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)
AbbVie 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 metrics exhibit a comprehensive upward trend over the observed period, characterized by a significant expansion in multiples. This growth is most pronounced in earnings and book value ratios, indicating a substantial increase in market valuation relative to the underlying financial fundamentals.
- Price to Earnings (P/E) Ratio
- A dramatic escalation is observed, starting from 21.64 in March 2022 and reaching a peak of 159.78 in September 2025. The ratio remained relatively stable under 23.00 through 2022 before entering a phase of aggressive expansion. A notable correction occurred following the September 2025 peak, with the ratio descending to 68.64 by June 2026, although it remains significantly higher than early 2022 levels.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a similar trajectory to the P/E ratio but with less extreme volatility. Values remained consistent between 14.12 and 16.55 during most of 2022. A steady climb began in late 2022, peaking at 42.20 in September 2025. By June 2026, the ratio retracted to 25.67, suggesting a normalization of the premium applied to operating profits.
- Price to Sales (P/S) Ratio
- This metric demonstrated the highest degree of stability among the four ratios. After fluctuating between 4.28 and 4.76 in 2022, a gradual upward trend emerged. The ratio reached a high of 6.73 by June 2026, reflecting a consistent and moderate increase in the market's valuation of the company's revenue stream.
- Price to Book Value (P/BV) Ratio
- An exponential increase is evident in the P/BV ratio, which rose from 16.59 in March 2022 to 229.63 by March 2025. This represents the most aggressive valuation expansion in the dataset, indicating a widening gap between the market price and the accounting book value of the company.
Price to Earnings (P/E)
AbbVie 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 earnings attributable to AbbVie Inc. (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals 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 earnings attributable to AbbVie Inc.Q2 2026
+ Net earnings attributable to AbbVie Inc.Q1 2026
+ Net earnings attributable to AbbVie Inc.Q4 2025
+ Net earnings attributable to AbbVie Inc.Q3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data demonstrates a period of significant valuation expansion characterized by a decoupling of the share price from actual earnings performance.
- Share Price Performance
- An overall upward trajectory is observed in the share price, which climbed from 152.83 USD in March 2022 to 245.10 USD by June 2026. The growth became particularly aggressive between December 2023 and June 2026, with the price consistently maintaining levels above 180.00 USD during the latter half of the analyzed period.
- Earnings Per Share (EPS) Volatility
- Earnings per share exhibited a severe downward trend for the majority of the timeframe. Initial values in 2022 ranged between 6.69 USD and 7.58 USD, followed by a consistent decline that reached a minimum of 1.35 USD in September 2025. A notable recovery is evident in the final two quarters, with EPS increasing to 3.57 USD by June 2026.
- P/E Ratio Expansion and Contraction
- The P/E ratio experienced extreme expansion. After maintaining a stable baseline between 19.16 and 22.62 during 2022, the ratio accelerated sharply, peaking at 159.78 in September 2025. This spike coincided with the convergence of falling earnings and rising share prices. A subsequent contraction to 68.64 by June 2026 is observed, driven primarily by the recovery in earnings per share despite continued price appreciation.
Price to Operating Profit (P/OP)
AbbVie 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$) | ||||||||||||||||||||||||
| Operating earnings (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals 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
= (Operating earningsQ2 2026
+ Operating earningsQ1 2026
+ Operating earningsQ4 2025
+ Operating earningsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie 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.
The financial data reveals a significant expansion in the Price to Operating Profit (P/OP) ratio over the analyzed period, characterized by a divergence between share price appreciation and operating profit performance.
- Share Price Trajectory
- A consistent long-term upward trend is observed in the share price. From a baseline of 152.83 US$ in March 2022, the price experienced moderate volatility through 2023 before entering a period of sustained growth. The price climbed from 175.75 US$ in December 2023 to a peak of 245.10 US$ by June 2026, representing a substantial increase in market valuation.
- Operating Profit per Share Performance
- Operating profit per share exhibited a cyclical pattern of decline followed by recovery. Initial stability was noted in 2022, with values hovering around 10 US$. This was followed by a steady contraction starting in early 2023, reaching a trough of 5.18 US$ in December 2024. A recovery phase emerged in 2025 and 2026, with operating profit returning to 9.55 US$ by June 2026.
- P/OP Ratio Analysis
- The P/OP ratio remained stable between 14.12 and 14.78 during 2022. However, starting in 2023, the ratio expanded rapidly as share prices rose while operating profits declined. This divergence peaked in September 2025, where the ratio reached 42.20. The subsequent contraction of the ratio to 25.67 by June 2026 is attributed to the recovery in operating profit per share, which began to align more closely with the elevated share price.
The observed patterns indicate that market valuation grew independently of operating earnings for a significant duration, leading to a period of high valuation multiples. The eventual moderation of the P/OP ratio suggests a return toward fundamental alignment as operating profitability improved in the final quarters of the period.
Price to Sales (P/S)
AbbVie 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$) | ||||||||||||||||||||||||
| Net revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals 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
= (Net revenuesQ2 2026
+ Net revenuesQ1 2026
+ Net revenuesQ4 2025
+ Net revenuesQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of AbbVie 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 valuation of the common stock exhibits a marked expansion in the Price-to-Sales (P/S) ratio over the analyzed period, transitioning from a period of relative stability between early 2022 and late 2023 to a higher valuation regime from 2024 through mid-2026.
- Price-to-Sales Ratio Trends
- From March 31, 2022, to September 30, 2023, the P/S ratio remained range-bound, fluctuating between a low of 4.28 and a high of 4.76. A structural shift occurred in December 2023, where the ratio climbed to 5.72, marking the beginning of a sustained higher valuation corridor. The ratio reached its peak of 6.73 by June 30, 2026, indicating that the market began assigning a higher premium to each dollar of revenue generated.
- Share Price Performance
- The share price demonstrated a general upward trajectory, rising from 152.83 in March 2022 to 245.10 in June 2026. While the price experienced volatility during 2022 and early 2023, a period of aggressive appreciation is evident starting in late 2023, with the price breaking above the 200.00 threshold in September 2024 and maintaining that level through the end of the series.
- Sales per Share Dynamics
- Revenue efficiency per share followed a U-shaped pattern. An initial decline was observed from 32.10 in March 2022 to a trough of 30.75 in December 2023. This decline coincided with the period of stable P/S ratios. However, beginning in March 2024, sales per share entered a consistent growth phase, climbing steadily to 36.44 by June 30, 2026. The expansion of the P/S ratio during this latter period suggests that share price appreciation significantly outpaced the organic growth in sales per share.
Price to Book Value (P/BV)
AbbVie 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$) | ||||||||||||||||||||||||
| Stockholders’ equity (deficit) (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| 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. | ||||||||||||||||||||||||
| Vertex Pharmaceuticals 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 = Stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of AbbVie Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a stark divergence between the market valuation of the company and its accounting book value over the analyzed period. While the share price generally trended upward, the book value per share experienced a continuous and severe decline, eventually entering negative territory.
- Share Price Performance
- The share price exhibited overall growth, starting at 152.83 USD in March 2022 and reaching a peak of 245.10 USD by June 2026. Despite some volatility in 2022 and early 2023, a sustained upward trajectory began in December 2023, reflecting strong market confidence or increasing demand for the equity.
- Book Value per Share (BVPS) Erosion
- A consistent downward trend in BVPS is observed throughout the period. From a starting point of 9.21 USD in March 2022, the value declined steadily to 1.88 USD by December 2024. The BVPS turned negative in June 2025 (-0.10 USD) and continued to deteriorate, reaching -3.36 USD by June 2026. This indicates a significant reduction in total equity relative to the number of shares outstanding.
- Price to Book Value (P/BV) Trajectory
- The P/BV ratio expanded exponentially as the numerator (share price) increased and the denominator (BVPS) collapsed. The ratio remained relatively stable between 15.52 and 16.76 through 2022, but accelerated rapidly starting in 2023. By March 2025, the P/BV reached an extreme level of 229.63. Following this point, the ratio is no longer applicable as the book value per share became negative, rendering the P/BV metric meaningless for valuation purposes.
The observed patterns suggest that the market valuation is entirely decoupled from the tangible net asset value. The transition to a negative book value, paired with a rising share price, typically indicates that the company's value is derived from intangible assets, intellectual property, or future earnings expectations rather than physical or monetary equity.