Price to Sales (P/S)
since 2005
Calculation
Cytokinetics Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar 1, 2023 | 43.37 | = | 43.11 | ÷ | 0.99 | 0.99 | = | 94,588 | ÷ | 95,161,391 | |
| Feb 25, 2022 | 42.19 | = | 35.02 | ÷ | 0.83 | 0.83 | = | 70,428 | ÷ | 84,856,037 | |
| Feb 26, 2021 | 23.86 | = | 18.73 | ÷ | 0.79 | 0.79 | = | 55,828 | ÷ | 71,110,576 | |
| Mar 4, 2020 | 32.88 | = | 14.86 | ÷ | 0.45 | 0.45 | = | 26,868 | ÷ | 59,450,437 | |
| Mar 7, 2019 | 10.47 | = | 6.01 | ÷ | 0.57 | 0.57 | = | 31,501 | ÷ | 54,888,369 | |
| Mar 5, 2018 | 33.73 | = | 8.35 | ÷ | 0.25 | 0.25 | = | 13,368 | ÷ | 54,008,113 | |
| Mar 6, 2017 | 4.65 | = | 11.85 | ÷ | 2.55 | 2.55 | = | 106,407 | ÷ | 41,729,549 | |
| Mar 3, 2016 | 8.98 | = | 6.50 | ÷ | 0.72 | 0.72 | = | 28,658 | ÷ | 39,592,808 | |
| Mar 6, 2015 | 6.43 | = | 7.80 | ÷ | 1.21 | 1.21 | = | 46,940 | ÷ | 38,674,892 | |
| Mar 7, 2014 | 12.02 | = | 10.21 | ÷ | 0.85 | 0.85 | = | 30,648 | ÷ | 36,078,367 | |
| Mar 15, 2013 | 20.07 | = | 6.30 | ÷ | 0.31 | 0.31 | = | 7,559 | ÷ | 24,077,245 | |
| Mar 13, 2012 | 22.34 | = | 7.02 | ÷ | 0.31 | 0.31 | = | 4,000 | ÷ | 12,729,467 | |
| Mar 11, 2011 | 39.47 | = | 9.12 | ÷ | 0.23 | 0.23 | = | 2,577 | ÷ | 11,151,683 | |
| Mar 11, 2010 | 2.57 | = | 20.16 | ÷ | 7.83 | 7.83 | = | 81,538 | ÷ | 10,410,819 | |
| Mar 12, 2009 | 8.57 | = | 12.00 | ÷ | 1.40 | 1.40 | = | 12,420 | ÷ | 8,869,882 | |
| Mar 12, 2008 | 11.18 | = | 18.54 | ÷ | 1.66 | 1.66 | = | 13,622 | ÷ | 8,216,883 | |
| Mar 12, 2007 | 112.43 | = | 45.06 | ÷ | 0.40 | 0.40 | = | 3,127 | ÷ | 7,802,005 | |
| Mar 10, 2006 | 28.53 | = | 42.90 | ÷ | 1.50 | 1.50 | = | 8,912 | ÷ | 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 Price-to-Sales (P/S) ratio for the period between 2006 and 2023 is characterized by extreme volatility and a lack of a consistent linear trend. The ratio fluctuates significantly, reflecting a dynamic relationship between the market valuation of the shares and the underlying sales per share.
- Historical Valuation Peaks and Troughs
- An extraordinary peak in the P/S ratio occurred in 2007, reaching 112.43, driven by a high share price relative to low sales per share. Conversely, the ratio reached its lowest point in 2010 at 2.57, coinciding with the highest recorded sales per share of 7.83 during the entire analyzed period.
- Intermediate Stability and Compression
- Between 2011 and 2017, the P/S ratio exhibited erratic but generally lower movements, ranging from a high of 39.47 in 2011 to a low of 4.65 in 2017. This period was marked by a general decline in share price, which kept the valuation multiple relatively compressed despite inconsistent sales performance.
- Recent Expansion Trend
- From 2018 to 2023, a pronounced upward trend in the P/S ratio is observed. The ratio rose from 33.73 in 2018 to 43.37 by March 2023. This expansion is primarily attributed to a steady increase in the share price—which climbed from 6.01 in 2019 to 43.11 in 2023—while sales per share remained relatively low and stable, generally under 1.00 US$.
- Correlation Analysis
- The data reveals an inverse relationship between sales per share and the P/S ratio in several instances. In years where sales per share spiked, such as 2010 and 2017, the P/S ratio contracted sharply. In contrast, the most recent growth in the P/S ratio is driven by market appreciation rather than proportional growth in sales revenue.
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Comparison to Competitors
Cytokinetics Inc., P/S, 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 | 43.37 | 4.61 | 5.17 | 3.29 | 5.79 | 10.96 | 3.86 | 4.34 | 4.71 | 2.35 | 7.01 | 4.73 | 8.56 |
| Feb 25, 2022 | 42.19 | 4.53 | 5.10 | 3.16 | 6.37 | 8.01 | 2.85 | 4.66 | 3.96 | 3.15 | 4.20 | 5.39 | 8.21 |
| Feb 26, 2021 | 23.86 | 4.05 | 5.64 | 3.16 | 7.01 | 8.06 | 3.24 | 5.15 | 3.93 | 4.42 | 6.24 | 5.52 | 8.82 |
| Mar 4, 2020 | 32.88 | 4.22 | 6.03 | 5.52 | 6.29 | 6.03 | 4.00 | 4.79 | 4.33 | 3.66 | 5.34 | 4.83 | 14.95 |
| Mar 7, 2019 | 10.47 | 3.58 | 5.22 | 3.67 | 3.97 | 5.15 | 3.84 | 4.45 | 4.92 | 4.49 | 6.62 | 4.24 | 15.54 |
| Mar 5, 2018 | 33.73 | 6.67 | 5.82 | 5.02 | 3.70 | 3.71 | 4.10 | 4.56 | 3.68 | 4.05 | 5.92 | 4.01 | 16.42 |
| Mar 6, 2017 | 4.65 | 3.84 | 5.65 | 4.72 | 3.48 | 4.18 | 3.08 | 4.62 | 4.54 | 3.84 | 7.86 | 3.37 | 12.51 |
| Mar 3, 2016 | 8.98 | 3.83 | 5.28 | 6.07 | 2.91 | 4.02 | 3.80 | 4.13 | 3.56 | 3.76 | 9.38 | 3.05 | 20.38 |
| Mar 6, 2015 | 6.43 | 4.90 | 6.13 | 6.28 | 3.09 | 4.03 | 6.36 | 3.77 | 3.93 | 4.24 | 14.62 | 3.06 | 47.41 |
| Mar 7, 2014 | 12.02 | 4.31 | 5.22 | 5.48 | 2.78 | 2.81 | 11.95 | 3.63 | 3.78 | 3.97 | 15.52 | 3.74 | 16.53 |
| Mar 15, 2013 | 20.07 | 3.30 | 4.09 | 3.40 | 2.32 | 2.71 | 6.95 | 3.17 | 2.73 | 3.34 | 11.66 | 2.12 | 6.60 |
| Mar 13, 2012 | 22.34 | — | 3.52 | 2.63 | 2.28 | 1.87 | 4.22 | 2.75 | 2.43 | 2.37 | 20.90 | 1.77 | 5.61 |
| Mar 11, 2011 | 39.47 | — | 3.32 | 2.23 | 2.48 | 1.73 | 4.19 | 2.65 | 2.18 | 2.27 | 7.38 | 2.00 | 56.82 |
| Mar 11, 2010 | 2.57 | — | 3.88 | 2.27 | 2.16 | 1.82 | 6.64 | 2.82 | 4.23 | 2.83 | 5.74 | 1.98 | 80.12 |
| Mar 12, 2009 | 8.57 | — | 3.44 | 1.96 | 1.30 | 1.66 | 8.03 | 2.37 | 2.14 | 1.72 | 5.17 | 1.44 | 28.70 |
| Mar 12, 2008 | 11.18 | — | 3.46 | 2.30 | 2.16 | 3.05 | 10.90 | 2.95 | 4.04 | 3.11 | 11.94 | 2.40 | 12.17 |
| Mar 12, 2007 | 112.43 | — | 5.41 | 3.07 | 2.30 | 3.80 | 12.67 | 3.53 | 4.23 | 3.67 | 19.70 | 5.05 | 17.58 |
| Mar 10, 2006 | 28.53 | — | 7.24 | 2.34 | 2.40 | 4.31 | 15.36 | 3.49 | 3.50 | 3.77 | 14.06 | 2.15 | 26.93 |
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/S, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Cytokinetics Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Mar 1, 2023 | 43.37 | 4.56 |
| Feb 25, 2022 | 42.19 | 4.50 |
| Feb 26, 2021 | 23.86 | 4.90 |
| Mar 4, 2020 | 32.88 | 4.88 |
| Mar 7, 2019 | 10.47 | 4.54 |
| Mar 5, 2018 | 33.73 | 4.60 |
| Mar 6, 2017 | 4.65 | 4.29 |
| Mar 3, 2016 | 8.98 | 4.10 |
| Mar 6, 2015 | 6.43 | 4.54 |
| Mar 7, 2014 | 12.02 | 4.30 |
| Mar 15, 2013 | 20.07 | 3.25 |
| Mar 13, 2012 | 22.34 | 2.58 |
| Mar 11, 2011 | 39.47 | 2.44 |
| Mar 11, 2010 | 2.57 | 3.00 |
| Mar 12, 2009 | 8.57 | 2.22 |
| Mar 12, 2008 | 11.18 | 3.19 |
| Mar 12, 2007 | 112.43 | 3.88 |
| Mar 10, 2006 | 28.53 | 3.84 |
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/S, long-term trends, comparison to industry (health care)
| Cytokinetics Inc. | Health Care | |
|---|---|---|
| Mar 1, 2023 | 43.37 | 51,413.66 |
| Feb 25, 2022 | 42.19 | 3.28 |
| Feb 26, 2021 | 23.86 | 3.31 |
| Mar 4, 2020 | 32.88 | 3.21 |
| Mar 7, 2019 | 10.47 | 3.07 |
| Mar 5, 2018 | 33.73 | 3.06 |
| Mar 6, 2017 | 4.65 | 2.80 |
| Mar 3, 2016 | 8.98 | 2.72 |
| Mar 6, 2015 | 6.43 | 3.08 |
| Mar 7, 2014 | 12.02 | 2.81 |
| Mar 15, 2013 | 20.07 | 2.20 |
| Mar 13, 2012 | 22.34 | 1.90 |
| Mar 11, 2011 | 39.47 | 1.80 |
| Mar 11, 2010 | 2.57 | 2.08 |
| Mar 12, 2009 | 8.57 | 1.70 |
| Mar 12, 2008 | 11.18 | 2.42 |
| Mar 12, 2007 | 112.43 | 2.85 |
| Mar 10, 2006 | 28.53 | 3.17 |
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).