Common Stock Valuation Ratios (Price Multiples)
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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- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Current Valuation Ratios
Regeneron Pharmaceuticals Inc., current price multiples
| Regeneron Pharmaceuticals Inc. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | |||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||
| Growth rate (g) | |||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||
| Next year expected EPS | |||||||||||||||||
| Operating profit per share | |||||||||||||||||
| Sales per share | |||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | |||||||||||||||||
| Price to next year expected earnings | |||||||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||||||
| Price to operating profit (P/OP) | |||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Regeneron Pharmaceuticals Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The valuation ratios demonstrate fluctuating investor sentiment over the observed period. Initial values in 2021 were comparatively low, followed by increases in 2022 and 2023, before exhibiting a degree of moderation in the subsequent two years. These shifts suggest evolving market perceptions of the company’s future prospects and risk profile.
- Price to Earnings (P/E)
- The Price to Earnings ratio increased substantially from 8.37 in 2021 to 25.99 in 2023, indicating a growing willingness of investors to pay a premium for each dollar of earnings. However, this ratio decreased to 17.76 in 2024 and remained relatively stable at 18.19 in 2025, potentially reflecting concerns about future earnings growth or a correction in market valuation.
- Price to Operating Profit (P/OP)
- A similar pattern is observed in the Price to Operating Profit ratio. It rose from 7.55 in 2021 to 25.39 in 2023, mirroring the trend in the P/E ratio. The ratio then decreased to 19.63 in 2024 and increased slightly to 22.90 in 2025, suggesting a continued, but moderated, valuation based on operating profitability.
- Price to Sales (P/S)
- The Price to Sales ratio also increased between 2021 and 2023, moving from 4.20 to 7.84. This indicates investors were placing a higher value on the company’s revenue generation. A subsequent decline to 5.52 in 2024 and a slight increase to 5.71 in 2025 suggests a stabilization of valuation relative to sales.
- Price to Book Value (P/BV)
- The Price to Book Value ratio exhibited a more modest increase from 3.60 in 2021 to 3.96 in 2023. A notable decrease to 2.67 in 2024, followed by a slight increase to 2.62 in 2025, indicates a diminishing premium placed on the company’s net asset value, potentially signaling a reassessment of its intrinsic worth or a shift in investor focus towards earnings-based valuation metrics.
Overall, the ratios suggest a period of increasing valuation between 2021 and 2023, followed by a period of stabilization and slight moderation in 2024 and 2025. The convergence of the P/E and P/OP ratios towards lower levels in the later years may indicate a more realistic assessment of the company’s earnings potential.
Price to Earnings (P/E)
Regeneron Pharmaceuticals Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio for the observed period demonstrates considerable fluctuation. Initially, the P/E ratio was relatively low, then increased substantially before declining again. This analysis details the observed trends in the P/E ratio alongside its constituent components, share price and earnings per share.
- Share Price
- The share price exhibited an increasing trend from 2021 to 2023, rising from 622.36 to 936.33. A subsequent decrease was observed in 2024, falling to 716.72, followed by a modest recovery to 775.06 in 2025.
- Earnings Per Share (EPS)
- Earnings per share decreased significantly from 2021 to 2022, dropping from 74.40 to 39.68. EPS continued to decline in 2023, reaching 36.02. A slight recovery occurred in 2024, with EPS increasing to 40.36, and this upward trend continued into 2025, reaching 42.61.
- Price to Earnings (P/E) Ratio
- The P/E ratio began at 8.37 in 2021. A substantial increase was then observed in 2022, reaching 19.68, and continued into 2023, peaking at 25.99. In 2024, the P/E ratio decreased to 17.76, and remained relatively stable in 2025 at 18.19. The increase in the P/E ratio from 2021 to 2023 was driven by a combination of increasing share price and decreasing earnings per share. The subsequent decline in 2024 reflects a more significant decrease in share price alongside a modest increase in EPS. The stabilization in 2025 suggests a balance between the share price and earnings.
The interplay between share price and earnings per share significantly influenced the P/E ratio over the observed period. The initial low P/E ratio suggests the stock may have been undervalued relative to its earnings in 2021. The subsequent increases indicate growing investor optimism or potentially overvaluation, while the later decline suggests a correction or a reassessment of the company’s future earnings potential.
Price to Operating Profit (P/OP)
Regeneron Pharmaceuticals Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income from operations (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio for the analyzed period demonstrates a significant fluctuation. Initially, the ratio increased substantially before stabilizing and then decreasing slightly. A review of the underlying components, share price and operating profit per share, reveals the drivers of this trend.
- Overall Trend
- The P/OP ratio began at 7.55 in 2021 and rose dramatically to 18.01 in 2022. It continued to increase, peaking at 25.39 in 2023. A subsequent decline to 19.63 was observed in 2024, followed by a slight increase to 22.90 in 2025. This indicates a period of increasing valuation relative to operating profit, followed by a moderation.
- Share Price Influence
- The share price exhibited an upward trend from 2021 to 2023, increasing from US$622.36 to US$936.33. This increase contributed significantly to the rise in the P/OP ratio during those years. A decrease in share price to US$716.72 in 2024 partially offset the high ratio, and a subsequent increase to US$775.06 in 2025 resulted in a modest increase in the P/OP ratio.
- Operating Profit per Share Influence
- Operating profit per share decreased consistently throughout the analyzed period, falling from US$82.43 in 2021 to US$33.84 in 2025. This decline in operating profit per share exerted downward pressure on the P/OP ratio, counteracting the upward pressure from the share price, particularly in the later years of the period. The largest decrease in operating profit per share occurred between 2021 and 2022, coinciding with the initial substantial increase in the P/OP ratio.
The combined effect of the share price and operating profit per share movements resulted in the observed P/OP ratio trend. The initial increase was driven more strongly by share price appreciation, while the subsequent stabilization and slight decline were influenced by the consistent decrease in operating profit per share.
Price to Sales (P/S)
Regeneron Pharmaceuticals Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited a fluctuating pattern over the five-year period. Initially, the ratio increased significantly before declining and stabilizing. Share price and sales per share both experienced volatility during the observed timeframe, influencing the overall P/S ratio.
- Price to Sales Ratio (P/S)
- The P/S ratio began at 4.20 in 2021 and rose substantially to 7.01 in 2022, indicating investors were willing to pay a higher premium for each dollar of sales. This increase coincided with a rise in share price. In 2023, the ratio continued to increase, reaching 7.84, but subsequently decreased to 5.52 in 2024. The ratio showed relative stability in 2025, closing at 5.71. The decline in 2024 suggests a potential correction or shift in investor sentiment, possibly related to changes in sales expectations or overall market conditions.
- Share Price
- The share price increased from US$622.36 in 2021 to US$780.86 in 2022, and further to US$936.33 in 2023. A notable decrease was observed in 2024, with the share price falling to US$716.72. The share price experienced a modest recovery in 2025, reaching US$775.06. This volatility directly impacted the P/S ratio.
- Sales per Share
- Sales per share decreased from US$148.07 in 2021 to US$111.35 in 2022. A recovery was seen in 2023, with sales per share rising to US$119.51. Further growth occurred in 2024, reaching US$129.91, and continued into 2025, reaching US$135.67. The increasing trend in sales per share from 2022 onwards partially offset the impact of share price fluctuations on the P/S ratio.
The interplay between share price and sales per share demonstrates a complex valuation dynamic. While the share price experienced significant swings, the upward trend in sales per share provided some counterbalance, ultimately influencing the observed P/S ratio pattern.
Price to Book Value (P/BV)
Regeneron Pharmaceuticals Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Bristol-Myers Squibb Co. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Regeneron Pharmaceuticals Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value (P/BV) ratio exhibited an increasing trend from 2021 through 2023, followed by a substantial decline in 2024 and a slight stabilization in 2025. This suggests a shifting perception of the company’s value relative to its net asset value over the observed period.
- Overall Trend
- The P/BV ratio increased steadily from 3.60 in 2021 to 3.96 in 2023, indicating that the market was willing to pay a progressively higher premium for each dollar of the company’s book value. However, this trend reversed sharply in 2024, with the ratio falling to 2.67, and remained relatively stable at 2.62 in 2025. This represents a significant contraction in the valuation premium.
- Share Price and Book Value Per Share
- The share price increased from US$622.36 in 2021 to US$936.33 in 2023, contributing to the initial rise in the P/BV ratio. Simultaneously, book value per share also increased, from US$172.92 to US$236.63 over the same period. The subsequent decrease in share price to US$716.72 in 2024, coupled with a continued increase in book value per share to US$268.50, drove the substantial decline in the P/BV ratio. The share price recovered slightly to US$775.06 in 2025, while book value per share continued to grow to US$295.66, resulting in a stabilized, but lower, P/BV ratio.
- Ratio Interpretation
- A P/BV ratio above 1 generally suggests that investors anticipate future earnings growth. The initial increase in the ratio from 2021 to 2023 could be interpreted as increasing investor confidence in the company’s ability to generate returns exceeding its net asset value. The subsequent decline in 2024 and stabilization in 2025 may indicate reduced investor optimism, potentially due to changing market conditions, company-specific challenges, or reassessment of future growth prospects. The ratio in 2025, at 2.62, still indicates a premium over book value, but a considerably reduced one compared to earlier years.
The observed fluctuations in the P/BV ratio warrant further investigation into the underlying factors driving these changes, including market sentiment, competitive landscape, and company performance metrics beyond book value.