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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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Honeywell International Inc., historical price multiples (quarterly data)
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).
The financial ratios indicate varied trends over the observed periods, reflecting shifts in valuation metrics relative to earnings, operating profit, sales, and book value.
- Price to earnings (P/E) ratio
- The P/E ratio data commences from March 31, 2020, showing an initial increase from 29.63 to a peak of 33.71 by June 30, 2020. Subsequently, a decline is observed, reaching 21.44 by September 30, 2023. The ratio then stabilizes, fluctuating moderately around the low to mid-20s through to June 30, 2025. This overall downward trend following the early peak suggests a relative improvement in earnings or a moderation in stock price growth during this period.
- Price to operating profit (P/OP) ratio
- Starting at 24.86 on March 31, 2020, this ratio increases to 28.28 by June 30, 2020, then gradually declines to 15.87 by September 30, 2023, marking the lowest point in the time series. Following this trough, the ratio recovers slightly, stabilizing between approximately 17 and 19 through mid-2025. The trend implies a notable enhancement in operating profitability relative to price after mid-2020, followed by a modest correction and stabilization.
- Price to sales (P/S) ratio
- The P/S ratio exhibits a peak at 4.78 on June 30, 2020, starting from 4.34 on March 31, 2020. From this peak, the ratio declines persistently to a low of 3.19 by September 30, 2023. Thereafter, there is a modest rebound with values fluctuating around 3.4 to 3.6 through to mid-2025. The initial decline followed by a partial recovery suggests adjustments in market pricing relative to company sales, reflecting changing market perceptions or sales growth dynamics.
- Price to book value (P/BV) ratio
- This ratio begins at 5.46 on March 31, 2020, increasing steadily to 8.83 by June 30, 2021. Subsequently, the ratio declines sharply to 6.74 by September 30, 2023, representing a significant reduction in valuation against book value. Following this trough, it rises again, reaching 8.86 by June 30, 2025. This pattern reflects a cycle of increasing and then decreasing investor confidence or changes in book value composition, with a final recovery indicating renewed valuation support.
Overall, the valuation multiples show an initial period of heightened market valuation around mid-2020, followed by general declines until late 2023. Afterward, many ratios demonstrate some recovery or stabilization. The trends point to evolving market conditions impacting investor assessment relative to earnings, operating profits, sales, and book value over the observed timeframe.
Price to Earnings (P/E)
Honeywell International Inc., historical P/E calculation (quarterly data)
| 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$) | |||||||||||||||||||||||||||||
| Net income attributable to Honeywell (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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 attributable to HoneywellQ2 2025
+ Net income attributable to HoneywellQ1 2025
+ Net income attributable to HoneywellQ4 2024
+ Net income attributable to HoneywellQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price experienced an upward trend from March 2020 through March 2021, rising from $137.25 to a peak of $224.50. This was followed by a decline in the latter half of 2021, reaching a low around $176.06 in September 2023. After this dip, the price displayed some recovery, moving upward towards $224.48 by June 2025. Overall, the share price shows cyclical fluctuations with a notable peak in early 2021 and a trough in late 2023, followed by a gradual rebound.
- Earnings Per Share (EPS)
- Starting from March 2021, the EPS values indicate a generally increasing trend. Beginning at 6.87, EPS reached a value of 9.00 by June 2025. Fluctuations occurred within this period, with minor declines and recoveries, but the overall trajectory reflects consistent growth in earnings per share, suggesting improving profitability over the time frame analyzed.
- Price-to-Earnings Ratio (P/E)
- The P/E ratio, available starting March 2021, displayed an initial decrease from 29.63 to 23.14 by December 2021, indicating either an increase in earnings or a relative adjustment in the share price. Throughout 2022 to mid-2023, the P/E ratio oscillated in the range of approximately 21.44 to 26.97, showing some variability but no clear sustained trend. From late 2023 to June 2025, the P/E ratio remained relatively stable around the low to mid-20s, ranging from 21.95 to 24.93. This stability suggests that market valuation relative to earnings was consistent during this latter period despite fluctuations in share price.
- Overall Insights
- The data indicates that while the share price experienced volatility, particularly with a peak in early 2021 and a subsequent correction, the company’s earnings showed steady growth. The relative stability in the P/E ratio suggests that market perceptions of valuation remained balanced over time, with earnings improvements likely contributing to support the share price during periods of decline. The combination of rising EPS and stable P/E ratios may point to strengthening fundamentals alongside market corrections influencing share price movements.
Price to Operating Profit (P/OP)
Honeywell International Inc., historical P/OP calculation (quarterly data)
| 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 (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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 incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International 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.
- Share Price Trends
- The share price exhibited an overall upward trend from March 31, 2020, reaching a peak in June 30, 2021, at $229.32. Following this peak, the price declined to a low of $176.06 in September 30, 2023. Subsequently, the price began to recover, showing steady growth through to June 30, 2025, where it closed at $224.48. The fluctuations indicate periods of volatility, with a significant dip occurring in 2022 and early 2023, followed by a recovery phase in 2024 and 2025.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share started being reported from March 31, 2020, initially at $8.19, then slightly decreasing to $7.94 in June 30, 2020. From that point forward, OPPS demonstrated a consistent upward trajectory, rising to $12.11 by June 30, 2025. This steady increase reflects ongoing operational improvements or margin expansions over the period analyzed.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio shows variability through the periods. Initially, it increased from 24.86 in March 31, 2020 to a peak of 28.28 in June 30, 2020, suggesting a rising valuation relative to operating profits. Afterwards, the ratio generally declined to its lowest point of 15.87 in September 30, 2023, indicating a potential undervaluation or stronger profit performance relative to price. A slight increase followed, with the ratio maintaining values between approximately 17 and 18.54 towards mid-2025. This pattern suggests a normalization of valuation metrics after a period of significant change.
- Relationship Between Share Price and Operating Profit
- The inverse relationship between the share price and P/OP ratio during the mid-2020s indicates that while the operating profit per share was steadily increasing, the share price experienced both rises and falls. This led to fluctuations in valuation multiples, reflecting market adjustments to both profitability improvements and external factors affecting investor sentiment.
- Overall Insights
- The data indicates a strong underlying growth in operating profitability per share, despite some volatility in the share price. The peak market valuations were recorded in mid-2021, after which the market price adjusted downward before recovering again. The P/OP ratio movements suggest changing investor perceptions of value rather than diminished operational performance. The ongoing increase in operating profit per share is a positive indicator of financial health, potentially signaling effective operational management and cost control over the review period.
Price to Sales (P/S)
Honeywell International Inc., historical P/S calculation (quarterly data)
| 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$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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
= (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed a general upward movement from March 2020 to June 2021, rising from $137.25 to a peak of $229.32. Following this peak, the price experienced a decline through December 2021, decreasing to $186.99. The price stabilized somewhat in 2022 and early 2023, fluctuating between approximately $190 and $200, before declining again to a low of $176.06 in September 2023. Subsequently, the share price recovered, reaching $224.48 by June 2025, indicating a renewed positive momentum toward the end of the observed period.
- Sales Per Share Development
- Sales per share data begins in March 2021 at $46.93, showing a consistent upward trajectory throughout the periods analyzed. From this starting point, sales per share increased steadily each quarter, reaching $62.99 by June 2025. This represents a sustained growth in the company's sales efficiency on a per-share basis over the four-year span.
- Price-to-Sales Ratio Analysis
- The P/S ratio started at 4.34 in March 2021 and experienced an initial increase to 4.78 by June 2021, reflecting a growth in share price that outpaced sales per share. Subsequently, it declined progressively to a low of 3.19 in September 2023, indicating the share price had not kept pace with the rising sales per share during this period. From this point onward, the P/S ratio showed a moderate recovery, climbing back to 3.56 by June 2025, suggesting renewed investor confidence relative to sales.
- Overall Observations
- The data depicts a company with improving sales per share, indicative of operational growth and increasing revenue generation on a per-share basis. The share price trends suggest periods of volatility influenced by market conditions, including a significant rise in early 2021, followed by corrections and eventual recovery. The fluctuation of the P/S ratio demonstrates phases where market valuation diverged from underlying sales performance, with recent trends pointing to a more balanced alignment between price and sales valuation. This pattern may reflect market adjustments to the company's growth prospects and external economic factors.
Price to Book Value (P/BV)
Honeywell International Inc., historical P/BV calculation (quarterly data)
| 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$) | |||||||||||||||||||||||||||||
| Total Honeywell shareowners’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
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 Honeywell shareowners’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Honeywell International Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a steady upward trajectory from March 31, 2020, starting at $137.25 and peaking at $229.32 by June 30, 2021. Following this peak, the price experienced a notable decline, reaching a low of $176.06 in September 30, 2023. Subsequently, a recovery phase was observed, with the price increasing again to $224.48 by June 30, 2025. Overall, the share price shows cyclical fluctuations, characterized by growth until mid-2021, a correction period extending through late 2023, and a renewed uptrend thereafter.
- Book Value Per Share (BVPS)
- The book value per share displayed relative stability throughout the analyzed periods, remaining mostly within a narrow range between approximately $24.31 and $28.65. While minor fluctuations occurred, the BVPS did not demonstrate any strong upward or downward trends. The highest value appeared in March 31, 2025, touching $28.65, indicating modest growth in the company's net asset value on a per-share basis over the five-year span. However, this growth was gradual and less volatile compared to the share price movements.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio reflected the broader market valuation dynamics relative to the company's book value. Initially, the ratio increased sharply from 5.46 in March 31, 2020, reaching a peak of 8.83 by June 30, 2021. This peak corresponds with the peak in share price, signaling elevated market expectations compared to the underlying book value. Following this, the ratio declined to 6.74 by September 30, 2023, indicating a compression in market valuation relative to the book value, concurrent with the share price correction. Towards the end of the period, the P/BV ratio rebounded, reaching a high of 8.86 by June 30, 2025, consistent with the recovery in share price and possibly reflecting renewed investor confidence or improved growth prospects.
- Overall Analysis
- The data reveals a financial valuation pattern where market price movements drive valuation multiples more significantly than changes in the underlying book value per share. The fluctuations in share price and the corresponding P/BV ratio suggest periods of market optimism and correction. The more stable BVPS indicates steady asset accumulation or earnings retention. This implies that market sentiment and external factors likely had a stronger influence on share price volatility than changes in intrinsic book value during the evaluated quarters.