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
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
Vertex Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings (P/E) ratio exhibits a generally upward trend from the first available data point in March 2021, starting at 20.18 and reaching a peak of 30.42 in December 2023. After this peak, there is a noticeable decline to 26.34 in March 2024, followed by fluctuating values with the last recorded ratio at 26.43 in June 2025. The initial increase suggests growing investor confidence or expectations of higher future earnings, while the recent decline and subsequent fluctuations may indicate market reassessment or increased uncertainty about earnings growth.
- Price to Operating Profit (P/OP) Ratio
- The Price to Operating Profit (P/OP) ratio follows a pattern similar to the P/E ratio with an overall rising trend starting at 19.16 in March 2021 and peaking at 28.74 by December 2023. Following this peak, the ratio decreases to values around the mid-20s, ending at 24.5 in June 2025. This trajectory reflects increased valuation relative to operating profit over the period, indicative of optimistic market sentiment about profitability, tempered by some retreat in valuation metrics towards the end of the observed timeframe.
- Price to Sales (P/S) Ratio
- The Price to Sales (P/S) ratio shows more variability but generally trends upwards from 8.82 in March 2021 to a peak of 12.35 in September 2024. Thereafter, it declines to 8.42 by June 2025. The rise indicates investors valuing the company more highly against its sales over time, suggesting expectations of sales growth or improved margins. The subsequent decline signals a correction or adjusted market expectations relative to sales performance.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value (P/BV) ratio declines sharply from 10.23 in March 2020 to levels around 5-6 throughout 2021 and early 2022, demonstrating a significant decrease in valuation relative to book value during that period. From mid-2023 onwards, the ratio increases again reaching a high of 8.64 in June 2024, followed by a steady decline to 5.6 by June 2025. This suggests initial reduction in investor valuation of net asset value, followed by a phase of recovery and renewed confidence prior to another downward adjustment towards the end of the data period.
Price to Earnings (P/E)
Vertex Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
EPS
= (Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals trends for share price, earnings per share (EPS), and price-to-earnings ratio (P/E) over multiple fiscal quarters.
- Share Price
- The share price exhibits notable fluctuations, starting at $254.90 in March 2020 and initially declining to a low of approximately $189.07 by September 2021. Thereafter, a distinct upward trend is observed, with the share price reaching a peak of $499.88 by September 2024. However, towards the final recorded quarters, a decline is noted, with the price decreasing to $374.98 by June 2025. Overall, this pattern indicates a recovery and growth phase after an initial dip, followed by some recent volatility or correction.
- Earnings Per Share (EPS)
- EPS data are partially missing in the early quarters but from March 2021 onward, EPS shows a generally positive trend, fluctuating moderately between approximately $7.68 and $15.58. This increase suggests improving profitability. However, a significant anomaly appears in the quarters from September 2024 through June 2025, where EPS drops to negative values ranging from -$1.86 to -$3.85, indicating a period of losses or extraordinary events affecting earnings. The final quarter data, March 2025, shows a recovery back to a positive EPS of $14.19.
- Price-to-Earnings Ratio (P/E)
- P/E ratios appear starting from March 2021, fluctuating mostly between about 20 and 30. The ratio peaks at 30.42 in December 2023, indicating relatively higher stock valuation compared to earnings at that time. Notably, the P/E ratio data is missing during the quarters corresponding to the negative EPS period around late 2024 and early 2025, likely because P/E is not typically calculated with negative earnings. The ratio returns to 26.43 by June 2025, coinciding with the positive EPS recovery.
In summary, the share price trend demonstrates overall growth with some volatility. Earnings improved progressively until a marked, though temporary, downturn reflected in negative EPS values. Valuation multiples remained moderately high, reflecting investor confidence, with expected disruptions associated with the negative earnings period. The data suggests that after some financial challenges, there is evidence of recovery in profitability and market valuation.
Price to Operating Profit (P/OP)
Vertex Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 2025-06-30), 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 Q2 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024
+ Income (loss) from operationsQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the observed periods. Initially, it decreased from $254.9 at March 31, 2020, to $189.07 at September 30, 2021, reflecting a downward trend during this span. Subsequently, the share price demonstrated a strong recovery and upward momentum, increasing to a peak of $499.88 by September 30, 2024. After this high, the share price declined notably to $374.98 by June 30, 2025. The fluctuation suggests periods of both market optimism and correction within the timeframe.
- Operating Profit Per Share (OPPS) Analysis
- Operating profit per share was reported starting from March 31, 2020. The OPPS rose from $10.99 in March 2020 to a high of $16.75 by December 2022, indicating consistent improvement and operational profitability growth during this phase. However, a sharp decline occurred in subsequent quarters, turning negative from December 2024 through June 2025, with the lowest point at -$2.89. This sudden reversal signals a significant deterioration in operational profitability in the latest periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio showed fluctuations reflecting changing market valuations relative to operating profits. Initially, from March 2020 to December 2022, the ratio varied between approximately 17.75 and 25.14, indicating generally high pricing relative to operating earnings. The highest ratio was 28.74 at March 2024, coinciding with peak share prices and solid profits. Notably, P/OP data becomes sparse after March 2024, likely due to the negative operating profit, which complicates ratio calculation. When available, the ratio remained elevated around 24.5 by June 2025, showing high market expectations despite profitability drops.
- Summary Insights
- Overall, the analyzed data reveals an initial phase of share price decline followed by a sustained appreciation, peaking in late 2024. Operating profit per share mirrored a growth trajectory until late 2024, after which the company experienced operational challenges leading to losses. The P/OP ratio suggests investors valued the company highly during profitable periods but valuation metrics became less meaningful during loss periods. The contrasting trends between share price and profitability in late periods may indicate external market factors influencing price or expectations of future recovery.
Price to Sales (P/S)
Vertex Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | 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: 2025-06-30), 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 Q2 2025 Calculation
Sales per share
= (RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant fluctuations over the observed periods. Initially, it decreased from $254.90 to a low of $189.07 by September 30, 2021. Subsequently, a strong upward trend occurred, with the price reaching a peak of $499.88 on September 30, 2024. Following this high, the share price declined to $374.98 by June 30, 2025, indicating some volatility in the later stages of the timeline.
- Sales Per Share Development
- Sales per share data begins from March 31, 2021, showing a consistent and steady increase across all reported quarters. Beginning at $23.87, sales per share rose gradually each quarter, reaching $44.54 by June 30, 2025. This steady upward trajectory suggests ongoing growth in revenue generation per share over the evaluated periods.
- Price-to-Sales (P/S) Ratio Patterns
- The P/S ratio displayed varying dynamics throughout the span of the data. Starting at 8.82 on March 31, 2021, the ratio initially declined to a low of 6.74 by December 31, 2021. Thereafter, the ratio climbed, peaking at 12.35 on September 30, 2024, before decreasing to 8.42 by June 30, 2025. These fluctuations indicate changes in market valuation relative to sales, with the highest ratios corresponding to periods when the share price peaked, despite sales continuing to grow steadily.
- Overall Insights
- The data indicate steady improvement in company sales per share over time, reflecting positive business growth. However, the share price exhibited substantial volatility, with notable dips and peaks not entirely aligned with the continual steady increase in sales. The P/S ratio variability implies that market sentiment and valuation fluctuated independently from the underlying sales growth, reaching particularly high valuations during some peak price periods before correcting downward towards the end of the available timeline.
Price to Book Value (P/BV)
Vertex Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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: 2025-06-30), 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 Q2 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the analyzed quarters. Initially, it declined sharply from $254.9 in March 2020 to a low of approximately $189.07 by September 2021. Subsequently, the share price rebounded significantly, reaching a peak of $499.88 by September 2024, before experiencing a decline again to $374.98 by June 2025. This pattern suggests periods of both market uncertainty and renewed investor confidence.
The book value per share (BVPS) showed a steady and consistent upward trend throughout the entire period. Starting at $24.92 in March 2020, BVPS increased almost continuously, reaching $66.99 by June 2025. This consistent growth indicates ongoing accumulation of equity and possibly retained earnings, reflecting improving underlying net asset value per share.
The price-to-book value (P/BV) ratio demonstrated fluctuations reflective of the relationship between share price and book value changes. It began at a high of 10.23 in March 2020, declining sharply to a trough around 5.04 in September 2021, corresponding with the share price decline. Following this trough, the P/BV ratio rose again to above 8.6 in June 2024, aligned with the surge in share price, before receding to around 5.6 by June 2025. These variations imply that market valuations relative to book value have experienced phases of discounting and premium valuation, influenced by broader market conditions and company-specific developments.
Overall, while book value per share steadily increased, reflecting stable growth in equity, the share price and consequently the P/BV ratio experienced more pronounced cyclical movements. The data indicates periods of market correction and recovery, suggesting changes in investor sentiment and external factors impacting the stock price independently of the company's book value growth trajectory.