Price to Operating Profit (P/OP)
since 2005
Calculation
Expedia Group Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 160.88 | = | 192.12 | ÷ | 1.19 | 1.19 | = | 186 | ÷ | 155,754,357 | |
| Feb 12, 2021 | — | = | 146.51 | ÷ | -18.90 | -18.90 | = | -2,719 | ÷ | 143,864,551 | |
| Feb 14, 2020 | 19.04 | = | 122.80 | ÷ | 6.45 | 6.45 | = | 903 | ÷ | 139,989,125 | |
| Feb 8, 2019 | 26.96 | = | 130.80 | ÷ | 4.85 | 4.85 | = | 714 | ÷ | 147,190,304 | |
| Feb 9, 2018 | 25.26 | = | 104.00 | ÷ | 4.12 | 4.12 | = | 625 | ÷ | 151,833,402 | |
| Feb 10, 2017 | 39.80 | = | 122.65 | ÷ | 3.08 | 3.08 | = | 462 | ÷ | 149,808,388 | |
| Feb 11, 2016 | 37.64 | = | 103.37 | ÷ | 2.75 | 2.75 | = | 414 | ÷ | 150,580,455 | |
| Feb 6, 2015 | 19.06 | = | 77.87 | ÷ | 4.09 | 4.09 | = | 518 | ÷ | 126,720,006 | |
| Feb 7, 2014 | 26.33 | = | 74.45 | ÷ | 2.83 | 2.83 | = | 366 | ÷ | 129,458,472 | |
| Feb 6, 2013 | 20.60 | = | 65.70 | ÷ | 3.19 | 3.19 | = | 432 | ÷ | 135,388,187 | |
| Feb 10, 2012 | 9.35 | = | 33.54 | ÷ | 3.59 | 3.59 | = | 480 | ÷ | 133,646,188 | |
| Feb 11, 2011 | 7.98 | = | 42.62 | ÷ | 5.34 | 5.34 | = | 732 | ÷ | 137,030,466 | |
| Feb 11, 2010 | 10.78 | = | 42.54 | ÷ | 3.95 | 3.95 | = | 571 | ÷ | 144,824,896 | |
| Feb 19, 2009 | — | = | 15.80 | ÷ | -16.91 | -16.91 | = | -2,429 | ÷ | 143,669,924 | |
| Feb 22, 2008 | 13.18 | = | 48.84 | ÷ | 3.70 | 3.70 | = | 529 | ÷ | 142,798,949 | |
| Feb 28, 2007 | 18.29 | = | 42.52 | ÷ | 2.32 | 2.32 | = | 351 | ÷ | 151,120,285 | |
| Mar 31, 2006 | 17.80 | = | 40.54 | ÷ | 2.28 | 2.28 | = | 397 | ÷ | 174,334,549 |
Based on: 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 Expedia Group Inc. Annual Report.
The valuation of the company, as measured by the Price to Operating Profit (P/OP) ratio, exhibits significant volatility over the period from 2006 to 2022, characterized by two distinct periods of operational loss and a dramatic valuation expansion in the final year of the sequence.
- Share Price Performance
- The share price demonstrated a general long-term upward trajectory, rising from 40.54 US$ in 2006 to a peak of 192.12 US$ in 2022. A significant contraction is observed in 2009, where the price fell to 15.80 US$, followed by a sustained recovery and growth phase that began in 2013.
- Operational Profitability
- Operating profit per share remained generally positive but was interrupted by severe deficits in 2009 (-16.91 US$) and 2021 (-18.90 US$). These periods of negative operating profit caused discontinuities in the P/OP ratio, highlighting high sensitivity to systemic economic shocks.
- P/OP Ratio Trends
- The P/OP ratio evolved through three distinct phases. From 2006 to 2012, the ratio remained relatively compressed, fluctuating between 7.98 and 18.29. A period of valuation expansion occurred between 2013 and 2017, with the ratio reaching a peak of 39.80. A subsequent correction saw the ratio settle between 19.04 and 26.96 from 2018 to 2020. The sequence concludes with an anomalous spike to 160.88 in 2022, resulting from a record-high share price coinciding with a limited recovery in operating profit per share to 1.19 US$.
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Comparison to Competitors
Expedia Group Inc., P/OP, long-term trends, comparison to competitors
| Expedia Group Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | |
|---|---|---|---|---|
| Feb 11, 2022 | 160.88 | 64.48 | 17.25 | 13.52 |
| Feb 12, 2021 | — | 72.85 | 12.33 | 8.11 |
| Feb 14, 2020 | 19.04 | 68.77 | 13.51 | 21.77 |
| Feb 8, 2019 | 26.96 | 64.31 | 13.82 | 10.61 |
| Feb 9, 2018 | 25.26 | 168.60 | 13.26 | 11.97 |
| Feb 10, 2017 | 39.80 | 94.32 | 13.88 | 13.66 |
| Feb 11, 2016 | 37.64 | 123.77 | 14.03 | 14.77 |
| Feb 6, 2015 | 19.06 | 925.12 | 11.86 | — |
| Feb 7, 2014 | 26.33 | 221.06 | 13.35 | — |
| Feb 6, 2013 | 20.60 | 183.43 | 11.36 | — |
| Feb 10, 2012 | 9.35 | 94.71 | 10.38 | — |
| Feb 11, 2011 | 7.98 | 54.92 | 11.50 | — |
| Feb 11, 2010 | 10.78 | 49.38 | 9.64 | — |
| Feb 19, 2009 | — | 29.93 | 6.82 | — |
| Feb 22, 2008 | 13.18 | 47.85 | 7.50 | — |
| Feb 28, 2007 | 18.29 | 43.07 | 9.71 | — |
| Mar 31, 2006 | 17.80 | 37.83 | 10.28 | — |
Based on: 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).