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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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Aggregate Accruals
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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), 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).
The financial ratios for the subject company display distinct trends over the analyzed periods, reflecting changes in valuation, profitability expectations, and market perception.
- Price to Earnings (P/E) Ratio
-
The P/E ratio was not recorded until the first quarter of 2019. Starting then, it initially decreased from 35.04 in March 2019 down to approximately 21.11 by March 2020, indicating a decreasing market valuation relative to earnings during this period. Following this decline, the P/E ratio rose significantly, peaking at around 48.46 in the third quarter of 2021. Thereafter, it experienced a sharp decrease, reaching a low around 10.03 in the first quarter of 2023 before stabilizing slightly in subsequent quarters near 18. This pattern suggests fluctuating investor sentiment, possibly influenced by varying earnings growth rates or market conditions in those years.
- Price to Operating Profit (P/OP) Ratio
-
The P/OP ratio data begins in 2019, hovering in the mid-20s through the first half of that year, indicating relatively stable pricing relative to operating profit. Subsequently, it displayed a gradual upward trend through 2021, reaching values above 33, implying increased market valuation in relation to operating profits. Toward the end of the data series in 2023, the ratio slightly decreased but remained elevated near 31, suggesting that the market continues to value the company’s operating income highly, albeit with some moderation.
- Price to Sales (P/S) Ratio
-
The P/S ratio demonstrated a general upward trend over the full timeframe, beginning near 6.37 in early 2019 and increasing to peaks above 9 in 2021. Afterward, it declined moderately but remained above 8 in most recent quarters. This pattern implies growing market expectations of revenue generation capacity over time, despite some recent stabilization or slight pullback in valuation relative to sales.
- Price to Book Value (P/BV) Ratio
-
Unlike the other ratios, the P/BV ratio is available from 2018 onward. It showed initial fluctuations around 3.9 to 4.6 from early 2018 through 2019. Beginning in 2020, the ratio gradually trended downward, reaching values as low as approximately 2.84 in early 2023, before modestly rebounding to around 3.1 by late 2023. This decline suggests diminishing market valuation relative to book value, potentially reflecting concerns over asset quality, growth prospects, or shifts in investor preferences toward intangible assets or earnings-focused valuation.
In summary, the company’s valuation metrics reveal a dynamic market assessment over the analyzed years. The P/E ratio shows high volatility with significant peaks and troughs, indicating changing investor expectations on earnings. The P/OP and P/S ratios generally trend upward before modestly stabilizing, signaling positive perceptions of operational efficiency and revenue growth. Meanwhile, the P/BV ratio declines over time, highlighting a relative decrease in valuation based on net asset value. These mixed trends reflect evolving market conditions and investor sentiment toward different aspects of the company’s financial performance.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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 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.
- Share Price
- The share price exhibits a generally upward trend from March 2018 through September 2023, increasing from approximately $269 to nearly $494. There are periods of volatility and short-term declines, notably around the early months of 2020 and late 2021 to 2022. Despite these declines, the overall trajectory remains positive, suggesting resilient investor confidence and growth expectations over the medium to long term.
- Earnings per Share (EPS)
- EPS data is available starting in March 2019. From this point, EPS consistently rises with some fluctuations. Initial values near $9.12 climb steadily, and in March 2022 there is a marked spike to about $27, which then peaks sharply to approximately $42.78 in March 2023 before normalizing downward toward $27 by September 2023. The pronounced spike in early 2022 and 2023 indicates extraordinary earnings performance or potentially non-recurring gains during this period. Overall, EPS maintains an upward trajectory, reflecting improving profitability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data begins in March 2019 and shows considerable variability over time. Starting at about 35, it declines to a low near 15 during late 2022, indicating that share price growth outpaced earnings growth or that earnings became relatively more substantial compared to the stock price. Notably, during the spike in EPS around early 2022 and 2023, the P/E ratio falls to its lowest values, reflecting that earning increases were not matched by proportional share price rises. Conversely, spikes in the P/E ratio, nearing or exceeding 45 in late 2020 and 2021, suggest periods when share price was relatively high compared to earnings, possibly due to optimistic future expectations or temporarily suppressed earnings.
- Overall Insights
- The data displays a pattern of solid growth in share price and earnings over the analyzed period, with particularly strong earnings surges in 2022 and early 2023. Meanwhile, the P/E ratio's fluctuation highlights changes in market valuation relative to earnings, with lower ratios during strong earnings periods and elevated ratios during times of less proportional earnings growth. The combination of rising EPS and share price points to sustained operational performance improvements, while the P/E variability reflects shifting investor sentiment and market conditions.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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 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 data reveals notable trends in the share price, operating profit per share, and the price-to-operating profit ratio for the analyzed periods. Over the span from March 2018 to September 2023, the share price exhibits a general upward trajectory with fluctuations. Starting around US$269.2 in early 2018, the share price rises towards a peak near US$489.82 in mid-2021, followed by a period of volatility and some decline in 2022, before recovering to approximately US$494.05 by September 2023.
Operating profit per share, available from March 2019 onward, shows a relatively stable performance with incremental growth. Values hover around the range between US$13.48 and US$15.87, with a gradual increase noted in the later periods, particularly from mid-2021 through to September 2023, suggesting sustained operational profitability improvements.
The price-to-operating profit ratio (P/OP) fluctuates throughout the quarters, indicating changing market valuation relative to operating profit. Initially, this ratio increases from 23.69 in early 2019 to peak at 34.33 in March 2021, reflecting a rising share price relative to operating profit. Following this peak, the ratio remains elevated but with some variability, fluctuating between approximately 29.84 and 33.65 through 2022 and 2023. This persistence at a high valuation multiple suggests ongoing investor confidence in future earnings potential, despite some oscillations in share price and profit metrics.
- Share Price Trend
- Consistent growth with seasonal fluctuations and a notable peak in mid-2021, followed by a dip and subsequent recovery to near all-time highs by late 2023.
- Operating Profit Per Share
- Stable ascending trend with slight increases over the reported periods, indicating continuous operational efficiency or business growth.
- Price-to-Operating Profit Ratio
- Rising trend through 2019 into 2021, peaking mid-2021, and remaining relatively high with some variations, pointing to investor optimism amid stable profit growth.
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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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 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 financial data reveals several noteworthy trends in the company’s market valuation and operational performance over the analyzed periods.
- Share Price
- The share price exhibits a general upward trajectory from March 2018 through the end of 2023, with some fluctuations. Starting around $269, the price peaked intermittently, reaching above $490 by the third quarter of 2023. Notable increases occurred particularly between mid-2020 and mid-2021, where the price rose sharply from approximately $351 to nearly $490. Although some declines appeared in late 2021 and mid-2022, the share price recovered towards the end of the period, suggesting sustained investor confidence over time.
- Sales per Share
- Sales per share data, available from March 2019 onward, shows a stable but modest growth trend. Initial values around $50 increased gradually to over $56 by the third quarter of 2023. This steady progression implies consistent sales expansion or improved operational efficiency, supporting increased revenue on a per-share basis. The stability of sales per share amid broader market volatility provides a positive operational outlook.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuates but generally trends upward over the period analyzed. Starting near 6.37 in early 2019, it reached values exceeding 9 by mid-to-late 2021, before slightly declining and stabilizing around 8.8 toward the third quarter of 2023. The rising P/S ratio reflects an increasing market valuation relative to sales, suggesting that investors are willing to pay a premium for the company’s revenue generation. Temporary decreases in the ratio correspond with corrections in share price or slight increases in sales per share, indicating dynamic but positive market sentiment.
Overall, the data suggests a company experiencing steady sales growth accompanied by a generally rising share price and enhanced market valuation multiples. This combination points to sustained financial health and favorable investor perceptions during the timeframe analyzed.
Price to Book Value (P/BV)
Roper Technologies Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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), 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 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.
- Share Price
- The share price exhibits an overall upward trend from March 2018 through September 2023. Initially, the price increased steadily from $269.20 in March 2018 to a peak of $360.19 in March 2019. A minor decline followed through December 2019 where the price settled around $351.70. Subsequently, the share price showed volatility with a notable rise to $435.22 by June 2020, then a temporary dip before reaching a higher peak of $489.82 in June 2021. After fluctuating during the latter half of 2021, the price maintained relative stability in 2022, with some decreases, hitting approximately $403.12 in September 2022. The price rebounded again in 2023, achieving values close to $494.05 by September 2023. This pattern reflects phases of growth, correction, and recovery over the analyzed periods.
- Book Value Per Share (BVPS)
- BVPS has shown a consistent and steady increase through the entire period, starting at $69.36 in March 2018 and progressing to $159.51 in September 2023. This reveals continual growth in the company's net asset value per share, with no significant periods of decline or stagnation. The increase appears relatively uniform, supporting an improving equity base and potentially strong internal financial performance across quarters.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio fluctuates more conspicuously than BVPS, indicating varying investor sentiment and market valuations relative to the net asset base. The ratio started at 3.88 in early 2018, climbing to a high of 4.6 in March 2019, showing a premium valuation relative to book value at that time. Through 2019 and 2020, the ratio declined, reaching a low of 2.84 by December 2022, suggesting the market valued the shares closer to their book value during this period, potentially due to external market factors or revised growth expectations. The ratio recovered modestly in 2023, finishing around 3.10 in September, indicating a partial restoration of investor confidence and willingness to pay a premium over book value.
- Overall Interpretation
- The data indicates that the company’s fundamental value per share (BVPS) has grown steadily, reflecting improving financial health and equity strength. The more volatile P/BV ratio suggests external factors influenced market valuations, causing fluctuating investor sentiment over time. Share price movements broadly correlate with these trends but show additional volatility, potentially responsive to broader market conditions or company-specific developments. The decline in valuation multiples during 2022, followed by recovery in 2023, aligns with market-wide disruptions and subsequent stabilization phases observed globally. This combination of steady book value growth and variable market pricing highlights a resilient underlying business with periods of investor caution and optimism.