Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Abbott Laboratories, historical price multiples (quarterly data)
Based on: 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 significant volatility and a diverging trend between earnings-based and asset-based multiples over the observed period. While multiples generally expanded through 2023, a pronounced shift in valuation occurred throughout 2024 and 2025, culminating in a general compression of ratios by early 2026.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a period of expansion throughout 2023, peaking at 36.16 in June 2023. A sharp contraction is observed starting in December 2024, where the ratio dropped precipitously to 17.46, reaching a period low of 15.48 by September 2025. A rapid recovery occurred in December 2025, with the ratio spiking back to 29.89 before stabilizing at 25.35 by March 2026.
- Price to Operating Profit (P/OP) and Price to Sales (P/S) Ratios
- Both metrics followed a similar trajectory of growth, peaking in late 2024. The P/OP ratio rose from 21.33 in early 2022 to a peak of 34.28 in December 2024, followed by a steady decline to 20.65 by March 2026. Similarly, the P/S ratio increased from 4.42 in early 2022 to a high of 5.58 in December 2024, before contracting to 3.52 by March 2026. The divergence between the P/E collapse and the P/OP peak in December 2024 suggests a significant impact on net income that did not originate from operating performance.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates a consistent long-term downward trend. After remaining relatively stable between 4.40 and 5.56 from March 2022 through September 2024, a steady decline began in December 2024. The ratio fell from 4.91 to 3.06 by March 2026, indicating a reduction in the market premium attributed to the company's net assets.
Overall, the analysis reveals a peak in valuation multiples relative to sales and operating profit during the fourth quarter of 2024, which coincided with an anomaly in net earnings. From 2025 onward, a systemic contraction across all four valuation ratios is evident, suggesting a broader market re-rating or a decline in the stock price relative to its underlying financial fundamentals.
Price to Earnings (P/E)
Abbott Laboratories, historical P/E calculation (quarterly data)
| 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 (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
EPS
= (Net earningsQ1 2026
+ Net earningsQ4 2025
+ Net earningsQ3 2025
+ Net earningsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abbott Laboratories Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio exhibits three distinct valuation phases between March 2022 and March 2026, characterized by a period of multiple expansion, a sharp contraction driven by earnings growth, and a subsequent return to higher multiples as earnings normalized.
- Multiple Expansion Phase (2022–2023)
- From March 2022 to June 2023, the P/E ratio increased from 25.48 to a peak of 36.16. This expansion occurred despite a general downward trend in earnings per share (EPS), which declined from 4.41 in March 2022 to 2.97 by June 2023. This divergence indicates that the market valuation grew independently of current earnings performance during this period.
- Earnings-Driven Valuation Compression (2024–2025)
- A significant shift occurred in the fourth quarter of 2024, where EPS surged from 3.32 in September to 7.73 in December. This substantial increase in profitability led to a rapid compression of the P/E ratio, which fell from 34.10 to 17.46. The ratio continued to decline throughout 2025, reaching a low of 15.48 by September 2025, coinciding with the peak EPS values of approximately 8.04.
- Valuation Normalization and Price Correction (Late 2025–2026)
- In the final stages of the period, a sharp reversal is observed. Between September 2025 and March 2026, EPS dropped from 8.04 back to 3.60. Simultaneously, the share price declined from 124.43 to 91.33. Despite the price drop, the P/E ratio expanded again to 29.89 in December 2025 before settling at 25.35 by March 2026, returning to a valuation level closely mirroring the starting point of the analysis.
Overall, the data demonstrates a strong inverse correlation between the P/E ratio and EPS spikes. The valuation multiple remained elevated when earnings were lower and contracted sharply when earnings grew, suggesting a ceiling on the market's willingness to pay a premium during periods of peak profitability.
Price to Operating Profit (P/OP)
Abbott Laboratories, historical P/OP calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Operating profit per share
= (Operating earningsQ1 2026
+ Operating earningsQ4 2025
+ Operating earningsQ3 2025
+ Operating earningsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abbott Laboratories Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The valuation analysis indicates a period of significant volatility in market pricing and operational efficiency, resulting in a fluctuating Price to Operating Profit (P/OP) ratio between March 2022 and March 2026.
- Share Price Dynamics
- The share price exhibited cyclical movements, beginning at 112.43 USD in March 2022 and reaching a peak of 134.92 USD in December 2024. Following this peak, a consistent downward trend is observed, with the price declining to 91.33 USD by March 2026.
- Operating Profit per Share Performance
- Operating profit per share experienced a notable contraction during the first half of the analyzed period, falling from a peak of 5.83 USD in June 2022 to a low of 3.46 USD in September 2023. A steady recovery phase followed, with profits increasing to 4.63 USD by December 2025 before a slight reduction to 4.42 USD in the final quarter.
- P/OP Ratio Interpretation
- The P/OP ratio demonstrates a significant expansion phase, rising from 18.35 in September 2022 to a peak of 34.28 in December 2024. This expansion suggests that the market valuation grew at a pace that outstripped the growth of operating profits. Subsequently, a contraction occurred, with the ratio falling to 20.65 by March 2026, effectively returning the valuation to levels observed at the start of the period.
Price to Sales (P/S)
Abbott Laboratories, historical P/S calculation (quarterly data)
| 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 sales (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Abbott Laboratories Quarterly or Annual Report.
4 Q1 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 period of volatility characterized by a significant expansion of the price-to-sales multiple followed by a sharp contraction. While sales per share remained relatively stable throughout the analyzed period, the price-to-sales ratio was primarily driven by fluctuations in the market price of the shares.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio fluctuated between a low of 3.52 and a peak of 5.58. An initial period of decline occurred from March 2022 to September 2022, where the ratio dropped from 4.42 to 3.85. This was followed by a general upward trajectory that culminated in a peak of 5.58 in December 2024. Subsequent to this peak, a consistent downward trend is observed, ending at 3.52 in March 2026, representing the lowest valuation multiple in the reported timeframe.
- Revenue Performance per Share
- Sales per share demonstrated a high degree of stability with a slight U-shaped pattern. After starting at 25.42 in March 2022, sales per share reached a trough of 23.02 in September 2023. From that point forward, a steady and consistent increase is observed, with sales per share rising every quarter through March 2026 to reach 25.91.
- Valuation Divergence
- A notable divergence between share price and fundamental sales performance occurred in the final quarters of the analysis. From December 2024 to March 2026, sales per share increased from 24.19 to 25.91, yet the share price declined from 134.92 to 91.33. This resulted in a significant compression of the P/S multiple, indicating that the market valuation decreased despite an improvement in the underlying revenue per share.
Price to Book Value (P/BV)
Abbott Laboratories, historical P/BV calculation (quarterly data)
| 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$) | |||||||||||||||||||||||
| Total Abbott shareholders’ investment (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Elevance Health Inc. | |||||||||||||||||||||||
| Intuitive Surgical Inc. | |||||||||||||||||||||||
| Medtronic PLC | |||||||||||||||||||||||
| UnitedHealth Group Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
BVPS = Total Abbott shareholders’ investment ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Abbott Laboratories Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits a general downward trajectory over the analyzed period, declining from a peak of 5.56 in March 2022 to a low of 3.06 by March 2026. This contraction in the valuation multiple indicates a decreasing market premium attributed to the company's net assets over the timeframe.
- Book Value per Share (BVPS) Trends
- A consistent and steady increase in the book value per share is observed, rising from 20.22 US$ in March 2022 to a peak of 30.00 US$ in December 2025. This progression reflects a persistent growth in the company's equity base on a per-share basis throughout nearly the entire period.
- Share Price Volatility
- The share price demonstrated significant fluctuations, reaching a peak of 134.92 US$ in December 2024. Following this peak, a sharp downward trend occurred, with the price declining to 91.33 US$ by March 2026, marking the lowest point in the observed data set.
- P/BV Ratio Interpretation
- The P/BV ratio remained relatively range-bound between 4.40 and 5.56 from March 2022 through December 2024. The subsequent acceleration of the decline to 3.06 is primarily attributable to the precipitous drop in share price, which occurred even as the book value per share remained near its historical highs. This divergence suggests a significant reduction in investor willingness to pay a premium over the accounting value of the company's assets toward the end of the period.