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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
3M Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
The financial ratios over the analyzed periods indicate several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio starts at 27.32 in the first available quarter (March 31, 2018) and gradually declines to 9.96 by the last quarter (September 30, 2022). This trend suggests a steady decrease in market valuation relative to earnings, potentially indicating a decline in investor confidence or an increase in earnings, or both. The decline is consistent over the period, with some minor fluctuations around 17 to 20 in 2020 and 2021 before dropping sharply in 2022.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the P/E ratio trend, decreasing from about 16.97 in early 2018 to 8.71 in late 2022. A steady decrease is observed, indicating that the price investors are willing to pay for operating profit has diminished over time. The ratio remained somewhat stable between 13 and 15 from 2019 through 2021 but sharply declined in 2022.
- Price to Sales (P/S) Ratio
- The P/S ratio shows a declining trend as well, moving from 4.19 in early 2018 to 1.88 in the last quarter. The decline is relatively continuous, with no periods of significant recovery. This suggests that valuation relative to sales has been decreasing consistently, which might reflect either reduced market valuation relative to revenues or revenue growth not keeping pace with market price changes.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio started higher at around 10.74 in March 2017 and exhibited a general downtrend over the period reaching a low of 4.65 by September 2022. The decline is gradual but persistent, with some short-term volatility. This suggests a decreasing market valuation relative to the company’s book value, which could reflect diminished investor perception of the company’s asset value or risk factors increasing over the period.
Overall, all the key price-based valuation ratios indicate a consistent downward trend from 2017 through 2022, with a more pronounced drop observed in 2022. This pattern may imply that the market has been increasingly conservative or less optimistic about the company’s future earnings, operating profits, sales, and net asset value during this time horizon.
Price to Earnings (P/E)
3M Co., historical P/E calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to 3M (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
EPS
= (Net income attributable to 3MQ3 2022
+ Net income attributable to 3MQ2 2022
+ Net income attributable to 3MQ1 2022
+ Net income attributable to 3MQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility across the reported periods. From March 2017 to December 2017, the price rose from approximately 198 US$ to 223 US$, peaking at 230 US$ in September 2017. However, the subsequent year showed fluctuating behavior, declining to a low near 165 US$ by the end of 2019. A notable decline occurred through 2020 and 2021, bottoming around 138 US$ in the third quarter of 2022, suggesting overall weakening in market valuation over this timeframe.
- Earnings Per Share (EPS) Development
- EPS data became available starting March 2018, illustrating some variation throughout the periods. Initial EPS was 8.16 US$, decreasing to a trough in mid-2018 around 6.97 US$, then rebounding to 10.36 US$ by late 2021. However, this upward trend was interrupted by a sharp decrease to 7.29 US$ in the third quarter of 2022, followed by a substantial recovery to 11.9 US$ by the end of the reported period. Overall, EPS indicates periods of growth with intermittent contractions.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio, available from March 2018 onwards, gradually decreased from an initial level of 27.32 down to below 10 in late 2022, indicating a decreasing market valuation relative to earnings. This trend reflects a contraction in the premium investors were willing to pay for the company’s earnings over this crowded span. This decline could be linked to fluctuating earnings combined with the decreasing share price observed in later periods.
- Summary Insights
- The financial metrics collectively reveal a period of volatility and declining market confidence after initial stability and growth in earnings. While EPS showed resilience and episodes of growth, the stock price failed to reflect sustained appreciation, leading to a compressing P/E ratio. The sharp dip in share price and P/E ratio in 2022, despite a rebound in EPS, highlights potential market concerns or external factors influencing valuation beyond core earnings performance.
Price to Operating Profit (P/OP)
3M Co., historical P/OP calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Operating profit per share
= (Operating incomeQ3 2022
+ Operating incomeQ2 2022
+ Operating incomeQ1 2022
+ Operating incomeQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed an initial increase from March 2017 through September 2017, peaking near 230 US$ before declining steadily through 2018 and 2019. The downward trend continued into 2020, with the lowest point around mid-2022 at approximately 138.86 US$. The price briefly rebounded toward the end of 2020 and first quarter of 2021, then resumed a decline thereafter, reaching a low of 118.5 US$ by September 2022.
- Operating Profit Per Share (OPPS)
- Operating profit per share data begins from March 2018, showing relative stability with minor fluctuations in the range of approximately 10.73 to 13.61 US$. There is a slight upward trend observed from 2019 through 2021, peaking at 13.61 US$ in September 2022. A notable dip occurred in mid-2022, dropping to 9.05 US$, followed by a rebound by September 2022.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio was initially high in early 2018, around 17, then generally declined over time, reaching its lowest at 8.71 in September 2022. The ratio exhibited fluctuations but maintained a downward trajectory, indicating that the share price decreased relative to operating profit per share, suggesting a potentially undervalued stock or market concerns affecting share price despite stable profitability.
- Overall Insights
- The declining share price across the analyzed period contrasts with relatively stable operating profit per share. The declining P/OP ratio suggests that market valuation became less optimistic relative to operating earnings. The brief increases in OPPS, despite falling share prices, may indicate operational resilience, whereas the share price fluctuations could be influenced by external market conditions or investor sentiment. The mid-2022 dip in OPPS, followed by recovery, warrants attention for possible factors affecting profitability during that period.
Price to Sales (P/S)
3M Co., historical P/S calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net sales (in millions) | ||||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
Sales per share
= (Net salesQ3 2022
+ Net salesQ2 2022
+ Net salesQ1 2022
+ Net salesQ4 2021)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods.
- Share Price
- The share price exhibited fluctuations over time, with an initial increase from $197.63 at the end of Q1 2017 to a peak near $230.19 in Q3 2017, followed by a general downward trend. During 2018 and 2019, the share price gradually decreased from around $201.74 in Q1 2018 to approximately $162.89 by the end of 2019. The price continued to experience a decline through 2020, reaching near $155.33 in mid-year, then showed some recovery toward the end of 2020 with an increase up to $177.10. In 2021, the price rose again to about $200.47 in mid-year but subsequently declined throughout 2021 and into 2022, falling to roughly $118.50 by Q3 2022. Overall, the share price demonstrated volatility with a general decline commencing after 2017 and a more pronounced drop in 2022.
- Sales Per Share
- Sales per share data was available starting in Q1 2018, displaying a relatively stable trend with minor fluctuations. The figures ranged from $53.16 in Q1 2018 to a consistent increase, reaching $62.89 by Q3 2022. This indicates modest growth in sales generated per share over the analysis period. The incremental rise suggests steady revenue generation capacity on a per-share basis without abrupt changes.
- Price-to-Sales (P/S) Ratio
- The P/S ratio initially declined from 4.19 in Q1 2018 to a low of about 2.80 by the end of 2019, reflecting a decrease in the market value of the company relative to its sales. In 2020, this ratio showed a small recovery, reaching around 3.19 by Q1 2021, before falling again to approximately 1.88 by Q3 2022. The decreasing P/S ratio over the longer term suggests that despite stable or increasing sales per share, the market valuation relative to sales has been diminishing, possibly indicating muted investor confidence or shifts in market conditions affecting valuation multiples.
In summary, while sales per share have shown moderate growth and stability, the share price and the price-to-sales ratio have experienced notable declines with intermittent recoveries. The market valuation represented by share price and P/S ratio has weakened over the analyzed timeframe, especially in the more recent quarters, which could imply increased market caution or concerns about future performance despite relatively steady sales figures.
Price to Book Value (P/BV)
3M Co., historical P/BV calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total 3M Company shareholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2022 Calculation
BVPS = Total 3M Company shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of 3M Co. Quarterly or Annual Report.
4 Q3 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price initially showed an upward movement from $197.63 in March 2017 to a peak near $230.19 in September 2017. This was followed by fluctuations staying generally above $190 until the end of 2018. From 2019 onwards, the share price exhibited a steady decline with some intermittent rebounds. The decline became more pronounced during 2020 and continued through 2022, reaching a low of $118.50 in September 2022. Overall, the share price demonstrated volatility with a downward trajectory particularly pronounced after 2018.
- Book Value per Share (BVPS) Trend
- BVPS showed a more stable and generally increasing trend compared to share price. After a mild decline from 18.4 in March 2017 to about 16.83 in March 2019, BVPS started a consistent upward trend, rising to 25.47 by September 2022. This increase indicates an accumulation of net assets per share over time, reflecting strengthening fundamental equity value despite fluctuations in market price.
- Price-to-Book Value Ratio (P/BV)
- P/BV started high at 10.74 in March 2017, indicating the share price was valued at over ten times the book value. This ratio fluctuated around 10 to 11 through 2017 and 2018, showing a relatively high market valuation compared to net asset value. Starting from 2019, the P/BV began a consistent decline, reaching 4.65 by September 2022. This decreasing trend reflects the falling market share price relative to the growing book value, suggesting diminishing market confidence or valuation multiple contraction over the period.
- Overall Insights
- The data reflects a divergence between market valuation and underlying book value. While the book value per share steadily increased indicating improving net worth of the company, the share price decreased markedly after 2018, driving the P/BV ratio lower. The declining P/B multiple can imply the market placing less premium on the company's equity or concerns about future growth or profitability. The sustained drop in share price amidst growing book value suggests external market factors or changing investor sentiment significantly impacted the stock valuation across these recent years.