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).
Historical Valuation Ratios (Summary)
Yahoo! Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
The analysis of the financial ratios over the specified periods reveals several notable trends and fluctuations in valuation metrics.
- Price to Earnings (P/E) Ratio
- This ratio shows missing values initially, with data starting from March 31, 2013. From that point, the P/E ratio fluctuates moderately between 4.97 and 28.93 through December 31, 2014, indicating periods of varied investor expectations and profitability perception. Notably, in the quarter ending March 31, 2015, there is a sharp spike to 136.91, suggesting an exceptional event or earnings anomaly. Following this spike, data is absent for subsequent periods, limiting trend analysis beyond early 2015.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio data begins at March 31, 2013, and shows a pattern of increasing valuation multiples over time. Initially, values rise from 42.66 to a peak of 105.69 by September 30, 2014, signaling growing market valuation relative to operating profit. This trend accelerates steeply between December 31, 2014, and September 30, 2015, with an exceptional increase from 161.38 to 1620.27, indicating either a sharp decline in operating profit or a substantial rise in share price. Post this period, data ceases, preventing further longitudinal assessment.
- Price to Sales (P/S) Ratio
- The P/S ratio provides a more continuous data set, starting from March 31, 2013. The ratio shows an overall increasing trend from 4.85 to peaks near 9.93 by December 31, 2014, suggesting an escalating valuation relative to revenue. Subsequently, the P/S ratio exhibits a general decline from early 2015 levels through March 31, 2016, dropping to a low of 6.06, before rising steadily again to 8.77 by March 31, 2017. This fluctuation suggests changing market sentiment or changes in sales growth impacting valuation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presents data from March 31, 2012, enabling a broader longitudinal view. The ratio shows an initial increase from 1.45 to a peak of 2.99 by December 31, 2013, reflecting growing market valuation against the book value of equity. However, a sharp decline follows, with the ratio dropping to 1.07 by June 30, 2014, stabilizing around 1.17 to 1.42 through March 31, 2017. This trend suggests a correction or reduction in market premiums over book value after the peak period.
Overall, valuation ratios indicate significant volatility, particularly visible in price-to-earnings and price-to-operating profit multiples, which show sharp increases during certain quarters likely due to earnings or profit fluctuations. The price-to-sales and price-to-book value ratios illustrate periods of rising valuation and subsequent correction, reflecting investor reassessment of the company's revenue and asset base over time. The intermittent missing data restricts continuous trend analysis in some cases, but the available information outlines a dynamic valuation environment across the observed periods.
Price to Earnings (P/E)
Yahoo! Inc., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 958,198,997 | 956,487,217 | 954,124,482 | 951,782,587 | 949,068,569 | 946,811,547 | 944,355,144 | 941,390,842 | 938,442,668 | 936,120,954 | 947,351,485 | 994,603,788 | 1,006,808,134 | 1,009,392,339 | 1,014,442,318 | 1,020,321,185 | 1,082,634,754 | 1,101,295,389 | 1,182,688,258 | 1,184,617,827 | 1,218,696,911 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to Yahoo! Inc. (in thousands) | 99,434) | 161,998) | 162,826) | (439,913) | (99,232) | (4,434,987) | 76,261) | (21,554) | 21,198) | 166,344) | 6,774,102) | 269,707) | 311,578) | 348,190) | 296,656) | 331,150) | 390,285) | 272,267) | 3,160,238) | 226,631) | 286,343) | |||||||
| Earnings per share (EPS)2 | -0.02 | -0.22 | -5.04 | -5.15 | -4.72 | -4.60 | 0.26 | 7.37 | 7.71 | 8.03 | 8.13 | 1.23 | 1.28 | 1.35 | 1.27 | 4.07 | 3.74 | 3.58 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 49.49 | 46.24 | 41.21 | 39.24 | 37.44 | 31.79 | 35.12 | 36.67 | 43.87 | 44.28 | 48.55 | 35.66 | 33.92 | 38.67 | 34.07 | 27.48 | 26.07 | 21.94 | 17.24 | 16.01 | 15.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | — | — | — | — | — | — | 136.91 | 4.97 | 5.69 | 5.51 | 5.97 | 28.93 | 26.52 | 28.57 | 26.78 | 6.75 | 6.97 | 6.12 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2017 Calculation
EPS
= (Net income (loss) attributable to Yahoo! Inc.Q1 2017
+ Net income (loss) attributable to Yahoo! Inc.Q4 2016
+ Net income (loss) attributable to Yahoo! Inc.Q3 2016
+ Net income (loss) attributable to Yahoo! Inc.Q2 2016)
÷ No. shares of common stock outstanding
= (99,434,000 + 161,998,000 + 162,826,000 + -439,913,000)
÷ 958,198,997 = -0.02
3 Closing price as at the filing date of Yahoo! Inc. Quarterly or Annual Report.
4 Q1 2017 Calculation
P/E ratio = Share price ÷ EPS
= 49.49 ÷ -0.02 = —
5 Click competitor name to see calculations.
The financial data exhibits several notable trends in the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the examined periods.
- Share Price
- The share price demonstrates a generally upward trajectory from March 2012 through March 2017. Starting at $15.30 in March 2012, the price rose steadily, reaching a peak of $48.55 in September 2014. Subsequent quarters saw some fluctuations, including a decline towards the end of 2015 where the price fell to $31.79 in December 2015. However, the share price resumed an upward movement in 2016 and early 2017, concluding at $49.49 in March 2017, the highest value in the observed timeframe.
- Earnings per Share (EPS)
- EPS data is partially missing for early periods but becomes available starting March 2013. Initially, EPS values were positive and relatively stable, fluctuating slightly around the 1.23 to 4.07 range through 2013 and early 2014. A significant increase is observed in 2014, with values peaking around 8.13 in December 2014 before gradually declining slightly in 2015. However, a sharp downward shift occurs at the end of 2015, with negative EPS values emerging from March 2016 (-4.60) and persisting through December 2016, indicating a period of losses. By March 2017, the EPS recovers slightly but remains near zero (-0.02), reflecting continued financial challenges during this recent period.
- Price-to-Earnings (P/E) Ratio
- P/E ratios are unavailable during the early quarters but available from March 2013 onward. Between March 2013 and December 2015, the P/E ratio remains relatively low, mostly in the range of approximately 4.97 to 28.93, with some moderate fluctuations. Notably, during late 2015, the P/E ratio spikes dramatically to 136.91, coinciding with the sharp decline in EPS and suggesting inflated valuation relative to earnings. Following this, P/E data is missing for 2016 and early 2017 periods, aligning with the presence of negative EPS values, during which P/E ratios typically become less meaningful.
Overall, the company experienced a period of share price appreciation and robust earnings until late 2014 and early 2015. This was followed by a significant downturn in profitability starting in 2016, as evidenced by negative EPS figures and volatility in P/E ratios. Despite operational challenges reflected in earnings, the share price recovered strongly in 2016 through early 2017, possibly indicating positive market sentiment or expectations of future improvement unrelated to contemporaneous earnings performance.
Price to Operating Profit (P/OP)
Yahoo! Inc., historical P/OP calculation (quarterly data)
| 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 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 958,198,997 | 956,487,217 | 954,124,482 | 951,782,587 | 949,068,569 | 946,811,547 | 944,355,144 | 941,390,842 | 938,442,668 | 936,120,954 | 947,351,485 | 994,603,788 | 1,006,808,134 | 1,009,392,339 | 1,014,442,318 | 1,020,321,185 | 1,082,634,754 | 1,101,295,389 | 1,182,688,258 | 1,184,617,827 | 1,218,696,911 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Income (loss) from operations (in thousands) | (58,747) | 64,151) | (52,319) | (489,676) | (167,214) | (4,530,034) | (86,312) | (44,794) | (87,354) | 32,154) | 42,172) | 38,437) | 30,179) | 174,218) | 92,759) | 136,979) | 185,970) | 189,990) | 152,189) | 54,813) | 169,376) | |||||||
| Operating profit per share2 | -0.56 | -0.67 | -5.49 | -5.54 | -5.09 | -5.02 | -0.20 | -0.06 | 0.03 | 0.15 | 0.30 | 0.34 | 0.43 | 0.58 | 0.60 | 0.65 | 0.54 | 0.51 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 49.49 | 46.24 | 41.21 | 39.24 | 37.44 | 31.79 | 35.12 | 36.67 | 43.87 | 44.28 | 48.55 | 35.66 | 33.92 | 38.67 | 34.07 | 27.48 | 26.07 | 21.94 | 17.24 | 16.01 | 15.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | — | — | — | — | — | — | — | — | 1,620.27 | 289.99 | 161.38 | 105.69 | 78.66 | 66.17 | 57.06 | 42.15 | 48.42 | 42.66 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2017 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2017
+ Income (loss) from operationsQ4 2016
+ Income (loss) from operationsQ3 2016
+ Income (loss) from operationsQ2 2016)
÷ No. shares of common stock outstanding
= (-58,747,000 + 64,151,000 + -52,319,000 + -489,676,000)
÷ 958,198,997 = -0.56
3 Closing price as at the filing date of Yahoo! Inc. Quarterly or Annual Report.
4 Q1 2017 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 49.49 ÷ -0.56 = —
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trajectory from March 2012 through March 2017, increasing substantially from approximately $15.3 to $49.49. Notable growth occurred between December 2012 and December 2013, where the price rose from $21.94 to $38.67. After some volatility during 2014 and 2015, with prices fluctuating between $31.79 and $48.55, the share price resumed an upward trend from early 2016 onward, culminating in the highest value of the observed period in March 2017.
- Operating Profit Per Share
- Operating profit per share data are available starting from March 2013. Initial figures show moderate positive values, peaking around September 2013 at $0.65. However, beginning in 2014, there is a clear declining trend, with values gradually decreasing into negative territory by late 2014 and continuing to worsen significantly through 2015 and into 2016. The steepest declines are observed around March to December 2016, where operating profit per share reached lows of approximately -$5.54, indicating substantial operating losses before slightly improving by March 2017.
- Price-to-Operating Profit (P/OP) Ratio
- The P/OP ratio, calculated as the share price divided by operating profit per share, shows a marked increase from March 2013 to March 2015, starting near 42.66 and escalating dramatically to an extraordinary level of 1620.27 by June 2015. This sharp rise reflects a rapidly declining operating profit per share coupled with relatively high or stable share prices. Data for this ratio is incomplete after this point; however, the extremely high values indicate a significant disconnect between share price and actual operating profitability during this interval.
- Overall Observations and Insights
- Despite the rising share price, the company experienced deteriorating operational profitability during the analyzed period. The early positive operating profit per share values deteriorated steadily into severe losses by 2016, suggesting operational challenges or adverse business developments. The unusually high P/OP ratios signal that market valuation was disconnected from operating fundamentals especially during 2014-2015, which could reflect investor optimism or speculative factors not supported by earnings performance. The partial recovery in operating profit per share and maintained share price strength in early 2017 may indicate initial signs of operational stabilization.
Price to Sales (P/S)
Yahoo! Inc., historical P/S calculation (quarterly data)
| 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 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 958,198,997 | 956,487,217 | 954,124,482 | 951,782,587 | 949,068,569 | 946,811,547 | 944,355,144 | 941,390,842 | 938,442,668 | 936,120,954 | 947,351,485 | 994,603,788 | 1,006,808,134 | 1,009,392,339 | 1,014,442,318 | 1,020,321,185 | 1,082,634,754 | 1,101,295,389 | 1,182,688,258 | 1,184,617,827 | 1,218,696,911 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in thousands) | 1,327,270) | 1,469,140) | 1,305,206) | 1,307,637) | 1,087,152) | 1,273,393) | 1,225,673) | 1,243,265) | 1,225,970) | 1,253,072) | 1,148,140) | 1,084,191) | 1,132,730) | 1,265,795) | 1,138,973) | 1,135,244) | 1,140,368) | 1,345,807) | 1,201,732) | 1,217,794) | 1,221,233) | |||||||
| Sales per share2 | 5.65 | 5.40 | 5.21 | 5.14 | 5.09 | 5.25 | 5.24 | 5.17 | 5.02 | 4.93 | 4.89 | 4.65 | 4.64 | 4.64 | 4.69 | 4.73 | 4.53 | 4.53 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 49.49 | 46.24 | 41.21 | 39.24 | 37.44 | 31.79 | 35.12 | 36.67 | 43.87 | 44.28 | 48.55 | 35.66 | 33.92 | 38.67 | 34.07 | 27.48 | 26.07 | 21.94 | 17.24 | 16.01 | 15.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 8.77 | 8.56 | 7.91 | 7.63 | 7.36 | 6.06 | 6.70 | 7.09 | 8.74 | 8.98 | 9.93 | 7.67 | 7.31 | 8.34 | 7.26 | 5.81 | 5.75 | 4.85 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2017 Calculation
Sales per share
= (RevenueQ1 2017
+ RevenueQ4 2016
+ RevenueQ3 2016
+ RevenueQ2 2016)
÷ No. shares of common stock outstanding
= (1,327,270,000 + 1,469,140,000 + 1,305,206,000 + 1,307,637,000)
÷ 958,198,997 = 5.65
3 Closing price as at the filing date of Yahoo! Inc. Quarterly or Annual Report.
4 Q1 2017 Calculation
P/S ratio = Share price ÷ Sales per share
= 49.49 ÷ 5.65 = 8.77
5 Click competitor name to see calculations.
The share price exhibited a general upward trajectory over the observed periods from March 2012 to March 2017, beginning at $15.3 and reaching $49.49 by the end of the timeline. Notable increases occurred from late 2012 through 2013, peaking in December 2013 at $38.67 before experiencing some fluctuations. After a dip in late 2014 and into 2015, the share price resumed an upward trend from 2016 onward, culminating in the highest recorded value in March 2017.
Sales per share data, available only from March 2013 onward, show a steady incremental increase from $4.53 to $5.65 by March 2017. This indicates consistent growth in revenue generation capacity on a per-share basis across the quarterly intervals.
The Price-to-Sales (P/S) ratio demonstrates notable volatility with an overall increasing trend. Beginning at 4.85 in March 2013, the ratio climbed to a peak of 9.93 in December 2014, suggesting a period where share prices rose faster than sales per share. Subsequently, the ratio declined over the next several quarters, reaching a low near 6.06 in December 2015, before ascending again to 8.77 in March 2017. These movements imply shifts in market valuation relative to revenue, reflecting changing investor sentiment or market conditions.
- Share Price Trends
- Steady growth with periods of volatility; major rise between 2012 and 2013; temporary decreases in 2014 and 2015; resumed growth in 2016 and early 2017.
- Sales per Share Trends
- Consistent and gradual increase from $4.53 to $5.65 between 2013 and 2017, reflecting improving sales performance per share.
- Price-to-Sales Ratio
- Marked by an initial rise to near 10, indicating increasing share price premiums relative to sales; followed by declines and later recovery, suggesting varying investor confidence or perceived growth prospects.
Overall, the financial indicators reflect a company with growing sales coupled with a generally increasing market valuation, albeit with phases of reevaluation by investors as evidenced in P/S ratio fluctuations. The upward trends in share price and sales per share indicate positive financial performance over the time horizon considered.
Price to Book Value (P/BV)
Yahoo! Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | Jun 30, 2012 | Mar 31, 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 958,198,997 | 956,487,217 | 954,124,482 | 951,782,587 | 949,068,569 | 946,811,547 | 944,355,144 | 941,390,842 | 938,442,668 | 936,120,954 | 947,351,485 | 994,603,788 | 1,006,808,134 | 1,009,392,339 | 1,014,442,318 | 1,020,321,185 | 1,082,634,754 | 1,101,295,389 | 1,182,688,258 | 1,184,617,827 | 1,218,696,911 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Yahoo! Inc. stockholders’ equity (in thousands) | 35,435,717) | 31,049,283) | 34,836,272) | 28,363,894) | 28,478,347) | 29,043,537) | 28,245,950) | 33,532,602) | 33,658,896) | 38,741,837) | 36,713,567) | 12,691,988) | 12,905,183) | 13,074,909) | 12,494,111) | 13,808,864) | 14,139,916) | 14,560,200) | 15,561,503) | 12,472,997) | 12,818,578) | |||||||
| Book value per share (BVPS)2 | 36.98 | 32.46 | 36.51 | 29.80 | 30.01 | 30.68 | 29.91 | 35.62 | 35.87 | 41.39 | 38.75 | 12.76 | 12.82 | 12.95 | 12.32 | 13.53 | 13.06 | 13.22 | 13.16 | 10.53 | 10.52 | |||||||
| Share price1, 3 | 49.49 | 46.24 | 41.21 | 39.24 | 37.44 | 31.79 | 35.12 | 36.67 | 43.87 | 44.28 | 48.55 | 35.66 | 33.92 | 38.67 | 34.07 | 27.48 | 26.07 | 21.94 | 17.24 | 16.01 | 15.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 1.34 | 1.42 | 1.13 | 1.32 | 1.25 | 1.04 | 1.17 | 1.03 | 1.22 | 1.07 | 1.25 | 2.79 | 2.65 | 2.99 | 2.77 | 2.03 | 2.00 | 1.66 | 1.31 | 1.52 | 1.45 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Adobe Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Cadence Design Systems Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| CrowdStrike Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Fair Isaac Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| International Business Machines Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Intuit Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Microsoft Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Oracle Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palantir Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Palo Alto Networks Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Salesforce Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| ServiceNow Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Synopsys Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Workday Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2017 Calculation
BVPS = Total Yahoo! Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 35,435,717,000 ÷ 958,198,997 = 36.98
3 Closing price as at the filing date of Yahoo! Inc. Quarterly or Annual Report.
4 Q1 2017 Calculation
P/BV ratio = Share price ÷ BVPS
= 49.49 ÷ 36.98 = 1.34
5 Click competitor name to see calculations.
- Share Price Trend
- The share price shows a generally upward trend from March 2012 through March 2017. It increased from $15.30 in March 2012 to a peak of $48.55 in September 2014. After this peak, the price experienced a decline until December 2015, reaching $31.79. Subsequently, the price recovered steadily, reaching $49.49 by March 2017, the highest value in the period analyzed.
- Book Value Per Share (BVPS) Trend
- The book value per share remained relatively stable between $10 and $14 from March 2012 to June 2014, with some fluctuations. Notably, it surged dramatically to $38.75 in September 2014 and remained elevated through December 2014 at $41.39. This high value decreased gradually afterward, fluctuating between approximately $29.91 and $36.98 from March 2015 to March 2017, without returning to the lower levels seen before 2014.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio fluctuated considerably during the observed periods. Initially, it was moderate, around 1.3 to 1.7, but rose notably to almost 3.0 by December 2013. It then sharply declined to around 1.0 to 1.3 in the period following the BVPS spike in late 2014. The ratio showed a slight increasing trend from 2015 through 2017, ranging between 1.03 and 1.42, indicating a more balanced valuation relative to book value after the volatility earlier in the period.
- Key Insights
- The data suggest a significant corporate event or accounting adjustment related to book value around the third and fourth quarters of 2014, as seen by the sharp spike in BVPS. The share price reaction peaked prior to this event and subsequently adjusted downward before recovering. Despite fluctuations, the P/BV ratio normalized after the sharp changes, suggesting market stabilization regarding the company's valuation relative to its book value. The overall share price growth over five years indicates positive market sentiment toward the company despite periods of volatility.