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)
O’Reilly Automotive Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrated moderate fluctuations over the observed periods. Starting at 18.37 in March 2018, it gradually increased, peaking at 24.41 in September 2019. Following this peak, the ratio experienced a decline, reaching its lowest point of 17.92 by December 2020. Subsequently, the P/E ratio rebounded and stabilized around the 20-21 range through 2021, before showing an upward trend again, culminating at 24.11 in September 2022. This pattern indicates variability in market valuation relative to earnings, possibly reflecting changing investor sentiment and earnings performance over time.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited a generally upward trend from 12.35 in March 2018 to a peak near 17.49 in September 2019. Following this peak, the ratio declined sharply to a low of 12.98 in December 2020, coinciding with a notable dip in market valuation relative to operating earnings. Afterward, the ratio showed a recovery and increased steadily, reaching 17.69 by September 2022. The changes suggest shifts in market valuation dynamics relative to operating profitability, with periods of both compression and expansion in the multiples applied by investors.
- Price to Sales (P/S) Ratio
- The P/S ratio followed a largely growing trend with some short-term volatility. Beginning at 2.37 in March 2018, the ratio increased to a high of 3.34 in September 2019. It then retreated somewhat during 2020, reaching around 2.71 by December 2020. From 2021 onward, the ratio climbed steadily again, peaking at 3.71 in September 2022. This upward movement reflects a growing market valuation relative to sales, which could be associated with expectations of revenue growth or improved sales quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displayed significant volatility and some irregular data points. Initial values ranged from 50.86 to 81.54 in the 2018 periods, followed by extreme spikes, notably reaching 201.8 and 200.66 in June and September 2019, respectively. After a sharp increase to 274.49 in March 2020, the ratio again declined sharply to as low as 45.82 by September 2020. Subsequent data points show another surge to 223.91 in December 2020 and a rebound to 191.13 in June 2021, with data missing thereafter. These large fluctuations indicate high variability in market valuation relative to equity book value, possibly due to changes in balance sheet composition, share price volatility, or nonrecurring events affecting book value.
Price to Earnings (P/E)
O’Reilly Automotive Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net incomeQ3 2022
+ Net incomeQ2 2022
+ Net incomeQ1 2022
+ Net incomeQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of O’Reilly Automotive Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trajectory over the analyzed periods. Starting at $263.17 in March 2018, the price increased steadily, reaching peaks above $600 by late 2021 and continuing to climb to $833.51 by September 2022. Notable fluctuations occurred, including a temporary decline in late 2019 and a recovery thereafter. The overall movement indicates strong investor confidence and valuation growth throughout the timeframe.
- Earnings Per Share (EPS) Trend
- EPS demonstrated consistent growth across all quarters, rising from $14.33 in March 2018 to $34.57 by September 2022. This increase reflects robust profitability improvements and operational performance, with quarterly increments that show a stable and progressive earnings expansion over the nearly five-year period.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated moderately, ranging between approximately 17.9 and 24.4. The ratio generally increased during mid-2019 and again in mid-2022, indicating periods when share price growth outpaced earnings growth. However, intervals of decline in the P/E ratio, such as in late 2020, suggest times when earnings grew more rapidly relative to share price. These fluctuations imply variable market sentiment and valuation adjustments over time.
- Overall Financial Insights
- The combination of steadily rising EPS and a generally increasing share price underscores a positive growth story supported by enhanced profitability. The oscillations in the P/E ratio denote market reassessments of value relative to earnings, which align with broader market and economic conditions. The sustained financial performance suggests solid operational fundamentals and increasing shareholder value throughout the periods analyzed.
Price to Operating Profit (P/OP)
O’Reilly Automotive Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022
+ Operating incomeQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of O’Reilly Automotive Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 31, 2018, to September 30, 2022. Starting at $263.17, it increased steadily with some fluctuations. The price peaked at $833.51 in the last observed period, representing a significant growth over the nearly five-year span. Notably, the share price saw distinct surges during mid-2020 and maintained strong momentum into 2021 and 2022.
- Operating Profit per Share
- Operating profit per share consistently increased in every quarter throughout the analyzed period. Beginning at $21.3 in March 2018, it steadily grew to reach $47.11 by September 2022. This continuous increase suggests improving operational efficiency and profitability on a per-share basis across the quarters.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed variability over time, generally fluctuating between approximately 12 and 18. Initially, it rose from 12.35 to 17.49 by the third quarter of 2019, indicating that the share price was increasing at a faster rate than operating profit per share during this time. Subsequently, it decreased to a low near 12.98 by the end of 2020, suggesting a relative drop in valuation or catch-up in operating profits. Throughout 2021 to 2022, the ratio again fluctuated, moving upwards and reaching 17.69 by the last quarter, reflecting a renewed increase in investor pricing relative to operating profit.
- Overall Analysis
- The company demonstrated strong and steady growth in operating profit per share over the entire period, indicative of improving core financial performance. The share price generally reflected this positive trend but was subject to more significant volatility, influenced by market sentiment and valuation shifts. The variations in the P/OP ratio suggest periods where market valuation outpaced earnings growth and vice versa, indicating changing investor perceptions of value or growth prospects. Overall, the financial trends point to an expansion in intrinsic profitability accompanied by dynamic market valuation adjustments over time.
Price to Sales (P/S)
O’Reilly Automotive Inc., historical P/S calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (SalesQ3 2022
+ SalesQ2 2022
+ SalesQ1 2022
+ SalesQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of O’Reilly Automotive Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals a consistent upward trend in the share price of the company over the given periods, with notable fluctuations. The share price increased from $263.17 at the end of Q1 2018 to a peak of $833.51 by Q3 2022. This represents a substantial appreciation, although certain quarters, such as Q4 2019 and Q4 2020, show periods of decline or stagnation within the overall growth pattern.
Sales per share demonstrated a steady increase throughout the timeframe. Starting at $111.15 in Q1 2018, sales per share rose progressively to reach $224.64 by Q3 2022. This gradual rise indicates consistent revenue growth on a per-share basis without significant volatility.
The price-to-sales (P/S) ratio exhibited more variability compared to the share price and sales per share. Initially, the P/S ratio hovered around the 2.3 to 3.0 range, with some peaks, such as 3.34 in Q3 2019 and 3.33 in Q3 2021. There were periods where the P/S ratio declined, as seen in Q4 2019 and Q4 2020, suggesting fluctuations in the market valuation relative to sales, possibly reflecting changing investor sentiment or external market conditions. Overall, the P/S ratio ended higher in Q3 2022 at 3.71, indicating that the market valued the company's sales more highly compared to the beginning of the analyzed period.
- Share Price Trend
- Consistent overall growth with intermittent decreases; rose from $263.17 to $833.51 over the study period.
- Sales Per Share Trend
- Steady and continuous increase from $111.15 to $224.64, reflecting ongoing revenue growth per share.
- Price-to-Sales (P/S) Ratio Trend
- Fluctuated between approximately 2.3 and 3.7; exhibited peaks and troughs indicating shifting market valuations relative to sales; ended at a higher value of 3.71 in the last quarter.
In summary, the data points to robust growth in both market value and sales metrics, with the P/S ratio indicating increasing market premium attached to the company's sales over the examined quarters. The combination of rising share price and sales per share alongside elevated P/S ratios suggests improving investor confidence and valuation multiples during this period.
Price to Book Value (P/BV)
O’Reilly Automotive Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (deficit) (in thousands) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of O’Reilly Automotive Inc. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the examined periods.
- Share Price
- The share price exhibited a generally upward trajectory from March 2018 to September 2022. It increased from $263.17 in March 2018 to $833.51 by September 2022, marking substantial growth. Notably, there were fluctuations within this overall rise. For example, after reaching $440.83 in September 2019, it declined to $368.72 by December 2019, then surged again and peaked above $649 during late 2021. The upward momentum accelerated in 2022, peaking at $833.51 by the third quarter.
- Book Value Per Share (BVPS)
- The BVPS displayed considerable volatility and did not follow a clear upward or downward trend. It started at $5.17 in March 2018 but oscillated significantly, at times turning negative, such as in March 2021 (-$0.1), December 2021 (-$1.00), and continuing to decline sharply through 2022, reaching -$19.26 in September 2022. This suggests periods of diminishing net asset value on a per-share basis, possibly reflecting financial challenges or accounting adjustments affecting equity.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio was highly variable and generally elevated, indicating that the market valuation of shares was many times the book value per share. Early in the data, this ratio was already high, surpassing 50 times in 2018, peaking dramatically at 274.49 times in March 2020. Subsequent readings fluctuated widely, with some periods showing ratios above 200 times. The high P/BV ratios reflect the significant disparity between market prices and book values, likely driven by the volatility and occasional negative book value that distorted the denominator in this ratio.
In summary, the share price showed robust growth over the longer term despite short-term fluctuations, while the BVPS experienced sharp declines and volatility, culminating in negative values during later periods. The P/BV ratio reflected this mismatch with elevated and inconsistent values, underscoring the disparity between market valuation and accounting book values.