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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Historical Valuation Ratios (Summary)
Kraft Heinz Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited a significant decline from 188.93 to 7.85 between April 2016 and December 2017, indicating a substantial decrease in the market price relative to earnings or an improvement in earnings themselves. Following this sharp drop, the ratio stabilized at lower values, fluctuating mostly between approximately 6 and 7 until late 2018. Data is missing for most of 2019; then, in early 2020, the P/E ratio rose again to around 17–19, signaling increased market valuation relative to earnings in that period.
- Price to Operating Profit (P/OP) Ratio
- This ratio also decreased progressively from 27.69 in early 2016 down to about 9.97 by the first quarter of 2018, illustrating enhanced operating profit relative to market price. A slight increase and fluctuation occurred in mid-2018, with the ratio ranging between 10.69 and 12.77. Data gaps exist for 2019, but in 2020 the ratio spiked notably to 34.88 in mid-year, suggesting either a sharp decline in operating profit or an increase in market price relative to operating profit during that time.
- Price to Sales (P/S) Ratio
- The P/S ratio displays a consistent downward trend from 4.5 in early 2016 to lows around 1.22–1.33 in 2018 and 2019, reflecting a decrease in market price relative to sales. Following this decline, slight fluctuations occurred through 2019 and into 2020, with values modestly increasing to approximately 1.65 by mid-2020, indicating some recovery or increment in valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio fell steadily from 1.74 in early 2016 to as low as 0.61 during portions of 2018 and 2019, representing a decline in market price relative to book value per share. Starting in late 2019 and early 2020, the ratio showed moderate recovery, rising to around 0.86 by mid-2020, which may indicate improved market sentiment or an increase in asset values.
- General Observations
- Overall, the valuation ratios reveal a pronounced downtrend in multiple metrics from 2016 through 2018/2019, reflecting diminished market valuations relative to earnings, operating profit, sales, and book value. This trend may suggest challenges impacting profitability or market perceptions during this period. The partial recovery observed in 2020 across most ratios points towards a possible improvement in financial performance or market expectations. The spike observed in the P/OP ratio in mid-2020 is notable and warrants further investigation to understand whether it stems from earnings volatility or market valuation shifts.
Price to Earnings (P/E)
Kraft Heinz Co., historical P/E calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to common shareholders (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
EPS
= (Net income (loss) attributable to common shareholdersQ2 2020
+ Net income (loss) attributable to common shareholdersQ1 2020
+ Net income (loss) attributable to common shareholdersQ4 2019
+ Net income (loss) attributable to common shareholdersQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price displayed a rising trend from early 2016 through the end of 2016, increasing from approximately $83 to nearly $93. Starting in 2017, however, there was a notable decline, with the price dropping steadily over the course of 2017 and 2018, reaching a low of about $26. This represents a significant reduction of roughly 70% from the peak in late 2016. In early 2019, the share price remained relatively flat around the mid-$20 range before experiencing some volatility in 2019 and early 2020, with a slight recovery to around $34 by mid-2020.
- Earnings Per Share (EPS)
- The EPS exhibited substantial variability across the periods. Initially, EPS showed strong growth from $0.44 in early 2016 to a peak exceeding $9 in late 2017 and early 2018, indicating improved profitability. This peak was followed by a dramatic reversal starting in late 2018, when EPS turned sharply negative, reaching approximately -$9 in late 2018 and maintaining negative values through 2019. In early 2020, the EPS rebounded to positive territory around $1.5, but again declined slightly to negative by mid-2020. This volatility suggests significant challenges in earnings performance during this period.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio declined consistently from a very elevated level of about 189 in early 2016 to single digits by late 2017 and early 2018, dropping to around 6. This reflects the combined effect of declining share prices and sharply rising earnings in those years. P/E data is missing for several quarters after 2018, likely due to negative EPS values which make the ratio undefined or not meaningful. P/E ratios available for early 2020 indicate values around 17-19, signaling some normalization as EPS returned to positive figures. The pattern in P/E ratios mirrors the fluctuations in share price and earnings.
- Overall Analysis
- The financial data reveals a pattern of initial growth and positive investor sentiment through 2016, followed by a pronounced deterioration in both market valuation and earnings from 2017 through 2019. The dramatic shift from positive to sharply negative EPS and the corresponding decline in share price suggest significant operational or market challenges during this period. The partial recovery in EPS and share price in early 2020 points to some stabilization, though the recent data also shows continued volatility. The missing P/E ratios in periods of negative earnings indicate disruptions in traditional valuation metrics due to losses. Taken together, the data portrays a company experiencing a period of financial stress after a prior phase of strong earnings performance.
Price to Operating Profit (P/OP)
Kraft Heinz Co., historical P/OP calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Operating profit per share
= (Operating income (loss)Q2 2020
+ Operating income (loss)Q1 2020
+ Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct patterns and notable changes over the observed periods. The focus is on the trends in share price, operating profit per share, and the price to operating profit ratio (P/OP).
- Share Price
- The share price exhibited a general decline trend from early 2016 through mid-2020. Starting at $82.97 in the first quarter of 2016, the price showed moderate fluctuations until reaching a peak near $92.94 at the end of 2016. Afterwards, a steady depreciation is evident, dropping sharply to as low as $25.96 in late 2018 and staying near this lower range through 2019. There is some recovery seen by mid-2020, with the share price rising back to $34.38.
- Operating Profit per Share
- The operating profit per share initially showed a positive and improving trend from $3.00 in early 2016 to a peak around $5.56 by the end of 2017. This was followed by a significant and abrupt decline starting in late 2018, with values turning negative reaching as low as -$9.66 in late 2019. This negative trend reversed partially by 2020, as operating profit per share became positive again, albeit at lower levels compared to the earlier peak, with $2.68 and $0.99 posted in mid and late 2020 respectively.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio correlates inversely with the trends in operating profit and share price. Initially, this ratio decreased from 27.69 in early 2016 to around 9.97 by the first quarter of 2018, indicating the share price became more attractively priced relative to operating profit. Data gaps appear for some periods, but available ratios suggest fluctuations with a sharp increase to 34.88 by mid-2020. This spike is likely driven by a combination of lower operating profits and a recovering but still relatively low share price, highlighting increased volatility and uncertainty in valuation during this period.
In summary, the financial data exhibits a period of growth and stability in operating profit per share and share price up to late 2017, followed by a sharp decline in profitability and share price through 2018 and 2019. Early signs of recovery in profitability were identified in 2020, though share price remained below earlier highs. The P/OP ratio's variability reflects these underlying changes and indicates fluctuating investor sentiment and market valuation relative to the company’s operating earnings.
Price to Sales (P/S)
Kraft Heinz Co., historical P/S calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Sales per share
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data reveals several noteworthy trends in market valuation and operational performance over the reported periods.
- Share Price
- The share price displayed a general decline from early 2016 to mid-2020. Beginning at $82.97 in April 2016, the price peaked temporarily at $92.94 by the end of 2016, followed by a downward progression. A significant drop occurred between late 2017 and late 2018, falling from $70.80 to $28.74. After stabilizing at lower levels through 2019, the price slightly improved toward mid-2020, reaching $34.38. This trend suggests considerable market challenges and decreased investor confidence over the analyzed period.
- Sales per Share
- Sales per share remained relatively stable across the quarters, ranging narrowly between $18.45 and $21.98. The highest sales per share were observed in late 2016 at $21.98, followed by a gradual, modest decline to about $20.45 by March 2020. The stability in sales per share indicates consistent revenue generation, with minor decreases that could reflect operational pressures or market conditions impacting sales volume or pricing.
- Price-to-Sales (P/S) Ratio
- The P/S ratio demonstrated a marked downward trend over the period. Starting at a high of 4.50 in April 2016, the ratio fell steeply, reaching a low of approximately 1.22 by mid-2019. Despite a minor rebound to 1.65 by June 2020, the ratio remained substantially lower than at the beginning of the timeline. This decline indicates a significant reduction in market valuation relative to the company's sales, likely influenced by the considerable decrease in share price while sales per share remained steady.
In summary, while sales per share have been relatively steady, the sharp decline in share price and consequent reduction in the price-to-sales ratio suggest that the firm’s market valuation has weakened appreciably. This may reflect investor concerns regarding future growth prospects, profitability, or broader market conditions affecting the company.
Price to Book Value (P/BV)
Kraft Heinz Co., historical P/BV calculation (quarterly data)
| Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | Sep 29, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 30, 2017 | Sep 30, 2017 | Jul 1, 2017 | Apr 1, 2017 | Dec 31, 2016 | Oct 2, 2016 | Jul 3, 2016 | Apr 3, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Coca-Cola Co. | ||||||||||||||||||||||||
| Mondelēz International Inc. | ||||||||||||||||||||||||
| PepsiCo Inc. | ||||||||||||||||||||||||
| Philip Morris International Inc. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kraft Heinz Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends concerning the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the periods from April 2016 to June 2020.
- Share Price
- The share price showed a declining trend over the analyzed period. Initially, the share price was robust, reaching highs above $90 in late 2016. However, from early 2017 onwards, there was a general downward trajectory, with occasional minor recoveries. The most significant decrease is observed between late 2017 and late 2018, where the price dropped dramatically from approximately $70.80 to below $30. Following this period, the share price remained relatively low and volatile, fluctuating between $25 and $35 through mid-2020.
- Book Value Per Share (BVPS)
- The BVPS was relatively stable throughout the periods, with only minor fluctuations. Starting at approximately $47.73 in early 2016, it remained around the mid-40s to low-50s range until the end of 2017. Beginning in 2018, the BVPS declined gradually to about $40.11 by mid-2020. The decline is less abrupt compared to the share price, indicating that the company's book value has decreased but at a much slower rate.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio clearly reflects the declining share price relative to the book value. Initially above 1.7, the ratio peaked near 1.97 in late 2016, suggesting that the market valued the shares significantly above their book value. From 2017 onwards, the ratio steadily decreased, falling below 1 by early 2018, which indicates that the market started valuing the shares at or below their book value. The lowest point was observed in late 2018, with the ratio dropping to 0.61, highlighting significant undervaluation according to book value measures. Although there was a slight recovery towards mid-2020, the ratio remained well below historical highs, underlining a persistently lower market valuation compared to book value.
Overall, the patterns suggest a sustained decline in market confidence or market valuation of the company’s shares throughout the period, despite relatively stable underlying book values. The pronounced drop in share price and P/BV ratio could be indicative of external market factors, operational challenges, or shifts in investor perception, which are not directly reflected in the book value per share. The partial recovery in share price and P/BV ratio in 2020 may signal initial signs of stabilization or renewed investor interest.