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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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Paramount Global, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
- Price to Earnings (P/E) Ratio Trends
- The P/E ratio shows considerable volatility over the analyzed periods. Initially, the ratio declines from 5.55 in March 2019 to a low of 3.43 by September 2019, followed by a rise peaking at 16.78 in December 2020. Thereafter, the ratio decreases again to values around 4.8 in early 2022, then drops further to 3.53 in September 2022. A significant spike occurs in December 2022 to 14.61, indicating sharp changes in earnings relative to price during specific quarters.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio demonstrates substantial fluctuations, beginning at 4.97 in March 2019 and dipping to 2.87 in September 2019. This is followed by a gradual increase to reach a notable peak of 9.82 in December 2020. Mid-2021 to 2022 periods see a declining trend, hitting a low of 2.26 in September 2022, succeeded by an abrupt rise to 31.34 in June 2023, suggesting a sharp change in operating profit relative to price in that latest quarter.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio generally trends downward from 1.06 in March 2019 to 0.37 in March 2020, reflecting a decrease in valuation relative to sales early in the period. Following that, it increases to a peak of 1.61 in December 2020. From 2021 onward, the ratio steadily declines, reaching lows around 0.36 to 0.51 towards early 2023, indicating a diminishing price relative to the company's sales.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio shows a clear downward trend over the timeframe. It starts at 4.35 in March 2019, then falls sharply to below 1.00 by March 2020. The ratio fluctuates slightly between 0.48 and 2.64 in subsequent quarters but remains consistently lower than early period values. By March 2023, it settles around 0.49, illustrating a significant reduction in price relative to book value over the years.
- Insights and Observations
- Overall, the valuation multiples reveal a pattern of high variability, with notable peaks around late 2020 across several ratios, potentially reflecting market or company-specific developments influencing investor sentiment or financial performance. The decline in price to book and price to sales ratios over the long term may suggest market reassessment of the company's asset quality and revenue-generating capacity. The sharp increases in operating profit and earnings-based ratios in late 2022 and early 2023 merit further investigation to understand underlying operational or financial changes. This volatility in valuation metrics underlines the importance of monitoring both external market conditions and internal financial health for comprehensive analysis.
Price to Earnings (P/E)
Paramount Global, historical P/E calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net earnings (loss) attributable to Paramount common stock (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net earnings (loss) attributable to Paramount common stockQ1 2023
+ Net earnings (loss) attributable to Paramount common stockQ4 2022
+ Net earnings (loss) attributable to Paramount common stockQ3 2022
+ Net earnings (loss) attributable to Paramount common stockQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reveals notable fluctuations and trends over the analyzed periods.
- Share Price
- The share price exhibits significant volatility across the quarters. Initially, it was relatively stable around the 50 US$ mark in early 2019, before experiencing a sharp decline in late 2019 and early 2020, reaching a low point of 16.42 US$ in March 2020. A strong recovery occurred through the rest of 2020, peaking at 65.6 US$ in December 2020. Subsequent quarters show a downward trend, with prices generally decreasing to 16.4 US$ by March 2023, indicating a loss in shareholder value over the longer term with intermittent short-term recoveries.
- Earnings per Share (EPS)
- EPS follows a declining trend from the first quarter of 2019 through early 2020, dropping from 9.09 US$ to 3.03 US$ by March 2020. It then stabilizes with minor fluctuations throughout 2020 and 2021, peaking at 6.94 US$ in December 2021. However, from 2022 onward, EPS declines sharply, turning negative at -0.78 US$ by March 2023. This points to deteriorating profitability, which may explain the sustained share price weakness observed in the same periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio varied notably, starting low at 5.55 in March 2019 and reaching very high levels in mid to late 2020, peaking at 16.78 in December 2020. This rise corresponds with lower EPS values and fluctuating share prices. In 2021 and early 2022, the P/E ratio decreased steadily to around 3.53 by September 2022, suggesting either earnings improvement relative to price or a falling stock price. Interestingly, the ratio spikes back to 14.61 in December 2022, likely influenced by the sharp decrease in EPS, reflecting reduced earnings or negative profitability impacting investor valuation metrics.
Overall, the data portrays a company facing volatility in its market valuation and sustained pressures on earnings. The negative EPS in the most recent quarter highlights emerging challenges that may impact its financial health and investor confidence moving forward.
Price to Operating Profit (P/OP)
Paramount Global, historical P/OP calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022
+ Operating income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable volatility throughout the observed periods. Initially, it starts at a relatively high level, followed by a sharp decline reaching its lowest point around March 31, 2020. Subsequent quarters show partial recovery and fluctuations, with a distinct peak in the final quarter of 2020. However, from early 2021 onward, the share price experiences a downward trend with intermittent rebounds, declining to one of its lower values by March 31, 2023.
The operating profit per share demonstrates variability but within a narrower range compared to the share price. Early in the timeline, operating profit per share shows an upward trajectory, reaching a peak in the third quarter of 2019. This is followed by a decline through 2020, with a modest recovery in 2021 and early 2022. From mid-2022 onward, the operating profit per share trends downward sharply, culminating in a significant decrease by the first quarter of 2023.
The price to operating profit (P/OP) ratio follows a pattern reflecting the interrelation of share price and operating profit per share. Initially low, the ratio spikes in the fourth quarter of 2020, coinciding with a sharp increase in share price against relatively modest profit growth. It then decreases gradually through 2021 and into early 2022, indicating improving valuation relative to operating profit. However, from late 2022 to the first quarter of 2023, the ratio surges dramatically, indicating the share price falls disproportionately relative to the steep decline in operating profit per share.
- Share Price Trends
- Marked by high volatility, with a major trough during early 2020, a pronounced peak at the end of 2020, and a generally downward progression thereafter.
- Operating Profit per Share Trends
- Shows a rise until late 2019, followed by a decrease through 2020, modest recovery in 2021, and a sharp decline from mid-2022 onwards.
- P/OP Ratio Insights
- Reflects significant valuation shifts; peaks at end of 2020 due to share price surge, decreases with improved earnings in 2021-2022, then spikes drastically early 2023 due to shrinking profits and falling share price.
- Overall Financial Performance Implication
- The data suggests periods of instability with fluctuating investor confidence. The recent steep decline in operating profit per share alongside increasing valuation multiples imply potential concerns over profitability and valuation sustainability in the near term.
Price to Sales (P/S)
Paramount Global, historical P/S calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022
+ RevenuesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends concerning the share price, sales per share, and the price-to-sales (P/S) ratio over the reported period.
- Share Price
- The share price exhibits significant volatility throughout the timeline. Initially, it started relatively strong around the low 50s in early 2019 but saw a marked decline by the end of 2019, reaching below 30 USD. In early 2020, the share price dropped sharply, hitting a low of approximately 16.42 USD amid mid-2020. This is followed by a recovery phase towards the end of 2020, with the share price peaking at 65.6 USD in December 2020. After this peak, the share price generally trended downward through 2021 and 2022, decreasing from approximately 38 USD in the first quarter of 2021 to around 16.4 USD by March 2023. The fluctuations reflect periods of market uncertainty and partial recoveries but an overall downward pressure toward the later stages of the period.
- Sales Per Share
- Sales per share remained comparatively stable relative to the share price, maintaining a narrow range mostly between 40 and 47 USD across the quarters. Sales per share peaked around mid to late 2019, reaching above 66 USD in the third quarter of 2019, but then settled into a steady level near the low to mid-40s from 2020 onwards. This stability amid fluctuating market prices suggests consistent underlying revenue generation capability without significant deterioration or improvement during the observed periods.
- Price-to-Sales (P/S) Ratio
- The P/S ratio closely follows the pattern of the share price but with more pronounced oscillations. Early 2019 shows values just above 1, which decline steadily through 2019 and dip below 0.4 in early 2020, indicating the valuation of the stock in terms of sales decreased substantially during that period. A sharp rebound is observed at the end of 2020, with the ratio peaking at around 1.61, correlating with the share price increase. Through 2021 and 2022, the P/S ratio declines again, falling below 0.4 by early 2023. The persistent drop in P/S ratio despite relatively stable sales per share suggests increasing market skepticism about the company's valuation or growth prospects.
In summary, while sales per share demonstrate relative consistency and resilience, the share price and consequently the P/S ratio reflect considerable market volatility and declining investor confidence over time. The disparity between stable sales performance and volatile market valuation points to external factors influencing investor sentiment beyond fundamental sales performance.
Price to Book Value (P/BV)
Paramount Global, historical P/BV calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Paramount stockholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Total Paramount stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Paramount Global Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends and shifts in the company’s market valuation and book value over the examined periods.
- Share Price
- The share price exhibited notable volatility, with a peak of 65.6 US$ in December 2020 followed by a general declining trend through to March 2023, where it settled at 16.4 US$. Early periods show a sharp decline from around 50 US$ in early 2019 to a low of 16.42 US$ in March 2020, likely reflecting external market pressures. Following recovery phases, the price again decreased significantly in late 2022 and early 2023.
- Book Value per Share (BVPS)
- The book value per share demonstrated a consistent upward trajectory across the period, increasing from 11.6 US$ in March 2019 to a peak of approximately 35.41 US$ in December 2022, with a slight decline to 33.54 US$ in March 2023. This steady growth suggests ongoing asset accumulation or retained earnings growth supporting shareholder equity.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio tracked the share price trend closely, starting high at 4.35 in March 2019 and dropping sharply to 0.48 by September 2022, indicating the market price was trading below the book value and suggesting undervaluation or reduced investor confidence. The ratio showed temporary rebounds corresponding to share price recoveries but remained under 1.0 from late 2019 onwards, highlighting a sustained market undervaluation relative to book value.
Overall, the company’s intrinsic value, as indicated by book value per share, increased steadily, while market valuation as reflected by share price and P/BV ratio was subject to higher volatility and significant declines. This divergence points to a potential disconnect between market perception and underlying asset value during the observed timeframe.