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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Allergan PLC, historical price multiples (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial ratios over the observed periods reveals several key trends and fluctuations in valuation metrics.
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio exhibited notable volatility. Initially, it started relatively high in early 2016, reaching 23.71 in the second quarter, followed by a sharp decline to approximately 5.2-6.8 throughout the latter half of 2016 and into mid-2017. After this period, no data is present until mid-2018 when the ratio spiked again to 24.13. The intermittent availability of data limits full trend analysis, but the pattern suggests significant earnings fluctuations or market reevaluations during these times.
- Price to Sales (P/S) Ratio
- This ratio generally declined from the beginning of 2016 through early 2019, dropping from around 5.59 to lows near 2.93. Post this period, it showed a gradual upward trend, reaching approximately 4.05 by the end of 2019 and maintaining a value near 3.95 in early 2020. The initial decline may indicate decreasing market valuations relative to sales, whereas the subsequent moderate increase reflects a recovery or improved market sentiment toward sales performance.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio similarly decreased from early 2016 values near 1.15-1.28 down to below 0.7 by early 2018, suggesting a market valuation less than the book value of the company’s equity during that period. From 2018 onward, the ratio gradually increased, crossing back above 1.0 by late 2019 and remaining slightly above this threshold into early 2020. This recovery could point to improved investor confidence or asset revaluation.
Overall, the data indicates a phase of depressed market valuations relative to earnings, sales, and book value during the 2017-2018 timeframe, followed by a partial recovery in late 2019 through early 2020. The volatility in P/E ratio and gaps in data warrant careful interpretation, but the broader trend suggests shifts in market perceptions possibly linked to operational or financial performance changes.
Price to Earnings (P/E)
Allergan PLC, historical P/E calculation (quarterly data)
| 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 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to ordinary shareholders (in thousands) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
EPS
= (Net income (loss) attributable to ordinary shareholdersQ1 2020
+ Net income (loss) attributable to ordinary shareholdersQ4 2019
+ Net income (loss) attributable to ordinary shareholdersQ3 2019
+ Net income (loss) attributable to ordinary shareholdersQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Allergan PLC Quarterly or Annual Report.
4 Q1 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility over the analyzed periods. Initially, there was an upward movement from 225 US$ at the end of March 2016 to a peak of 248.31 US$ by June 2016, followed by a decline to 195 US$ by September 2016. The price recovered again by the end of 2016, reaching 245.37 US$ in December. Throughout 2017, the share price generally declined, reaching a low of 164.04 US$ at year-end. In 2018, the price further decreased, with values oscillating around 140 to 185 US$, before showing some improvement in the latter part of 2019, culminating at 198 US$ in December. The price slightly decreased again to 192.99 US$ by March 2020.
- Earnings Per Share (EPS) Patterns
- EPS demonstrated significant fluctuation and periods of both strong profitability and losses. Throughout 2016, there was a substantial increase, peaking at 43.84 US$ in December. However, 2017 saw a sharp decline, with EPS turning negative in the last two quarters (-22.63 US$ and -13.33 US$). The negative trend persisted into 2018 and 2019, with the lowest EPS recorded at -28.19 US$ in September 2019. A mild recovery ensued at the close of 2019 and early 2020, but EPS remained negative at -7.53 US$ by March 2020.
- Price to Earnings (P/E) Ratio Insights
- The P/E ratio mirrored the movements in EPS and share price, reflecting changing investor sentiment. Early 2016 showed moderately high P/E ratios, peaking at 23.71. By the third quarter of 2016, the P/E ratio decreased significantly (around 5.2), corresponding with a sharp EPS increase. However, no P/E ratio data was available for quarters with negative EPS, likely due to the ratio's inapplicability in such circumstances. In mid-2018, the P/E ratio rose sharply to 24.13, coinciding with a return to positive EPS. Subsequent periods lack P/E data, aligning with continued EPS negativity.
Price to Operating Profit (P/OP)
Allergan PLC, historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating income (loss) (in thousands) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Operating profit per share
= (Operating income (loss)Q1 2020
+ Operating income (loss)Q4 2019
+ Operating income (loss)Q3 2019
+ Operating income (loss)Q2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Allergan PLC Quarterly or Annual Report.
4 Q1 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in share price and operating profit per share for the examined time intervals.
- Share Price Trends
- The share price exhibited considerable volatility over the given period. Starting at $225 in March 2016, it increased to a peak of $248.31 in June 2016 before experiencing fluctuations and a downward trend throughout 2017, reaching lows around $164 by December 2017. The price continued to decline into 2018, hitting a low near $139 in September 2018. However, there was some recovery by the end of 2018, with prices rising to approximately $159.85 by March 2019 and further improving towards the end of 2019 and early 2020, nearing $198 in December 2019 and slightly declining to $192.99 in March 2020. Overall, the share price showed a pattern of decline followed by partial recovery within this timeframe.
- Operating Profit Per Share (OPPS) Analysis
- The operating profit per share has consistently been negative throughout the entire period, indicating persistent operational losses. Initially, the losses were moderate, with values around -$6.34 in March 2016 and a slight worsening to -$7.15 in June 2016. However, the losses became more severe during late 2016 and 2017, reaching a peak negative value near -$20.24 in September 2017. Although there was a slight improvement in Q3 2018 (-$2.83), the losses deepened again shortly afterward, with values worsening to approximately -$29.10 in September 2019 before improving somewhat by early 2020 to around -$10.42 in March 2020. This pattern suggests fluctuating operational performance with significant periods of increased losses interspersed with brief recoveries.
- Correlation Between Share Price and Operating Profit
- The share price appears loosely correlated with operating profit per share losses. Periods with more severe operating losses generally coincide with depressed share prices, as seen in late 2017 and late 2018 when OPPS losses peaked and share prices reached local lows. Conversely, some recovery in operating profit losses during early 2018 and late 2019 aligns with improved share price performance, suggesting that the market possibly responded to changes in operating profitability.
- Additional Observations
- The provided price-to-operating-profit ratio (P/OP) data is missing, which limits certain valuation insights. However, given the persistent negative operating profits, standard valuation ratios relative to operating profit would likely be undefined or not meaningful throughout the period.
In summary, the company experienced persistent operational challenges with ongoing losses, which is reflected in volatile share prices. Despite these challenges, the share price demonstrated some resilience and partial recovery phases, indicating potential market optimism or other influencing factors beyond current operational profitability. Continued monitoring of operating performance improvements will be critical for assessing future valuation and stock price trends.
Price to Sales (P/S)
Allergan PLC, historical P/S calculation (quarterly data)
| 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 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net revenues (in thousands) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
Sales per share
= (Net revenuesQ1 2020
+ Net revenuesQ4 2019
+ Net revenuesQ3 2019
+ Net revenuesQ2 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Allergan PLC Quarterly or Annual Report.
4 Q1 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the observed periods. Initially, there was an upward movement from March 2016 to June 2016, followed by a decline toward the end of that year. A significant decrease occurred during 2017, reaching a low point in December. Subsequently, there was a recovery phase from early 2018 through to the end of 2019, peaking near this period before a slight pullback in the first quarter of 2020.
Sales per share demonstrated a more stable and consistent pattern. Starting from around 40 US$ per share in early 2016, the figures showed moderate growth over the years, approaching nearly 49 US$ by March 2020. The growth was gradual and steady, without abrupt changes, indicating consistent revenue generation on a per-share basis.
The price-to-sales (P/S) ratio started relatively high in early 2016, suggesting the market valued the shares at a premium relative to their sales. This ratio experienced a notable decline through 2017, coinciding with the falling share price during that period, reaching the lowest level in December 2018. After this trough, the P/S ratio gradually increased through 2019, implying improved market sentiment or valuation multiples despite sales per share remaining relatively steady. By the first quarter of 2020, the ratio stabilized at a mid-range level compared to the entire period.
- Summary of Key Trends:
- - Share price fluctuated considerably with a downward trend in 2017, followed by recovery through 2019 and slight decline early 2020.
- - Sales per share increased steadily and consistently, reflecting stable revenue growth per share.
- - The P/S ratio declined notably from 2016 to late 2018, indicative of changing market valuation, and recovered moderately thereafter.
Price to Book Value (P/BV)
Allergan PLC, historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity (in thousands) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2020 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Allergan PLC Quarterly or Annual Report.
4 Q1 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated considerable fluctuations over the reported periods. Starting at $225 in March 2016, it peaked above $248 in June 2016 before declining sharply to $195 in September 2016. Thereafter, it recovered to approximately $245 by December 2016, maintaining a relatively high level through mid-2017. However, the latter half of 2017 witnessed a notable decline, reaching a low of $164 in December. Throughout 2018, the share price remained volatile with a slight downward trajectory, hitting lows near $139 in September 2018. The price showed some recovery in 2019, rising gradually to $198 by December. Early 2020 saw a mild decrease to about $193.
- Book Value Per Share (BVPS) Patterns
- BVPS generally exhibited a downward trend across the observed timeline. Starting at $195.8 in the first quarter of 2016, it rose to a peak of approximately $239 in September 2016 but then began a consistent decline. By the end of 2017, it had dropped to approximately $223, and this decreasing trend continued through 2018 and 2019, eventually reaching about $176 by the first quarter of 2020. This persistent decrease signals a reduction in net asset value on a per-share basis over the years.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio exhibited significant variability, reflecting the combined effects of share price and book value per share changes. Initially, the ratio was moderately above 1.0 in early 2016, peaked at 1.28 in June 2016, then sharply declined below 1.0 during late 2016 and most of 2017, reaching lows around 0.69 to 0.73. The period from late 2017 through 2018 saw the ratio fluctuate below 1.0, indicating the market price was trading at a discount to the book value. From late 2018 onward, the ratio began a gradual increase, reaching parity at 1.0 by late 2019 and slightly exceeding it in early 2020, suggesting improved market confidence or valuation relative to book value.