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
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Historical Valuation Ratios (Summary)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
The financial ratios for the periods presented demonstrate several trends and fluctuations that provide insights into the valuation and market perception of the company.
- Price to Earnings (P/E) Ratio
- The P/E ratio data begins from March 31, 2020, where it shows an initial value near 20, with a slight increase to above 26 by early 2022. There is a general upward trend through 2023 and into early 2024, reaching a peak of approximately 30.4 in December 2023, indicating a growing market premium on the company’s earnings. However, this ratio slightly declines by March 2024 to around 26.3. The latter part of the data is missing, restricting full trend assessment beyond early 2024.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a somewhat similar pattern to the P/E ratio, starting around 19 in early 2020, rising to peaks above 25 in late 2023 and early 2024. The values fluctuate with notable peaks in the last quarters of 2023 and 2024, reaching as high as 28.74 in December 2023, suggesting increasing valuation pressure relative to operating profit. This upward trend is indicative of investor willingness to pay more for operational earnings over the period.
- Price to Sales (P/S) Ratio
- The P/S ratio displays more sustained growth over the entire period starting from 8.82 in March 2020. The ratio experiences a dip in late 2020 but generally increases across subsequent years, rising to 11.16 in December 2023. After peaking, it remains relatively high, fluctuating between approximately 10.4 and 12.35 in 2024 and early 2025. This trend suggests enhanced market valuation on sales revenue, implying expectations of revenue growth or improved sales quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a declining trend from an initial high of over 10 in early 2020 to values near 5.0-6.0 during 2020 and 2021. Post 2021, there is a gradual increase with some volatility, recovering to levels around 6.0 in late 2023. In 2024, a notable rise occurs with ratios reaching above 8.6 by mid-2024, before slightly declining. This suggests an improving market perception of the company’s net asset value or book worth, with the fluctuations possibly reflecting changing investor expectations or book value adjustments.
Overall, the valuation multiples indicate a positive re-rating of the company over the observed period. The upward trends in P/E, P/OP, and P/S ratios suggest growing investor confidence in earnings, operational profitability, and sales, respectively. The P/BV ratio’s recovery after a dip hints at strengthening fundamentals or improved asset valuations. Nevertheless, the periodic volatility in these ratios emphasizes the influence of market conditions and company performance variability on valuation metrics.
Price to Earnings (P/E)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | 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 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Net income (loss) (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. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated variability over the analyzed periods. Beginning at $254.9 in March 2020, the price declined in the subsequent quarters to a low around $189.07 in September 2021. Following this trough, a steady increase ensued, peaking at approximately $499.88 by September 2024. A slight retracement was observed afterwards, with the price closing near $450.03 in March 2025. The overall trend indicates recovery and growth in the share price post-2021, reaching new highs by 2024.
- Earnings Per Share (EPS) Development
- EPS data was first reported in March 2021 at $10.43 and showed a general upward trajectory through June 2024, rising from $10.43 to a peak of $15.58 in June 2024. However, after this peak, the EPS declined sharply and turned negative, reporting values of -$1.9, -$1.86, -$2.09, and -$3.85 in consecutive quarters from June 2024 to March 2025. This sudden downturn following a period of consistent growth suggests potential challenges impacting profitability in the most recent quarters.
- Price-to-Earnings (P/E) Ratio Analysis
- Available P/E ratio figures start from March 2021 at around 20.18, fluctuating between approximately 20 and 30 over the next few years. Peaks in the P/E ratio occurred around late 2023 and early 2024, with values near 30.42, indicating relatively high market expectations of future earnings growth. However, P/E data is unavailable for the quarters following June 2024, coinciding with the period when EPS turned negative. This likely reflects the loss of positive earnings, rendering the P/E ratio less meaningful or incalculable during that time.
- Overall Financial Insights
- The share price increased markedly despite recent negative earnings, suggesting investor confidence or speculation potentially driven by factors beyond immediate earnings performance. The sharp decline in EPS and absence of P/E data in the latest quarters could reflect operational challenges or extraordinary items impacting profitability. The prior steady growth in EPS and moderate P/E ratios indicate a period of stable earnings growth before this disruption.
Price to Operating Profit (P/OP)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Income (loss) 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. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024
+ Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated notable fluctuations over the observed periods. Initially, it declined from $254.9 in March 2020 to $189.07 by September 2021. Subsequently, the price experienced a strong upward trend, reaching a peak of $499.88 in September 2024. There was a mild correction afterward, with the price declining to $450.03 by March 2025.
- Operating Profit Per Share
- Operating profit per share figures were unavailable before March 2021, after which they showed a general upward trend from $10.99 in March 2021 to a high of $16.75 in December 2022. The values remained relatively stable, fluctuating slightly around the $15 to $16 range until June 2024. However, there was a sharp decrease beginning in September 2024, with the operating profit per share turning negative and contracting further to -$2.89 by March 2025.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibited variability through the observed time frame. Initially, the ratio hovered between approximately 17.75 and 25.14 from March 2021 to June 2024, reflecting fluctuating investor valuation relative to operating profit. No P/OP data is available for the last few periods in 2024 and 2025, which coincides with the negative operating profit per share, making the ratio undefined or not meaningful.
- Overall Analysis
- The data indicates a phase of recovery and growth in operating profitability and market valuation from 2021 through mid-2024. The increasing share price during this period aligns with generally stable or growing operating profit per share. However, the substantial decline in operating profit starting in late 2024, turning negative, suggests deteriorating operational performance, which is not fully yet reflected in the share price, though a price correction is observable. The lack of P/OP ratio values during the negative profitability periods further points to significant financial challenges emerging in the most recent quarters.
Price to Sales (P/S)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced fluctuations over the observed periods. Initially, from March 2020 to December 2020, the price declined from $254.9 to approximately $210.5. A recovery phase is noticeable starting early 2021, where price progressively increased, reaching a peak of $426.29 by December 2023. Subsequently, the share price demonstrated some volatility but maintained relatively high levels, with a slight decline towards March 2025, closing at $450.03. Overall, the share price shows an upward trend with some periods of correction.
- Sales Per Share Analysis
- Sales per share data was not available prior to March 2021. Starting from that time, there is a consistent and steady increase in sales per share from $23.87 to $43.22 by March 2025. This suggests continuous growth in revenue efficiency on a per-share basis over the period, indicating strong operational performance and an expanding revenue base.
- Price-to-Sales (P/S) Ratio Evaluation
- The P/S ratio data begins from March 2021, with values ranging initially around 8.82. There was a decrease to 6.74 by December 2021, which could indicate that the share price grew at a slower rate relative to sales or sales caught up to the price. Following this, the ratio increased steadily reaching a high point of 12.35 in September 2024, before slightly declining to 10.41 by March 2025. This rising P/S ratio could imply enhanced market valuation relative to sales, reflecting investor optimism or improved market conditions.
- Overall Insights
- The data illustrates strong growth in sales per share accompanied by a generally rising share price over the multi-year horizon. The P/S ratio's variation indicates changing market perceptions of the company's valuation relative to its revenue. Periods where the share price increased faster than sales improved investor confidence, while periods of ratio decline could reflect adjustments to valuation or accelerating revenue growth. Despite some volatility in share price late in the period, the company appears to maintain a robust growth trajectory.
Price to Book Value (P/BV)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Shareholders’ 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. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. |
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated significant fluctuations over the analyzed periods. Initially, it rose from $254.90 at the end of Q1 2020 to a peak of $272.00 in Q2 2020. This was followed by a decline through Q3 2020 and Q4 2020, reaching around $210.50. Subsequently, the price showed variability but maintained an upward trend from Q1 2021 onward, culminating at a high point of $426.29 by Q4 2023. Thereafter, it experienced some volatility but overall remained elevated, ending at $450.03 in Q1 2025. Notably, there was a strong upward movement beginning in mid-2022 continuing through 2023, with the spike in late 2023 and early 2024 reflecting increased investor confidence or positive market sentiment.
- Book Value Per Share (BVPS)
- The book value per share exhibited consistent growth throughout the entire period. Starting at $24.92 in Q1 2020, it steadily increased in almost every subsequent quarter, reaching $68.06 by Q4 2023. There was a brief dip to $57.24 in Q2 2024 but the upward trend resumed quickly, with the BVPS reaching $64.24 by Q1 2025. This steady increase suggests sustained accumulation of shareholder equity and improved financial health of the company over time.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started relatively high at 10.23 in Q1 2020, followed by a marked decline through the year, reaching a low near 5.04 in Q3 2021. Subsequently, the ratio fluctuated around the mid-5 to mid-6 range until early 2024. From Q2 2024 onward, the ratio surged sharply again, climbing to 8.64 in Q2 2024 before slightly decreasing but staying elevated near 7 by Q1 2025. This pattern indicates that the market valuation relative to book value became more conservative during 2020 and 2021, then market confidence increased significantly in 2024, driving the stock price higher relative to book value.
- Summary of Trends
- Overall, there has been a clear upward trend in both share price and book value per share, signaling improved financial performance and growing equity. The share price exhibited greater volatility compared to the steadily increasing book value. The P/BV ratio reflects periods of market re-rating: it declined during 2020-2021 as the share price softened relative to book value, then rose again in 2024 suggesting renewed investor optimism. The temporary decline in book value in mid-2024 was likely short-term and did not materially affect the overall growth trajectory. The combination of rising book value and fluctuating market valuation points to dynamic market perceptions alongside fundamental financial strength.