Price to Earnings (P/E)
since 2005
Calculation
Cytokinetics Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) allocable to common stockholders1 (in thousands) | ÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 1, 2023 | — | = | 43.11 | ÷ | -4.09 | -4.09 | = | -388,955 | ÷ | 95,161,391 | |
| Feb 25, 2022 | — | = | 35.02 | ÷ | -2.54 | -2.54 | = | -215,314 | ÷ | 84,856,037 | |
| Feb 26, 2021 | — | = | 18.73 | ÷ | -1.79 | -1.79 | = | -127,290 | ÷ | 71,110,576 | |
| Mar 4, 2020 | — | = | 14.86 | ÷ | -2.05 | -2.05 | = | -121,692 | ÷ | 59,450,437 | |
| Mar 7, 2019 | — | = | 6.01 | ÷ | -1.94 | -1.94 | = | -106,289 | ÷ | 54,888,369 | |
| Mar 5, 2018 | — | = | 8.35 | ÷ | -2.37 | -2.37 | = | -127,790 | ÷ | 54,008,113 | |
| Mar 6, 2017 | 30.06 | = | 11.85 | ÷ | 0.39 | 0.39 | = | 16,453 | ÷ | 41,729,549 | |
| Mar 3, 2016 | — | = | 6.50 | ÷ | -0.95 | -0.95 | = | -37,501 | ÷ | 39,592,808 | |
| Mar 6, 2015 | — | = | 7.80 | ÷ | -0.38 | -0.38 | = | -14,646 | ÷ | 38,674,892 | |
| Mar 7, 2014 | — | = | 10.21 | ÷ | -0.93 | -0.93 | = | -33,717 | ÷ | 36,078,367 | |
| Mar 15, 2013 | — | = | 6.30 | ÷ | -1.73 | -1.73 | = | -41,677 | ÷ | 24,077,245 | |
| Mar 13, 2012 | — | = | 7.02 | ÷ | -3.98 | -3.98 | = | -50,717 | ÷ | 12,729,467 | |
| Mar 11, 2011 | — | = | 9.12 | ÷ | -4.42 | -4.42 | = | -49,287 | ÷ | 11,151,683 | |
| Mar 11, 2010 | 8.55 | = | 20.16 | ÷ | 2.36 | 2.36 | = | 24,544 | ÷ | 10,410,819 | |
| Mar 12, 2009 | — | = | 12.00 | ÷ | -6.36 | -6.36 | = | -56,374 | ÷ | 8,869,882 | |
| Mar 12, 2008 | — | = | 18.54 | ÷ | -5.95 | -5.95 | = | -48,894 | ÷ | 8,216,883 | |
| Mar 12, 2007 | — | = | 45.06 | ÷ | -7.32 | -7.32 | = | -57,115 | ÷ | 7,802,005 | |
| Mar 10, 2006 | — | = | 42.90 | ÷ | -7.13 | -7.13 | = | -42,252 | ÷ | 5,927,659 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Cytokinetics Inc. Annual Report.
The financial data indicates a long-term pattern of negative earnings per share (EPS) paired with significant volatility in share price. For the vast majority of the period between 2006 and 2023, the company operated at a loss, which renders the price-to-earnings (P/E) ratio inapplicable for most years.
- Earnings Per Share (EPS) Trends
- Earnings have remained predominantly negative throughout the observed timeframe. Only two instances of positive EPS were recorded: in March 2010 ($2.36) and March 2017 ($0.39). Outside of these brief periods, losses have been persistent, with a recent widening of the deficit to -$4.09 by March 2023.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio is absent for most of the reporting period due to negative earnings. In March 2010, a P/E ratio of 8.55 was recorded, coinciding with the highest positive EPS in the set. In March 2017, the ratio increased significantly to 30.06, reflecting a lower earnings base relative to the share price during that period.
- Share Price and Valuation Divergence
- A notable divergence is observed between current earnings and market valuation. After reaching a low of $6.01 in March 2019, the share price experienced a substantial recovery, climbing to $43.11 by March 2023. This appreciation occurred despite the EPS decreasing from -$1.94 in 2019 to -$4.09 in 2023, suggesting that the market valuation is driven by factors other than current profitability.
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Comparison to Competitors
Cytokinetics Inc., P/E, long-term trends, comparison to competitors
| Cytokinetics Inc. | 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 1, 2023 | — | 22.62 | 19.56 | 23.97 | 25.65 | 50.08 | 22.68 | 22.97 | 19.21 | 7.58 | 19.68 | 30.55 | 23.02 |
| Feb 25, 2022 | — | 22.07 | 21.05 | 20.92 | 29.94 | 40.66 | 12.36 | 20.93 | 14.78 | 11.76 | 8.37 | 27.35 | 26.55 |
| Feb 26, 2021 | — | 40.17 | 18.82 | — | 44.49 | 31.95 | 641.48 | 28.92 | 26.72 | 19.62 | 15.09 | 27.89 | 20.18 |
| Mar 4, 2020 | — | 17.82 | 17.07 | 41.99 | 38.34 | 16.19 | 16.45 | 25.99 | 20.60 | 11.63 | 19.86 | 33.36 | 52.90 |
| Mar 7, 2019 | — | 20.60 | 14.01 | 16.81 | 29.77 | 39.13 | 15.26 | 23.74 | 33.46 | 21.58 | 18.17 | 35.19 | 22.59 |
| Mar 5, 2018 | — | 35.47 | 64.06 | 103.55 | 27.25 | — | 22.75 | 268.10 | 61.63 | 9.99 | 28.99 | 37.66 | 155.08 |
| Mar 6, 2017 | 30.06 | 16.54 | 16.03 | 20.56 | 23.02 | 32.39 | 6.83 | 20.08 | 46.14 | 28.10 | 42.64 | 30.45 | — |
| Mar 3, 2016 | — | 17.01 | 15.95 | 64.22 | 17.85 | 33.35 | 6.75 | 18.80 | 31.64 | 26.37 | 60.50 | 26.19 | — |
| Mar 6, 2015 | — | 55.08 | 22.96 | 49.80 | 23.69 | 33.06 | 12.85 | 17.15 | 13.94 | 23.03 | 118.44 | 27.26 | — |
| Mar 7, 2014 | — | 19.64 | 18.69 | 35.01 | 19.74 | 13.88 | 42.00 | 18.72 | 37.83 | 9.32 | 77.00 | 38.43 | — |
| Mar 15, 2013 | — | 11.51 | 15.68 | 30.56 | 17.73 | 14.99 | 25.20 | 19.64 | 20.94 | 13.51 | 21.42 | 22.54 | — |
| Mar 13, 2012 | — | — | 14.61 | 15.07 | 16.92 | 10.42 | 12.20 | 18.48 | 18.63 | 15.99 | — | 15.58 | 267.42 |
| Mar 11, 2011 | — | — | 10.53 | 13.99 | 18.29 | 7.86 | 10.68 | 12.23 | 116.63 | 18.63 | — | 20.87 | — |
| Mar 11, 2010 | 8.55 | — | 12.10 | 4.03 | 20.93 | 9.18 | 16.29 | 14.22 | 9.00 | 16.41 | — | 23.49 | — |
| Mar 12, 2009 | — | — | 12.06 | 7.68 | 12.56 | — | 20.29 | 11.67 | 6.53 | 10.25 | — | 15.25 | — |
| Mar 12, 2008 | — | — | 15.64 | 20.60 | 17.35 | 19.26 | 25.19 | 17.07 | 29.88 | 18.51 | — | 30.76 | — |
| Mar 12, 2007 | — | — | 25.43 | 34.64 | 19.65 | 22.40 | — | 17.02 | 21.57 | 9.18 | — | 113.28 | — |
| Mar 10, 2006 | — | — | 23.70 | 14.96 | 21.38 | 31.90 | 34.15 | 16.95 | 16.62 | 23.92 | — | 25.36 | — |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Cytokinetics Inc., P/E, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Cytokinetics Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Mar 1, 2023 | — | 20.23 |
| Feb 25, 2022 | — | 19.27 |
| Feb 26, 2021 | — | 34.89 |
| Mar 4, 2020 | — | 21.03 |
| Mar 7, 2019 | — | 22.89 |
| Mar 5, 2018 | — | 35.21 |
| Mar 6, 2017 | 30.06 | 20.62 |
| Mar 3, 2016 | — | 19.37 |
| Mar 6, 2015 | — | 21.40 |
| Mar 7, 2014 | — | 19.54 |
| Mar 15, 2013 | — | 17.56 |
| Mar 13, 2012 | — | 16.42 |
| Mar 11, 2011 | — | 16.11 |
| Mar 11, 2010 | 8.55 | 11.66 |
| Mar 12, 2009 | — | 12.21 |
| Mar 12, 2008 | — | 20.04 |
| Mar 12, 2007 | — | 17.46 |
| Mar 10, 2006 | — | 20.94 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Cytokinetics Inc., P/E, long-term trends, comparison to industry (health care)
| Cytokinetics Inc. | Health Care | |
|---|---|---|
| Mar 1, 2023 | — | 351,256.81 |
| Feb 25, 2022 | — | 21.55 |
| Feb 26, 2021 | — | 32.22 |
| Mar 4, 2020 | — | 22.09 |
| Mar 7, 2019 | — | 24.32 |
| Mar 5, 2018 | — | 33.04 |
| Mar 6, 2017 | 30.06 | 21.90 |
| Mar 3, 2016 | — | 19.53 |
| Mar 6, 2015 | — | 21.38 |
| Mar 7, 2014 | — | 18.67 |
| Mar 15, 2013 | — | 15.77 |
| Mar 13, 2012 | — | 15.79 |
| Mar 11, 2011 | — | 15.12 |
| Mar 11, 2010 | 8.55 | 11.71 |
| Mar 12, 2009 | — | 13.07 |
| Mar 12, 2008 | — | 19.29 |
| Mar 12, 2007 | — | 18.61 |
| Mar 10, 2006 | — | 21.71 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).