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).
Historical Valuation Ratios (Summary)
Microsoft 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).
The evaluation of the provided financial ratios over the specified periods reveals several noteworthy patterns and fluctuations, which offer insights into valuation trends and market perceptions.
- Price to Earnings (P/E) Ratio
-
This ratio exhibits an initial decreasing trend from 35.04 in September 2019 to a low near the high 20s around mid-2022, reaching approximately 26.7. Subsequently, the ratio experiences an upward movement, peaking near 37.5 in late 2024 before fluctuating slightly below this level. These changes suggest a period of relative contraction in earnings multiples followed by renewed investor optimism or earnings growth expectations in more recent periods.
- Price to Operating Profit (P/OP) Ratio
-
Similar to the P/E ratio, the P/OP ratio initially declined from about 29.3 down to roughly 21.76 by late 2022, which indicates increasing operating profits relative to market price, or a market reassessment of operating performance during this phase. Thereafter, the ratio rose again, displaying peaks near 30.2 by mid-2024, followed by minor volatility. This pattern reflects comparable sentiment shifts as seen in the P/E ratio but specifically tied to operating profitability.
- Price to Sales (P/S) Ratio
-
The P/S ratio demonstrates a steady and more pronounced increase over the periods from around 10.85 through a peak of 13.54 in late 2024. An uptick in the P/S ratio generally signals higher valuations relative to revenues, which may indicate optimism regarding top-line growth or improved market pricing power across these years, despite some moderate fluctuations.
- Price to Book Value (P/BV) Ratio
-
This ratio shows a different trajectory, increasing from 9.87 in 2019 to a peak exceeding 15 by late 2021, suggesting strong market valuation relative to book equity. Following this peak, there is a notable decline to below 10 around late 2022, which may reflect market corrections, asset revaluations, or shifts in tangible book value assessments. In the more recent periods, the ratio experiences moderate volatility, oscillating around the 10 to 12 range.
Overall, the ratios reveal a cycle of valuation expansion followed by correction and renewed growth expectations. The P/E and P/OP ratios reflect investor sentiment tied to earnings and operating profitability, while the rising P/S ratio points to sustained or anticipated revenue growth. Meanwhile, the P/BV ratio signals changes in equity valuation that may be influenced by factors such as asset revaluation, profitability, and market confidence in the company's underlying net assets.
Price to Earnings (P/E)
Microsoft 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 | 7,433,166,379 | 7,432,543,865 | 7,433,982,235 | 7,434,880,776 | 7,433,038,381 | 7,432,305,794 | 7,430,436,229 | 7,432,262,329 | 7,429,763,722 | 7,435,487,575 | 7,443,803,533 | 7,454,473,144 | 7,457,891,872 | 7,479,033,135 | 7,496,866,428 | 7,507,980,444 | 7,514,891,248 | 7,531,574,551 | 7,542,215,767 | 7,560,495,969 | 7,567,652,935 | 7,583,440,247 | 7,606,047,010 | 7,628,805,618 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Net income (in millions) | 27,233) | 25,824) | 24,108) | 24,667) | 22,036) | 21,939) | 21,870) | 22,291) | 20,081) | 18,299) | 16,425) | 17,556) | 16,740) | 16,728) | 18,765) | 20,505) | 16,458) | 15,457) | 15,463) | 13,893) | 11,202) | 10,752) | 11,649) | 10,678) | |||||||
| Earnings per share (EPS)2 | 13.70 | 13.00 | 12.48 | 12.17 | 11.86 | 11.60 | 11.11 | 10.37 | 9.74 | 9.28 | 9.06 | 9.36 | 9.75 | 9.69 | 9.50 | 9.04 | 8.15 | 7.44 | 6.80 | 6.28 | 5.85 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 513.24 | 395.26 | 442.33 | 432.53 | 422.92 | 399.04 | 408.59 | 330.53 | 330.72 | 275.42 | 242.04 | 250.66 | 276.41 | 270.22 | 288.49 | 310.11 | 286.50 | 261.97 | 232.33 | 213.25 | 205.01 | 177.43 | 168.04 | 137.24 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/E ratio4 | 37.46 | 30.40 | 35.45 | 35.53 | 35.67 | 34.41 | 36.78 | 31.86 | 33.96 | 29.67 | 26.71 | 26.77 | 28.34 | 27.89 | 30.38 | 34.30 | 35.14 | 35.22 | 34.15 | 33.95 | 35.04 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Accenture PLC | — | 22.37 | 24.53 | 30.76 | 31.07 | 27.59 | 30.87 | 31.14 | 27.81 | 27.07 | 24.73 | 23.64 | 22.93 | 27.30 | 31.69 | 40.88 | 36.58 | 32.02 | 31.11 | 31.97 | 28.32 | 27.95 | 20.33 | 27.24 | |||||||
| Adobe Inc. | — | — | 23.93 | 25.11 | 31.98 | 42.53 | 46.15 | 47.07 | 49.64 | 44.69 | 45.30 | 36.72 | 33.15 | 27.18 | 35.27 | 45.03 | 48.90 | 47.07 | 49.98 | 40.82 | 41.69 | 58.43 | 55.97 | 45.60 | |||||||
| Cadence Design Systems Inc. | — | — | 99.91 | 75.17 | 67.09 | 76.54 | 69.10 | 72.17 | 78.64 | 68.16 | 73.71 | 67.89 | 59.70 | 55.98 | 59.24 | 56.00 | 53.88 | 66.92 | 59.14 | 61.38 | 62.89 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | 675.68 | 391.27 | 632.51 | 892.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Datadog Inc. | — | — | — | 220.89 | 235.49 | 220.03 | 232.13 | 340.29 | 884.97 | — | — | — | — | — | 5,463.33 | 16,813.15 | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | 57.97 | 82.74 | 81.19 | 99.26 | 81.98 | 61.32 | 70.49 | 54.13 | 48.82 | 47.89 | 42.08 | 29.67 | 32.23 | 22.83 | 28.46 | 27.12 | 39.89 | 51.31 | 53.58 | 56.83 | 54.83 | 44.64 | 57.71 | |||||||
| International Business Machines Corp. | — | — | 41.60 | 38.94 | 39.68 | 29.62 | 20.87 | 18.66 | 22.50 | 19.07 | 63.16 | 62.36 | 71.56 | 95.23 | 20.78 | 22.19 | 19.40 | 23.26 | 23.99 | 23.63 | 19.30 | — | — | — | |||||||
| Intuit Inc. | — | 53.58 | 51.15 | 65.11 | 58.94 | 60.26 | 66.50 | 61.19 | 64.61 | 56.26 | 59.38 | 56.80 | 57.31 | 40.47 | 63.28 | 85.13 | 75.17 | 56.40 | 62.56 | 48.28 | 49.52 | 56.56 | 45.75 | 44.67 | |||||||
| Oracle Corp. | 47.60 | 33.25 | 42.77 | 39.36 | 37.63 | 32.94 | 27.34 | 32.03 | 38.96 | 27.11 | 24.69 | 35.29 | 26.85 | 27.46 | 26.70 | 17.45 | 15.84 | 15.15 | 17.19 | 17.88 | 16.69 | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | 450.16 | 632.38 | 244.40 | 147.19 | 159.62 | 246.77 | 279.03 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | 97.64 | 105.57 | 47.73 | 42.42 | 41.23 | 37.18 | 127.17 | 170.35 | 290.26 | 1,656.49 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 45.28 | 59.32 | 43.63 | 38.62 | 71.24 | 94.07 | 136.55 | 547.14 | 879.57 | 528.78 | 324.46 | 174.67 | 135.68 | 147.95 | 110.94 | 48.91 | 48.20 | 58.10 | 104.23 | — | 1,204.70 | — | — | — | |||||||
| ServiceNow Inc. | — | — | 124.75 | 109.38 | 146.40 | 147.50 | 148.98 | 77.25 | 90.80 | 71.21 | 80.21 | 231.71 | 284.28 | 417.74 | 479.20 | 452.04 | 487.70 | 620.23 | 681.34 | 654.66 | 978.47 | — | — | — | |||||||
| Synopsys Inc. | — | — | 33.17 | 34.48 | 33.69 | 55.30 | 63.08 | 62.39 | 70.08 | 62.65 | 67.52 | 57.28 | 51.76 | 53.76 | 46.52 | 48.45 | 73.37 | 64.13 | 45.71 | 56.52 | 55.92 | 51.53 | 54.36 | 46.45 | |||||||
| Workday Inc. | 122.85 | 43.12 | 44.76 | 37.68 | 50.53 | 934.29 | — | — | — | — | — | — | 1,957.29 | 2,418.34 | — | — | — | — | — | — | — | — | — | — | |||||||
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 incomeQ4 2025
+ Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025)
÷ No. shares of common stock outstanding
= (27,233,000,000 + 25,824,000,000 + 24,108,000,000 + 24,667,000,000)
÷ 7,433,166,379 = 13.70
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 513.24 ÷ 13.70 = 37.46
5 Click competitor name to see calculations.
The financial data reveals several key trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the quarterly periods presented.
- Share Price
- The share price exhibits a general upward trajectory from September 2019 through mid-2021, increasing from approximately $137 to over $310. Following this peak, the price experiences a period of decline and fluctuation until late 2022, reaching a lower point near $242. Thereafter, a strong recovery is observed, with the share price rising sharply to a peak exceeding $513 by mid-2025. The pattern indicates phases of strong investor confidence interspersed with market corrections or volatility.
- Earnings Per Share (EPS)
- EPS data, starting from June 2020, demonstrates consistent growth throughout the periods without evident downturns. The EPS rises from 5.85 to 13.7 by mid-2025, representing more than a doubling over approximately five years. This steady upward progression signals improving profitability and operational performance on a per-share basis.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio fluctuates in a relatively narrow range from approximately 26.7 to 37.5 across the observed intervals. Initial values around 35 gradually decline to the high 20s during late 2021 and 2022, coinciding with the share price pullback. A resurgence to values above 35 occurs into 2024 and 2025, matching the recovery in share price. The oscillations suggest changing market sentiment regarding valuation, reflecting periods when the stock is perceived as more or less expensive relative to earnings.
Overall, the data portrays a company with steadily improving earnings complemented by fluctuating share price movements. The increase in EPS underscores robust financial performance, while the share price and P/E variations signal market-driven adjustments in valuation expectations over time.
Price to Operating Profit (P/OP)
Microsoft 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 | 7,433,166,379 | 7,432,543,865 | 7,433,982,235 | 7,434,880,776 | 7,433,038,381 | 7,432,305,794 | 7,430,436,229 | 7,432,262,329 | 7,429,763,722 | 7,435,487,575 | 7,443,803,533 | 7,454,473,144 | 7,457,891,872 | 7,479,033,135 | 7,496,866,428 | 7,507,980,444 | 7,514,891,248 | 7,531,574,551 | 7,542,215,767 | 7,560,495,969 | 7,567,652,935 | 7,583,440,247 | 7,606,047,010 | 7,628,805,618 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Operating income (in millions) | 34,323) | 32,000) | 31,653) | 30,552) | 27,925) | 27,581) | 27,032) | 26,895) | 24,254) | 22,352) | 20,399) | 21,518) | 20,534) | 20,364) | 22,247) | 20,238) | 19,095) | 17,048) | 17,897) | 15,876) | 13,407) | 12,975) | 13,891) | 12,686) | |||||||
| Operating profit per share2 | 17.29 | 16.43 | 15.83 | 15.21 | 14.72 | 14.23 | 13.53 | 12.63 | 11.91 | 11.41 | 11.13 | 11.36 | 11.18 | 10.96 | 10.49 | 9.89 | 9.30 | 8.53 | 7.98 | 7.43 | 7.00 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 513.24 | 395.26 | 442.33 | 432.53 | 422.92 | 399.04 | 408.59 | 330.53 | 330.72 | 275.42 | 242.04 | 250.66 | 276.41 | 270.22 | 288.49 | 310.11 | 286.50 | 261.97 | 232.33 | 213.25 | 205.01 | 177.43 | 168.04 | 137.24 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/OP ratio4 | 29.68 | 24.05 | 27.94 | 28.44 | 28.73 | 28.04 | 30.20 | 26.16 | 27.76 | 24.15 | 21.76 | 22.07 | 24.72 | 24.66 | 27.51 | 31.35 | 30.79 | 30.72 | 29.13 | 28.71 | 29.30 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Accenture PLC | — | 16.89 | 18.52 | 23.34 | 23.52 | 20.96 | 24.43 | 24.40 | 21.69 | 21.16 | 18.24 | 17.50 | 16.83 | 19.98 | 23.62 | 31.03 | 28.35 | 25.67 | 24.96 | 25.29 | 22.21 | 21.16 | 15.44 | 20.55 | |||||||
| Adobe Inc. | — | — | 20.00 | 21.20 | 26.38 | 34.93 | 37.61 | 37.84 | 40.52 | 35.69 | 35.47 | 28.49 | 25.85 | 21.47 | 28.50 | 36.67 | 40.64 | 49.83 | 54.24 | 47.80 | 51.75 | 56.53 | 54.83 | 41.99 | |||||||
| Cadence Design Systems Inc. | — | — | 71.69 | 55.59 | 52.42 | 64.64 | 62.16 | 64.10 | 65.43 | 57.98 | 59.96 | 53.91 | 47.21 | 41.53 | 46.31 | 46.60 | 48.13 | 60.37 | 53.96 | 56.52 | 57.54 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | — | 1,246.42 | 3,413.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Datadog Inc. | — | — | — | 1,225.87 | 797.11 | 582.08 | 786.59 | 2,905.50 | — | — | — | — | — | — | 3,299.68 | 8,476.50 | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | 41.44 | 58.76 | 58.01 | 69.38 | 55.87 | 42.81 | 48.81 | 36.15 | 33.43 | 31.94 | 28.65 | 20.43 | 22.70 | 16.86 | 21.12 | 21.03 | 30.64 | 39.21 | 42.38 | 45.39 | 45.28 | 36.51 | 46.59 | |||||||
| International Business Machines Corp. | — | — | 23.57 | 22.11 | 25.48 | 20.07 | 18.25 | 16.26 | 17.99 | 14.81 | 15.22 | 13.98 | 14.35 | 15.37 | 15.24 | 17.07 | 16.23 | 19.92 | 19.33 | 17.63 | 15.90 | — | — | — | |||||||
| Intuit Inc. | — | 41.91 | 40.68 | 52.88 | 48.11 | 48.74 | 53.07 | 46.91 | 49.04 | 41.32 | 43.34 | 43.50 | 46.05 | 33.22 | 53.54 | 71.64 | 62.00 | 46.48 | 52.54 | 39.99 | 41.56 | 49.11 | 39.04 | 37.66 | |||||||
| Oracle Corp. | 33.50 | 23.43 | 29.86 | 26.92 | 25.65 | 23.67 | 19.36 | 21.82 | 25.30 | 16.87 | 15.50 | 20.25 | 16.51 | 18.93 | 24.87 | 15.78 | 14.31 | 12.98 | 12.20 | 12.88 | 12.17 | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | 633.43 | 941.61 | 318.98 | 203.93 | 242.24 | 431.61 | 1,130.92 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | 122.82 | 140.59 | 172.78 | 159.88 | 144.37 | 140.84 | 132.93 | 193.40 | 418.85 | 2,481.12 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | 38.94 | 50.24 | 37.14 | 33.49 | 58.80 | 65.09 | 79.66 | 145.83 | 177.62 | 295.77 | 2,318.80 | 818.64 | 357.52 | 280.57 | 236.57 | 228.93 | 431.39 | 914.43 | 3,682.10 | — | 511.08 | — | — | — | |||||||
| ServiceNow Inc. | — | — | 129.42 | 113.44 | 152.95 | 156.39 | 159.12 | 156.78 | 206.26 | 174.57 | 225.28 | 224.96 | 260.26 | 357.30 | 404.46 | 408.11 | 436.46 | 570.38 | 493.80 | 404.36 | 583.07 | — | — | — | |||||||
| Synopsys Inc. | — | — | 55.22 | 57.97 | 56.25 | 56.16 | 63.80 | 64.29 | 67.90 | 61.35 | 62.50 | 50.41 | 43.85 | 48.91 | 42.54 | 47.17 | 75.64 | 65.25 | 49.28 | 59.98 | 59.90 | 58.40 | 54.81 | 48.73 | |||||||
| Workday Inc. | 155.71 | 166.90 | 201.96 | 210.15 | 381.31 | 4,065.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
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
= (Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025)
÷ No. shares of common stock outstanding
= (34,323,000,000 + 32,000,000,000 + 31,653,000,000 + 30,552,000,000)
÷ 7,433,166,379 = 17.29
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 513.24 ÷ 17.29 = 29.68
5 Click competitor name to see calculations.
The quarterly financial data reveals several noteworthy trends across the periods analyzed.
- Share Price
- The share price shows an overall upward trajectory, with some fluctuations. Beginning at $137.24 in September 2019, it rose steadily, peaking at $310.11 by September 2021. This was followed by a period of decline and volatility, reaching a low of $242.04 in December 2022. Subsequently, the share price recovered sharply, hitting a high of $513.24 in June 2025. Notably, there were significant increases observed in late 2023 and throughout 2024 into mid-2025.
- Operating Profit per Share (OPPS)
- Data for operating profit per share starts from June 2020 at $7.00 and exhibits a consistent upward trend throughout the periods. The OPPS increased steadily from $7.00 in mid-2020 to $17.29 by June 2025. This progression indicates sustained improvement in profitability on a per-share basis, without significant interruptions or reversals.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio shows fluctuating behavior despite an overall range between approximately 21.76 and 31.35. Initially, from June 2020, it hovered around 29 to 31, before declining to a low near 21.76 in September 2022. Following this dip, the ratio rose again above 27 and fluctuated, ending at 29.68 in June 2025. This variability reflects shifts in market valuation relative to operating profit, with periods where the share price outpaced profit growth and other times when operating profit gains were relatively stronger.
In summary, the data suggests a pattern of steady growth in operating profitability alongside significant volatility in share price and valuation multiples. The strong recovery and upward movement in share price toward later periods imply positive market sentiment, potentially driven by improved profitability and other external factors. The fluctuations in the P/OP ratio indicate changing investor expectations and market conditions affecting the relative valuation over time.
Price to Sales (P/S)
Microsoft 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 | 7,433,166,379 | 7,432,543,865 | 7,433,982,235 | 7,434,880,776 | 7,433,038,381 | 7,432,305,794 | 7,430,436,229 | 7,432,262,329 | 7,429,763,722 | 7,435,487,575 | 7,443,803,533 | 7,454,473,144 | 7,457,891,872 | 7,479,033,135 | 7,496,866,428 | 7,507,980,444 | 7,514,891,248 | 7,531,574,551 | 7,542,215,767 | 7,560,495,969 | 7,567,652,935 | 7,583,440,247 | 7,606,047,010 | 7,628,805,618 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Revenue (in millions) | 76,441) | 70,066) | 69,632) | 65,585) | 64,727) | 61,858) | 62,020) | 56,517) | 56,189) | 52,857) | 52,747) | 50,122) | 51,865) | 49,360) | 51,728) | 45,317) | 46,152) | 41,706) | 43,076) | 37,154) | 38,033) | 35,021) | 36,906) | 33,055) | |||||||
| Sales per share2 | 37.90 | 36.33 | 35.22 | 34.19 | 32.98 | 31.83 | 30.63 | 29.37 | 28.52 | 27.92 | 27.42 | 27.24 | 26.59 | 25.75 | 24.66 | 23.48 | 22.37 | 21.24 | 20.32 | 19.46 | 18.90 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 513.24 | 395.26 | 442.33 | 432.53 | 422.92 | 399.04 | 408.59 | 330.53 | 330.72 | 275.42 | 242.04 | 250.66 | 276.41 | 270.22 | 288.49 | 310.11 | 286.50 | 261.97 | 232.33 | 213.25 | 205.01 | 177.43 | 168.04 | 137.24 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/S ratio4 | 13.54 | 10.88 | 12.56 | 12.65 | 12.82 | 12.54 | 13.34 | 11.25 | 11.60 | 9.86 | 8.83 | 9.20 | 10.40 | 10.50 | 11.70 | 13.21 | 12.81 | 12.33 | 11.43 | 10.96 | 10.85 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Accenture PLC | — | 2.60 | 2.80 | 3.51 | 3.48 | 2.98 | 3.36 | 3.32 | 2.98 | 3.05 | 2.72 | 2.67 | 2.56 | 3.04 | 3.57 | 4.72 | 4.28 | 3.86 | 3.72 | 3.75 | 3.26 | 3.11 | 2.26 | 3.01 | |||||||
| Adobe Inc. | — | — | 7.27 | 7.69 | 8.27 | 10.88 | 11.47 | 11.33 | 13.88 | 12.12 | 11.93 | 9.66 | 8.95 | 7.61 | 10.33 | 13.47 | 14.94 | 18.20 | 19.39 | 16.61 | 17.04 | 18.15 | 17.19 | 12.64 | |||||||
| Cadence Design Systems Inc. | — | — | 19.87 | 16.68 | 15.26 | 18.27 | 17.52 | 18.53 | 20.02 | 16.65 | 17.25 | 15.77 | 14.23 | 12.80 | 13.99 | 13.21 | 12.55 | 15.59 | 13.88 | 14.33 | 13.85 | — | — | — | |||||||
| CrowdStrike Holdings Inc. | 19.36 | 22.89 | 18.94 | 25.36 | 26.10 | 19.77 | 14.73 | 15.27 | 12.81 | 13.55 | 23.24 | 22.99 | 30.15 | 37.35 | 54.14 | 46.77 | 48.70 | 46.83 | 43.35 | 37.61 | 22.79 | — | — | — | |||||||
| Datadog Inc. | — | — | — | 12.92 | 16.12 | 16.67 | 15.81 | 17.37 | 20.19 | 16.72 | 14.86 | 13.74 | 14.64 | 14.59 | 26.18 | 29.04 | 49.25 | 65.77 | 53.51 | 35.53 | 49.57 | — | — | — | |||||||
| Fair Isaac Corp. | — | 19.01 | 25.94 | 24.89 | 29.64 | 23.73 | 18.39 | 20.58 | 15.36 | 13.88 | 12.91 | 11.61 | 8.05 | 8.72 | 7.20 | 8.38 | 8.08 | 10.75 | 10.72 | 10.97 | 10.38 | 10.37 | 8.44 | 9.99 | |||||||
| International Business Machines Corp. | — | — | 3.79 | 3.39 | 3.81 | 3.03 | 2.82 | 2.46 | 2.73 | 2.16 | 2.11 | 1.89 | 1.94 | 1.99 | 1.95 | 2.10 | 1.94 | 1.82 | 1.96 | 1.83 | 1.47 | — | — | — | |||||||
| Intuit Inc. | — | 10.22 | 9.05 | 11.46 | 10.72 | 11.71 | 12.20 | 10.73 | 10.72 | 8.95 | 8.44 | 8.01 | 9.30 | 7.87 | 12.04 | 17.26 | 16.09 | 13.50 | 14.16 | 12.12 | 11.78 | 11.03 | 10.47 | 10.18 | |||||||
| Oracle Corp. | 10.32 | 7.25 | 9.05 | 8.03 | 7.44 | 6.68 | 5.37 | 5.89 | 6.63 | 4.73 | 4.71 | 4.64 | 4.25 | 4.96 | 6.62 | 5.96 | 5.38 | 4.90 | 4.53 | 4.67 | 4.33 | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | 82.47 | 102.00 | 44.01 | 24.02 | 20.42 | 23.27 | 19.34 | 17.93 | 10.19 | 9.34 | 7.98 | 11.62 | 9.27 | 15.58 | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | 13.62 | 15.45 | 15.74 | 13.62 | 12.95 | 11.25 | 10.83 | 10.87 | 9.63 | 9.23 | 8.70 | 9.62 | 9.22 | 9.68 | 11.48 | 10.72 | 8.85 | 9.71 | 7.64 | 6.66 | 7.03 | 6.29 | 7.16 | |||||||
| Salesforce Inc. | 7.40 | 9.47 | 6.74 | 5.91 | 8.45 | 7.18 | 6.52 | 6.44 | 5.84 | 4.85 | 5.93 | 6.27 | 7.40 | 10.30 | 11.09 | 9.72 | 9.24 | 10.19 | 12.73 | 8.72 | 8.88 | — | — | — | |||||||
| ServiceNow Inc. | — | — | 17.19 | 14.67 | 18.99 | 18.83 | 17.15 | 15.71 | 17.52 | 13.33 | 14.25 | 12.17 | 12.75 | 12.13 | 13.36 | 16.11 | 19.02 | 24.74 | 22.46 | 20.63 | 25.66 | — | — | — | |||||||
| Synopsys Inc. | — | — | 11.53 | 11.98 | 12.45 | 13.60 | 14.87 | 14.65 | 14.75 | 11.72 | 11.75 | 10.44 | 10.03 | 11.21 | 9.86 | 9.78 | 13.22 | 11.85 | 9.27 | 10.69 | 10.08 | 9.21 | 7.59 | 6.65 | |||||||
| Workday Inc. | 7.65 | 8.57 | 8.77 | 7.41 | 9.61 | 8.94 | 8.77 | 7.93 | 7.71 | 6.19 | 7.33 | 7.91 | 11.19 | 15.28 | 13.10 | 13.09 | 13.95 | 12.07 | 14.47 | 11.23 | 10.65 | — | — | — | |||||||
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
= (RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025)
÷ No. shares of common stock outstanding
= (76,441,000,000 + 70,066,000,000 + 69,632,000,000 + 65,585,000,000)
÷ 7,433,166,379 = 37.90
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 513.24 ÷ 37.90 = 13.54
5 Click competitor name to see calculations.
The share price exhibits a generally upward trajectory over the analyzed period, starting at $137.24 in September 2019 and reaching a peak of $513.24 by June 2025. Notable increases occurred in the intervals from June 2023 to December 2023 and from December 2024 to June 2025. Some volatility is observed, particularly between September 2021 and September 2022, where the share price experienced a decline from $310.11 to $242.04 before recovering again.
Sales per share data, available beginning in June 2020, shows a steady growth trend without any observed declines throughout the timeframe. Starting at $18.90, sales per share rose consistently to $37.90 by June 2025, indicating a continuous strengthening of revenue generation on a per-share basis.
The price-to-sales (P/S) ratio exhibits moderate fluctuations. Initially, it rises from 10.85 in June 2020 to a peak of 13.21 by September 2021, suggesting increasing market valuation relative to sales. It then declines steadily to a low of 8.83 in December 2022, indicating a relative decrease in market valuation compared to revenue during that time. Following this dip, the P/S ratio climbs again to 13.54 by June 2025, signifying renewed growth in valuation relative to sales.
- Share price trends
- The share price increases substantially over the analyzed periods, with intermittent volatility and short-term decreases followed by recoveries.
- Sales per share trends
- Sales per share display consistent, uninterrupted growth, indicating an ongoing improvement in fundamentals.
- Price-to-sales (P/S) ratio trends
- The P/S ratio fluctuates, peaking in late 2021 and bottoming out near the end of 2022, then rising again, reflecting changing market sentiment and valuation relative to sales growth.
- Overall insights
- The data reflect a company with strong sales growth underpinning steadily increasing share prices, though market valuation multiples have varied, possibly due to changing investor perceptions or external economic factors.
Price to Book Value (P/BV)
Microsoft 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 | 7,433,166,379 | 7,432,543,865 | 7,433,982,235 | 7,434,880,776 | 7,433,038,381 | 7,432,305,794 | 7,430,436,229 | 7,432,262,329 | 7,429,763,722 | 7,435,487,575 | 7,443,803,533 | 7,454,473,144 | 7,457,891,872 | 7,479,033,135 | 7,496,866,428 | 7,507,980,444 | 7,514,891,248 | 7,531,574,551 | 7,542,215,767 | 7,560,495,969 | 7,567,652,935 | 7,583,440,247 | 7,606,047,010 | 7,628,805,618 | |||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 343,479) | 321,891) | 302,695) | 287,723) | 268,477) | 253,152) | 238,268) | 220,714) | 206,223) | 194,683) | 183,136) | 173,566) | 166,542) | 162,924) | 160,010) | 151,978) | 141,988) | 134,505) | 130,236) | 123,392) | 118,304) | 114,501) | 110,109) | 106,061) | |||||||
| Book value per share (BVPS)2 | 46.21 | 43.31 | 40.72 | 38.70 | 36.12 | 34.06 | 32.07 | 29.70 | 27.76 | 26.18 | 24.60 | 23.28 | 22.33 | 21.78 | 21.34 | 20.24 | 18.89 | 17.86 | 17.27 | 16.32 | 15.63 | 15.10 | 14.48 | 13.90 | |||||||
| Share price1, 3 | 513.24 | 395.26 | 442.33 | 432.53 | 422.92 | 399.04 | 408.59 | 330.53 | 330.72 | 275.42 | 242.04 | 250.66 | 276.41 | 270.22 | 288.49 | 310.11 | 286.50 | 261.97 | 232.33 | 213.25 | 205.01 | 177.43 | 168.04 | 137.24 | |||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||
| P/BV ratio4 | 11.11 | 9.13 | 10.86 | 11.18 | 11.71 | 11.72 | 12.74 | 11.13 | 11.92 | 10.52 | 9.84 | 10.77 | 12.38 | 12.40 | 13.52 | 15.32 | 15.16 | 14.67 | 13.45 | 13.07 | 13.11 | 11.75 | 11.61 | 9.87 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||
| Accenture PLC | — | 5.82 | 6.44 | 7.98 | 7.98 | 6.92 | 8.00 | 8.03 | 7.44 | 7.65 | 7.22 | 7.26 | 7.13 | 8.46 | 9.85 | 12.45 | 11.06 | 9.57 | 9.27 | 9.38 | 8.51 | 8.64 | 6.53 | 8.73 | |||||||
| Adobe Inc. | — | — | 14.36 | 12.95 | 12.61 | 15.67 | 15.79 | 14.62 | 16.31 | 14.51 | 14.82 | 12.24 | 11.22 | 9.10 | 12.33 | 15.78 | 15.94 | 19.07 | 20.14 | 16.77 | 16.53 | 19.27 | 19.03 | 14.08 | |||||||
| Cadence Design Systems Inc. | — | — | 20.19 | 17.02 | 15.15 | 17.43 | 17.12 | 21.18 | 24.05 | 20.96 | 22.55 | 19.75 | 18.46 | 16.23 | 17.49 | 15.10 | 13.68 | 17.63 | 15.94 | 15.79 | 14.90 | 13.22 | 12.81 | 10.07 | |||||||
| CrowdStrike Holdings Inc. | 23.34 | 28.00 | 23.34 | 32.84 | 34.61 | 27.75 | 21.18 | 23.27 | 19.61 | 20.98 | 34.78 | 34.12 | 42.67 | 50.64 | 68.13 | 55.02 | 48.91 | 43.84 | 35.86 | 28.17 | 14.78 | 14.59 | 23.58 | 235.40 | |||||||
| Datadog Inc. | — | — | — | 12.55 | 15.94 | 16.08 | 15.73 | 17.81 | 21.22 | 18.59 | 17.10 | 16.30 | 17.39 | 17.33 | 29.42 | 31.03 | 48.66 | 60.46 | 44.80 | 28.33 | 31.25 | 29.28 | 25.01 | 25.68 | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 116.79 | 63.97 | 44.30 | 40.58 | 51.41 | 48.35 | 49.58 | |||||||
| International Business Machines Corp. | — | — | 8.82 | 7.93 | 8.75 | 7.75 | 7.32 | 6.56 | 7.49 | 5.72 | 5.76 | 5.29 | 5.34 | 5.99 | 5.98 | 6.43 | 5.90 | 4.99 | 5.83 | 5.93 | 5.24 | 4.65 | 5.39 | 5.61 | |||||||
| Intuit Inc. | — | 9.23 | 8.65 | 10.48 | 9.47 | 9.87 | 10.89 | 9.31 | 8.92 | 7.16 | 7.29 | 6.64 | 7.20 | 5.97 | 8.81 | 18.30 | 15.71 | 12.05 | 12.32 | 18.11 | 17.71 | 15.95 | 20.02 | 19.43 | |||||||
| Oracle Corp. | 28.96 | 24.17 | 36.17 | 39.94 | 45.25 | 62.34 | 71.68 | 126.71 | 308.71 | — | — | — | — | — | — | — | 41.57 | 21.84 | 22.54 | 19.31 | 14.01 | 10.62 | 11.23 | 9.59 | |||||||
| Palantir Technologies Inc. | — | — | — | 47.36 | 58.42 | 25.89 | 14.70 | 12.62 | 14.90 | 12.89 | 12.41 | 7.43 | 6.94 | 6.12 | 8.63 | 6.46 | 10.48 | 21.63 | 23.50 | 19.63 | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | 16.72 | 20.77 | 22.07 | 21.15 | 22.59 | 19.43 | 35.97 | 42.84 | 50.71 | 77.94 | 99.68 | 252.00 | 141.27 | 399.29 | 100.84 | 71.88 | 35.40 | 35.42 | 36.65 | 20.61 | 30.82 | 12.21 | 14.24 | |||||||
| Salesforce Inc. | 4.59 | 6.02 | 4.26 | 3.54 | 4.94 | 4.20 | 3.71 | 3.61 | 3.13 | 2.48 | 2.89 | 2.98 | 3.37 | 4.51 | 4.70 | 5.10 | 4.73 | 5.13 | 6.42 | 4.60 | 4.48 | 4.17 | 7.74 | 7.48 | |||||||
| ServiceNow Inc. | — | — | 18.95 | 16.59 | 21.71 | 21.21 | 19.70 | 18.37 | 20.60 | 15.73 | 16.49 | 16.55 | 18.36 | 18.56 | 21.02 | 25.22 | 30.36 | 38.72 | 35.47 | 32.82 | 40.91 | 37.26 | 33.38 | 29.58 | |||||||
| Synopsys Inc. | — | — | 7.24 | 7.82 | 8.48 | 10.75 | 12.58 | 13.16 | 14.02 | 10.87 | 10.66 | 9.58 | 9.24 | 9.90 | 8.43 | 8.17 | 10.50 | 9.38 | 7.26 | 8.37 | 7.57 | 7.04 | 6.04 | 5.41 | |||||||
| Workday Inc. | 7.15 | 8.10 | 8.27 | 6.87 | 8.63 | 9.42 | 9.39 | 8.63 | 8.58 | 6.81 | 8.11 | 8.93 | 12.68 | 17.74 | 15.82 | 17.19 | 18.38 | 16.33 | 20.36 | 16.49 | 15.54 | 16.40 | 18.29 | 22.98 | |||||||
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 = Stockholders’ equity ÷ No. shares of common stock outstanding
= 343,479,000,000 ÷ 7,433,166,379 = 46.21
3 Closing price as at the filing date of Microsoft Corp. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 513.24 ÷ 46.21 = 11.11
5 Click competitor name to see calculations.
The data reveals several notable trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price shows a general upward trend from September 30, 2019, starting at $137.24 and reaching a peak level of $442.33 by December 31, 2024. There are fluctuations within this growth, including a decline observed around late 2021, where the price fell from $310.11 in September to $270.22 in March 2022, before partially recovering and continuing its upward trajectory. The most significant surge occurs from late 2022 onward, with a rapid increase from $242.04 in December 2022 to over $513.24 by June 30, 2025, highlighting strong market performance during this period.
- Book Value Per Share (BVPS)
- The BVPS exhibits a consistent increase throughout the timeline. Beginning at $13.90 in September 2019, it rises steadily with no declines, reaching $46.21 by June 30, 2025. This steady growth in BVPS indicates ongoing improvements in the company's net asset value per share, reflecting potentially strong fundamental financial health and retained earnings accumulation over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio starts at 9.87 in September 2019, increasing steadily to a high of 15.32 by September 2021. After this peak, the ratio declines sharply through 2022 to a low of 9.84 in December 2022, before recovering partly and fluctuating around 10 to 12 in the subsequent periods. This pattern suggests that the market valuation relative to book value became more conservative following 2021, with valuation multiples contracting despite rising book values. Late 2024 and early 2025 see a further dip to 9.13 followed by a rebound to 11.11, indicating some market reassessment or renewed confidence.
Overall, the data points to strong growth in intrinsic value as reflected in rising BVPS, combined with substantial appreciation in share price, albeit with some volatility. The variations in the P/BV ratio imply shifts in market sentiment, valuation adjustments, and potential responses to external economic or company-specific factors impacting the perceived value relative to the company's book value.