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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Geographic Areas
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Cisco Systems Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins from the period ending October 24, 2020, showing an initial increase from 15.46 to 23.34 within about a year. Subsequently, the ratio declines to a low of 14.3 by July 29, 2023. After this trough, the ratio experiences a sharp upward trend, reaching a peak of 27.97 by April 26, 2025, followed by a slight decrease but remaining elevated near 26 by July 26, 2025. This pattern indicates periods of investor optimism alternating with cautious valuation, with the most recent quarters reflecting a more bullish market sentiment towards earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a broadly similar trajectory to the P/E ratio, rising from 12.73 in late 2020 to a peak of 19.26 within about a year. It then declines steadily to a low of 12.32 by July 29, 2023. From this low point, the ratio increases significantly, reaching 25 by April 26, 2025, before slightly falling to 22.75. The fluctuations show changing investor assessment of operating profitability, with recent quarters indicating a more favorable valuation compared to operating profits.
- Price to Sales (P/S) Ratio
- The P/S ratio begins at 3.52 in late 2020, climbing gradually to a peak near 4.96 by October 30, 2021. It then declines to a dip around 3.35 in July 29, 2023, suggesting a period of more conservative valuation relative to sales. Following this trough, the ratio increases steadily to a peak of 4.74 by April 26, 2025, ending at 4.72 in the latest quarter. The increase in this ratio in recent periods suggests growing investor confidence in the company’s revenue generating potential.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows data for a longer timeframe starting at 5.6 in October 2019 and exhibits a declining trend to a minimum around 4.13 in July 2024. There are short-term fluctuations, with temporary rebounds such as increases to 5.59 in May 2021 and 5.64 in April 2025. Despite the downward trend towards mid-2024, the value rebounds in the last few periods, ending at 5.71 in July 2025. This suggests that market valuation relative to book value fell for a period before recovering, potentially reflecting shifts in asset valuation or investor perceptions of the company’s intrinsic worth.
Price to Earnings (P/E)
Cisco Systems Inc., historical P/E calculation (quarterly data)
| Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | Jul 25, 2020 | Apr 25, 2020 | Jan 25, 2020 | Oct 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits moderate fluctuations over the observed periods, initiating around $45.47 in late 2019, with a decline to approximately $40.95 by mid-2020. Subsequently, there was a recovery and upward trend peaking near $58.60 in mid-2021. From that point, the share price showed some volatility, including a dip to $44.00 in early 2022 before climbing again toward $67.67 by mid-2025. This pattern suggests periods of uncertainty and recovery, with a strong upward momentum in the latter stages of the timeframe.
- Earnings Per Share (EPS)
- EPS values are available from April 2020 onward, showing an initial decrease from 2.65 to 2.40 within the first three quarters, indicating reduced profitability. Then, EPS generally trended upward, reaching a peak of about 3.34 by early 2024. However, following this peak, EPS experienced a notable decline down to near 2.31 in mid-2025 before a slight recovery to 2.58 at the latest period. The EPS trend reflects periods of growth counterbalanced with decreasing earnings in the final quarters.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio indicates expanding valuation multiples through mid-2021, rising from 15.46 to 23.34, signaling investor optimism and willingness to pay a premium on earnings. After peaking, the ratio demonstrates volatility with declines dropping to around 14.3 by early 2024, reflecting lower market valuations relative to earnings. Near the end of the period, a significant increase occurred with the P/E ratio climbing above 25, reaching 27.97 in early 2025 before a slight moderation. This suggests changing expectations about the company's future growth or risk profile.
- Overall Financial Trends
- The share price and earnings per share overall reflect an initial period of instability followed by gradual recovery and growth, albeit with some volatility in profits. The P/E ratio variations suggest shifting market sentiment, with phases of optimism and caution. The combination of rising share prices and fluctuating EPS in later periods may indicate increased market confidence offset by concerns about sustainability of earnings growth.
Price to Operating Profit (P/OP)
Cisco Systems Inc., historical P/OP calculation (quarterly data)
| Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | Jul 25, 2020 | Apr 25, 2020 | Jan 25, 2020 | Oct 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in share price, operating profit per share, and the price to operating profit ratio over the examined periods.
- Share Price Trends
- The share price exhibited fluctuations throughout the periods, with an initial range near the mid-40 USD level from late 2019 to early 2020. A decline occurred around July 2020 to below 41 USD, followed by a substantial recovery and upward movement reaching a peak above 58 USD by mid-2021. After this peak, the price experienced volatility, decreasing to around 44 USD by early 2022, then gradually rising again towards 67.67 USD by mid-2025. This indicates an overall upward trend with intermittent periods of volatility.
- Operating Profit Per Share
- Operating profit per share data begins only in April 2020, showing a slight decrease from 3.22 USD to a low around 2.95 USD mid-2020. Subsequent quarters saw a steady improvement, peaking at approximately 3.88 USD in early 2024. However, a decline followed after this peak, dropping to around 2.58 USD by mid-2025. The pattern suggests initial recovery and growth in profitability that weakens in later periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio reflects investor pricing relative to operating profit per share. Early available data show an increase from about 12.73 to nearly 19.26 between April 2020 and late 2021, suggesting a rising share price relative to earnings. Thereafter, the ratio sharply decreased to near 12.3 by early 2024, indicating the share price was lower relative to operating profits during that time. From 2024 onward, a notable increase occurred again, reaching values above 22 by mid-2025. These shifts imply changing market perceptions of valuation, potentially influenced by fluctuating profitability and investor sentiment.
Overall, the data indicate a dynamic interplay between profitability and market valuation. While share prices showed long-term growth with episodes of volatility, operating profit per share displayed phases of both advancement and regression. The P/OP ratio’s fluctuations highlight shifting investor confidence and valuation multiples in response to these financial performance changes.
Price to Sales (P/S)
Cisco Systems Inc., historical P/S calculation (quarterly data)
| Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | Jul 25, 2020 | Apr 25, 2020 | Jan 25, 2020 | Oct 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Revenue (in millions) | |||||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations throughout the observed periods. Initially, it declined from 45.47 US$ in October 2019 to a low of 40.95 US$ in July 2020. Subsequently, the share price recovered, reaching a peak of 58.6 US$ in July 2021. After a moderate decrease towards early 2022, the price again ascended, with minor volatility, culminating at 67.67 US$ by July 2025. The overall movement indicates a general upward trend in share price over the full timeframe despite intermittent dips.
- Sales per Share Pattern
- Sales per share data, available starting from July 2020 at 11.65 US$, show a consistent upward trajectory. This metric steadily increased from 11.38 US$ to 14.33 US$ by July 2025. The gradual and uninterrupted growth suggests improving revenue generation efficiency or expanding business operations on a per-share basis.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio showed variability across the periods, starting at 3.52 in July 2020 and peaking at 4.96 in October 2021. Thereafter, it experienced a decline to around 3.35 by January 2024, followed by an upward adjustment to 4.72 in July 2025. These fluctuations may reflect changing investor valuations relative to sales, possibly influenced by market conditions or company performance perceptions.
- Relationship Between Metrics
- While sales per share increased steadily, the share price and P/S ratio demonstrated more volatility. The rising sales per share paired with periodic increases in share price indicates investor recognition of improved sales performance. However, the P/S ratio's oscillations suggest that factors beyond sales growth, such as market sentiment or broader economic influences, also significantly affected valuation multiples during the period.
Price to Book Value (P/BV)
Cisco Systems Inc., historical P/BV calculation (quarterly data)
| Jul 26, 2025 | Apr 26, 2025 | Jan 25, 2025 | Oct 26, 2024 | Jul 27, 2024 | Apr 27, 2024 | Jan 27, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 23, 2021 | Oct 24, 2020 | Jul 25, 2020 | Apr 25, 2020 | Jan 25, 2020 | Oct 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Total equity (in millions) | |||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2025-07-26), 10-Q (reporting date: 2025-04-26), 10-Q (reporting date: 2025-01-25), 10-Q (reporting date: 2024-10-26), 10-K (reporting date: 2024-07-27), 10-Q (reporting date: 2024-04-27), 10-Q (reporting date: 2024-01-27), 10-Q (reporting date: 2023-10-28), 10-K (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-K (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-23), 10-Q (reporting date: 2020-10-24), 10-K (reporting date: 2020-07-25), 10-Q (reporting date: 2020-04-25), 10-Q (reporting date: 2020-01-25), 10-Q (reporting date: 2019-10-26).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
BVPS = Total equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share price trends
- The share price demonstrated volatility with periods of both decline and growth. It initially decreased from 45.47 US$ in October 2019 to a low of 40.95 US$ in July 2020. Subsequently, a recovery phase was observed, reaching as high as 58.6 US$ by July 2021. Afterward, the price fluctuated, dropping to around 44 US$ in April 2022 before gradually increasing again, reaching its peak at 67.67 US$ by July 2025. Overall, there was an upward trend from mid-2020 onwards, despite intermediate fluctuations.
- Book value per share (BVPS) progression
- BVPS showed a consistent upward trajectory throughout the entire period. Starting at 8.11 US$ in October 2019, it steadily increased each quarter, reaching 11.85 US$ by July 2025. This indicates sustained growth in the company’s net asset value per share over time.
- Price-to-Book Value (P/BV) ratio analysis
- The P/BV ratio exhibited notable variability over the period. Initially, it hovered around 5.5 to 5.6 in late 2019 and early 2020 but dropped to a lower range between 4.13 and 4.69 in mid-2022. After this period, it recovered and increased again, peaking at 5.71 by July 2025. The fluctuations in this ratio reflect the changes in market valuation relative to the book value, influenced by the share price movements against a steadily increasing BVPS.
- Relationship between share price, BVPS, and P/BV ratio
- The share price and BVPS showed diverging trends; the share price had more pronounced volatility, while BVPS steadily increased, indicating improved book value independently from market price fluctuations. The P/BV ratio’s variation corresponds with the relative rate of change between these two measures. When the share price declined or grew slower than BVPS, the P/BV ratio dropped, and conversely, when the share price outpaced BVPS growth, the P/BV ratio rose. This dynamic suggests episodic changes in investor sentiment or market conditions affecting valuation multiples.
- Summary
- Over the examined quarters, the company’s intrinsic book value strengthened consistently, as evidenced by the steady increase in BVPS. The share price experienced marked fluctuations but exhibited an overall upward trend post-mid-2020, culminating in a substantial rise by mid-2025. The P/BV ratio varied accordingly, reflecting the relationship between market valuation and underlying book value. These observed trends point to a company improving its fundamental value while market perceptions and confidence fluctuated over the period analyzed.