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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Historical Valuation Ratios (Summary)
eBay Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant variability throughout the observed periods. Initially, it decreased sharply from 23.86 to a low of approximately 4.5 in late 2016 and early 2017, indicating a potential undervaluation or improved earnings performance during that time. Following this trough, the ratio showed a gradual and steady increase, reaching around 14.56 by the third quarter of 2019. This upward trend may suggest growing investor confidence or expectations of higher future earnings.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrated moderate fluctuations with an initial downward move from 22.6 to approximately 12.45 in mid-2015, followed by a general upward trajectory peaking near 18.93 in late 2017. Post-2017, the ratio declined and stabilized around 12.16 by late 2019. These movements imply changing market assessments of operating profit value relative to share price, with a notable peak suggesting elevated investor valuation of operating profitability in late 2017.
- Price to Sales (P/S) Ratio
- The P/S ratio started near 4.56 and initially decreased to around 2.59 in mid-2015, then recovered and increased to approximately 4.48 by the end of 2017. Afterward, the metric showed a significant downward trend, falling to about 2.67 by late 2019. This pattern indicates varying market sentiment on sales relative to price, with the post-2017 decline possibly reflecting either revenue growth outpacing price gains or adjustments in sales expectations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed substantial volatility. It dipped to a low of about 1.76 in mid-2015, then surged to exceed 5.0 multiple times, notably reaching 8.86 by late 2019. This ascending trend toward the end of the period suggests increased market confidence in the company’s book value or asset base, potentially reflecting asset growth or improved asset quality assessments by investors.
- Summary of Trends
- Overall, the financial ratios indicate a period of high variability in valuation multiples from 2015 through 2019. Early years displayed depressed ratio levels across all metrics, followed by recovery and even higher valuations in some cases. The P/E and P/BV ratios suggest renewed or growing investor confidence starting around 2017, while P/OP and P/S ratios experienced peaks followed by declines, signaling a more nuanced interpretation of profitability and sales relative to price. The data reflect dynamic shifts in market perception of earnings, operating profit, sales, and book value during the timeframe.
Price to Earnings (P/E)
eBay Inc., historical P/E calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
EPS
= (Net income (loss)Q3 2019
+ Net income (loss)Q2 2019
+ Net income (loss)Q1 2019
+ Net income (loss)Q4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the analyzed period. Initially, it experienced a steep decline from $58.89 to $23.94 between March 2015 and December 2015. Following this, there was a gradual recovery with prices rising steadily to a peak near $42.37 in December 2017. Afterward, the share price faced another decline in 2018, reaching a low point in September 2018 at approximately $29.03. A moderate rebound occurred towards mid-2019, although the share price did not return to earlier peak levels, ending around $35.62 in September 2019.
- Earnings Per Share (EPS) Patterns
- EPS showed fluctuations over the timeline with distinct phases. From early 2015 through late 2016, EPS values were generally positive, with an outstanding peak of 6.68 in December 2016. This was followed by further high values around 7 in 2017's first three quarters. However, a negative EPS trend appeared starting from December 2017 through December 2018, reflecting losses with values as low as -1.65. In 2019, the EPS recovered substantially, returning to positive values in the range of 2.45 to 3.03, indicating improved profitability.
- Price-to-Earnings (P/E) Ratio Insights
- The P/E ratio exhibited notable shifts that correspond with changes in share price and earnings. Initially, it declined from 23.86 in March 2015 to approximately 14-16 across the rest of 2015 and much of 2016. The ratio then dropped sharply to below 5 during late 2016 and most of 2017, which likely relates to the spike in EPS during that period, indicating undervaluation or high earnings. Data for certain periods in 2017 and 2018 shows missing P/E values, correlating with the negative EPS recorded then, as the P/E ratio is typically undefined with negative earnings. By 2019, the ratio moved back to a range around 12 to 14, aligning with the return to positive earnings and moderate share prices.
- General Observations
- The financial data reflects a cycle of recovery interrupted by a period of losses before regaining profitability. The share price trends generally mirror EPS performance, with dips coinciding with negative earnings periods. The P/E ratio movements suggest changes in market valuation relative to the company's earnings, with extremely low ratios during high earnings indicative of possible market underpricing or transient high profitability. The negative EPS phase notably affects the availability and interpretation of valuation metrics.
Price to Operating Profit (P/OP)
eBay Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Income from operations (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Operating profit per share
= (Income from operationsQ3 2019
+ Income from operationsQ2 2019
+ Income from operationsQ1 2019
+ Income from operationsQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals several discernible trends over the examined periods.
- Share Price
- The share price exhibited a notable decline from March 31, 2015, at $58.89 to a low point around December 31, 2015, at approximately $23.94. Following this decline, the share price experienced a gradual recovery, peaking at $42.37 by December 31, 2017. However, subsequent quarters showed some volatility and a modest downward trend, with the price declining to $29.03 by September 30, 2018 before recovering somewhat to $39.77 by June 30, 2019. The latest available data point, September 30, 2019, shows a dip to $35.62.
- Operating Profit Per Share
- The operating profit per share displayed relatively stable and moderate growth over time. Starting at $2.61 in March 31, 2015, it decreased slightly to $1.86 at the end of 2015 but then demonstrated a consistent upward trajectory from early 2016 onward. By September 30, 2019, the operating profit per share reached $2.93, indicating gradual improvement in operational profitability per share across the periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio started at a high level of 22.6 in March 31, 2015, reflecting a relatively high share price compared to operating profit per share. This ratio declined sharply to just under 13 by the end of 2015, corresponding to the drop in share price. Thereafter, the ratio fluctuated between approximately 12 and 19, showing some volatility but no clear long-term upward or downward trend. The ratio's level reflects a moderate valuation in relation to operating profit.
In summary, the financial data indicates an initial period of decline in market valuation accompanied by steady operational profitability, followed by a recovery phase in share price. The operating profit per share trend suggests improving company performance, whereas the valuation multiples reflect adjustments to market sentiment and investor expectations over time. The fluctuations in the price to operating profit ratio suggest variable market perceptions of company value relative to its profitability throughout the analyzed quarters.
Price to Sales (P/S)
eBay Inc., historical P/S calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net revenues (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
Sales per share
= (Net revenuesQ3 2019
+ Net revenuesQ2 2019
+ Net revenuesQ1 2019
+ Net revenuesQ4 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displays notable volatility over the observed periods. Initially, it experienced a significant decline from $58.89 to $23.94 between March 2015 and December 2015. Following this low point, there was a general upward trend, with the price rising steadily to a peak around $42.37 by December 2017. After this peak, the share price fluctuated, maintaining levels mostly between $29 and $39, ending at $35.62 in September 2019. This indicates recovery and stabilization in the later years, though not regaining the initial high level observed at the start of the period.
- Sales Per Share Trends
- Sales per share demonstrated a strong and consistent upward trajectory throughout the entirety of the period. Beginning at $12.92 in March 2015, despite a slight downward trend in the early part of the period, sales per share steadily increased from 2016 onward, reaching $13.34 by September 2019. This gradual increase suggests improvements in revenue generation on a per-share basis, indicating operational growth and potentially increased market demand or improved monetization.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio exhibited considerable fluctuation and an overall declining trend over the given timeframe. Starting relatively high at 4.56 in March 2015, it dropped sharply to a low of 2.59 by June 2015, then generally oscillated between 2.67 and 4.48 in subsequent periods. Notably, after peaking at 4.48 in December 2017, the P/S ratio fell again, ending at 2.67 in September 2019. This declining ratio despite rising sales per share reflects a market valuation adjustment, potentially indicating that the share price growth did not keep pace with sales growth or that investors have re-evaluated the company's growth prospects and profitability.
- Integrated Insights
- The combined analysis of share price, sales per share, and P/S ratio reveals an environment of initial market skepticism or external pressures that significantly depressed share prices during 2015, followed by recovery and operational growth in subsequent years. The steady increase in sales per share reflects solid business performance, but the declining P/S ratio suggests market valuation became more conservative over time. This may reflect investor caution or a reassessment of valuation metrics, possibly due to competitive dynamics, margin pressures, or macroeconomic factors impacting investor sentiment. The disconnect between improving sales and more modest share price recovery underscores a nuanced view of company value from the market perspective during the period observed.
Price to Book Value (P/BV)
eBay Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Amazon.com Inc. | |||||||||||||||||||||||||
| Home Depot Inc. | |||||||||||||||||||||||||
| Lowe’s Cos. Inc. | |||||||||||||||||||||||||
| TJX Cos. Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2019 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of eBay Inc. Quarterly or Annual Report.
4 Q3 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals distinct trends in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited significant volatility from early 2015 through to late 2019. Initially, the price declined sharply from $58.89 in March 2015 to around $23.94 by December 2015. Following this, a recovery trend is observed, with the price rising steadily to a peak near $42.37 in December 2017. Subsequently, the price experienced fluctuations but generally remained within a range of approximately $29 to $39 through to September 2019, indicating a stabilization relative to the previous high volatility.
- Book Value Per Share (BVPS)
- The BVPS displayed a fluctuating but mostly declining trend over the given periods. Starting at $16.08 in March 2015, it plunged sharply by September 2015 to approximately $5.41, then exhibited temporary recovery phases but overall declined toward $4.02 by September 2019. This downward trend suggests a reduction in the company's net asset value per share over time, potentially due to factors such as asset impairment, dividend payouts exceeding net income, or changes in capital structure.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio varied considerably over time, highlighting shifts in market valuation relative to the book value. Initially high at 3.66 in March 2015, the ratio dropped to 1.76 by June 2015, then spiked to above 5 on multiple occasions, notably reaching 8.86 by September 2019. These oscillations indicate that market participants periodically assigned significantly higher value to the company relative to its book value, especially in the later periods, despite the declining BVPS. The rising P/BV ratio towards the end of the period could reflect increased market optimism, improved earnings prospects, intangible asset valuation, or other market factors influencing investor sentiment.
Overall, the share price demonstrated recovery and relative stability following an initial decline, while BVPS showed a notable downward trend, suggesting pressure on net asset metrics. The P/BV ratio's increasing trend towards the end of the period points to market valuations rising disproportionately relative to book value, which warrants further investigation into drivers such as earnings growth, market expectations, or asset revaluation.