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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2012
- Operating Profit Margin since 2012
- Total Asset Turnover since 2012
- Price to Book Value (P/BV) since 2012
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Enphase Energy Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio data starts being available from March 31, 2020, with an initial value of 45.17. It then decreases significantly to 24.44 by June 30, 2020, before rising sharply to 70.13 at the end of that year. Throughout 2021, the ratio exhibits heightened volatility, peaking at 239.96 in June and subsequently declining to 141.1 by December. In 2022, the P/E ratio remains elevated but shows signs of gradual decline, ranging between 125.45 and 144.06 in the first three quarters, then dropping more noticeably to 121.88 by December. During 2023, the ratio declines substantially, reaching its lowest point of 22.97 in September, before rising slightly to 37.88 in the final quarter. Overall, the trend reflects significant fluctuations with a peak in mid-2021 and a subsequent downward adjustment through 2023.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a pattern somewhat consistent with the P/E ratio, starting at 70.85 in March 2020 and dipping to 39.6 by June 2020. It rises again towards the end of 2020, peaking close to 133.91 in March 2021, then experiences a decline with some oscillation through the remainder of 2021. The ratio hovers between 90 and 116 during 2022, showing moderate stability relative to previous volatility. In 2023, it decreases sharply, falling from 64.73 to 21.43 in December, before a slight uptick to 37.3 in the last quarter. This indicates a generally declining valuation multiple relative to operating profit in recent periods, particularly in 2023, after elevated valuations in prior years.
- Price to Sales (P/S) Ratio
- Starting at 11.66 in March 2020, the P/S ratio declines to 7.61 by June 2020, then increases markedly to 32.24 in March 2021 — the highest point in the dataset. Subsequently, it decreases steadily throughout 2021 to 18.96 by December. The ratio fluctuates mildly in 2022, between 13.65 and 17.88, before experiencing a general downtrend in 2023, reaching its lowest value of 4.84 in September. A mild recovery occurs in the last quarter, ending at 7.26. This pattern suggests initial spikes in market valuation relative to sales followed by a sustained correction, with 2023 seeing the lowest relative sales valuation in the observed period.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio begins at a notably high 78.35 in March 2019, followed by a sharp decline to around 20 by September 2019. It then gradually increases from the end of 2019 through 2020, peaking at 51.58 in December 2020. In 2021, the ratio fluctuates between mid-30s and mid-40s, showing moderate volatility. The year 2022 witnesses elevated values, peaking at 64.91 in June, before declining notably to 35.15 by December. During 2023, the ratio steadily decreases, hitting a low of 12.94 in September before a modest increase to 16.9 by year-end. The overall trend indicates an initial contraction in valuation relative to book value, a subsequent rebound and elevated range through 2020 and 2022, and a downward correction across 2023.
Price to Earnings (P/E)
Enphase Energy Inc., historical P/E calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) (in thousands) | ||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net income (loss)Q4 2023
+ Net income (loss)Q3 2023
+ Net income (loss)Q2 2023
+ Net income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Enphase Energy Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant growth from early 2019 through 2020, rising from $10.04 in March 2019 to a peak of $193.50 by December 2020. This upward trend continued into early 2022, reaching $265.59 in September 2022. However, starting in the last quarter of 2022, the share price began to decline, falling to $122.47 by December 2023. This indicates a strong growth phase followed by a notable correction or volatility in the market valuation in the most recent period.
- Earnings per Share (EPS)
- EPS data is unavailable before March 2020. From this point, EPS showed variability with an initial increase from $1.31 in March 2020 to $1.82 in June 2020, followed by fluctuation through late 2020 and 2021. Starting in 2022, EPS demonstrated consistent growth, increasing from $1.50 in March 2022 to a peak of $4.20 in September 2023. By December 2023, EPS slightly decreased to $3.23. This pattern reflects improving profitability over time, with a strong earnings performance during 2022 and 2023.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio shows considerable volatility. Initially recorded at 45.17 in March 2020, it fluctuated widely, reaching extremely high values in 2021, peaking near 239.96 in June 2021. This suggests periods of elevated market expectations relative to earnings. From mid-2022 onwards, the P/E ratio declined steadily to a low of 22.97 in September 2023, then slightly increased to 37.88 by December 2023. The decreasing P/E ratio in the later periods corresponds with the rising EPS and the declining share price, indicating a market reassessment towards more moderate valuations relative to earnings.
- Overall Observations
- The data encapsulates a strong growth phase for the company, with share price and EPS generally increasing from 2019 through 2022. The later part of the period sees a divergence where EPS growth continues but share price declines, resulting in a downward adjustment of the P/E ratio. This suggests that despite improving earnings, market sentiment or external factors have driven the stock price down, thus lowering valuation multiples. The P/E volatility reflects shifting investor perceptions and possibly market uncertainty during the peak and correction phases.
Price to Operating Profit (P/OP)
Enphase Energy Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Income from operations (in thousands) | ||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Income from operationsQ4 2023
+ Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Enphase Energy Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited significant volatility over the observed periods. Starting from a low point of $10.04 in March 2019, it increased sharply through 2019 and 2020, reaching a peak of $193.50 by December 2020. Subsequently, the price experienced fluctuations, including a decline during 2021, a recovery in 2022 with a high of $265.59 in September, and a notable decrease to $96.18 by September 2023 before a slight rebound to $122.47 by December 2023. Overall, the share price shows cycles of rapid appreciation followed by corrections, indicating market sensitivity to underlying fundamentals or external factors.
- Operating Profit Per Share
- Operating profit per share, first reported in March 2020 at $0.83, displayed a consistent upward trajectory throughout the periods. The value increased steadily each quarter, reaching a peak of $4.62 by September 2023. A slight decline occurred in the last quarter reported, with the figure falling to $3.28 in December 2023. This upward trend suggests improving operational efficiency or profitability on a per-share basis over time, with a minor slowdown towards the end of the period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed considerable variation across the periods, starting at 70.85 in March 2020, then generally fluctuating throughout. The ratio reached very high levels exceeding 130 in early 2021, indicating shares were priced significantly higher relative to operating profits at that time. It gradually declined towards the later periods, hitting a low of 21.43 in September 2023 before rising slightly to 37.3 in December 2023. This pattern suggests that the market valuation relative to operating profits was initially elevated and became more conservative as operating profits increased and share price volatility occurred.
- Overall Assessment
- The data reveals a company experiencing substantial growth in operating profitability per share alongside highly volatile market valuations. The share price's sharp rise coincided with improvements in profitability, but subsequent corrections and P/OP ratio declines suggest the market recalibrated its expectations. The decline in the P/OP ratio in the most recent quarters might indicate increased investor confidence in the sustainability of profits or a revaluation based on more cautious outlooks. The combination of rising operating profits and oscillating market valuations points to underlying business strength amidst variable investor sentiment and market conditions.
Price to Sales (P/S)
Enphase Energy Inc., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net revenues (in thousands) | ||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Net revenuesQ4 2023
+ Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Enphase Energy Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility over the observed periods. Starting at $10.04 in March 2019, the price rose sharply, reaching a peak of $193.50 in December 2020. Following this peak, there was a general downward trend with fluctuations, dropping to $122.47 by December 2023. The share price showed high growth particularly between early 2019 and late 2020, while the period from 2021 onwards was characterized by a notable decline and increased volatility.
- Sales Per Share
- Sales per share data became available from March 2020, beginning at $5.07. From that point forward, sales per share demonstrated a consistent upward trajectory, increasing steadily each quarter. The figure rose from $5.07 in March 2020 to its highest value of $20.51 in September 2023, before a slight decline to $16.87 by December 2023. This trend indicates consistent growth in revenue generation on a per-share basis over the analyzed period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio was initially high at 11.66 in March 2020, fluctuated significantly, and reached a peak of 32.24 in December 2020. After this peak, the ratio displayed a general downward trend, decreasing to a low of 4.84 in September 2023 before a modest increase to 7.26 in December 2023. This decline reflects a falling share price relative to sales per share, indicating the market’s revaluation of the company's stock in relation to its sales growth over time.
- Overall Insights
- The data indicates rapid growth in both share price and sales per share until late 2020, with the share price outpacing sales growth, leading to very high P/S ratios in that period. Post-2020, while sales per share continued to increase steadily, the share price declined significantly, leading to a much lower P/S ratio. This pattern suggests that the market's expectations or sentiment about growth potential moderated despite ongoing sales growth. The decoupling of share price from sales growth in recent years may reflect external market conditions, risk reassessment, or changes in investor confidence.
Price to Book Value (P/BV)
Enphase Energy Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in thousands) | ||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Enphase Energy Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited substantial volatility across the periods. Initially, it showed a significant increase from $10.04 in March 2019 to a peak of $193.5 in December 2020. After this peak, the price fluctuated, experiencing a decline to $145.69 in December 2021, followed by a recovery to $265.59 in September 2022. Subsequently, the share price declined steadily in the last two quarters observed, ending at $122.47 in December 2023.
- Book Value Per Share (BVPS) Trend
- The book value per share demonstrated a continual growth trend over the entire period. Starting at $0.13 in March 2019, it increased nearly monotonically to reach $7.25 by December 2023. Minor fluctuations were noted around late 2021 and early 2022, but the overall progression was upward, indicating steady growth in net asset value per share over time.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio displayed notable fluctuations reflecting changes in share price relative to book value per share. This ratio was highest at 78.35 in March 2019, then decreased and stabilized somewhat in mid-2019 through 2020, with intermittent peaks such as 51.58 in December 2020. After December 2020, the ratio again showed volatility, peaking near 64.91 in June 2022, followed by a declining trend towards the end of 2023, reaching as low as 12.94 in September 2023 before slightly increasing again. This pattern suggests periods of market optimism followed by valuation contractions relative to book value.
- Overall Analysis
- The company’s share price experienced two significant growth phases: one culminating in late 2020 and another in late 2022. Despite these fluctuations in share price, book value per share maintained a steady upward trajectory, reflecting consistent accumulation of equity or retained earnings over time. The P/BV ratio variations may indicate market sentiment and investor valuation adjustments, with high ratios suggesting the stock was frequently trading at a marked premium to book value, and lower ratios in the latter part of the timeline indicating market revaluation or correction factors. The divergence between rising BVPS and fluctuating share prices implies varying perceptions of growth prospects and profitability among investors during this timeframe.