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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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
Roper Technologies Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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
- The P/E ratio exhibited a noticeable downward trend from early 2019 through 2019, starting at approximately 33.92 and reaching a lower point near 21.11 by year-end. In 2020, the ratio fluctuated, peaking sharply at 42.42 towards the end of that year, and continued to rise to nearly 48.46 by mid-2021. Subsequently, a significant decline occurred from early 2022 onward, with the ratio reducing markedly to around 10.03 by the end of 2022. In 2023, a modest recovery is observed, with the ratio stabilizing in the range of approximately 17 to 18.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio remained relatively stable around the mid-20s through 2019, with minor fluctuations between 24 and 26. In 2020, this ratio increased and peaked around 31 in the third quarter before stabilizing near 28 by year's end. Throughout 2021, it again rose, reaching a peak of approximately 34.33 in mid-year, before gradually decreasing to around 31 by the end of 2022. During 2023, the ratio has maintained a stable pattern, hovering near the low 30s without notable volatility.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated slight variability but generally trended upward from just above 7 in early 2019 to a high near 9.1 in mid-2021. After this peak, there was a subtle decrease in the latter part of 2021, followed by a fluctuating but stable range roughly between 7.8 and 9.1 through the end of 2023. This suggests a relatively consistent valuation of sales relative to price over the recent periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio steadily decreased from 4.6 in early 2019 to approximately 3.93 by the end of that year. It fluctuated during 2020, moving between roughly 3.8 and 4.6, but the general tendency was downward after the first half of 2020. Through 2021, the ratio declined further, ending near 4.01. In 2022 and into 2023, a continuing decline is evident, reaching lows around 2.84 by late 2022, with a slight moderate increase to around 3.1 in 2023. The overall trend suggests a decreasing premium of market price relative to book value over the observed timeframe.
Price to Earnings (P/E)
Roper Technologies Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net earnings (in thousands) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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 Q3 2023 Calculation
EPS
= (Net earningsQ3 2023
+ Net earningsQ2 2023
+ Net earningsQ1 2023
+ Net earningsQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Roper Technologies Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends in key market indicators for Roper Technologies Inc. over the analyzed periods.
- Share Price
- The share price exhibited moderate volatility with a general upward trajectory over the analyzed timeframe. Early periods show prices fluctuating around the mid-300 US$ range, reaching a peak around mid-2021 near 490 US$. A subsequent decline occurred towards late 2022, with prices dropping to just above 400 US$, followed by a recovery back toward the high 400s by late 2023. This pattern suggests periodic market adjustments potentially influenced by broader economic factors or company-specific developments.
- Earnings Per Share (EPS)
- EPS demonstrated considerable variability, with some periods of substantial increases. Initial quarters showed stable EPS near 10-11 US$, with a significant spike in the quarter ending December 2019 reaching 16.66 US$, followed by a decline in the ensuing quarters. Notably, the quarters in 2022 and 2023 exhibited strong performance with EPS values surging to above 27 US$, and even exceeding 40. This volatility in earnings suggests fluctuations in profitability, possibly due to varying operational performance or market conditions impacting revenue and expenses.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio fluctuated inversely to EPS and share price movements, with notable extreme values. Early periods saw P/E ratios in the low 30s, declining sharply to around 21 during the strong EPS quarter of late 2019. The ratio then surged above 40 through late 2020 and much of 2021, reflecting high share prices alongside comparatively lower EPS during that timeframe. The P/E ratio dropped steeply in 2022 to below 15, coinciding with heightened EPS and somewhat lower share prices, reaching a low near 10 in late 2022. This decline indicates the stock became more reasonably valued relative to earnings during this period. By late 2023, the P/E ratio stabilized around 18, signifying moderate valuation levels.
Overall, the data depicts a company with fluctuating earnings yet resilient share price performance. The decreasing P/E ratio in recent quarters suggests improved earnings justification for the stock price, pointing to potentially enhanced market confidence in the company’s profitability. However, the observed volatility in EPS and share price highlights sensitivity to external influences and operational variability that merit ongoing monitoring.
Price to Operating Profit (P/OP)
Roper Technologies Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in thousands) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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 Q3 2023 Calculation
Operating profit per share
= (Income from operationsQ3 2023
+ Income from operationsQ2 2023
+ Income from operationsQ1 2023
+ Income from operationsQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Roper Technologies Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals notable trends in the share price, operating profit per share, and the price-to-operating-profit ratio over the examined periods.
- Share Price
- The share price experienced moderate fluctuations throughout the period. Beginning at $360.19 in March 2019, it slightly decreased towards the end of 2019 and early 2020 before a significant increase was observed in mid-2020, peaking around June 2021 at approximately $489.82. Following this peak, the share price showed some volatility but generally maintained elevated levels above $400, ending near $494.05 in September 2023. This upward trend indicates strengthened market confidence or improved valuation over the longer term despite short-term variations.
- Operating Profit per Share
- Operating profit per share demonstrated a gradual but consistent upward trend. Starting at $13.89 in March 2019, it rose steadily over the years, with minor fluctuations. The values remained clustered around the $14 mark in the initial years, increasing more markedly after 2021. By September 2023, operating profit per share reached $15.87, indicating incremental improvements in profitability on a per-share basis during the period.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited noticeable volatility, reflecting changes in valuation relative to operating profit. Early in the period, the ratio ranged from approximately 24 to 26, signifying relatively lower share price multiples. Mid-2020 saw an increase in the ratio to above 30, peaking at around 34.33 in June 2021, coinciding with the peak in share price. Subsequently, the ratio declined somewhat but remained elevated around the 30-32 range through late 2022 and mid-2023. This suggests that the market placed a higher premium on operating profits during this period.
In summary, the data indicate a strengthening share price supported by steady growth in operating profits per share. The rising and persistently high P/OP ratios further suggest an elevated market valuation relative to operating profit, consistent with positive investor sentiment or growth expectations. Short-term fluctuations in all metrics were present but did not disrupt the overall upward trends.
Price to Sales (P/S)
Roper Technologies Inc., historical P/S calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net revenues (in thousands) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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 Q3 2023 Calculation
Sales per share
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Roper Technologies Inc. Quarterly or Annual Report.
4 Q3 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 regarding share price, sales per share, and the price-to-sales (P/S) ratio over the examined periods.
- Share Price Trends
- The share price exhibits a cyclical pattern with an overall upward trajectory from the beginning to the end of the period. Starting at $360.19 in March 2019, it remained relatively stable through the end of 2019, fluctuating slightly around the mid-$340 to mid-$350 range. There was a significant increase in mid-2020, peaking at $435.22 in June 2020 before experiencing a modest decline towards the end of that year.
- In 2021, the share price reached new highs, surpassing $450 by the first quarter and achieving peaks near $489 in the middle of the year. A mild downward correction occurred in the last quarter of 2021. The share price showed some volatility in 2022, with a decline towards the third quarter, dropping to approximately $403.12, followed by a recovery in the final quarter.
- In 2023, the share price strengthened again, culminating in its highest value near $494.05 by September, reflecting strong investor confidence or market conditions favoring the company during this period.
- Sales per Share Trends
- Sales per share demonstrated a relatively stable yet gradually increasing trend over the analyzed quarters. Beginning at $50.81 in March 2019, the figure remained close to the low $50s throughout 2019 and early 2020. There was some fluctuation around $52 to $54 per share from mid-2020 onwards.
- A consistent upward trend can be observed from early 2021 through 2023, with sales per share rising from about $52.76 to a high of $56.12 by September 2023. This steady growth indicates a positive performance in revenue generation on a per-share basis, suggesting improving operational efficiency or growth in business activities over time.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio exhibited a more variable pattern than sales per share but generally maintained a rising trend in the later periods. Initially, it fluctuated between approximately 6.66 and 7.09 throughout 2019. This ratio increased sharply to reach around 8.43 in mid-2020, coinciding with the notable rise in share price during that period.
- During 2021, the P/S ratio remained relatively high, climbing to a peak near 9.1 in June, suggesting elevated market valuations relative to sales. The ratio then experienced some decline toward the end of 2021 but stayed above 8.0, indicating persistent investor willingness to pay a premium on the company’s sales.
- In 2022 and through mid-2023, the P/S ratio generally stayed within the range of 7.84 to 9.06, evidencing sustained strong market sentiment despite some periodic fluctuations. The slight declines at some points suggest moments of market recalibration or reaction to external factors while maintaining an overall generally positive valuation relative to sales.
Overall, the data illustrates a company experiencing steady growth in sales per share with a corresponding rise in share price and market valuation metrics. Though subject to typical market variations and periodic corrections, the upward trends in key financial indicators suggest continued confidence in the company’s financial health and growth prospects.
Price to Book Value (P/BV)
Roper Technologies Inc., historical P/BV calculation (quarterly data)
| 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 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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 Q3 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Roper Technologies Inc. Quarterly or Annual Report.
4 Q3 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly data reflects distinct patterns in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio spanning from March 31, 2019, through September 30, 2023.
- Share Price
- The share price experienced fluctuations over the observed period with notable phases. Initially, it showed moderate volatility between $340 and $360 from early 2019 through the first quarter of 2020. A significant upward movement occurred starting from the second quarter of 2020, peaking around mid-2021 near $490. This upward momentum was followed by a period of decline and correction from late 2021 to late 2022, reaching a low near $403. Subsequently, the share price resumed an upward trajectory in 2023, approaching previous highs by the third quarter, closing just below $495. This indicates a general recovery and strength in market valuation after the mid-cycle downturn.
- Book Value Per Share (BVPS)
- The BVPS showed a consistent and steady increase throughout the entire timeline, rising from $78.36 in early 2019 to $159.51 by September 2023. This near-doubling over the period highlights ongoing accumulation of equity or retained earnings, suggesting sustained growth in the company's net asset base per share. The consistent rise in BVPS indicates stable financial performance and possibly efficient capital management.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio, representing the market valuation relative to the book value, exhibited more volatility and a downward trend in the longer term. Initially, the ratio remained elevated, fluctuating between 4.6 and 3.8 during the first half of the timeline. Noteworthy is the sharp spike in mid-2020 reaching 4.61, coinciding with the share price surge, followed by a gradual decline through 2022 to a low of 2.84. This decline indicates that the share price appreciation was not keeping pace proportionally with the increasing book value, suggesting a market reassessment or more conservative valuation. In 2023, the P/BV ratio experienced slight recovery, stabilizing near 3.1; however, this remains lower than earlier peaks, implying a relatively more modest premium over book value compared to previous years.
In summary, the company demonstrated steady internal value growth as evidenced by rising BVPS, while market valuation showed more sensitivity to external factors with periods of heightened optimism and subsequent correction. The declining P/BV ratio suggests a tempered market optimism relative to underlying equity growth. The recent partial recovery in share price and P/BV ratio in 2023 could reflect renewed investor confidence or improved market conditions.