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
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples (quarterly data)
Based on: 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 common stock valuation ratios exhibit varied trends over the observed period, spanning from September 2020 to December 2025. Generally, the ratios demonstrate considerable fluctuation, particularly between 2022 and 2025, suggesting potential shifts in investor sentiment and market conditions. An initial period of increasing valuations, followed by a period of contraction, is evident across most ratios before a subsequent rise towards the end of the period.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased from 23.59 in September 2020 to a peak of 33.15 in December 2020, before decreasing to 18.50 by December 2021. A relatively stable period followed, with the ratio fluctuating between 15.12 and 20.06 through March 2023. A significant increase is then observed, reaching 29.95 in December 2023 and peaking at 41.06 in December 2025. This suggests increasing investor confidence in future earnings or a potential market bubble effect towards the end of the period.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio experienced growth in the initial period, rising from 18.82 in September 2020 to 26.27 in December 2020. It then declined to 17.40 by December 2021. The ratio remained relatively contained between 12.79 and 16.99 through June 2023, before increasing to 24.43 in December 2023 and 34.98 in December 2025. This mirrors the trend in the P/E ratio, indicating a correlation between earnings and operating profit valuations.
- Price to Sales (P/S) Ratio
- The P/S ratio showed an initial increase from 5.13 in September 2020 to 7.80 in June 2021, followed by a decrease to 5.51 in March 2022. A subsequent rise is observed, peaking at 9.93 in June 2025, before reaching 14.69 in December 2025. This suggests that investors were willing to pay more for each dollar of revenue generated, particularly in the later part of the observed period. The increase is more pronounced than that of the P/E and P/OP ratios.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio increased from 11.09 in September 2020 to 15.98 in June 2021, then experienced a significant, albeit temporary, spike to 40.05 in June 2022. Following this peak, the ratio decreased to 19.77 in December 2022. It then exhibited a general upward trend, reaching 34.24 in December 2025. The large fluctuation in June 2022 warrants further investigation, as it deviates significantly from the trends observed in other ratios. The overall trend suggests increasing investor valuation of the company’s net asset value.
In summary, the valuation ratios generally trended upwards over the period, with a notable acceleration in growth towards the end of the observation window. The P/BV ratio exhibited the most volatility, with a substantial peak in June 2022. These trends suggest a changing perception of the company’s value and potential future performance by the market.
Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| 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: 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 Q2 2026 Calculation
EPS
= (Net income attributable to KLAQ2 2026
+ Net income attributable to KLAQ1 2026
+ Net income attributable to KLAQ4 2025
+ Net income attributable to KLAQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio exhibits considerable fluctuation over the observed period, spanning from September 2020 to December 2025. Initially, the P/E ratio increased from 23.59 to a peak of 33.15 by December 2020, reflecting potentially increased investor optimism or expectations for future earnings growth. Subsequently, the ratio experienced a decline, reaching a low of 15.13 by March 2022.
Following the low in March 2022, the P/E ratio demonstrated a period of volatility, increasing to 16.89 in June 2022, then decreasing to 13.89 in September 2022, before rising again to 15.62 by December 2022. A more pronounced upward trend commenced in early 2023, with the P/E ratio climbing from 15.12 in March 2023 to a high of 41.06 by December 2025. This increase coincided with a substantial rise in both share price and earnings per share.
- Initial Phase (Sep 2020 – Mar 2022)
- The P/E ratio initially showed an increase followed by a decline. The initial increase could be attributed to positive market sentiment, while the subsequent decrease might indicate a correction or a shift in investor expectations. The ratio’s movement during this period suggests a dynamic valuation influenced by market conditions.
- Volatility and Subsequent Growth (Mar 2022 – Dec 2023)
- A period of volatility was observed, followed by a significant upward trend. This suggests a potential re-evaluation of the company’s prospects, possibly driven by improved financial performance or changing industry dynamics. The increase in the P/E ratio indicates investors were willing to pay a higher premium for each dollar of earnings.
- Recent Trend (Dec 2023 – Dec 2025)
- The P/E ratio continued its upward trajectory, reaching its highest point in the observed period. This sustained increase, coupled with rising earnings per share, suggests strong investor confidence and potentially high growth expectations. The ratio’s peak at 41.06 indicates a substantial valuation relative to earnings.
Overall, the P/E ratio demonstrates a non-linear pattern, characterized by periods of increase, decrease, and volatility. The recent upward trend, particularly from 2023 onwards, is noteworthy and warrants further investigation to determine its sustainability and underlying drivers.
Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| 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: 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 Q2 2026 Calculation
Operating profit per share
= (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from September 2020 to December 2020, followed by a period of relative stability and then a decline through March 2022. Subsequently, the ratio increased again, peaking in June 2023, before experiencing another decline and a final increase through December 2025.
- Initial Increase (Sep 2020 - Dec 2020)
- The P/OP ratio increased from 18.82 to 26.27. This suggests that the market was willing to pay a higher premium for each dollar of operating profit during this period, potentially driven by improving investor sentiment or expectations of future growth.
- Decline and Stabilization (Mar 2021 - Mar 2022)
- From March 2021 to March 2022, the P/OP ratio generally decreased, falling from 21.76 to 14.02. This indicates a diminishing investor willingness to pay a premium for operating profit, possibly reflecting concerns about growth prospects or broader market conditions. The period between September 2021 and December 2021 showed relative stability, fluctuating between 19.37 and 17.40.
- Subsequent Increase and Peak (Apr 2022 - Jun 2023)
- The ratio experienced a resurgence, rising from 14.02 in March 2022 to 16.99 in June 2022, and continuing to peak at 24.43 in December 2023. This upward movement suggests renewed investor confidence and a higher valuation placed on operating profit. The increase was not consistent, with some quarterly fluctuations.
- Recent Volatility (Sep 2023 - Dec 2025)
- From September 2023 through December 2025, the P/OP ratio demonstrated significant volatility. It decreased from 24.43 to 20.32, then increased to 25.28, and finally rose to 34.98. This suggests increased uncertainty or sensitivity to market factors. The final value of 34.98 represents the highest P/OP ratio observed throughout the entire period.
Overall, the P/OP ratio has exhibited a non-linear pattern, characterized by periods of increase, decrease, and stabilization. The recent increase and peak in December 2025 suggest a potentially optimistic outlook, but the preceding volatility warrants continued monitoring. The fluctuations in the ratio likely reflect a combination of company-specific factors and broader macroeconomic conditions.
Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| 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: 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 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales (P/S) ratio exhibited fluctuating behavior over the observed period, spanning from September 2020 to December 2025. Initially, the ratio demonstrated an increasing trend, followed by periods of decline and subsequent increases, ultimately concluding with a notably elevated value.
- Initial Increase (Sep 2020 – Dec 2020)
- The P/S ratio increased from 5.13 in September 2020 to 7.46 by December 2020, indicating a growing investor willingness to pay for each dollar of sales. This initial rise suggests positive market sentiment during this period.
- Plateau and Decline (Mar 2021 – Mar 2022)
- Following the peak in December 2020, the P/S ratio remained relatively stable through March 2021, fluctuating around 7.5. A subsequent decline was observed, reaching a low of 5.51 in March 2022. This suggests a potential shift in investor expectations or a reassessment of the company’s growth prospects.
- Recovery and Subsequent Rise (Jun 2022 – Dec 2023)
- From June 2022, the P/S ratio began to recover, reaching 5.28 in December 2022. This recovery continued into December 2023, with the ratio climbing to 8.38. This period indicates renewed investor confidence and potentially improved company performance.
- Significant Increase (Mar 2024 – Dec 2025)
- A substantial increase in the P/S ratio was observed from March 2024 through December 2025. The ratio rose from 9.91 to 9.93 in June 2025, and then to 14.69 in December 2025. This represents a significant premium placed on sales, potentially driven by strong growth expectations or a change in market conditions. The ratio concluded the period at 14.69, representing the highest value observed throughout the entire timeframe.
Throughout the period, the P/S ratio generally correlated with the share price, with increases in the share price often coinciding with increases in the P/S ratio, and vice versa. However, the magnitude of change in the P/S ratio did not always directly mirror the changes in the share price, suggesting that other factors also influenced investor valuation.
The observed fluctuations in the P/S ratio suggest a dynamic valuation landscape. The substantial increase in the latter part of the period warrants further investigation to determine the underlying drivers of this heightened valuation.
Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| 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: 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 Q2 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 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from September 2020 through June 2021, followed by a period of relative stability and then a significant spike. Subsequently, the ratio has shown volatility, with periods of decline and increase, culminating in a substantial rise towards the end of the observed timeframe.
- Initial Trend (Sep 30, 2020 – Jun 30, 2021)
- The P/BV ratio increased from 11.09 to 15.98 over this period. This suggests a growing investor confidence in the company’s ability to generate earnings relative to its book value, or potentially an increase in market sentiment driving up the share price faster than book value grew. The increase, while present, was relatively moderate.
- Significant Spike (Jul 31, 2022)
- A dramatic increase in the P/BV ratio occurred, reaching 40.05. This outlier is primarily driven by a substantial decrease in book value per share (BVPS) from $27.34 to $9.88, while the share price remained relatively stable. This suggests a potential market reassessment of the company’s assets or a temporary distortion in the BVPS calculation.
- Post-Spike Volatility (Sep 30, 2022 – Dec 31, 2025)
- Following the spike, the P/BV ratio experienced considerable volatility. It decreased to 21.67 by September 30, 2022, then fluctuated between approximately 19.77 and 27.37 through December 2024. A strong upward trend then emerges, with the ratio increasing from 22.33 in March 2025 to 34.24 in December 2025. This final increase coincides with both a rising share price and a growing BVPS, indicating a sustained positive market evaluation of the company.
- Book Value Per Share Trend
- Book value per share generally increased throughout the period, with the exception of the significant drop in June 2022. From $17.79 in September 2020, it rose to $41.70 in March 2025, and then to $41.70 in December 2025. This consistent growth in BVPS, excluding the outlier, suggests a strengthening of the company’s net asset value over time.
In summary, the P/BV ratio demonstrates a complex pattern influenced by both share price movements and changes in book value per share. The period is marked by a significant anomaly in June 2022, followed by a period of volatility and ultimately a strong upward trend towards the end of the observation window. The increasing BVPS, coupled with the rising P/BV ratio in the latter part of the period, suggests a positive market perception of the company’s financial health and future prospects.