio declined steadily to 6.36 by September 2019, reflecting the rising book value and modest increase in share price which narrowed the valuation gap. This downward trend in P/BV ratio suggests a market reassessment, potentially indicating reduced market optimism or increased book value significance.
In summary, the share price fluctuated with volatility but maintained a range around the initial levels by the end of the period. Book value per share increased substantially, reflecting strengthening underlying equity. The P/BV ratio's decline towards the end of the period principally resulted from rising book values rather than sustained share price growth, highlighting a possible shift towards more conservative market valuations relative to book value.