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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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Albemarle Corp., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio Trend
- The Price to Earnings ratio exhibited notable volatility over the observed periods. Starting at 11.06 in the first quarter of 2019, it generally increased, reaching a peak at 181.56 towards the end of 2021. This sharp rise indicates growing investor expectations or potentially decreasing earnings. However, from early 2022, the P/E ratio declined significantly, falling to 5.52 by the first quarter of 2023, suggesting either earnings growth or a reduction in market prices relative to earnings.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio followed a somewhat similar trajectory to the P/E ratio, with a gradual increase from 8.7 in the first quarter of 2019 to a peak of 36.01 by the end of 2020. The ratio showed fluctuations afterwards, reaching as high as 33.4 in late 2021 before declining considerably to 6.22 in the first quarter of 2023. This pattern indicates changing market valuation in relation to operating profit, with a significant correction in more recent periods.
- Price to Sales (P/S) Ratio Trend
- The Price to Sales ratio also increased steadily over the initial periods, moving from 2.27 in early 2019 to a high of 9.63 in late 2021. After this peak, a consistent decline is observable, with the ratio receding to 2.31 by the first quarter of 2023. This decline suggests that market valuations have become more conservative relative to sales, possibly reflecting concerns about future sales growth or profitability margins.
- Price to Book Value (P/BV) Ratio Trend
- The Price to Book Value ratio rose from 2.09 in the first quarter of 2019 to 5.6 by the third quarter of 2021. Post this peak, the ratio exhibited a general downward trend, decreasing to 2.2 by the first quarter of 2023. The pattern suggests that investor valuation of book equity experienced significant expansion until 2021, followed by a reversion to more moderate valuations in the subsequent period.
- Overall Observations
- Across all four valuation metrics, there is a consistent theme of rising ratios through 2020 and 2021, indicating strong market optimism or elevated valuations relative to earnings, operating profit, sales, and book value. Beginning in 2022, all ratios demonstrate a pronounced decline, signaling a market correction or recalibration of expectations. The sharp increase and subsequent decline may reflect shifts in the company's financial performance, broader market conditions, or investor sentiment over the analyzed period.
Price to Earnings (P/E)
Albemarle Corp., historical P/E calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to Albemarle Corporation (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income (loss) attributable to Albemarle CorporationQ1 2023
+ Net income (loss) attributable to Albemarle CorporationQ4 2022
+ Net income (loss) attributable to Albemarle CorporationQ3 2022
+ Net income (loss) attributable to Albemarle CorporationQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited considerable volatility over the analyzed period. Initially, it hovered around the mid-60s to mid-70s US dollars in 2019. A notable increase occurred at the end of 2020, reaching a peak of approximately 156 US dollars, followed by continued growth through 2021 and into early 2022, with the highest recorded value nearing 273 US dollars in December 2022. Subsequent quarters saw a marked decline, with the share price falling to around 173 US dollars by March 2023.
- Earnings Per Share (EPS) Patterns
- EPS displayed a declining trend from early 2019 through late 2020, decreasing from 6.56 US dollars to a low of approximately 3.22 US dollars. After stabilizing around this level into early 2021, EPS showed significant volatility through 2022, with a pronounced upward spike in the last two quarters. The EPS jumped sharply from 2.25 US dollars in mid-2022 to over 31 US dollars by March 2023, indicating extraordinary growth in earnings during this recent period.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio fluctuated markedly during the entire timeframe. Initially moderate at around 11 to 17 in 2019, it escalated sharply in 2020 and 2021, peaking above 180 in late 2021. This increase was driven by rising share prices combined with relatively low EPS values, indicating possibly high market expectations or overvaluation during that period. In 2022 and early 2023, the P/E ratio decreased significantly, falling back to low single digits by March 2023, reflecting the substantial increase in earnings relative to share price.
- Overall Observations
- The data reveal a period of strong share price growth peaking around late 2021 to early 2022, coupled with subdued earnings leading to a very high P/E ratio. Subsequently, earnings improved dramatically beginning in late 2022, which, together with a declining share price, brought the P/E ratio back to more normalized and lower levels by early 2023. This shift suggests a transition from a growth or speculative phase to one driven by solid earnings performance and potentially more balanced valuation metrics.
Price to Operating Profit (P/OP)
Albemarle Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating profit (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022
+ Operating profitQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable volatility and an overall upward trajectory from early 2019 through early 2023. Initially fluctuating around the 60 to 85 US$ range during 2019 and early 2020, the price experienced a significant surge beginning mid-2020, peaking above 270 US$ by late 2021 and maintaining elevated levels into 2022 before declining to approximately 173 US$ by the first quarter of 2023. This pattern reflects periods of strong investor confidence as well as some retrenchment following peak valuations.
Operating profit per share (OP) presents a somewhat different trend. From 2019 through early 2020, OP per share gradually declined from 8.34 US$ to 4.34 US$. This downward movement suggests challenges in profitability during that timeframe. However, starting in late 2020, OP per share began to recover steadily, with marked improvement in 2021 and a dramatic increase across 2022 into the first quarter of 2023, reaching a peak of 27.78 US$. This indicates a significant strengthening in operational profitability in recent quarters.
The Price to Operating Profit (P/OP) ratio, which measures valuation relative to operating earnings, exhibits considerable variability. In 2019, the ratio ranged approximately between 8.7 and 13.7, suggesting relatively moderate valuations. The ratio escalated dramatically in 2020, reaching a high of 36 in the fourth quarter, reflecting elevated price levels relative to declining operating profit per share. Following this peak, the P/OP ratio fluctuated but generally decreased in 2021 and 2022, stabilizing into lower teens and single digits by early 2023. This decline is consistent with the strong recovery in operating profits outpacing share price growth toward the end of the period analyzed.
Overall, the data reveal an initial challenging phase characterized by weakening operating profitability and modest share price levels, followed by a phase of strong recovery in operating profit that partially moderated elevated valuation multiples. The recent reduction in the P/OP ratio reflects a market adjustment aligning share prices more closely with improved underlying earnings performance.
Price to Sales (P/S)
Albemarle Corp., historical P/S calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 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 and fluctuations in share price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited considerable volatility throughout the timeframe. It started at $72.58 in the first quarter of 2019, experienced a decline by mid-2019, followed by recovery and significant appreciation towards the end of 2020, peaking at $156.17 in December 2020. The upward trajectory continued into 2021, reaching a high of $272.66 in the third quarter of 2021. However, from late 2021 through early 2023, the share price showed a downward trend, decreasing to $172.91 by March 2023, reflecting a considerable correction after previous highs.
- Sales Per Share
- Sales per share showed a generally increasing trend over the analyzed quarters. Beginning at around $31.95 in early 2019, sales per share fluctuated modestly but started to rise more sharply from 2021 onwards. Notably, there was substantial growth in sales per share during 2022 and into 2023, reaching $74.76 by the first quarter of 2023. This suggests improving underlying sales performance on a per-share basis.
- Price-to-Sales (P/S) Ratio
- The P/S ratio experienced notable fluctuations, indicating variable market valuation relative to sales. Initially, it was around 2.27 at the start of 2019, showing minor declines and increases through 2019 and 2020. The ratio peaked markedly at 9.63 in the third quarter of 2021, reflecting strong market enthusiasm or possibly overvaluation relative to sales at that time. Post this peak, the P/S ratio steadily declined to 2.31 by the first quarter of 2023, aligning with the observed decrease in share price despite rising sales, suggesting a market valuation recalibration.
In summary, the company’s sales per share exhibited steady growth, particularly accelerating in the later periods, whereas the share price displayed more pronounced volatility, with strong gains through 2020 and 2021 followed by a downward correction by early 2023. The P/S ratio's dramatic rise and subsequent fall reflect shifts in investor sentiment, with valuations peaking in late 2021 and normalizing thereafter. This combination of trends points to improving sales fundamentals but a more cautious or realistic market valuation environment in recent quarters.
Price to Book Value (P/BV)
Albemarle Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Albemarle Corporation shareholders’ equity (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Total Albemarle Corporation shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Albemarle Corp. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable volatility throughout the period. Starting at $72.58 in March 2019, it experienced a decline towards mid-2019 but rose significantly by the end of 2019 to $85.65. There was a sharp dip in early 2020 to $64.41, likely reflecting market uncertainty. Subsequently, a marked upward trend occurred through 2020 and 2021, peaking at $272.66 in September 2021. This was followed by a decline and partial recovery, with the price reaching $272.79 in December 2022 before falling again to $172.91 by March 2023. Overall, the share price demonstrated substantial fluctuations with a notable peak in late 2021.
- Book Value Per Share (BVPS) Trend
- BVPS showed a steady, gradual increase over the analyzed periods. From $34.66 in March 2019, it rose consistently with minor fluctuations, reaching $36.60 by the end of 2020. A more pronounced upward movement began in 2021, culminating at $78.52 in March 2023. This growth suggests a solid strengthening of the company's net asset base per share over time, indicating increasing shareholder equity.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio reflected considerable variability, influenced by changes in both share price and book value. Initially around 2.09 in early 2019, the ratio declined to 1.77 by March 2020, coinciding with the share price dip. It then soared to an extraordinary 4.27 by December 2020, driven by share price growth outpacing BVPS. The highest recorded ratio was 5.6 in September 2021, aligning with the peak share price period. Subsequently, the ratio declined to 2.2 by March 2023, primarily due to share price depreciation despite increasing book value. The elevated P/BV ratios during late 2020 and 2021 indicate the market valued the shares at a substantial premium to their book value, reflecting high investor confidence or growth expectations during that period.
- Summary of Financial Position and Market Valuation
- The data illustrates an overall strengthening of the company's intrinsic net asset value per share, alongside highly dynamic market valuation reflected in the share price and P/BV ratio fluctuations. The sharp rise and subsequent fall in market prices, especially during 2020 and 2021, suggest periods of heightened investor optimism followed by correction phases. Despite market volatility, the consistent increase in book value per share denotes improved underlying financial stability and asset growth. The variation in P/BV ratios highlights changing investor sentiment and risk assessment over time.