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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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
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- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
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Historical Valuation Ratios (Summary)
Intel Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits notable fluctuations throughout the periods observed. Starting with values around 11 to 14 in early 2020 and 2021, it declined to a low near 7 by mid-2022, indicating a potentially more attractive earnings valuation at that time. However, in late 2022 and early 2023, the ratio increased sharply, reaching levels above 14. Subsequently, from mid-2023 onward, the ratio demonstrates extreme variability with peaks markedly higher, reaching as high as 109.27 and 94.2 during 2024. These high spikes may suggest market volatility or extraordinary events impacting investor sentiment or earnings forecasts.
- Price to Operating Profit (P/OP) Ratio
- This ratio generally follows a pattern similar to the P/E ratio, beginning with values around 9 to 12 in 2020 and 2021. It remained relatively stable with slight increases through early 2022, then dramatically spiked to exceptionally large values such as 49.91 in early 2023 and extreme highs like 1984.43 in early 2024, followed by a decline to levels around a few hundreds. These sharp increases indicate a sharp reduction in operating profit relative to market price, or a market price surge not supported by operating profit growth, reflecting significant operational or market disruptions during these times.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a gradual declining trend from about 2.96 in early 2020 to a low near 1.58 by late 2024, indicating that the market valuation relative to sales decreased over time. There is some moderate recovery in value around early to mid-2023, where the ratio moves back above 2.8 and even peaks at 3.4 around late 2023. Afterward, the ratio recedes again, stabilizing near 1.6 to 1.8 by mid-2025. This pattern suggests changing investor perceptions related to revenue generation versus market valuation, with possibly improved sales or price adjustments during early 2023.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays a steady downward trajectory across the timeline. Starting from around 3.29 in early 2020, it consistently declines to approximately 1.15 by late 2022, indicating a reduction in market valuation relative to book equity. Minor fluctuations around 1.3 to 1.7 occur during 2023 and early 2024, but overall, the ratio plunges further below 1 at times (around 0.8 to 0.85). This suggests that the market price fell below book value, which may imply perceived undervaluation or diminishing investor confidence in net asset value during these periods.
Price to Earnings (P/E)
Intel Corp., historical P/E calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) attributable to Intel (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income (loss) attributable to IntelQ2 2025
+ Net income (loss) attributable to IntelQ1 2025
+ Net income (loss) attributable to IntelQ4 2024
+ Net income (loss) attributable to IntelQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits a general downward trend over the observed periods, with fluctuations along the timeline. The price starts at $59.26 in March 2020 and decreases notably to a low of approximately $19.43 by December 2024, with some recovery attempts reflected in intermittent increases such as $36.83 (July 2023) and $43.65 (December 2023). The lowest points appear towards the later periods, indicating a weakening market valuation or potential external pressures impacting the share price negatively.
Earnings per share (EPS) data begins in March 2021 with a high value of 5.14, which decreases with minor fluctuations until a significant reduction occurs after April 2023. The EPS turns negative starting in this period, reaching as low as -4.68 by June 2025. This transition into negative earnings suggests deteriorating profitability or operational challenges affecting earnings generation over time.
The price-to-earnings (P/E) ratio shows variability within the available data set. Initially, the ratio is relatively low around 11 to 14 from March 2021 to April 2022, reflecting reasonable market expectations relative to earnings. However, by late 2023 to mid-2024, the ratio spikes dramatically to values exceeding 90 and even reaching 109, indicating a likely mismatch between share price and earnings, possibly due to very low or negative EPS values distorting the ratio. This level of volatility in the P/E ratio suggests heightened market uncertainty or speculative conditions during these periods.
- Share Price Trends
- Overall decline from $59.26 to near $20, with intermittent upward corrections.
- Earnings per Share (EPS) Trends
- Stable positive EPS initially, switching to negative after early 2023, with ongoing declines thereafter.
- Price-to-Earnings (P/E) Ratio Trends
- Moderate values early on, followed by extreme volatility and spikes correlating with negative EPS figures.
In summary, the company exhibits weakening financial performance as seen in declining EPS and share price, alongside increased market valuation volatility reflected by the P/E ratio. The data suggests that the company's earnings difficulties have adversely impacted investor confidence and stock valuation throughout the examined quarters.
Price to Operating Profit (P/OP)
Intel Corp., historical P/OP calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
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 Intel Corp. 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 Trend
- The share price exhibited a general downward trajectory over the observed period. Initially, it declined from 59.26 in March 2020 to 28.16 by December 2022, marking a nearly 52% decrease over nearly three years. After a minor recovery to 43.65 in December 2023, the price resumed its downward trend, falling to 22.63 by June 2025. The data show some volatility with intermittent recoveries, but the overarching pattern is negative.
- Operating Profit per Share (OPPS) Trend
- Operating profit per share started appearing from March 2021 with a value of 5.83. After that, there was a gradual decline in profitability, dropping steadily from a high of 5.83 to 0.56 by October 2022. Subsequently, OPPS turned negative from April 2023 onward, indicating operating losses per share. This negative trend deepened significantly reaching as low as -2.77 by June 2025, except for marginal positive blips recorded in March 2024 and June 2024 at 0.02 and 0.12 respectively. Overall, profitability deteriorated markedly over the period.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio was only available from March 2021 onward. Initially, it ranged between 8.87 and 14.19, consistent with a relatively stable to moderate valuation relative to operating profits. However, from April 2023, as operating profits turned negative or approached zero, the ratio escalated dramatically, peaking at an extreme 1984.43 in March 2024. This reflects the mathematical effect of declining or negative operating profits combined with fluctuating share prices. The extremely high ratios in this phase indicate that the share price was disproportionately high relative to the diminished operating earnings, signaling valuation concerns or market uncertainty with respect to profitability.
- Interrelation Between Metrics
- The data suggests a correlation between declining operating profits and the falling share price, despite some temporary price recoveries. The persistent negative operating profits after early 2023 coincide with depressed share prices and correspondingly volatile P/OP ratios. This implies that the market may be reacting to poor operational performance, resulting in subdued valuations. The occasional slight improvements in operating profits did not sustain share price recoveries in the latter part of the timeline.
- Conclusion
- In summary, the financial indicators point toward a period of challenging operational performance culminating in consistent losses from 2023 onward. This has been mirrored by a generally declining share price and highly volatile valuation metrics. The steep increases in P/OP ratios highlight market apprehension about the company's earnings sustainability. Overall, the trends signify a weakening financial position over the periods reviewed, with limited signs of recovery up to mid-2025.
Price to Sales (P/S)
Intel Corp., historical P/S calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net revenue (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Net revenueQ2 2025
+ Net revenueQ1 2025
+ Net revenueQ4 2024
+ Net revenueQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Intel Corp. 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, beginning with an initial value of $59.26 in March 2020 and experiencing a general decline through to October 2022, reaching a low near $28.16. A brief recovery occurs in the first quarter of 2023, peaking at $43.65 by December 2023. Subsequently, the share price declines again, reaching below $20 by December 2024, followed by a slight upward movement observed by June 2025, ending at approximately $22.63.
Sales per share data, available from March 2021 onward, reveal a gradual decreasing trend over time. Beginning at approximately $19.16, sales per share slowly decline quarter by quarter, reaching about $12.12 by June 2025. This steady contraction suggests a reduction in revenue generated on a per-share basis over the evaluated timeline.
The Price-to-Sales (P/S) ratio, calculated consistently from March 2021, reflects considerable variation. Initially high at around 2.96, the ratio experiences a decline until it reaches a trough near 1.58 by December 2024, indicating that the market valuation relative to sales has contracted. Although the P/S ratio shows later signs of partial recovery, closing at roughly 1.87 by mid-2025, the overall trend aligns with a decreasing market valuation relative to sales figures during most of the period.
- Share Price Trends
- Decline from early 2020 into late 2022, temporary recovery through 2023, followed by renewed decline and slight rebound by mid-2025.
- Sales per Share Trends
- Consistent downward trajectory from 2021 through mid-2025, indicating shrinking sales revenue per share over time.
- Price-to-Sales Ratio Trends
- Initial rise then marked decline until late 2024, suggesting decreasing market valuation relative to sales, with some recovery in 2025.
In summary, the data indicate a deteriorating financial performance in terms of sales per share accompanied by declining market valuation metrics, as seen in the share price and P/S ratio. While there are intermittent recoveries in share price and valuation ratios, the predominant trend is one of contraction over the examined period.
Price to Book Value (P/BV)
Intel Corp., historical P/BV calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Intel stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-28), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-30), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-K (reporting date: 2021-12-25), 10-Q (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-K (reporting date: 2020-12-26), 10-Q (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Total Intel stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Intel Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly data reveals certain key trends and patterns related to the share price, book value per share, and price-to-book value ratio over the examined period.
- Share Price
- The share price exhibited notable volatility. Initially, it declined from $59.26 in March 2020 to a low of around $28.16 by December 2022, indicating a general downward trend during this period. Subsequently, there was a brief recovery peak at $43.65 in December 2023, followed by another decline reaching lows near $19.43 in December 2024. The data shows a modest uplift towards $22.63 by June 2025. Overall, the share price trend suggests periods of both sharp declines and partial recoveries, with the price in the latest quarters remaining significantly below the early 2020 levels.
- Book Value Per Share (BVPS)
- The book value per share displayed more stability compared to the share price. It generally increased from $18.03 in March 2020 to peak around $26.95 in June 2024. However, there were minor fluctuations, with some downward adjustments towards the end of the period, finishing near $22.36 in June 2025. This indicates a gradual accumulation of shareholders' equity per share over the years, albeit with some recent corrections.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio followed the overall share price fluctuations closely. It started at 3.29 in early 2020 and declined steadily, with ratios falling below 1.0 from mid-2024, reaching a low of 0.80 in June 2024. This suggests that the market valuation of the company fell below its book value in several periods, signaling market pessimism or undervaluation relative to accounting equity. Minor recoveries were observed later, with the ratio increasing to around 1.01 by June 2025, indicating a slight restoration of market confidence.
In summary, while the book value per share demonstrated resilience and growth over the analyzed timeframe, the share price experienced significant declines and volatility, resulting in a price-to-book ratio that fell below one for extended periods. This pattern may reflect market concerns or external factors influencing investor sentiment despite the stable underlying book value growth.