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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Vertex Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 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).
The financial ratios for Vertex Pharmaceuticals Inc. exhibit notable trends over the analyzed quarters, reflecting changes in market valuation relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- This ratio shows some fluctuation but generally trends upward over the period. Starting at 20.45 in March 2021, it increases to a peak around 30.42 by December 2023. The ratio then shows minor declines and subsequent rebounds, ending at 29.11 in September 2025. The rise suggests increased investor willingness to pay for earnings, potentially due to expected future growth or improved profitability.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio varies considerably but displays an overall rising tendency. From 18.68 in early 2021, it moves upward with some volatility to reach a high of 28.74 by the end of 2023. Post-2023 data again show fluctuations but maintain levels above 24. This increase may indicate enhanced market confidence in the company’s operational earnings capacity or changes in operating profit margins.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a more consistent upward movement over the period assessed. Initially at 8.81, it dips slightly in mid-2021 but then progressively climbs to a peak exceeding 12 by mid-2024. Following the peak, there is a moderate decline, concluding around 9.13 in late 2025. This trend suggests stronger valuation relative to sales, which may reflect growth expectations or improved revenue quality.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows moderate fluctuations throughout the timeline, starting near 6.29 and decreasing to a low around 5.04 in late 2021 before increasing sharply to above 8.6 in mid-2024. After this peak, it declines somewhat but remains elevated relative to early period values, ending near 6.18 by late 2025. This pattern indicates varying investor perceptions of the company's net asset value, potentially influenced by changes in equity book values or asset revaluations.
Overall, the ratios indicate an upward trend in market valuation metrics, particularly pronounced in the price-to-earnings and price-to-sales ratios, signifying strong investor sentiment and possible expectations of growth or improved financial performance. Periodic volatility suggests some uncertainty or market sensitivity to earnings and asset values, but the longer-term trend points to increased valuation multiples over the examined quarters.
Price to Earnings (P/E)
Vertex Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited initial fluctuations, starting at $218.20 in March 2021, declining to a low of $189.07 by September 2021, followed by a rebound reaching $244.24 by December 2021. Throughout 2022, the share price rose steadily, peaking at $313.89 in September before a slight decline to $297.40 in December. A consistent upward trend resumed in 2023, reaching a high of $426.29 by December. In 2024, the share price hit its peak at $499.88 in September, then decreased to $462.58 by December. Early 2025 saw a further decline to $374.98 in June, with a partial recovery to $421.67 by September.
- Earnings Per Share (EPS) Analysis
- EPS showed moderate volatility over the periods. It began at $10.67 in March 2021, decreased to $7.68 by June 2021, and subsequently increased to a stable range around $12-$14 from late 2021 through early 2024. A significant anomaly occurred between March and December 2024, with EPS turning negative, dropping to approximately -$2.09 at its lowest point in September. This negative trend sharply reversed in early 2025, with EPS recovering to $14.19 and $14.48 in March and June, respectively.
- Price-to-Earnings (P/E) Ratio Patterns
- The P/E ratio illustrated variable investor sentiment and market valuation relative to earnings. Starting at 20.45 in March 2021, it increased and fluctuated mostly above 23, reaching a peak of 30.42 in December 2023. Notably, P/E ratios were not reported during the periods of negative EPS in 2024, likely due to the negative earnings excluding meaningful calculation. The ratio resumed values by March 2025 at 26.43, rising to 29.11 by June 2025, indicating renewed market valuation confidence concurrent with EPS recovery.
- Key Insights
- The share price generally correlated with earnings performance, with upward price trends corresponding to periods of positive EPS. The sharp negative EPS episodes in 2024, alongside missing P/E data, suggest a financial disruption or unusual event impacting profitability temporarily. Despite this, the share price maintained relatively high levels, possibly reflecting investor focus on long-term prospects. The recovery in EPS and P/E in early 2025 aligns with stabilized or improved financial results, suggesting restored market confidence.
Price to Operating Profit (P/OP)
Vertex Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025
+ Income (loss) from operationsQ1 2025
+ Income (loss) from operationsQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company has exhibited an overall upward trend from March 2021 through September 2025, despite some volatility in certain quarters. Starting at $218.20 in March 2021, the price experienced fluctuations within 2021 but generally increased from 2022 onwards, reaching highs around $494.46 in mid-2024. Towards the latter part of the period, prices experienced some decline yet remained significantly higher than the beginning level, ending near $421.67 in September 2025.
Operating profit per share (OPPS) showed a relatively stable to rising pattern initially, increasing from $11.68 in March 2021 to a peak around $16.75 by the end of 2021. This performance was maintained with minor fluctuations through early 2024, signaling consistent operational profitability. However, a notable decline occurred from March to December 2024, where OPPS dropped markedly into negative territory, reaching as low as -$2.89. This indicates a period of operational challenges or increased expenses impacting profitability. In 2025, the operating profit per share rebounded sharply back to positive levels near $15.74, signaling a recovery.
The price-to-operating profit ratio (P/OP) fluctuated throughout the period but generally reflected market valuations in relation to operating earnings. Early 2021 values ranged between approximately 18 and 23, with some peaks above 25 during 2023 and 2024, suggesting elevated investor expectations or share price appreciation relative to operating profits. Notably, no P/OP values are reported during the period of negative operating profit per share in 2024, consistent with the absence of meaningful ratio calculation during losses. The ratio resumed high levels around 24 to 27 in 2025 alongside improving profitability, indicating sustained investor confidence or premium valuation despite recent volatility.
- Share Price
- Demonstrated growth with periods of volatility; peaked mid-2024 and experienced partial decline thereafter while remaining above initial levels.
- Operating Profit per Share
- Generally increased early on, showed significant temporary decline into negative territory in 2024, followed by strong recovery in 2025.
- Price-to-Operating Profit Ratio (P/OP)
- Varied within moderate to high ranges, reflecting changing market sentiment; absent during negative profitability periods; resumed elevated levels alongside recovery.
Price to Sales (P/S)
Vertex Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trajectory over the reported periods, beginning at $218.20 and reaching as high as $499.88 during the third quarter of 2024. Notably, there was a significant increase between June 2024 and September 2024. However, fluctuations were present, including a dip following the peak in late 2024, with values falling to $374.98 by the third quarter of 2025, then partially recovering to $421.67 by the last recorded period.
- Sales Per Share Development
- Sales per share demonstrated a consistent incremental trend throughout the periods. Starting at $24.78, the figure rose steadily, achieving $46.21 by the third quarter of 2025. This represents a continuous growth in sales relative to the number of shares, suggesting sustained revenue improvement over time.
- Price-to-Sales (P/S) Ratio Behavior
- The P/S ratio fluctuated considerably within the observed timeframe. Initial values started at 8.81, then decreased to a low of 6.74 in the third quarter of 2021, followed by oscillations that peaked at 12.35 in the second quarter of 2024. After this peak, the ratio showed some decline but remained elevated compared to earlier periods, ending at 9.13. These variations indicate changing market valuations relative to sales, influenced by the share price movements and sales performance.
- Overall Insights
- The data reflect a company experiencing growth in sales per share underpinning an overall rise in share price, albeit with notable volatility. The P/S ratio's fluctuations suggest investor sentiment and valuation multiples have varied, potentially influenced by performance expectations and market conditions. The consistent increase in sales per share highlights strong revenue momentum, while share price variability points to periods of differing market confidence or external factors impacting valuation.
Price to Book Value (P/BV)
Vertex Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| 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: 2025-09-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 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 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price displays an overall upward trend from March 2021 through December 2023, increasing from approximately $218.2 to a peak of $426.29. Thereafter, fluctuations occur with a notable dip to $374.98 by June 2025, followed by a partial recovery towards $421.67 by September 2025. The data indicates periods of strong appreciation, particularly between June 2023 and December 2023, as well as from early 2024 to mid-2024. However, the decline from late 2024 into mid-2025 suggests increased volatility or market adjustments during that timeframe.
- Book Value Per Share (BVPS)
- BVPS shows a generally consistent increase over the entire period analyzed, growing steadily from $34.69 in March 2021 to $68.26 in September 2025. Notably, there is a decline observed between March 2024 ($71.87) and June 2024 ($57.24), marking a significant drop within a single quarter. After this decline, BVPS resumes its upward progression. This irregularity may reflect an anomalous event or adjustment during that quarter but does not appear to disrupt the overall positive growth trajectory of the company's book value.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio exhibits variability throughout the period. Initially, it decreases from 6.29 in March 2021 to a low of approximately 5.04 by September 2021, then climbs back above 6.0 by December 2021. Fluctuations continue with values mostly between 5.5 and 6.3 until early 2024. Beginning in March 2024, the P/BV ratio spikes sharply, reaching a peak of 8.64 in March 2024, followed by a gradual decline back towards values near 6.0 by mid-2025. This spike may reflect heightened market optimism or valuation surge contrasted against the temporary dip in BVPS during the same period.