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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Based on: 10-Q (reporting date: 2025-06-30), 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 considerable volatility over the observed periods. It begins at a very high level in early 2020, recording a peak of 641.48 in March 2021, followed by a sharp decline through the rest of 2021 and into early 2023, stabilizing around the range of 16 to 23. However, starting in the middle of 2024, the ratio experiences another dramatic surge, reaching a peak of 925.87 by September 2024 before dropping again to near 20 by mid-2025. This pattern indicates significant fluctuations in market valuation relative to earnings, suggesting periods of optimistic valuation followed by corrections.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the volatility observed in the P/E ratio, starting from a high 19.38 in early 2021 and decreasing steadily to a low of around 7.27 in late 2021. It then rises again through 2022, reaching over 16 by end of the same year, followed by a period of stability around 11 to 12 in 2023. In 2024, the ratio spikes markedly, reaching as high as 143.05 in September 2024 before dropping again to approximately 15-17 by mid-2025. This indicates fluctuating investor perceptions of profitability relative to operating profits, with notable spikes suggesting episodic overvaluation or earnings pressure.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a more consistent trend than P/E and P/OP, starting around 3.2 in early 2021 and remaining relatively stable, fluctuating between 2.8 and 3.9 until 2023. During 2024, the ratio increases steadily, peaking near 5.0 in mid to late 2024, before slightly moderating to just under 4.8 by mid-2025. This gradual increase suggests growing market valuation relative to sales over time, reflecting either improving revenue outlooks or stronger investor confidence.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at moderate levels around 4.4 in early 2020 and remains fairly stable through 2021, generally staying within 3.6 to 4.9. From 2022 onwards, the ratio trends upward, reaching a significant peak of 7.36 by late 2024, then slightly decreasing to about 6.96 by mid-2025. This upward trend highlights enhanced market valuation relative to book value, possibly driven by improved asset quality or investor optimism about the company's growth prospects.
Price to Earnings (P/E)
Jun 30, 2025 | 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 | ||||||||
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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: 2025-06-30), 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 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to GileadQ2 2025
+ Net income (loss) attributable to GileadQ1 2025
+ Net income (loss) attributable to GileadQ4 2024
+ Net income (loss) attributable to GileadQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data of the company reveals distinct trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibits notable fluctuations. Initially, it declined from $77.47 on March 31, 2020, to a low near $59.87 on September 30, 2020. This was followed by a recovery phase, with the price rising to $83.50 by December 31, 2022. Subsequently, a period of volatility occurred, with the price oscillating between approximately $64.92 and $114.31. The highest observed value over the timeline was $114.31 on December 31, 2024, indicating an overall growth trend despite interim volatility.
- Earnings Per Share (EPS)
- EPS data starts from December 31, 2020. The EPS initially increased significantly from $0.10 to a peak of $5.89 on December 31, 2020, before exhibiting a gradual decline to $2.66 by December 31, 2022. Thereafter, a recovery trend is seen, with EPS values climbing again to a range above $4.0 in 2023 and early 2024. However, late 2024 shows another pronounced dip, with EPS falling sharply to values near $0.10 and $0.39, followed by a rapid recovery to around $5.09 by June 30, 2025. This pattern suggests episodic volatility in profitability, with substantial earnings growth phases interrupted by short-term declines.
- P/E Ratio
- The P/E ratio mirrors EPS and share price variability but with considerably high volatility. The ratio was exceptionally high in early measurements, reaching above 600 in December 31, 2020 and June 30, 2021, reflecting very low EPS relative to share price during the initial earnings data period. Subsequent quarters saw a decrease to a more normalized range between 11 and 30 from late 2020 through mid-2023, indicating stabilization in earnings relative to price. However, another surge occurred in late 2024, with the ratio again inflating to values exceeding 900 on September 30, 2024, signaling a temporary disconnect possibly related to earnings troughs. This was followed by a return to more moderate levels around 20 by mid-2025.
Price to Operating Profit (P/OP)
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
Selected Financial Data (US$) | |||||||||||||||||||||||||||||
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: 2025-06-30), 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 Q2 2025 Calculation
Operating profit per share
= (Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations over the observed periods. Initially, there is a decline from $77.47 in March 2020 to a low near $59.87 in September 2020. Following this, a recovery is observed with the price reaching an elevated level of $83.5 by December 2022. Afterwards, the share price continues to demonstrate variability, fluctuating within a range roughly between $64.92 and $114.31 through to June 2025, with the highest point recorded at $114.31 in December 2024.
The operating profit per share (OPPS) data is incomplete at the start but reveals an upward trend from March 2021, peaking at $9.27 in December 2021. Subsequently, OPPS experiences a general decline, dropping to a low of $0.66 by September 2024. However, a moderate recovery is apparent thereafter, with values increasing to approximately $6.49 by June 2025.
The price-to-operating profit ratio (P/OP) demonstrates meaningful variability and inverse correspondence with OPPS movements. Early data beginning in March 2021 shows relatively low and stable ratios between approximately 7.27 and 19.38, indicating a reasonable pricing relative to profit. This ratio spikes significantly later — notably reaching 143.05 in September 2024, which corresponds with the trough in operating profit per share at that time, reflecting a substantially higher price relative to earnings. Ratios then decrease again to a range near 14.96 to 17 by mid-2025 as operating profit recovers.
- Share Price Trends
- Initial decline in 2020 followed by recovery and fluctuations between $60 and $114 up to mid-2025.
- Operating Profit per Share Trends
- Peak in late 2021, decline through 2023 and most of 2024, then partial recovery by mid-2025.
- Price-to-Operating Profit Ratio Trends
- Relatively low and stable in early periods, dramatic spike in late 2024 coinciding with profit lows, followed by normalization in 2025.
- Relationship Between Metrics
- P/OP ratio inversely correlates with OPPS fluctuations, indicating sensitivity of market valuation to underlying profit changes.
Overall, the data reflects a pattern of volatility in operating profitability with consequent impact on valuation multiples, while share prices demonstrate resilience with periodic recoveries. The marked P/OP ratio spikes highlight periods where market pricing may have become less aligned with operational earnings, suggesting increased uncertainty or externally driven valuation influences during those intervals.
Price to Sales (P/S)
Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
Selected Financial Data (US$) | |||||||||||||||||||||||||||||
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: 2025-06-30), 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 Q2 2025 Calculation
Sales per share
= (Product salesQ2 2025
+ Product salesQ1 2025
+ Product salesQ4 2024
+ Product salesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Gilead Sciences Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations over the observed periods. Initially, from March 2020 to December 2020, there is a general decline from $77.47 down to $62.79. Following this period, the share price hovers around the low 60s through the first half of 2022 before a stronger upward trend emerges starting from the third quarter of 2022. This uptick continues with some volatility, reaching a peak of $114.31 in December 2024, before moderating slightly in the subsequent quarters.
Sales per share data is available starting from March 2021. It shows a fairly steady and gradual increase over time, rising from $19.38 to $23.14 by June 2025. This indicates a consistent improvement in sales performance on a per-share basis, though the rate of increase is moderate.
The Price-to-Sales (P/S) ratio, which reflects the valuation of the company relative to its sales, demonstrates considerable variability. Initial values in early 2021 start at 3.24 and fluctuate moderately around 3.3 until early 2022. A sharp increase occurs starting from the last quarter of 2022, with the ratio peaking at 4.98 in December 2024, coinciding with the peak in share price. This suggests that the market increasingly valued the stock more highly relative to its sales during this period. After this peak, the ratio decreases somewhat but remains elevated relative to earlier periods.
- Summary of key trends:
- - Share price shows initial decline in 2020, stability in early 2022, followed by a strong upward trajectory leading to a peak in late 2024.
- - Sales per share steadily increase across all available data points, indicating growth in revenue efficiency per share.
- - The P/S ratio remains moderate through early periods but spikes significantly toward late 2022 and 2024, signaling heightened valuation by the market relative to sales.
Overall, the data indicate a company experiencing moderate sales growth accompanied by substantial stock price appreciation and increased valuation multiples in the latter part of the timeline. This pattern may reflect improved market sentiment or expectations regarding future performance beyond the steady sales growth observed.
Price to Book Value (P/BV)
Jun 30, 2025 | 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 | ||||||||
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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: 2025-06-30), 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 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited varied trends over the reported periods, initially declining from $77.47 at the end of Q1 2020 to a low of $59.87 in Q3 2020. Subsequently, it showed a modest recovery with fluctuations, reaching $83.50 by Q4 2022. Afterward, there was another period of volatility with a marked upward trend starting in Q3 2024, peaking significantly at $114.31 in Q4 2024, followed by a slight decline to $110.28 by Q2 2025.
The book value per share (BVPS) showed relatively moderate fluctuations compared to the share price. Starting at $17.59 in Q1 2020, BVPS declined until Q3 2020 to $13.92, then generally increased through the following years, reaching a peak of $18.33 in Q4 2021. After this peak, the BVPS experienced a downward adjustment to a low of $14.08 in Q1 2024 but appeared to stabilize around $15.40 to $15.86 in 2025.
The price-to-book value ratio (P/BV) reflects the relationship between share price and book value per share, providing insights into market perception relative to company equity. The ratio began at 4.4 in Q1 2020, rising to a peak of 4.79 in Q2 2020 amid a declining share price and falling BVPS. Over the next two years, it fluctuated between approximately 3.65 and 4.9, with notable increases in late 2022 and early 2023, reaching up to 4.9. The ratio then substantially increased from 4.01 in Q4 2023 to values exceeding 7.3 by Q4 2024, indicating a strong market premium over book value during this period, before slightly retreating to about 6.96 in Q2 2025.
Overall, the data suggest that while the underlying book value per share has experienced moderate oscillations, the share price and consequently the P/BV ratio have demonstrated higher volatility. The high P/BV ratios in late 2024 and early 2025 may imply elevated investor expectations or market optimism relative to the fundamental book value of the company. Periods of share price increase generally surpass changes in book value, underscoring market dynamics that are influenced by factors beyond just tangible equity changes.