Price to Sales (P/S)
since 2005
Calculation
Expedia Group Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2022 | 3.48 | = | 192.12 | ÷ | 55.20 | 55.20 | = | 8,598 | ÷ | 155,754,357 | |
| Feb 12, 2021 | 4.05 | = | 146.51 | ÷ | 36.14 | 36.14 | = | 5,199 | ÷ | 143,864,551 | |
| Feb 14, 2020 | 1.42 | = | 122.80 | ÷ | 86.20 | 86.20 | = | 12,067 | ÷ | 139,989,125 | |
| Feb 8, 2019 | 1.72 | = | 130.80 | ÷ | 76.25 | 76.25 | = | 11,223 | ÷ | 147,190,304 | |
| Feb 9, 2018 | 1.57 | = | 104.00 | ÷ | 66.26 | 66.26 | = | 10,060 | ÷ | 151,833,402 | |
| Feb 10, 2017 | 2.09 | = | 122.65 | ÷ | 58.57 | 58.57 | = | 8,774 | ÷ | 149,808,388 | |
| Feb 11, 2016 | 2.33 | = | 103.37 | ÷ | 44.31 | 44.31 | = | 6,672 | ÷ | 150,580,455 | |
| Feb 6, 2015 | 1.71 | = | 77.87 | ÷ | 45.48 | 45.48 | = | 5,763 | ÷ | 126,720,006 | |
| Feb 7, 2014 | 2.02 | = | 74.45 | ÷ | 36.86 | 36.86 | = | 4,771 | ÷ | 129,458,472 | |
| Feb 6, 2013 | 2.21 | = | 65.70 | ÷ | 29.77 | 29.77 | = | 4,030 | ÷ | 135,388,187 | |
| Feb 10, 2012 | 1.30 | = | 33.54 | ÷ | 25.81 | 25.81 | = | 3,449 | ÷ | 133,646,188 | |
| Feb 11, 2011 | 1.74 | = | 42.62 | ÷ | 24.43 | 24.43 | = | 3,348 | ÷ | 137,030,466 | |
| Feb 11, 2010 | 2.08 | = | 42.54 | ÷ | 20.41 | 20.41 | = | 2,955 | ÷ | 144,824,896 | |
| Feb 19, 2009 | 0.77 | = | 15.80 | ÷ | 20.44 | 20.44 | = | 2,937 | ÷ | 143,669,924 | |
| Feb 22, 2008 | 2.62 | = | 48.84 | ÷ | 18.66 | 18.66 | = | 2,665 | ÷ | 142,798,949 | |
| Feb 28, 2007 | 2.87 | = | 42.52 | ÷ | 14.81 | 14.81 | = | 2,238 | ÷ | 151,120,285 | |
| Mar 31, 2006 | 3.33 | = | 40.54 | ÷ | 12.16 | 12.16 | = | 2,119 | ÷ | 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 price-to-sales (P/S) ratio for Expedia Group Inc. from 2006 to 2022 exhibits significant volatility, reflecting shifts in market sentiment and fundamental performance, particularly during periods of global economic instability.
- Early Valuation Trends and the 2009 Contraction
- Between 2006 and 2008, the P/S ratio experienced a steady decline from 3.33 to 2.62. This downward trajectory culminated in a sharp collapse in 2009, where the ratio reached a historical low of 0.77. This period was characterized by a substantial drop in share price, which fell to 15.80, outweighing the continued growth in sales per share during that same window.
- Mid-Term Stabilization and Sales Growth (2010–2020)
- Following the 2009 trough, the P/S ratio recovered to 2.08 in 2010 and remained relatively range-bound for the next decade, generally fluctuating between 1.30 and 2.33. During this interval, sales per share grew consistently, rising from 20.41 in 2010 to a peak of 86.20 in 2020. Because revenue growth frequently kept pace with or exceeded share price appreciation, the valuation multiple remained moderated, reaching a low of 1.42 in 2020.
- Recent Valuation Spikes (2021–2022)
- A dramatic shift in the P/S ratio is observed in 2021 and 2022. In 2021, the ratio surged to 4.05, the highest point in the analyzed period. This spike was driven by a severe contraction in sales per share, which dropped from 86.20 to 36.14, while the share price simultaneously increased to 146.51. By 2022, the P/S ratio remained elevated at 3.48, as the share price climbed to 192.12 despite a partial recovery in sales per share to 55.20.
Overall, the data indicates that while the company achieved strong organic sales growth for most of the period, recent valuation multiples have been driven by share price resilience in the face of significant revenue volatility, leading to an expansion of the P/S ratio to levels exceeding those seen in the mid-2000s.
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Comparison to Competitors
Expedia Group Inc., P/S, long-term trends, comparison to competitors
| Expedia Group Inc. | Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|---|
| Feb 11, 2022 | 3.48 | 3.41 | 2.39 | 1.46 | 2.48 |
| Feb 12, 2021 | 4.05 | 4.32 | 1.77 | 0.71 | 1.34 |
| Feb 14, 2020 | 1.42 | 3.56 | 1.94 | 1.23 | 1.66 |
| Feb 8, 2019 | 1.72 | 3.43 | 2.01 | 1.02 | 1.47 |
| Feb 9, 2018 | 1.57 | 3.89 | 1.88 | 1.08 | 1.53 |
| Feb 10, 2017 | 2.09 | 2.90 | 1.85 | 1.15 | 1.68 |
| Feb 11, 2016 | 2.33 | 2.58 | 1.77 | 1.26 | 1.65 |
| Feb 6, 2015 | 1.71 | 1.85 | 1.38 | 0.93 | 1.57 |
| Feb 7, 2014 | 2.02 | 2.21 | 1.39 | 0.82 | 1.33 |
| Feb 6, 2013 | 2.21 | 2.03 | 1.08 | 0.75 | 1.27 |
| Feb 10, 2012 | 1.30 | 1.70 | 0.89 | 0.73 | 0.89 |
| Feb 11, 2011 | 1.74 | 2.26 | 0.83 | 0.74 | 0.87 |
| Feb 11, 2010 | 2.08 | 2.27 | 0.59 | 0.56 | 0.56 |
| Feb 19, 2009 | 0.77 | 1.31 | 0.64 | 0.74 | 0.77 |
| Feb 22, 2008 | 2.62 | 2.11 | 0.80 | 1.02 | 0.69 |
| Feb 28, 2007 | 2.87 | 1.56 | 1.11 | 1.17 | 0.73 |
| Mar 31, 2006 | 3.33 | 1.93 | 1.11 | 1.14 | 0.79 |
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).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Expedia Group Inc., P/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Expedia Group Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 11, 2022 | 3.48 | 2.94 |
| Feb 12, 2021 | 4.05 | 3.23 |
| Feb 14, 2020 | 1.42 | 2.73 |
| Feb 8, 2019 | 1.72 | 2.56 |
| Feb 9, 2018 | 1.57 | 2.67 |
| Feb 10, 2017 | 2.09 | 2.16 |
| Feb 11, 2016 | 2.33 | 1.97 |
| Feb 6, 2015 | 1.71 | 1.47 |
| Feb 7, 2014 | 2.02 | 1.52 |
| Feb 6, 2013 | 2.21 | 1.30 |
| Feb 10, 2012 | 1.30 | 1.06 |
| Feb 11, 2011 | 1.74 | 1.10 |
| Feb 11, 2010 | 2.08 | 0.83 |
| Feb 19, 2009 | 0.77 | 0.76 |
| Feb 22, 2008 | 2.62 | 0.96 |
| Feb 28, 2007 | 2.87 | 1.12 |
| Mar 31, 2006 | 3.33 | 1.14 |
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).
Comparison to Industry (Consumer Discretionary)
Expedia Group Inc., P/S, long-term trends, comparison to industry (consumer discretionary)
| Expedia Group Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 11, 2022 | 3.48 | 3.58 |
| Feb 12, 2021 | 4.05 | 3.81 |
| Feb 14, 2020 | 1.42 | 2.33 |
| Feb 8, 2019 | 1.72 | 2.05 |
| Feb 9, 2018 | 1.57 | 2.06 |
| Feb 10, 2017 | 2.09 | 1.68 |
| Feb 11, 2016 | 2.33 | 1.57 |
| Feb 6, 2015 | 1.71 | 1.32 |
| Feb 7, 2014 | 2.02 | 1.33 |
| Feb 6, 2013 | 2.21 | 1.06 |
| Feb 10, 2012 | 1.30 | 0.97 |
| Feb 11, 2011 | 1.74 | 0.96 |
| Feb 11, 2010 | 2.08 | 0.92 |
| Feb 19, 2009 | 0.77 | 0.66 |
| Feb 22, 2008 | 2.62 | 0.79 |
| Feb 28, 2007 | 2.87 | 0.86 |
| Mar 31, 2006 | 3.33 | 0.79 |
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).