Stock Analysis on Net

Intuit Inc. (NASDAQ:INTU)

$24.99

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Intuit Inc., historical price multiples (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
Price to earnings (P/E)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).


Price to Earnings (P/E) Ratio
The Price to Earnings ratio exhibits fluctuations over the observed periods, generally trending upward from late 2018 through early 2022, peaking around January 2022 at approximately 85.13. After this peak, the ratio declines significantly, reaching approximately 40.47 in October 2022. Subsequently, it experiences moderate volatility with values mostly oscillating between 50 and 66 through early 2025. This pattern indicates a period of increased market valuation relative to earnings up to early 2022, followed by a correction and stabilization at lower, yet variable, levels.
Price to Operating Profit (P/OP) Ratio
This ratio largely mirrors the trend of the P/E ratio, increasing from late 2018 through early 2022, reaching a high of about 71.64 in January 2022. A sharp decrease follows this peak, dropping to roughly 33.22 by October 2022. Afterward, the ratio shows recovery and moderate fluctuations generally between 40 and 53 by early 2025. The movements suggest that investor valuations relative to operating profits rose significantly before retracting to more conservative levels, reflecting similar market dynamics impacted profitability metrics.
Price to Sales (P/S) Ratio
The Price to Sales ratio shows a steadily increasing trend from late 2018 to early 2022, rising from around 10 to a peak of approximately 17.26 in January 2022. Following this peak, a notable decline occurs with the ratio falling to near 7.87 by October 2022. Thereafter, a recovery phase occurs with values ranging between 8 and 12 through early 2025. This indicates that the market's valuation relative to sales experienced significant expansion up to early 2022, followed by a decrease and subsequent normalization towards moderate multiples.
Price to Book Value (P/BV) Ratio
The P/BV ratio displays more variability across the entire timeframe. Initially, it fluctuates between approximately 15 and 23 from late 2018 to early 2020. A downward trend is observable from mid-2020 to early 2022, where the ratio declines sharply to around 5.97 in January 2022. Post this low point, it partially recovers to a range of roughly 7 to 10 through early 2025. These patterns indicate a diminishing market valuation relative to the company's book value until early 2022, followed by modest recovery and stabilization in subsequent periods.
Overall Observations
Across all ratios, there is a clear theme of rising valuation multiples leading up to the first quarter of 2022, followed by notable declines around late 2022, and then a partial rebound with ongoing fluctuations. The peak valuation around early 2022 could indicate heightened market optimism or growth expectations, while the subsequent correction suggests a reassessment of these prospects. Despite the declines, valuation multiples remain at elevated levels compared to earlier periods, indicating sustained investor interest albeit with increased caution and variability.

Price to Earnings (P/E)

Intuit Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
No. shares of common stock outstanding1
Selected Financial Data (US$)
Net income (in millions)
Earnings per share (EPS)2
Share price1, 3
Valuation Ratio
P/E ratio4
Benchmarks
P/E Ratio, Competitors5
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
EPS = (Net incomeQ3 2025 + Net incomeQ2 2025 + Net incomeQ1 2025 + Net incomeQ4 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Intuit Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

5 Click competitor name to see calculations.


The analyzed financial data reveals several key trends relating to share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over multiple quarterly periods.

Share Price
The share price demonstrated an overall upward trajectory with notable fluctuations. Initially, there was a steady rise from approximately $195 to a peak near $629 around late 2021. Subsequently, the price experienced a decline through early 2023, dropping to about $359. Thereafter, recovery phases were evident, with prices increasing again to levels exceeding $660 by mid-2024, although some volatility persisted. This pattern indicates periods of growth interrupted by corrections or market adjustments.
Earnings Per Share (EPS)
EPS values, available from early 2019, exhibited consistent growth overall. Starting from around $6 in early 2019, the metric showed incremental increases, reaching approximately $8.9 by late 2021. Despite minor decreases during some quarters, EPS continued its upward movement through 2023 and into 2024, culminating near $12.4 in mid-2025. This progressive enhancement suggests improving profitability on a per-share basis over the period.
Price-to-Earnings (P/E) Ratio
The P/E ratio fluctuated markedly throughout the periods observed. Beginning in early 2019 with values around 48, the ratio peaked above 85 in late 2021, implying heightened market expectations relative to earnings. After this peak, a drop to approximately 40 occurred by late 2022, followed by subsequent oscillations generally remaining within the 50 to 66 range. These dynamics reflect varying market sentiment and valuation adjustments relative to the earnings performance.

In summary, the data suggests a company experiencing strong earnings growth accompanied by notable share price volatility. The P/E ratio movements indicate shifts in investor valuation sentiment, possibly in response to both external market factors and internal performance signals. The overall trajectory points to enhanced financial performance with episodic valuation reassessments over the analyzed timeline.


Price to Operating Profit (P/OP)

Intuit Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
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
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
Operating profit per share = (Operating income (loss)Q3 2025 + Operating income (loss)Q2 2025 + Operating income (loss)Q1 2025 + Operating income (loss)Q4 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Intuit Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

5 Click competitor name to see calculations.


The analysis of the data indicates that the share price exhibited a general upward trend over the observed periods, with some fluctuations. Starting at 195.18 US$ in October 2018, the share price increased steadily and reached a peak of 678.7 US$ in October 2024. There are periodic declines visible, such as the drop from 628.94 US$ in October 2021 to 358.97 US$ in January 2022, followed by a recovery. These fluctuations suggest episodic market reactions or external influences impacting the share price.

Operating profit per share data, available from July 2019 onwards, shows a predominately increasing trend with some variability. Initially recorded at 7.13 US$ in July 2019, this metric rose to 15.89 US$ by October 2025. Despite occasional decreases, such as from 10.81 US$ in October 2021 to 9.12 US$ in January 2022, the overall direction points to improving profitability per share over time.

The Price-to-Operating Profit (P/OP) ratio reveals volatility throughout the periods, which can be indicative of changes in investor sentiment relative to earnings. The ratio started at 40.45 in July 2019 and showed peaks and troughs, reaching as high as 71.64 in January 2022, coinciding with a dip in share price and operating profit per share earlier discussed. The P/OP ratio tends to decrease when operating profits rise faster than the share price or when the share price falls relative to earnings. The ratio shows a significant decline to 33.22 in April 2022, followed by moderate fluctuations and ending near 41.91 in October 2025, suggesting a stabilization in valuation multiples after periods of high variability.

Share Price Trend
Overall growth from 195.18 US$ to 678.7 US$ with short-term declines in early 2022 and other intermittent periods.
Operating Profit per Share Trend
Upward trend from 7.13 US$ to 15.89 US$ with occasional decreases, indicating improving profitability over the long term.
Price-to-Operating Profit (P/OP) Ratio Analysis
Variable ratios ranging from approximately 33 to 72, reflecting changing investor valuation relative to operating profits, with evidence of volatility stabilizing toward the end of the period.

In summary, the financial data reveals a generally positive trajectory in both share price and operating profit per share, suggesting enhanced company performance and market confidence over time. However, intermediate fluctuations in both profitability and valuation multiples imply periods of uncertainty or changing market conditions that affected investor perceptions and company earnings performance temporarily.


Price to Sales (P/S)

Intuit Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
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
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
Sales per share = (Net revenueQ3 2025 + Net revenueQ2 2025 + Net revenueQ1 2025 + Net revenueQ4 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of Intuit Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

5 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several key trends in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.

Share Price
The share price demonstrates notable volatility with a predominantly upward trajectory from October 2018 through early 2022, reaching a peak in the period ending October 2021 at $628.94 and further increasing to $678.7 by October 2024. Significant growth phases are observed particularly between January 2020 and July 2021, where the share price surged from $286.43 to $567.59, and again through 2023 and early 2024. However, there are intermittent declines, notably from the peak in October 2021 ($628.94) down to January 2022 ($486), followed by fluctuations throughout 2022 and 2023 before resuming an upward move. The general trend suggests resilient share price appreciation despite short-term corrections.
Sales per Share
Sales per share data, available from the period ending April 2019, show a consistent upward trend, increasing from $26.08 to $65.19 by April 2025. This steady growth indicates improving revenue generation on a per-share basis. The progression is relatively smooth, reflecting consistent operational performance and possibly expanding sales volumes or pricing power. Incremental increases in sales per share appear to support the overall valuation reflected in the share price trends.
Price-to-Sales (P/S) Ratio
The P/S ratio fluctuates more noticeably, ranging from 7.87 to a high of 17.26 during the period ending October 2021. Initially, the ratio exhibits a rising trend from 11.05 (October 2019) to a peak in late 2021, coinciding with the peak in share price. Post-peak, the P/S ratio declines significantly to 7.87 by January 2022, then oscillates between 8 and 12 approximately. These fluctuations imply varying market perceptions of valuation relative to sales, possibly influenced by changes in growth expectations, market conditions, or investor sentiment. The decline from the peak ratio indicates a revaluation or normalization following the earlier surge, despite ongoing increases in sales per share.

In summary, the data present a solid growth in sales per share alongside a generally increasing share price, albeit with some volatility and corrections. The price-to-sales ratio underscores changing market valuation levels, highlighting episodic adjustments in investor confidence or market multiples over time. Overall, the company demonstrates strength in revenue performance with market valuations that reflect both optimism and periodic reassessment.


Price to Book Value (P/BV)

Intuit Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018
No. shares of common stock outstanding1
Selected Financial Data (US$)
Stockholders’ equity (in millions)
Book value per share (BVPS)2
Share price1, 3
Valuation Ratio
P/BV ratio4
Benchmarks
P/BV Ratio, Competitors5
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

3 Closing price as at the filing date of Intuit Inc. Quarterly or Annual Report.

4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

5 Click competitor name to see calculations.


The data reflects the quarterly trends in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over multiple periods. Several patterns and notable fluctuations are observable.

Share Price
The share price exhibits a generally increasing trajectory from late 2018 through mid-2021, rising from approximately $195 to a peak near $629 by October 2021. Following this peak, a considerable decline occurs, with the price dropping below $360 by early 2022. Subsequently, the share price recovers partially, fluctuating between the mid-$300s and high $600s through 2024 and into early 2025, showing overall volatility but maintaining values significantly above the early period levels.
Book Value per Share (BVPS)
BVPS shows a steady growth trend over the entire period. Starting near $10.72 in late 2018, it climbs consistently, surpassing $34 by late 2021 and reaching levels above $60 during 2022 through 2024. The data points to relatively stable incremental increases in the book value, suggesting steady asset accumulation or retained earnings growth, with only minor fluctuations that do not materially interrupt the upward progression.
Price-to-Book Value Ratio (P/BV)
The P/BV ratio reveals significant variability across the quarters. Early in the period, high ratios exceeding 20 indicate a strong market valuation relative to book value, with peaks at 23.25 in early 2019. From mid-2019 to early 2021, the ratio fluctuates between roughly 12 and 20, reflecting changing market sentiment or share price volatility. Post-2021, a marked drop occurs, with ratios falling below 10 and even reaching values near 5.97 in early 2022. This reduction corresponds temporally with the share price decline. Subsequently, the P/BV ratio stabilizes mostly in the 7 to 11 range, suggesting that while share prices recovered somewhat, market valuation relative to book value remains more moderate compared to earlier periods.

In summary, the share price has demonstrated pronounced volatility with strong growth phases interrupted by significant declines and partial recoveries. BVPS has consistently increased, indicating a solid foundation in underlying equity. The P/BV ratio's volatility reflects changing investor perceptions and market conditions, with a notable contraction following the 2021 peak in share prices. Overall, the data suggests a company with robust underlying value but experiencing fluctuating market valuation over the observed period.