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
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Cisco Systems Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
The common stock valuation ratios exhibit varied trends over the observed period spanning from October 2020 to January 2026. Generally, the ratios demonstrate fluctuations, with a noticeable increase in most metrics towards the end of the period. This suggests a potential shift in investor sentiment or company performance influencing valuation multiples.
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio generally increased from 16.91 in October 2020 to 27.41 in October 2025, before decreasing slightly to 26.28 in January 2026. A period of relative stability around 18-20 was observed in late 2021 and early 2023. The most significant increase occurred between July 2023 and January 2025, indicating a growing willingness of investors to pay a higher price for each dollar of earnings.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the Price to Operating Profit ratio shows an overall upward trend, moving from 14.03 in October 2020 to 22.60 in October 2025, and then to 22.75 in January 2026. The ratio experienced a decline in the first half of 2022, reaching a low of 12.91, before resuming its upward trajectory. The pattern mirrors the P/E ratio, suggesting a correlation between earnings and operating profit valuations.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio also demonstrates an increasing trend throughout the period, rising from 3.68 in October 2020 to 5.14 in October 2025, and then to 5.30 in January 2026. This indicates that investors were consistently willing to pay more for each dollar of revenue generated by the company. The rate of increase accelerated in the latter half of the observed timeframe.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio exhibits a consistent upward trend, starting at 4.64 in October 2020 and reaching 6.36 in January 2026. This suggests an increasing perception of the company’s assets being worth more relative to its book value. The ratio experienced a dip in the first half of 2022, but quickly recovered and continued its upward climb. This is the most consistent upward trend observed among the ratios.
In summary, the valuation ratios generally increased over the period, particularly in the latter half, suggesting a positive shift in market perception and potentially improved financial performance. The Price to Book Value ratio displayed the most consistent upward trend, while the other ratios experienced some fluctuations before ultimately trending upwards. The increases across all ratios indicate a growing investor confidence in the company’s future prospects.
Price to Earnings (P/E)
Cisco Systems Inc., historical P/E calculation (quarterly data)
| Jan 24, 2026 | Oct 25, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from October 2020 through July 2021, followed by a period of relative stability and then a decline. Subsequently, the ratio experienced renewed volatility before stabilizing and then increasing again towards the end of the observation period.
- Initial Increasing Trend (Oct 2020 - Jul 2021)
- The P/E ratio increased from 16.91 in October 2020 to 23.34 in July 2021. This increase suggests that investors were willing to pay more for each dollar of earnings during this period, potentially reflecting growing optimism about future earnings potential. The share price increased at a faster rate than earnings per share (EPS) during this timeframe.
- Subsequent Decline and Stabilization (Jul 2021 - Apr 2022)
- Following the peak in July 2021, the P/E ratio decreased to 15.18 by April 2022. This decline coincided with a decrease in the share price, while EPS remained relatively stable. This suggests a correction in valuation, potentially due to changing market conditions or investor sentiment. The ratio then stabilized between 15.18 and 17.28 for several quarters.
- Renewed Volatility and Final Increase (Apr 2022 - Jan 2026)
- From April 2022 onwards, the P/E ratio experienced increased volatility, fluctuating between 14.30 and 29.60. A notable upward trend is observed from October 2022, culminating in a P/E ratio of 27.97 in January 2025. This increase is driven by a more rapid increase in share price compared to EPS. The ratio concludes the period at 26.28 in January 2026, indicating continued investor confidence, or potentially overvaluation, depending on future earnings expectations.
Overall, the P/E ratio demonstrates a non-linear pattern over the observed period. The fluctuations suggest sensitivity to both changes in share price and earnings, and potentially broader market dynamics. The final increase in the ratio warrants further investigation to determine its sustainability and alignment with underlying business fundamentals.
Price to Operating Profit (P/OP)
Cisco Systems Inc., historical P/OP calculation (quarterly data)
| Jan 24, 2026 | Oct 25, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend, followed by a period of decline and subsequent volatility. A general observation is that the ratio tends to be higher during periods of increased share price relative to operating profit per share.
- Initial Increasing Trend (Oct 2020 - Jul 2021)
- From October 2020 to July 2021, the P/OP ratio increased from 14.03 to 19.26. This rise coincided with increases in both share price and operating profit per share, but the share price increase was more pronounced. This suggests growing investor optimism or expectations regarding future performance.
- Subsequent Decline and Stabilization (Oct 2021 - Apr 2022)
- Following the peak in July 2021, the P/OP ratio decreased to 12.91 by April 2022. This decline was primarily driven by a decrease in share price, while operating profit per share remained relatively stable. This period may reflect a correction in market valuation or a shift in investor sentiment.
- Volatility and Recent Increases (May 2022 - Jan 2026)
- From May 2022 through January 2026, the P/OP ratio experienced significant volatility. It fluctuated between approximately 12.91 and 25.00. A notable increase occurred between July 2024 and January 2025, rising from 22.12 to 25.00, driven by a substantial increase in share price. The most recent observation in January 2026 shows a ratio of 22.75, indicating a continued, though moderated, premium placed on operating profit.
- Correlation with Share Price
- A strong correlation exists between the P/OP ratio and the share price. Periods of share price increases generally correspond with increases in the P/OP ratio, and vice versa. This suggests that investor perception of the company’s value, as reflected in the share price, is a primary driver of the P/OP ratio.
- Operating Profit Per Share Influence
- While share price appears to be the dominant factor, changes in operating profit per share also influence the P/OP ratio. Periods of stable or slightly increasing operating profit per share, coupled with significant share price increases, result in higher P/OP ratios. Conversely, stable share prices with slight declines in operating profit per share contribute to lower ratios.
In summary, the P/OP ratio demonstrates a dynamic relationship with both share price and operating profit per share. The observed fluctuations suggest sensitivity to market conditions and investor sentiment. The recent trend indicates a willingness to pay a premium for each dollar of operating profit, although this premium has varied considerably over the analyzed timeframe.
Price to Sales (P/S)
Cisco Systems Inc., historical P/S calculation (quarterly data)
| Jan 24, 2026 | Oct 25, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cisco Systems Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio for the observed period demonstrates fluctuations, generally trending upward with notable variations. Initially, the ratio exhibited an increasing pattern from October 2020 to July 2021, followed by a period of relative stability and then a decline. Subsequently, the ratio experienced another upward trajectory culminating in a peak in July 2025, before experiencing a slight decrease in the final two observed periods.
- Initial Increasing Trend (Oct 2020 - Jul 2021)
- The P/S ratio increased from 3.68 in October 2020 to 4.96 in July 2021. This suggests a growing investor willingness to pay more for each dollar of sales during this timeframe. This increase occurred alongside a consistent, albeit modest, growth in sales per share.
- Period of Stability and Decline (Oct 2021 - Apr 2022)
- Following the peak in July 2021, the P/S ratio decreased to 3.53 by April 2022. This decline coincided with a decrease in share price and a plateauing of sales per share, indicating a potential shift in investor sentiment or market conditions. The ratio remained relatively stable between October 2021 and April 2022.
- Subsequent Upward Trend (Apr 2022 - Jul 2025)
- From April 2022 through July 2025, the P/S ratio demonstrated a sustained upward trend, rising from 3.53 to 5.30. This increase was supported by both rising share prices and increasing sales per share, suggesting positive market perception of the company’s growth prospects. The rate of increase appeared to accelerate in the latter half of this period.
- Recent Fluctuations (Jul 2025 - Jan 2026)
- The most recent two periods show a slight decrease in the P/S ratio, moving from 5.30 in July 2025 to 5.14 in October 2025 and then to 4.95 in January 2026. This minor decline could indicate a temporary correction or a shift in investor expectations, although the overall trend remains positive when viewed over the entire observed period. Sales per share continued to increase during this period, suggesting the share price adjustment was the primary driver of the P/S ratio change.
Overall, the P/S ratio has generally increased over the analyzed timeframe, indicating that investors have, on average, been willing to pay a higher premium for each dollar of sales. However, the ratio has experienced periods of volatility, suggesting sensitivity to market conditions and company performance.
Price to Book Value (P/BV)
Cisco Systems Inc., historical P/BV calculation (quarterly data)
| Jan 24, 2026 | Oct 25, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2026-01-24), 10-Q (reporting date: 2025-10-25), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio for the observed period demonstrates fluctuations, generally trending upwards with periods of decline. Initial values indicate a ratio around 4.6 to 5.0, followed by a peak near 6.0, then a subsequent decrease, and a final rise to over 6.5. The ratio exhibits sensitivity to changes in both share price and book value per share.
- Initial Phase (Oct 2020 - Jan 2021)
- The P/BV ratio increased from 4.64 to 5.02. This increase coincided with a rise in share price from US$41.88 to US$46.51, while book value per share experienced a modest increase from US$9.03 to US$9.27. The share price increase appears to be the primary driver of the P/BV increase.
- Growth and Peak (May 2021 - Jul 2021)
- The P/BV ratio continued its upward trajectory, peaking at 5.99 in July 2021. Both share price and book value per share increased during this period, with the share price rising from US$53.31 to US$58.60 and book value per share increasing from US$9.54 to US$9.79. The growth in both components contributed to the higher ratio.
- Decline (Oct 2021 - Apr 2022)
- A decline in the P/BV ratio was observed, falling from 5.46 to a low of 4.51. This decrease was primarily driven by a significant drop in share price from US$55.30 to US$44.00, despite a slight increase in book value per share from US$10.12 to US$9.76. The share price decline had a more substantial impact on the ratio.
- Fluctuation and Recovery (Jul 2022 - Oct 2023)
- The P/BV ratio experienced fluctuations, ranging from 4.69 to 4.30. Share price and book value per share both exhibited moderate changes during this period. The ratio remained relatively stable, indicating a balance between the two components.
- Recent Trend (Jan 2024 - Jul 2025)
- The P/BV ratio demonstrated a clear upward trend, increasing from 4.23 to 6.52. This increase was fueled by a substantial rise in share price, moving from US$48.28 to US$77.37, while book value per share increased at a slower pace, from US$11.42 to US$12.08. The recent increase in the ratio is largely attributable to the share price appreciation.
- Latest Observation (Oct 2025 - Jan 2026)
- The P/BV ratio experienced a slight decrease to 6.36 in October 2025, followed by a further decrease to 6.26 in January 2026. This coincided with a slight decrease in share price from US$77.37 to US$76.85 and US$76.21 respectively, while book value per share continued to increase from US$12.08 to US$12.18 and US$12.25.
Overall, the P/BV ratio reflects investor sentiment and expectations regarding the company’s ability to generate future earnings relative to its book value. The recent upward trend suggests increasing investor confidence, while the earlier declines indicate periods of uncertainty or correction. The ratio’s sensitivity to share price movements highlights the importance of market conditions and investor perception.