Expand Energy Corp. (NASDAQ:EXE)

The share price of the company exhibited a consistent upward trend over the analyzed periods, increasing from $70.91 in February 2022 to $102.43 in February 2025. This represents a substantial growth in market valuation across the three-year span.

The book value per share (BVPS) also generally increased during the same timeframe, rising from $47.83 in February 2022 to a peak of $82.03 in February 2024 before slightly declining to $75.48 by February 2025. This indicates an overall growth in the company’s net asset value per share, although there is some decrease observed in the final year.

The price-to-book value ratio (P/BV) showed a declining trend initially, falling from 1.48 in February 2022 to 1.02 in February 2024, which may suggest that the market valuation was becoming more aligned with the company's intrinsic book value during this period. However, in the last period, the P/BV ratio increased to 1.36 in February 2025, indicating that the share price grew faster than the book value per share, potentially reflecting increased market optimism or investor expectations beyond the book value.

In summary, the company experienced solid growth in share price alongside an increasing book value per share, with the market’s valuation ratio indicating a shift from undervaluation or parity to a relatively higher market premium in the most recent period.