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
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
The valuation ratios exhibit a distinct cyclical pattern characterized by a contraction period between 2021 and 2022, followed by a sustained and aggressive expansion phase from 2023 through early 2026. Market sentiment shifted from a period of valuation compression to one of significant premium pricing across all measured metrics.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios moved in close correlation. Both metrics peaked initially in late 2020 before entering a downward trend that reached a trough in September 2022, with the P/E ratio falling to 13.89 and the P/OP ratio to 11.55. A reversal occurred in 2023, leading to a steep ascent. By March 2026, the P/E ratio reached a peak of 48.95 and the P/OP ratio rose to 41.89, indicating a substantial increase in the premium investors are willing to pay for each unit of profit.
- Revenue Valuation Trends
- The Price to Sales (P/S) ratio remained relatively stable between 5.13 and 7.80 from September 2020 through September 2021. Following a decline to a low of 4.62 in September 2022, the ratio experienced an accelerated expansion. Starting in December 2023, the P/S ratio climbed from 8.38 to a high of 17.46 by March 2026, reflecting a dramatic increase in the market's valuation of the company's top-line revenue.
- Book Value Expansion
- The Price to Book Value (P/BV) ratio showed a general upward trajectory with a notable anomaly in June 2022, where the ratio spiked to 40.05 before correcting. Following this volatility, the ratio stabilized in the low 20s during 2023 and then entered a consistent growth phase. This trend culminated in a P/BV of 39.22 by March 2026, suggesting a significant widening of the gap between the market price and the accounting value of the company's equity.
The synchronization of these trends suggests a systemic re-rating of the company's valuation. The transition from 2022 lows to 2026 highs across P/E, P/OP, P/S, and P/BV ratios indicates an escalating market expectation for future growth and a willingness to accept significantly higher valuation multiples.
Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to KLA (in thousands) | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to KLAQ3 2026
+ Net income attributable to KLAQ2 2026
+ Net income attributable to KLAQ1 2026
+ Net income attributable to KLAQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a period of substantial growth in both share price and earnings per share, characterized by a significant expansion in valuation multiples over the observed timeframe. While earnings grew steadily, the share price experienced an accelerated trajectory, particularly in the latter half of the period, leading to a marked increase in the price-to-earnings ratio.
- Share Price Trajectory
- A strong upward trend is observed in the share price, which rose from 197.18 US$ in September 2020 to 1,750.35 US$ by March 2026. The growth was relatively gradual between 2020 and 2023, but entered a phase of rapid acceleration starting in 2024, with the price more than doubling between June 2024 and March 2026.
- Earnings per Share (EPS) Performance
- Earnings per share demonstrated consistent long-term growth, increasing from 8.36 US$ in September 2020 to 35.75 US$ in March 2026. The EPS grew steadily through late 2022, reaching a peak of 25.57 US$. A slight contraction occurred throughout 2023, with EPS dipping to 20.01 US$ in September 2023, before resuming a growth trend that culminated in the 35.75 US$ figure by the end of the period.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited three distinct phases. From September 2020 to September 2022, a general compression occurred, with the ratio falling from 23.59 to a low of 13.89, indicating that earnings growth was outpacing share price appreciation. A second phase of expansion began in 2023, where the ratio climbed back above 30 by early 2024. The final phase, spanning 2025 to 2026, shows a sharp valuation re-rating, with the P/E ratio ascending to 48.95 by March 2026. This suggests a significant increase in market expectations for future growth, as investors became willing to pay a substantially higher premium per dollar of current earnings.
Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income from operations (in thousands) | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits three distinct phases: an initial period of volatility, a phase of valuation compression, and a subsequent period of aggressive expansion. Throughout the analyzed timeframe from September 2020 to March 2026, the Price to Operating Profit (P/OP) ratio transitioned from a cyclical range to a steep upward climb, reflecting a significant shift in market pricing relative to fundamental operating performance.
- Share Price Evolution
- The share price demonstrated consistent long-term growth, escalating from 197.18 USD in September 2020 to 1,750.35 USD by March 2026. While the growth was steady between 2020 and 2022, a period of accelerated appreciation began in 2023. The most significant surge occurred between June 2025 and March 2026, where the price rose from 914.80 USD to 1,750.35 USD, indicating an exponential increase in market valuation toward the end of the period.
- Operating Profit Per Share Trends
- Operating profit per share maintained a generally positive trajectory, growing from 10.48 USD in September 2020 to 41.79 USD in March 2026. A period of peak performance was reached in December 2022 at 30.18 USD, followed by a temporary contraction that bottomed at 24.53 USD in September 2023. Following this trough, operating profits resumed a steady climb, though the rate of profit growth remained linear compared to the exponential growth seen in the share price.
- P/OP Ratio Analysis
- The P/OP ratio experienced significant fluctuations, reflecting varying levels of market sentiment. Between September 2020 and September 2022, the ratio contracted from 18.82 to a low of 11.55, suggesting that share price growth was lagging behind the rapid increase in operating profits during that window. However, starting in 2023, a reversal occurred. The ratio expanded from 12.79 in March 2023 to 41.89 by March 2026.
The divergence between the P/OP ratio and operating profit growth becomes most evident in the final quarters of the data set. While operating profit per share increased by approximately 69% between December 2023 and March 2026, the share price increased by approximately 136% in the same period. This resulted in the P/OP ratio nearly doubling from 25.57 to 41.89, indicating that the stock's valuation is increasingly driven by expectations of future growth rather than current operating profit levels.
Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in thousands) | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from September 30, 2020, through March 31, 2026, reveals a significant expansion in the market valuation relative to revenue. While both share price and sales per share exhibit long-term growth, the pace of share price appreciation has substantially outstripped the growth in revenue per share, leading to a marked increase in the Price to Sales (P/S) ratio over the observed period.
- Revenue Performance and Share Price Correlation
- Sales per share demonstrated a consistent upward trajectory, rising from 38.40 USD in September 2020 to 100.26 USD by March 2026. During the same period, the share price experienced a more aggressive ascent, climbing from 197.18 USD to 1,750.35 USD. This divergence indicates that the increase in market capitalization was driven more by expanding valuation multiples than by organic revenue growth alone.
- P/S Ratio Volatility and Trends
- The P/S ratio underwent three distinct phases: an initial climb, a mid-period contraction, and a terminal surge. Between September 2020 and June 2021, the ratio rose from 5.13 to 7.80. This was followed by a correction phase throughout 2022, where the ratio declined to a period low of 4.62 by September 30, 2022, despite the continued increase in sales per share. This suggests a temporary market devaluation of the company's revenue stream during that timeframe.
- Accelerated Valuation Expansion
- Starting in 2023, a sustained and accelerating upward trend in the P/S ratio is observed. From a ratio of 4.99 in March 2023, the multiple expanded to 17.46 by March 2026. The most rapid expansion occurred between December 2024 and March 2026, where the share price surged from 738.24 USD to 1,750.35 USD, while sales per share grew at a more moderate pace from 81.63 USD to 100.26 USD. This indicates a profound shift in market sentiment or an anticipation of significantly higher future growth rates.
Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total KLA stockholders’ equity (in thousands) | ||||||||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||||
| Texas Instruments Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total KLA stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a significant long-term upward trajectory, characterized by an expanding premium over the book value of the company. While the share price has experienced exponential growth from September 2020 to March 2026, the growth in book value per share has been more gradual, leading to a general increase in the valuation multiple.
- P/BV Ratio Trends
- The valuation ratio transitioned through three distinct phases. From September 2020 to March 2022, the P/BV remained relatively stable, fluctuating between 11.09 and 15.98. A second phase of volatility occurred starting in June 2022, marked by a sharp spike to 40.05, before settling into a higher baseline range between 19.77 and 30.73 throughout 2023 and 2024. The final phase, beginning in June 2025, shows an aggressive acceleration, with the ratio climbing from 25.73 to a peak of 39.22 by March 2026.
- Book Value per Share (BVPS) Dynamics
- BVPS demonstrated a consistent upward trend for the majority of the period, rising from 17.79 in September 2020 to 44.63 in March 2026. However, a significant contraction is observed in mid-2022, where BVPS dropped to a low of 9.88 in June 2022. This sudden decrease in book value was the primary driver behind the temporary surge in the P/BV ratio during that quarter.
- Share Price Appreciation
- The share price has undergone substantial growth, increasing from 197.18 in September 2020 to 1,750.35 in March 2026. The rate of appreciation accelerated markedly in 2025 and 2026, far outpacing the growth of the underlying book value. This divergence indicates that market valuation is increasingly driven by factors beyond tangible net assets, such as future earnings expectations or intangible assets.
- Valuation Divergence
- The widening gap between the share price and the book value per share suggests a shift in investor sentiment. The expansion of the P/BV ratio from approximately 11x to nearly 40x over the five-year period reflects a significantly higher market premium being attributed to the company's equity.