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)
Microsoft Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
The valuation metrics exhibit a pronounced cyclical pattern characterized by expansion phases followed by significant contractions between September 2020 and March 2026. A strong positive correlation is observed across all four ratios, indicating that fluctuations are primarily driven by changes in market price relative to fundamental growth.
- Price to Earnings (P/E)
- The P/E ratio experienced significant volatility, starting at 33.95 and reaching a peak of 38.37 in September 2025. A notable period of compression occurred throughout 2022, with the ratio bottoming at 26.71 in December of that year. This was followed by a recovery phase that peaked in late 2025 before a sharp decline to 25.18 by March 2026.
- Price to Operating Profit (P/OP)
- The P/OP ratio closely mirrored the P/E trajectory. From an initial 28.71, the ratio declined to a low of 21.76 in December 2022. After rebounding to a high of 30.20 in December 2023 and remaining elevated through mid-2025, it concluded the period at its lowest recorded value of 21.17.
- Price to Sales (P/S)
- Revenue valuation showed a consistent pattern of growth and contraction. The P/S ratio rose from 10.96 in September 2020 to a peak of 13.21 in September 2021, followed by a decline to 8.83 by December 2022. A second expansion phase pushed the ratio to 13.70 in September 2025, ending with a contraction to 9.91 in March 2026.
- Price to Book Value (P/BV)
- The P/BV ratio demonstrated the most substantial relative decline over the analyzed timeframe. After peaking at 15.32 in September 2021, the ratio experienced a downward trend punctuated by a brief recovery in 2023. The period ended with a significant drop to 7.61 in March 2026, the lowest level observed in the sequence.
A comprehensive analysis reveals that while valuation premiums expanded significantly between 2020 and 2021 and again between 2023 and 2025, the final two quarters of the data set show a simultaneous and sharp correction across all metrics. This suggests a substantial shift in market valuation as of early 2026, with the P/BV and P/E ratios falling well below their long-term averages for the period.
Price to Earnings (P/E)
Microsoft Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||
| AppLovin Corp. | ||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||
| Datadog Inc. | ||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a period of consistent fundamental growth contrasted by significant volatility in market valuation. While earnings per share maintained a steady upward trajectory over the analyzed period, the share price and the resulting price-to-earnings (P/E) ratio experienced several distinct phases of expansion and contraction.
- Earnings Per Share (EPS) Performance
- A sustained growth trend is evident in the earnings per share, which rose from 6.28 US$ in September 2020 to 16.86 US$ by March 2026. This growth was nearly linear, with only a minor stagnation observed between March 2022 and December 2022, indicating strong and consistent operational profitability.
- Share Price Volatility
- The share price exhibited a general upward trend but with greater volatility than earnings. A significant growth phase occurred between June 2023 and September 2025, where the price climbed from 330.72 US$ to a peak of 541.55 US$. However, a sharp correction followed in the final three quarters, with the price descending to 424.46 US$ by March 2026.
- P/E Ratio Fluctuations
- The valuation multiple transitioned through four primary stages: - Stability: From September 2020 to September 2021, the P/E ratio remained stable between 33.95 and 35.22. - Compression: A downward trend occurred throughout 2022, with the ratio reaching a period low of 26.71 in December 2022. - Expansion: A recovery phase began in March 2023, peaking at 38.37 in September 2025, representing the highest valuation multiple in the series. - Correction: A rapid contraction is observed in the final period, falling to 25.18 by March 2026.
The divergence between the EPS and the P/E ratio in the final quarters is particularly noteworthy. By March 2026, the company achieved its highest recorded earnings per share (16.86 US$), yet the P/E ratio fell to its lowest point in the dataset (25.18). This suggests a significant market devaluation of the price multiple despite peak earnings performance.
Price to Operating Profit (P/OP)
Microsoft Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||
| AppLovin Corp. | ||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||
| Datadog Inc. | ||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The relationship between share price and operating profit per share indicates a period of consistent operational growth coupled with fluctuating market valuation multiples. While operating profit per share maintained a steady upward trajectory throughout the entire timeframe, the share price exhibited significant volatility, resulting in cyclical movements in the Price to Operating Profit (P/OP) ratio.
- Operating Profit per Share Performance
- A consistent and linear growth pattern is observed in the operating profit per share, which increased from 7.43 US$ in September 2020 to 20.05 US$ by March 2026. There were no quarterly decreases in this metric, suggesting a sustained improvement in operational profitability per share over the analyzed period.
- Share Price Volatility
- The share price experienced three distinct phases: a period of growth peaking at 310.11 US$ in September 2021, a correction phase reaching a low of 242.04 US$ in December 2022, and a subsequent rally that peaked at 541.55 US$ in September 2025. The final quarters show a downward trend, closing at 424.46 US$ in March 2026.
- P/OP Ratio Trends
- The P/OP ratio shifted from an initial expansion phase, peaking at 31.35 in September 2021, to a contraction phase where it reached 21.76 by December 2022. A second expansion occurred between March 2023 and December 2023, with the ratio rising to 30.20. However, the ratio entered a final period of compression, ending at 21.17 in March 2026.
- Analysis of Valuation Divergence
- A significant divergence is evident in the final stages of the period. While the operating profit per share reached its maximum value of 20.05 US$ in March 2026, the P/OP ratio simultaneously fell to its lowest point of 21.17. This suggests that the market valuation contracted despite the continued growth in underlying operating performance.
Price to Sales (P/S)
Microsoft Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||
| AppLovin Corp. | ||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||
| Datadog Inc. | ||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenueQ3 2026
+ RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits significant volatility in the Price-to-Sales (P/S) ratio, driven primarily by fluctuations in the share price rather than shifts in revenue performance. While sales per share demonstrated a consistent and linear upward trajectory throughout the entire period, the P/S ratio experienced several cycles of expansion and contraction.
- Revenue Growth Trends
- Sales per share grew steadily from 19.46 US$ in September 2020 to 42.85 US$ by March 2026. This represents a continuous expansion of top-line performance per share, showing no quarterly declines over the analyzed timeframe.
- Valuation Cycle Analysis
- The P/S ratio initially expanded from 10.96 in September 2020 to a peak of 13.21 in September 2021. This was followed by a marked contraction, reaching a period low of 8.83 in December 2022, which coincided with a decline in the share price despite increasing sales per share.
- Recovery and Peak Valuation
- A recovery phase began in early 2023, with the P/S ratio climbing back above 13.00 by December 2023. The highest valuation multiple was recorded in September 2025, reaching 13.70, driven by a share price peak of 541.55 US$.
- Recent Valuation Adjustment
- In the final quarters of the period, a downward adjustment is observed. The P/S ratio decreased from its September 2025 peak of 13.70 to 9.91 by March 2026. This compression occurred as the share price declined while sales per share continued to rise, suggesting a market recalibration of the premium paid per dollar of revenue.
Price to Book Value (P/BV)
Microsoft Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Accenture PLC | ||||||||||||||||||||||||||||||
| Adobe Inc. | ||||||||||||||||||||||||||||||
| AppLovin Corp. | ||||||||||||||||||||||||||||||
| Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||
| CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||
| Datadog Inc. | ||||||||||||||||||||||||||||||
| International Business Machines Corp. | ||||||||||||||||||||||||||||||
| Intuit Inc. | ||||||||||||||||||||||||||||||
| Oracle Corp. | ||||||||||||||||||||||||||||||
| Palantir Technologies Inc. | ||||||||||||||||||||||||||||||
| Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||
| Salesforce Inc. | ||||||||||||||||||||||||||||||
| ServiceNow Inc. | ||||||||||||||||||||||||||||||
| Synopsys Inc. | ||||||||||||||||||||||||||||||
| Workday Inc. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a divergent relationship between market valuation and the underlying book value per share. While both the share price and the book value per share exhibited general growth from September 2020 through March 2026, the rate of expansion for the book value significantly outpaced the growth in share price toward the end of the period, resulting in a long-term compression of the Price to Book Value (P/BV) ratio.
- Book Value per Share (BVPS) Progression
- A consistent and linear increase in book value per share is observed throughout the entire analyzed timeframe. Starting at 16.32 US$ in September 2020, the BVPS grew uninterruptedly each quarter, reaching 55.78 US$ by March 2026. This steady upward trajectory indicates a disciplined accumulation of equity and retained earnings.
- Share Price Dynamics
- The share price demonstrated significant volatility in contrast to the steady growth of the BVPS. The price rose from 213.25 US$ in September 2020 to a peak of 541.55 US$ in September 2025. However, a notable correction occurred in the final quarters, with the price declining to 424.46 US$ by March 2026. This suggests that market sentiment and speculative pricing factors fluctuated independently of the company's tangible asset growth.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio experienced three distinct phases. Initially, the ratio climbed to a peak of 15.32 in September 2021, reflecting a period of high market premium. This was followed by a correction phase where the ratio dropped to 9.84 by December 2022. While a brief recovery occurred toward the end of 2023, the long-term trend remained downward, culminating in a period low of 7.61 in March 2026. The decline in the P/BV ratio, occurring simultaneously with a rising BVPS, indicates that the market is assigning a lower multiple to the company's net assets than it did in 2021.