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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Lam Research Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).
The valuation ratios exhibit varied trends over the observed period. Generally, the ratios demonstrate increased volatility in the latter half of the timeframe, particularly from September 2023 onwards. Initial periods show a generally increasing trend in most ratios, followed by a period of stabilization and then a marked increase in later quarters.
- Price to Earnings (P/E)
- The Price to Earnings ratio began at 18.97 and generally increased to a peak of 26.30 in March 2021, before decreasing to a low of 10.51 in September 2022. It then experienced significant fluctuations, rising to 32.06 by December 2023 and continuing to increase, reaching 49.88 in December 2025. This suggests increasing investor expectations for future earnings, or potentially, overvaluation in the most recent periods.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio showed an initial increase from 15.98 to 23.20, followed by a decline to 8.94 in September 2022. A subsequent upward trend is observed, with the ratio reaching 28.60 in December 2023 and culminating at 44.64 in December 2025. This mirrors the P/E trend, indicating a changing relationship between price and operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio increased from 4.48 to a high of 6.86 in March 2021, then decreased to 2.83 in September 2022. It then exhibited a more pronounced increase, reaching 7.75 in December 2023 and a peak of 15.07 in December 2025. This substantial increase suggests investors are willing to pay a significantly higher premium for each dollar of revenue generated, potentially indicating strong growth expectations or market sentiment.
- Price to Book Value (P/BV)
- The Price to Book Value ratio demonstrated a consistent increase from 9.14 to 16.94 in March 2021, followed by a decline to 6.88 in September 2022. The ratio then increased steadily, reaching 13.49 in December 2023 and a high of 30.55 in December 2025. This indicates a growing premium placed on the company's net asset value, potentially reflecting improved profitability or intangible asset value.
Overall, the observed trends suggest a shift in investor sentiment towards increased optimism regarding the company’s future performance. The significant increases in all valuation ratios in the latter part of the period warrant further investigation to determine the sustainability of these valuations and the underlying drivers of this market behavior.
Price to Earnings (P/E)
Lam Research Corp., historical P/E calculation (quarterly data)
| Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | Sep 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (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. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lam Research 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 for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from September 2020 to March 2021, followed by a period of relative stability and then a notable decline. Subsequently, the ratio experienced significant volatility before rising sharply towards the end of the observed timeframe.
- Initial Increasing Trend (Sep 2020 - Mar 2021)
- The P/E ratio increased from 18.97 in September 2020 to 26.30 in March 2021. This increase suggests that investors were willing to pay more for each dollar of earnings during this period, potentially reflecting growing optimism about future earnings potential.
- Period of Stability and Decline (Jun 2021 - Mar 2022)
- Following the peak in March 2021, the P/E ratio experienced a decline, reaching 13.97 by March 2022. This suggests a decrease in investor confidence or a reassessment of the company’s earnings prospects. The ratio remained relatively stable between June 2021 and December 2021, fluctuating between 18.12 and 17.91.
- Volatility and Subsequent Increase (Mar 2022 - Dec 2023)
- From March 2022 to December 2023, the P/E ratio exhibited significant volatility, ranging from a low of 10.51 in September 2022 to a high of 32.06 in December 2023. This period likely reflects changing market conditions and investor sentiment. The substantial increase in December 2023 indicates a renewed willingness to pay a premium for earnings.
- Sharp Rise and Final Values (Mar 2024 - Dec 2025)
- The P/E ratio continued its upward trajectory, reaching 49.88 in December 2025. This represents the highest value observed throughout the entire period. The ratio increased from 33.64 in March 2024 to 49.88 in December 2025, indicating a substantial increase in investor expectations regarding future earnings growth. The final observed value in December 2025 is significantly higher than the initial value in September 2020.
Overall, the P/E ratio demonstrates a dynamic pattern, influenced by shifts in investor sentiment and potentially by changes in the company’s performance and market conditions. The pronounced increase in the latter part of the period suggests a significant change in market perception.
Price to Operating Profit (P/OP)
Lam Research Corp., historical P/OP calculation (quarterly data)
| Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | Sep 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (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. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lam Research 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 March 2021, followed by a period of volatility and then a significant increase towards the end of the observation window.
- Initial Trend (Sep 2020 – Mar 2021)
- The P/OP ratio increased from 15.98 to 23.20. This suggests that the market was willing to pay a progressively higher premium for each dollar of operating profit during this timeframe. This increase coincided with rising share price and operating profit per share.
- Volatility and Decline (Jun 2021 – Sep 2022)
- Following the peak in March 2021, the P/OP ratio experienced volatility, decreasing to 8.94 by September 2022. This period saw fluctuations in both share price and operating profit per share, contributing to the ratio’s instability. The decline indicates a reduced market valuation relative to operating profitability.
- Recovery and Subsequent Increase (Dec 2022 – Dec 2025)
- From December 2022, the P/OP ratio began a recovery, rising to 44.64 by December 2025. This substantial increase was driven by a significant surge in share price, coupled with a moderate increase in operating profit per share. The ratio’s trajectory suggests growing investor confidence and a willingness to pay a substantial premium for operating profit.
The most dramatic change in the P/OP ratio occurred in the final year of the observed period. The ratio more than doubled from 29.46 in March 2024 to 44.64 in December 2025. This suggests a significant shift in market sentiment or expectations regarding future profitability.
- Overall Observations
- The P/OP ratio demonstrates a sensitivity to changes in both share price and operating profit per share. Periods of increasing ratios suggest positive market sentiment, while decreasing ratios may indicate concerns about future profitability or broader market conditions. The substantial increase in the latter part of the period warrants further investigation to understand the underlying drivers of this valuation shift.
Price to Sales (P/S)
Lam Research Corp., historical P/S calculation (quarterly data)
| Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | Sep 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenue (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. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Lam Research 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 for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited an increasing trend from September 2020 to March 2021, followed by a period of relative stability and then a notable decline. Subsequently, the ratio experienced a resurgence, peaking in December 2023, before undergoing another period of volatility.
- Initial Increasing Trend (Sep 2020 - Mar 2021)
- The P/S ratio increased from 4.48 in September 2020 to 6.86 in March 2021. This suggests that the market was willing to pay a progressively higher price for each dollar of sales during this timeframe. This increase coincided with rising sales per share.
- Subsequent Decline and Stabilization (Jun 2021 - Mar 2022)
- Following the peak in March 2021, the P/S ratio decreased to 3.79 by March 2022. While there were fluctuations within this period, the overall trend was downward. This could indicate a shift in investor sentiment or a reassessment of the company’s growth prospects relative to its sales. Sales per share continued to increase during this period, but at a slower rate.
- Recovery and Peak (Dec 2022 - Dec 2023)
- The P/S ratio began to recover in December 2022, reaching a high of 7.75 in December 2023. This recovery coincided with a period of increasing share price and sales per share. The substantial increase suggests renewed investor confidence and a willingness to pay a premium for the company’s sales.
- Recent Volatility (Mar 2024 - Dec 2025)
- From March 2024 through December 2025, the P/S ratio exhibited significant volatility, ranging from 6.95 to 15.07. This period is characterized by substantial increases in both share price and sales per share, particularly in the latter half of the period. The ratio’s peak in December 2025 at 15.07 represents the highest value observed throughout the entire period, indicating a substantial premium placed on sales.
Overall, the P/S ratio demonstrates a dynamic relationship with both share price and sales per share. The observed fluctuations suggest sensitivity to market conditions and investor expectations. The recent trend indicates a growing investor willingness to pay a higher price for each dollar of sales, potentially reflecting optimism about future growth.
Price to Book Value (P/BV)
Lam Research Corp., historical P/BV calculation (quarterly data)
| Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 24, 2023 | Sep 24, 2023 | Jun 25, 2023 | Mar 26, 2023 | Dec 25, 2022 | Sep 25, 2022 | Jun 26, 2022 | Mar 27, 2022 | Dec 26, 2021 | Sep 26, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | Sep 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-12-28), 10-Q (reporting date: 2025-09-28), 10-K (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-Q (reporting date: 2024-09-29), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-24), 10-Q (reporting date: 2023-09-24), 10-K (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-Q (reporting date: 2022-09-25), 10-K (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-Q (reporting date: 2021-09-26), 10-K (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-Q (reporting date: 2020-09-27).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Lam Research 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 (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a strong upward trend, followed by periods of relative stability and subsequent volatility. A general observation is that the P/BV ratio increased significantly over the first two years of the period, then experienced more erratic movements.
- Initial Increase (Sep 27, 2020 – Dec 26, 2021)
- From September 2020 to December 2021, the P/BV ratio increased from 9.14 to 12.70. This indicates a growing investor confidence in the company’s ability to generate value relative to its book value. The increase suggests the market was willing to pay a higher premium for each dollar of net assets.
- Subsequent Volatility (Mar 27, 2022 – Dec 25, 2022)
- The period between March 2022 and December 2022 saw a decrease to 6.88, followed by a recovery to 7.78. This suggests a period of market reassessment, potentially influenced by broader economic conditions or company-specific news. The subsequent increase indicates a partial restoration of investor confidence.
- Further Fluctuations and Peak (Mar 26, 2023 – Dec 28, 2025)
- From March 2023, the P/BV ratio experienced another upward trend, peaking at 30.55 in December 2025. This represents a substantial increase, indicating a significant premium placed on the company’s net asset value by the market. The ratio increased from 8.22 to 30.55 over this period. This dramatic increase suggests a substantial shift in market perception, potentially driven by strong performance or optimistic future expectations.
- Book Value per Share Trend
- Book value per share generally increased throughout the observed period, moving from 3.76 in September 2020 to 8.12 in December 2025. This consistent growth in book value likely contributed to the overall increases in the P/BV ratio, although the P/BV ratio’s growth rate exceeded that of the book value per share, particularly in the later stages of the period.
- Share Price Trend
- The share price demonstrated a similar pattern of growth and volatility to the P/BV ratio. The most significant increase in share price occurred between September 2023 and March 2024, coinciding with the most rapid increase in the P/BV ratio. The share price increased from $59.96 to $248.17 over this period.
In conclusion, the P/BV ratio exhibited a dynamic pattern over the analyzed timeframe. The initial growth phase was followed by periods of volatility, culminating in a substantial increase towards the end of the period. These fluctuations likely reflect changing market conditions and investor sentiment regarding the company’s future prospects and asset valuation.