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 Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
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Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio demonstrates variability over the observed periods. Starting from a missing data phase, it peaks initially at 33.15 in March 2020, indicating a relatively high market valuation compared to earnings. Subsequently, the ratio generally declined reaching a minimum of 13.89 in September 2022, reflecting potentially improving earnings or a softer market valuation. Post-September 2022, the ratio shows a rising trend, peaking again at 36.43 in December 2023, suggesting increased investor optimism or reduced earnings. The last few quarters indicate some volatility but maintain elevated levels above 20.
- Price to Operating Profit (P/OP) Ratio
- This ratio closely mirrors the P/E ratio's pattern, emphasizing changing market sentiments about operating profitability. It initially rises to a high of 26.27 in March 2020, then follows a downward trend with the lowest point at 11.55 in September 2022. After this low, the ratio rises significantly again towards the end of 2023, reaching almost 30. The most recent periods reflect a slight decline but remain elevated relative to earlier troughs.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibited an upward trajectory from the early 2020 period, starting from approximately 5.13 in December 2019 and peaking at 9.91 in December 2023. This increase suggests that market valuation relative to sales strengthened over time. After the 2023 peak, the ratio moderates but remains relatively high compared to earlier periods, indicating sustained strong investor confidence or pricing power despite sales figures.
- Price to Book Value (P/BV) Ratio
- This ratio shows significant fluctuations, with a strong increase from 10.02 in September 2019 to an exceptional peak of 40.05 in June 2022, which may indicate a substantial re-rating of the company's net asset value or market perception, or possibly accounting impacts on book value. Following this peak, the ratio declined sharply but continued to fluctuate between approximately 20 and 30 in subsequent quarters. The P/BV movements imply considerable variation in shareholder valuation of net assets, with notable volatility in the middle of the timeline followed by a stabilization at higher levels relative to the start of the period.
Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
EPS
= (Net income attributable to KLAQ4 2025
+ Net income attributable to KLAQ3 2025
+ Net income attributable to KLAQ2 2025
+ Net income attributable to KLAQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. Beginning at $169.04 in September 2019, it experienced gradual increments through early 2020, reaching $197.18 by September 2020. A significant rise was observed in the final quarter of 2020, peaking at $294.23, followed by continued upward momentum to $366.65 by December 2021. After some fluctuations, including a dip to $319.26 in March 2022 and a recovery near $399.37 by December 2022, the price showed a strong upward trend from early 2023 onwards. It reached a peak of $914.80 by June 2025, indicating substantial appreciation over the long term.
- Earnings Per Share (EPS) Trends
- The EPS data begins from September 2020 with an initial value of $7.83. From that point, EPS demonstrated a consistent increase, reaching $13.61 by September 2021 and maintaining a rising trajectory to $25.57 by March and June 2023. Following these peaks, a mild decline occurred into late 2023 and early 2024, lowering to $19.39 by June 2024. However, a subsequent recovery ensued with earnings increasing again to $30.78 by June 2025. Overall, EPS showed strong growth with some cyclic fluctuations but sustained positive momentum.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio showed variability corresponding to changes in both share price and EPS. Initially recorded at 25.92 in September 2020, the ratio declined moderately to around 19.76 by September 2021, suggesting earnings growth outpaced share price appreciation during that period. The P/E ratio then oscillated between approximately 13.89 and 20.06 from late 2021 through mid-2023, indicating periods of relatively balanced valuation. From late 2023, the P/E increased to a high of 36.43 by March 2024, despite some decline in EPS at this time, suggesting a higher valuation multiple was being applied. Towards mid-2025, the ratio stabilized near 29.72, reflecting elevated valuation levels alongside continued EPS growth.
- Overall Insights
- The data reveals a company with robust earnings growth reflected in steadily increasing EPS over multiple years, though subject to moderate cyclical adjustments. Share price appreciation outpaced earnings growth in certain periods, leading to increased valuation multiples as represented by the P/E ratio. Notable peaks in share price and EPS in mid-2025 suggest strong market confidence aligned with expanding profitability. The fluctuations in P/E ratios over time highlight evolving investor perception and market conditions impacting valuation. The combined trends illustrate a growth trajectory underpinned by improving fundamentals, tempered by periods of market revaluation.
Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Operating profit per share
= (Income from operationsQ4 2025
+ Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited an overall upward trajectory during the period under review, despite some fluctuations. From September 2019 to June 2020, the price increased from $169.04 to $202.85, followed by notable volatility with peaks around December 2020 ($294.23) and June 2022 ($395.74). After experiencing dips in late 2022 and early 2023, the share price surged significantly, reaching $914.80 by June 2025.
- Operating Profit Per Share (OPPS)
- Operating profit per share showed consistent growth starting from June 2020, increasing from $9.66 to $36.19 by June 2025. The progression reveals steady operational improvements, with incremental gains each quarter, highlighting robust internal profitability enhancements.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio fluctuated considerably, reflecting changes in share price relative to operating profit. It started at 20.99 in June 2020, dropped to a low of 11.55 in December 2022, indicating relatively undervalued share price compared to operating profits at that time, and then escalated back to a high of 29.78 by March 2024. Toward June 2025, the ratio moderated to around 25.28, suggesting a recalibration of market valuation in line with improved profitability.
- Overall Insights
- The data indicates strong operational improvements as demonstrated by rising operating profits per share, which outpaced share price gains in certain periods, reflected in the decline of the P/OP ratio. The elevated P/OP ratio in later periods suggests increased market expectations or valuation premiums. The substantial increase in share price from late 2022 through mid-2025 aligns with sustained profit growth but might also imply heightened market optimism or external factors influencing valuation. Investors may interpret the fluctuating P/OP ratio as a sign of shifting market sentiment alongside fundamental performance enhancements.
Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 Calculation
Sales per share
= (RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits notable fluctuations over the timeframe. Initially, it remained relatively stable around the 160-170 USD range between late 2019 and early 2020. A significant upward trend began mid-2020, reaching a peak close to 366 USD by the end of 2021. After a brief decline in early 2022 to approximately 319 USD, the price rebounded strongly, peaking near 599 USD mid-2023 and further rising to a remarkable 914.8 USD by mid-2025. This indicates substantial growth in shareholder value over the observed periods.
- Sales per Share Development
- Sales per share data begins from the third quarter of 2020, starting at 37.35 USD. There is a consistent upward trajectory over subsequent quarters, reaching 92.12 USD by the end of the provided timeline. This steady increase reflects improving sales performance on a per-share basis, with only minor fluctuations around mid-2023. The growth in sales per share aligns with the company's expanding revenue base relative to its share count.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio shows variability throughout the periods. It started around 5.43 in late 2020 and oscillated between approximately 4.6 and 9.9 thereafter. Peaks in the P/S ratio coincide with periods of elevated share prices relative to sales, notably surpassing 9.5 several times between late 2023 and mid-2025. This suggests market valuation sometimes increased faster than sales growth. There are phases where the ratio declines, indicating possible market corrections or accelerations in sales relative to price.
- Overall Insights
- The data reveals a pattern of robust growth in both share price and sales per share, highlighting the company's expanding financial performance and increasing market confidence. The share price momentum after mid-2020 is particularly strong, with sizable gains through 2025. While sales per share have steadily risen, the P/S ratio's fluctuations imply varying investor sentiment and market valuation dynamics over time. The increasing P/S ratio toward the end might suggest heightened expectations about future growth or profitability beyond current sales levels.
Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-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), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2025 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 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated overall growth from September 30, 2019, through June 30, 2025, starting at $169.04 and reaching a peak of $914.80. The price showed periods of volatility, such as a decline from $366.65 in December 2021 to $319.26 in March 2022, followed by a rapid recovery and substantial increases thereafter. Notable spikes occurred in the second half of 2022 and through 2023, culminating in the highest observed price in mid-2025.
- Book Value per Share (BVPS) Patterns
- BVPS exhibited a generally upward trajectory over the same timeframe, increasing from $16.86 in September 2019 to $35.56 by June 2025. There were occasional irregularities, for example, a notable dip at June 30, 2022, where BVPS dropped to $9.88 from the previous quarter's $27.34, followed by recovery in subsequent periods. Despite some fluctuations, the trend indicates steady growth in the book value, reflecting accumulation of equity or retained earnings over time.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio fluctuated significantly, starting near 10.02 and showing an increasing trend through 2020 and 2021, peaking above 40.05 at June 30, 2022. This peak coincides with the drastic drop in BVPS during the same period, inflating the ratio substantially. Following this peak, the ratio declined but remained elevated, fluctuating between approximately 19.77 and 30.73 in 2023 and 2024. The ratio’s behavior suggests substantial volatility in investor valuation relative to book value, likely influenced by changes in market sentiment and underlying financial metrics.
- Integrated Insights
- The data reflects a company experiencing strong share price appreciation alongside gradual growth in tangible equity per share. Episodes of abrupt BVPS changes and high P/BV ratios indicate possible accounting adjustments, market revaluations, or extraordinary events affecting book value. The sustained elevated P/BV ratio in later periods denotes that investors are paying a premium relative to book value, possibly due to growth expectations or intangible assets not reflected on the balance sheet. Overall, financial indicators suggest positive market confidence, albeit with intermittent volatility tied to book value fluctuations.