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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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Twenty-First Century Fox Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits notable fluctuations over the observed periods. Initially, the ratio starts at moderate levels around 12.65 but experiences a significant spike reaching above 24 in early 2014. Subsequently, a downward trend is evident through 2014 and most of 2015, reaching a low near 7.3. Towards the end of 2015 and into 2016, the P/E ratio climbs again, peaking approximately at 24.85 before stabilizing in the range of 16 to 18 through 2017 and 2018. A sharp drop to 6.61 is observed at the final data point.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio reveals a gradual downward trend from the start, declining from approximately 14.74 to below 10 by the end of 2015. After this decrease, a brief recovery is seen in 2016 and early 2017 when the ratio fluctuates between 8 and 9.5. Beginning in late 2017, a steady upward trajectory unfolds, ultimately reaching the highest recorded level of 14.09 at the final period, indicating increased valuation relative to operating profit in the most recent quarters.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a generally decreasing pattern from roughly 2.69 at the earliest point to a nadir observed around late 2015 and early 2016 near 1.73. This trough is followed by a persistent uptrend spanning the next two years. By the end of the series, the ratio surpasses initial levels, closing close to 3.0. This increase indicates a strengthening in the price valuation relative to sales in the later periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio begins with values near 4.5, followed by a consistent decline through 2014 and 2015, bottoms near 3.19, and then experiences moderate fluctuations mostly between 3.2 and 3.9 during 2016 and 2017. A resurgence is apparent in 2018 as the ratio climbs back above 4.0, nearly returning to its initial levels before a steep reduction to 2.87 at the final data point, marking the lowest value recorded in the series.
Price to Earnings (P/E)
Twenty-First Century Fox Inc., historical P/E calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to Twenty-First Century Fox, Inc. stockholders (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: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
EPS
= (Net income attributable to Twenty-First Century Fox, Inc. stockholdersQ2 2019
+ Net income attributable to Twenty-First Century Fox, Inc. stockholdersQ1 2019
+ Net income attributable to Twenty-First Century Fox, Inc. stockholdersQ4 2018
+ Net income attributable to Twenty-First Century Fox, Inc. stockholdersQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twenty-First Century Fox Inc. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- Over the observed period, the share price exhibited notable fluctuations. Initially, the price demonstrated moderate volatility between approximately $29 and $35 through 2013 and much of 2014. A decline became apparent toward late 2015, with prices dropping to $24.14 at the end of that year. Following this low, the share price gradually recovered and strengthened, reaching its peak near $49.43 by the end of 2018. This indicates a significant upward trend in the latter part of the data set, suggesting increased market confidence or improved corporate performance.
- Earnings Per Share (EPS) Development
- EPS showed considerable variability across quarters. Early on, EPS values fluctuated between about $1.2 and $4.5, with some quarters experiencing spikes, such as $4.37 at year-end 2014 and a general upswing through 2015. However, the EPS declined sharply around late 2015 to early 2016, hitting lows near $1.2. Subsequently, EPS maintained a steady, moderate increase from approximately $1.5 in early 2016 to $2.64 by late 2018. Notably, the final quarter shows an exceptional jump to $7.47, marking a significant departure from previous trends and possibly indicating an extraordinary event or improved earnings performance.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio varied widely, reflecting changes in both share price and EPS. Early ratios ranged from about 12.65 to 24.23, with elevated values typically corresponding to lower EPS or higher share prices. The ratio dropped substantially to values near 7.3 around 2014 and 2015, coinciding with periods of higher EPS relative to share price. Conversely, sharp increases in the P/E ratio occurred toward the end of 2015 and into 2016, reaching 24.85, suggesting the market price might have outpaced earnings. In the latter part of the timeline, the P/E ratio stabilized mostly between 16 and 18, with a marked decline to 6.61 in the final quarter, aligning with the significant earnings surge noted previously.
- Summary of Financial Patterns
- The data reveals a cyclical pattern in earnings and share value, with a downturn in late 2015 followed by a recovery phase leading into 2018. The sharp increase in EPS and corresponding drop in P/E ratio at the end of the period stands out, indicating a possible shift in the company's profitability or a one-time gain impacting earnings. Overall, there is evidence of improving financial performance and market valuation toward the end of the period under review.
Price to Operating Profit (P/OP)
Twenty-First Century Fox Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (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: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Operating profit per share
= (Operating incomeQ2 2019
+ Operating incomeQ1 2019
+ Operating incomeQ4 2018
+ Operating incomeQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twenty-First Century Fox Inc. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited moderate fluctuations initially, ranging between approximately $24 and $35 from late 2013 through 2016. Beginning in late 2016, the share price began an upward trajectory, rising significantly from around $26 to over $49 by the end of 2018. This progression demonstrates a notable appreciation in market value, particularly pronounced in the two-year period leading up to the end of 2018.
- Operating Profit Per Share (OPPS) Trends
- The operating profit per share showed steady growth throughout the entire period under review. Starting near $2.30 in late 2013, OPPS increased gradually and consistently, reaching over $3.50 by the end of 2018. There were no significant declines, instead the progression was characterized by incremental increases quarter over quarter, suggesting stable operating profitability improvement over time.
- Price to Operating Profit Ratio (P/OP) Trends
- The Price to Operating Profit ratio experienced a general decline from around 14.7 in 2013 to a low point near 7.85 in late 2015, reflecting a period during which the share price decreased while operating profit per share increased, leading to a contraction in valuation multiples. Subsequently, from late 2015 onwards, the ratio began to rise again, reaching above 14 by the end of 2018. This reversal indicates a recovery in market valuation relative to operating profits, aligning with the observed rise in share price during this later stage.
- Overall Observations
- Over the examined intervals, the company demonstrated consistent operational profitability improvement, as evident from the steady increase in operating profit per share. The market initially reacted with declining share prices and valuation multiples, reflected in the P/OP ratio reduction until 2015. However, from late 2016 onwards, the market perception shifted positively, with both share prices and valuation multiples increasing substantially through 2018. This suggests improved investor confidence and potentially favorable external or internal factors influencing market valuation beyond the underlying operating profit growth.
Price to Sales (P/S)
Twenty-First Century Fox Inc., historical P/S calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Sales per share
= (RevenuesQ2 2019
+ RevenuesQ1 2019
+ RevenuesQ4 2018
+ RevenuesQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Twenty-First Century Fox Inc. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the financial performance over the analyzed periods.
- Share Price
- The share price exhibited a fluctuating pattern with an overall upward trajectory toward the end of the period. Initially, the share price slightly declined from $33.92 to around $29.65 over two years, reaching a low point near the end of 2015. From early 2016 onward, it demonstrated recovery and consistent growth, accelerating significantly in late 2017 through 2018, peaking at $49.43 at the close of the period. This suggests strengthening market confidence or improved company prospects in the latter periods analyzed.
- Sales Per Share
- Sales per share showed a generally steady and moderate increase throughout the entire timeframe. Starting at $12.59, sales per share rose progressively to $16.71, indicating organic growth or improved revenue generation on a per-share basis. The increase demonstrates a stable operational performance with incremental growth that supports the later rise in share price.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio fluctuated considerably, with notable reductions in the middle periods followed by recovery and growth toward the end. Early values ranged between approximately 2.69 and 2.28, then dropped to a low near 1.73 in mid-2016. Afterward, the ratio steadily climbed, reaching 2.96 by the end of 2018. This rising P/S ratio reflects not only the share price appreciation but also an increased valuation placed on each dollar of sales, possibly indicating enhanced investor expectations or improved profitability margins.
Price to Book Value (P/BV)
Twenty-First Century Fox Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Twenty-First Century Fox, Inc. 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: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
BVPS = Total Twenty-First Century Fox, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Twenty-First Century Fox Inc. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed period.
- Share Price
- The share price exhibited moderate fluctuations initially, starting at $33.92 and experiencing minor dips and rises over the first few quarters. A notable decline occurred towards the end of 2015, reaching a low of approximately $24.14. Subsequently, the share price demonstrated a recovery and upward trajectory, climbing steadily from early 2016 through to the end of 2018. This upward trend peaked at $49.43 in the last recorded quarter, indicating a strong appreciation in market value over time.
- Book Value per Share (BVPS)
- BVPS showed a relatively stable pattern with slight variability in the early periods, fluctuating around the $7.5 to $9.3 range. From mid-2016 onwards, there was a discernible upward trend in BVPS, rising consistently each quarter. By the final quarter, BVPS had more than doubled from the initial value, reaching $17.24. This growth reflects an increase in the company's net asset value on a per-share basis, suggesting improved financial strength.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started relatively high at 4.49 and displayed a downward trend with some volatility through 2014 and 2015, dropping to approximately 3.19 at the end of 2015. Following that, the ratio experienced fluctuations without a clear sustained trend until late 2017. From early 2018, the P/BV ratio rose sharply, peaking above 4.29, but declined abruptly in the final quarter to 2.87. This indicates periods of the share price valuing the company's book value both more and less favorably, reflecting changing investor perceptions of company valuation relative to its net assets.
Overall, the data indicates a strengthening asset base as reflected in the rising BVPS, coupled with a share price recovery and appreciation after a trough at the end of 2015. The P/BV ratio's variability suggests shifts in market sentiment and valuation multiples over time, with the final quarter's decrease potentially reflecting market reassessment or changes in fundamentals relative to price.