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: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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Historical Valuation Ratios (Summary)
Vertex Pharmaceuticals Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit a pattern of cyclical fluctuation between 2022 and 2026, characterized by periodic expansions in multiples followed by corrective contractions. There is a notable synchronization between earnings-based and operating profit-based metrics, suggesting that valuation is closely tied to fundamental profitability.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) ratio demonstrates a general upward trend through 2023, peaking at 30.42 in December 2023. Following a period of volatility in 2024, the ratio reached a secondary peak of 31.58 in September 2025 before contracting to 24.83 in early 2026. Similarly, the Price to Operating Profit (P/OP) ratio mirrors this trajectory, rising from a low of 17.75 in late 2022 to a high of 29.92 in September 2025. The strong correlation between these two ratios indicates a consistent relationship between net income and operating performance in the eyes of investors.
- Revenue Valuation Trends
- The Price to Sales (P/S) ratio showed a steady increase from 8.17 in March 2022 to a peak of 12.35 in June 2024. This suggests a period of heightened market optimism regarding revenue growth or margin expansion. However, a significant correction occurred in 2025, where the ratio dropped to 8.42 in June before recovering slightly to 9.64 by mid-2026. This volatility reflects a shifting valuation of the company's top-line growth potential.
- Book Value Assessment
- The Price to Book Value (P/BV) ratio remained relatively stable between 5.50 and 6.30 for the majority of the analyzed period. A distinct anomaly is observed in mid-2024, where the ratio spiked to 8.64 in June and 8.24 in September. This sharp increase indicates either a rapid surge in stock price relative to equity or a contraction in the book value of assets. By 2026, the P/BV ratio returned to its historical baseline, oscillating between 5.56 and 5.99.
Overall, the analysis reveals a valuation peak occurring between mid-2023 and mid-2024 across all metrics, followed by a general normalization toward 2026. The convergence of these ratios suggests a period of premium valuation that eventually aligned more closely with historical averages.
Price to Earnings (P/E)
Vertex Pharmaceuticals Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between March 2022 and June 2026 reflect a general appreciation in share price coupled with a significant period of earnings volatility. While the long-term trend suggests growth in both share price and earnings per share, a distinct anomaly occurred between June 2024 and March 2025, during which earnings turned negative, rendering the price-to-earnings ratio inapplicable.
- Share Price Trajectory
- An overall upward trend is observed, with the share price rising from 253.93 USD in March 2022 to a peak of 499.88 USD in September 2024. Following this peak, the price experienced a period of fluctuation, dipping to a low of 374.98 USD in June 2025 before recovering to 478.71 USD by June 2026.
- Earnings Per Share (EPS) Performance
- Earnings demonstrated steady growth from March 2022 (9.58 USD) through March 2024 (15.58 USD). This growth was interrupted by a sharp reversal starting in June 2024, where EPS fell into negative territory, reaching a trough of -3.85 USD in March 2025. A robust recovery followed, with earnings returning to positive values in June 2025 (14.19 USD) and continuing to climb to 17.38 USD by June 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained relatively stable between 23.02 and 30.42 during the initial two years of the analyzed period. In alignment with the negative earnings reported between June 2024 and March 2025, P/E values are absent, as the ratio is not typically calculated for loss-making periods. Upon the return to profitability in June 2025, the ratio resumed within its historical range, fluctuating between 24.83 and 31.58 through June 2026.
The correlation between the share price and earnings suggests that market valuation remained resilient despite the temporary earnings contraction. The restoration of the P/E ratio to levels consistent with the 2022-2024 period indicates a return to normalized valuation multiples following the recovery of earnings per share.
Price to Operating Profit (P/OP)
Vertex Pharmaceuticals Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the quarterly valuation metrics reveals a period of significant volatility in operating performance contrasted with a general upward trajectory in share price. The relationship between market valuation and operational profitability demonstrates distinct phases of expansion, contraction, and recovery.
- Share Price Trends
- The share price exhibited a consistent growth trend from March 2022, rising from 253.93 US$ to a peak of 499.88 US$ by September 2024. Following this peak, the price experienced a period of fluctuation, dipping to 374.98 US$ in June 2025 before recovering to 478.71 US$ by June 2026.
- Operating Profit per Share Performance
- Operating profit per share showed steady growth throughout 2022, peaking at 16.75 US$ in December. A slight decline occurred during 2023, with values stabilizing between 14.84 US$ and 15.71 US$. A significant anomaly is observed between June 2024 and March 2025, during which operating profit turned negative, reaching a low of -2.89 US$ in March 2025. A strong recovery followed in June 2025, with profit per share climbing to 18.85 US$ by June 2026, marking the highest operational efficiency in the analyzed period.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio fluctuated between 17.75 and 22.13 during 2022, indicating a relatively stable valuation relative to earnings. In 2023, the ratio expanded significantly, reaching 28.74 by December, which suggests that share price growth outpaced the growth of operating profits. Due to the negative operating profit recorded between June 2024 and March 2025, the P/OP ratio was not applicable during this window. Upon the return to profitability in June 2025, the ratio reappeared at 24.50 and peaked at 29.92 in December 2025, before normalizing to 25.40 by June 2026.
Overall, the data indicates that while the company faced a severe short-term operational downturn in late 2024 and early 2025, the market maintained a high valuation of the stock. The subsequent recovery in operating profit combined with the stabilization of the P/OP ratio suggests a return to operational stability and a market valuation that remains elevated compared to 2022 levels.
Price to Sales (P/S)
Vertex Pharmaceuticals Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Vertex Pharmaceuticals Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a period of steady operational growth contrasted by significant fluctuations in market valuation. While sales per share demonstrated a consistent and linear upward trajectory throughout the analyzed period, the Price-to-Sales (P/S) ratio experienced several cycles of expansion and contraction, reflecting shifts in investor sentiment and share price volatility.
- Sales per Share Performance
- A consistent growth pattern is observed in sales per share, rising from 31.07 US$ in March 2022 to 49.66 US$ by June 2026. This steady incremental increase indicates stable revenue growth on a per-share basis, devoid of any quarterly declines over the entire duration.
- Share Price Volatility
- The share price exhibited more variance than the underlying sales growth. An overall ascending trend was evident from March 2022 (253.93 US$) through a peak in September 2024 (499.88 US$). Subsequent periods showed increased volatility, with a notable decline to 374.98 US$ in June 2025 before recovering to 478.71 US$ by June 2026.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio expanded from 8.17 in March 2022 to a peak of 12.35 in June 2024, suggesting that the market price grew at a faster rate than sales during this phase. A corrective phase followed, where the ratio declined to a low of 8.42 by June 2025, closely aligning with the dip in share price. In the final quarters, the ratio stabilized, ending at 9.64 in June 2026.
- Valuation Correlation
- The divergence between the linear growth of sales per share and the fluctuating P/S ratio indicates that valuation multiples were driven primarily by share price movements rather than changes in revenue performance. The compression of the P/S ratio in 2025 highlights a period where the stock was valued more conservatively relative to its sales output compared to the peak seen in mid-2024.
Price to Book Value (P/BV)
Vertex Pharmaceuticals Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 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 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the Price to Book Value (P/BV) ratio reveals a period of relative stability followed by a significant valuation spike in mid-2024, before returning toward historical averages by mid-2026.
- Share Price Dynamics
- A consistent upward trajectory is observed from March 2022, where the price stood at 253.93 US$, peaking at 499.88 US$ in September 2024. Following this peak, the share price experienced increased volatility, dipping to 374.98 US$ in June 2025 before recovering to 478.71 US$ by June 2026.
- Book Value per Share (BVPS) Trends
- BVPS exhibited steady growth from 42.65 US$ in March 2022 to a peak of 71.87 US$ in March 2024. A sharp contraction occurred in June 2024, with the value dropping to 57.24 US$. Subsequent quarters show a sustained recovery and growth phase, with BVPS reaching 79.89 US$ by June 2026.
- P/BV Ratio Interpretation
- Between March 2022 and March 2024, the P/BV ratio remained range-bound between 5.50 and 6.26. A notable expansion occurred in June 2024, where the ratio spiked to 8.64, driven primarily by the simultaneous increase in share price and the sharp decline in book value. This elevated valuation persisted through September 2024 at 8.24 before normalizing. From December 2024 through June 2026, the ratio stabilized, fluctuating between 5.56 and 7.01, indicating a return to the long-term valuation baseline.
The overall data suggests that while the underlying book value grew consistently over the long term, a specific event in the second quarter of 2024 caused a temporary divergence between market price and book value, leading to a short-term inflation of the P/BV ratio.