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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- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Gilead Sciences Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant volatility across the periods. Starting with missing data in the early quarters of 2020, the ratio peaks sharply at 641.48 in March 2021, followed by a marked decline to single digits by December 2021. Throughout 2022 and early 2023, it stabilizes mostly within the range of 16 to 29. A rise is observed again in mid-2024 with a substantial spike to 925.87 in September 2024, followed by a decrease to 20.62 by March 2025. These fluctuations suggest periods of varying investor confidence or changes in earnings performance relative to stock price.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a broadly similar pattern to the P/E ratio, with high values in early 2021 at 19.38 and 18.31, then a decline to below 8 by December 2021. It moves in the 10 to 16 range through 2022 and early 2023, then again surges to a peak of 143.05 in September 2024 before falling to 14.96 by March 2025. The pattern indicates variability in the relationship between market price and operating profit, possibly reflecting changing profitability or market expectations.
- Price to Sales (P/S) Ratio
- This ratio remains relatively stable compared to P/E and P/OP, hovering around values between 2.84 and 4.98. There is a mild decline during late 2020 to early 2021, followed by a gentle upward trend through 2022 and into early 2025, with some fluctuations. The steadiness suggests consistent valuation of sales relative to market price despite other financial performance variations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows modest fluctuations with values mostly between 3.65 and 7.36. It experiences a gradual increase over time with a peak at 7.36 in December 2024 before a decrease to 6.42 by March 2025. The ratio reflects moderate market valuation changes of the company's net assets, indicating relatively stable investor perceptions of book value over the observed periods.
Price to Earnings (P/E)
Gilead Sciences Inc., historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Gilead (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to GileadQ1 2025
+ Net income (loss) attributable to GileadQ4 2024
+ Net income (loss) attributable to GileadQ3 2024
+ Net income (loss) attributable to GileadQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates several noteworthy trends across the analyzed periods. The share price exhibits substantial volatility, with an initial decline from $77.47 in March 2020 to a low near $59.87 by September 2020, followed by moderate fluctuations through 2021 and early 2022. From late 2022 onward, the share price demonstrates a strong upward trend, peaking at $114.31 in December 2024 before a slight retreat to $98.90 by March 2025.
Earnings per share (EPS) data starts with missing values but becomes available from March 2021. Initially, earnings per share show a significant increase, reaching a peak of 5.89 in December 2021, denoting strong profitability. Subsequently, EPS generally declines through most of 2022 and 2023, hitting a notably low of 0.10 in December 2024, before a sharp recovery to 4.80 by March 2025. This pattern suggests periods of considerable fluctuation in earnings performance, with a marked downturn followed by a rebound at the end of the period.
The price-to-earnings (P/E) ratio exhibits extreme variability, particularly influenced by the fluctuating EPS. Initially, P/E is extremely high in early 2021, reflecting low EPS values relative to the share price, with a ratio peaking at 641.48 in March 2021. As EPS surges, the P/E ratio declines markedly, reaching a low of 11.44 in December 2021. However, with EPS decreasing later, the P/E ratio climbs again substantially, peaking at an exceptional 925.87 in December 2024, before retreating to 20.62 by March 2025. The elevated P/E ratios during periods of very low EPS indicate market valuation remaining relatively high compared to earnings, possibly reflecting investor expectations of future profitability.
Overall, the data portrays a company experiencing considerable fluctuations in earnings and market valuation across the analyzed timeframe. The share price trend appears to be more stable and reflective of longer-term positive momentum after mid-2022, while earnings and valuation multiples show marked volatility, likely driven by changing profitability and investor sentiment.
- Share Price Trend
- Initial decline in 2020, moderate fluctuations until early 2022, strong upward trend from late 2022 with a peak in late 2024, followed by a slight decline.
- Earnings per Share (EPS) Trend
- Data available from early 2021; strong increase peaking end of 2021, followed by steady decline through 2022 and 2023, reaching lows in late 2024, then sharp recovery by early 2025.
- Price-to-Earnings (P/E) Ratio
- Extremely high ratios early 2021 due to low EPS, declining as EPS rises; dramatic spikes during periods of low EPS in late 2024, indicating high market expectations despite earnings weakness.
- Overall Insights
- Consistent volatility in earnings impacting valuation metrics. Share price reflects eventual positive market momentum despite earnings fluctuations, suggesting resilience or expected recovery in company performance.
Price to Operating Profit (P/OP)
Gilead Sciences Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a downward trend from March 2020 through September 2020, declining from $77.47 to $59.87. This was followed by a modest recovery and fluctuations through 2021, with prices mostly hovering around the mid-60s. Entering 2022, the share price showed a notable upward movement, reaching a peak of $83.50 in December 2022. Afterward, the price experienced variability but trended higher overall, culminating in a peak of $114.31 by December 2024, before a slight pullback to $98.90 in March 2025.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share data begins from March 2021, where it was recorded at $3.24. There was a consistent increase observed until December 2021, peaking at $9.27. Subsequently, the OPPS declined steadily throughout 2022 and early 2023, reaching a low of $4.79 in December 2022. The trend then demonstrated some recovery and stabilization, fluctuating between approximately $5.88 and $7.09 through 2023. However, from early 2024 onwards, a sharp decrease is evident, dropping to as low as $0.66 in September 2024. By March 2025, OPPS rebounded to $6.61, suggesting volatility in recent quarters.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio decreased significantly from 19.38 in March 2021 to 7.27 in December 2021, indicating that the share price was becoming cheaper relative to operating profit per share during that period. In 2022, the ratio increased markedly, hitting 16.27 by December, signaling a less favorable valuation relative to profit. The ratio fluctuated moderately in 2023, staying mostly in the 11 to 14 range. However, in 2024, the P/OP ratio surged drastically, peaking at an elevated 143.05 in September, reflecting either a substantial contraction in operating profits or a rapid increase in share price without a corresponding rise in profitability. By March 2025, the ratio normalized to 14.96, suggesting a return towards a more balanced valuation.
- Summary Insights
- Overall, the share price showed resilience and a strong recovery after an initial decline in early 2020, with significant appreciation especially in the 2022-2024 period. Operating profit per share experienced notable volatility, with a peak at the end of 2021 followed by a downward trend and a sharp dip mid-2024 before recovering. The P/OP ratio's wide fluctuations, particularly the spike in 2024, highlight periods of potential overvaluation or profit compression relative to share price movements. These patterns suggest the company faced variable profitability challenges in the recent years, which impacted valuation metrics and investor sentiment.
Price to Sales (P/S)
Gilead Sciences Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Product sales (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024
+ Product salesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced considerable fluctuations over the observed periods. Starting at $77.47 on March 31, 2020, it declined steadily, reaching a low of $59.87 by September 30, 2020. Following this trough, there was a moderate recovery, peaking at $83.50 on December 31, 2022. However, after this peak, the price displayed volatility, with notable increases and decreases, culminating in a high of $114.31 on December 31, 2024, before dropping to $98.90 on March 31, 2025.
- Sales Per Share
- Sales per share data began from March 31, 2021, at $19.38 and showed consistent, gradual growth throughout the periods. The figure increased from $19.38 to a peak of $22.97 by the end of the last two quarters (December 31, 2024 and March 31, 2025). This indicates steady revenue growth on a per-share basis without any significant declines or volatility.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited notable variation. Initially measured at 3.24 in March 2021, it remained relatively stable around 3.3 during mid-2021, then decreased to 2.85 by March 2022, indicating that the share price decreased relative to sales per share at that time. After March 2022, there was a sharp increase, peaking at 4.98 on December 31, 2024. This rise suggests the stock price increased disproportionately compared to sales growth during this period. The ratio then declined somewhat to 4.31 by March 31, 2025, reflecting a slight reversion toward valuation levels more aligned with sales.
- Overall Insights
- The sales per share consistently improved, denoting stable operational performance and potential revenue expansion. Despite this steady growth, the share price followed a more volatile path, influenced by broader market conditions or company-specific factors not directly tied to sales. The P/S ratio’s substantial increases in the latter periods suggest heightened market expectations or investor optimism beyond the direct sales performance. The divergence between steady sales growth and fluctuating share price emphasizes the importance of considering multiple financial metrics when assessing valuation and market sentiment.
Price to Book Value (P/BV)
Gilead Sciences Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Gilead stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| AbbVie Inc. | ||||||||||||||||||||||||||||
| Amgen Inc. | ||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
| Danaher Corp. | ||||||||||||||||||||||||||||
| Eli Lilly & Co. | ||||||||||||||||||||||||||||
| Johnson & Johnson | ||||||||||||||||||||||||||||
| Merck & Co. Inc. | ||||||||||||||||||||||||||||
| Pfizer Inc. | ||||||||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Gilead stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the observed periods. Starting at $77.47 in March 2020, it declined steadily to a low point around $59.87 in September 2020. Subsequently, there was a gradual recovery reaching approximately $83.50 by December 2022. Following this peak, the share price demonstrated some volatility with a decrease to $73.55 in December 2023, followed by a sharp increase to $114.31 by December 2024, before slightly decreasing to $98.90 in March 2025. Overall, the share price reflects periods of both significant decline and strong recovery, culminating in an upward trend towards the end of the timeline.
- Book Value per Share (BVPS) Movements
- Bvps showed less volatility compared to the share price, beginning at $17.59 in March 2020 and experiencing a gradual decrease to a minimum of $13.92 in September 2020. Thereafter, it rose steadily to reach $18.33 in December 2023. However, from December 2023 onward, the BVPS decreased again to $14.08 by March 2024, before stabilizing around the $15.40 to $15.50 range through March 2025. This indicates relatively modest changes in the company’s net asset value per share, with a general downward trend after peaking in late 2023.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio displayed significant variability over the timeline. Initially, it was high at 4.40 in March 2020, slightly increasing to 4.79 by June 2020, then decreasing to a low of 3.65 in December 2021. From early 2022, this ratio began to ascend substantially, reaching its highest level of 7.36 in December 2024, before declining to 6.42 in March 2025. This rising trend in the P/BV ratio, particularly from 2022 onwards, suggests the market price was increasing at a rate faster than the book value, possibly reflecting heightened investor optimism or perceived growth potential despite the relatively stable BVPS.
- Overall Financial Perspective
- The data reflects a period of initial contraction in both market valuation and book value per share around 2020, likely linked to external economic conditions. Subsequent periods showed recovery and growth in market valuation as indicated by share prices rising sharply towards the end of the period analyzed. The disparity between rising share prices and slower growth or decline in BVPS, demonstrated by the increasing P/BV ratios, points toward a market valuation driven more by investor sentiment or expectations than by fundamental asset growth. This divergence warrants attention for assessing valuation sustainability and potential market risk.