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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
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Historical Valuation Ratios (Summary)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio shows a generally declining trend from late 2021 through late 2023. Starting at 20.92 in March 2022, it peaked at 25.64 in mid-2022 before gradually decreasing to a low of 12.27 by December 2023. Thereafter, there is limited data, but the ratio increased to 18.29 by March 2025. This pattern indicates fluctuating investor sentiment with a notable period of reduced valuation multiples in earnings, followed by some recovery in early 2025.
- Price to Operating Profit (P/OP) Ratio
- This ratio also exhibits a downward trajectory over the period observed from March 2022 onwards. It started at 19.84 and peaked slightly at 20.32 in June 2022, then steadily declined to 13.53 by December 2023. The last available value at March 2025 is 13.65, indicating stabilization at a lower valuation relative to operating profit. The decline suggests either improved operating profitability relative to price or a reduced market valuation compared to historical levels.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio has demonstrated a consistent decline from early 2022 through to March 2025. It began at 3.16 in March 2022, showing a downward movement with minor fluctuations, reaching its lowest value of 1.99 around June 2024. Afterward, it slightly recovered, ending at 2.08 in March 2025. This persistent decline indicates a relative decrease in market valuation compared to sales, which may reflect market caution or changes in sales growth expectations over this period.
- Price to Book Value (P/BV) Ratio
- The Price to Book Value ratio presents notable volatility and an overall increasing trend from early 2024 to late 2024. Initially fluctuating between 2.77 and 4.88 from 2020 to 2023, the ratio escalated sharply from 3.35 in June 2024 to a peak of 6.98 in December 2024 before declining slightly to 5.70 by March 2025. This significant increase suggests a higher market valuation relative to book value during 2024, possibly indicating elevated investor confidence or changes in equity valuation components. The subsequent decrease in early 2025 may reflect some market correction or revaluation.
Price to Earnings (P/E)
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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Net earnings (loss) attributable to BMS (in millions) | ||||||||||||||||||||||||||||
Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/E ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net earnings (loss) attributable to BMSQ1 2025
+ Net earnings (loss) attributable to BMSQ4 2024
+ Net earnings (loss) attributable to BMSQ3 2024
+ Net earnings (loss) attributable to BMSQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends regarding the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the analyzed periods.
- Share Price
- The share price demonstrated moderate volatility over the period. Starting at $61.04 in March 2020, it experienced some fluctuations but generally increased until March 2022, reaching a peak of $75.27. After that, the price gradually declined, dropping to $48.69 by March 2025. This reflects an overall downward trend in the latter part of the period, indicating potential investor concerns or market challenges during that time.
- Earnings per Share (EPS)
- The EPS data shows significant variability. The initial quarters starting in December 2020 reflect negative earnings, reaching lows around -4.02 and improving slightly to -2.29 by September 2021. From the quarter ending March 2022 through December 2023, EPS turned positive, consistently ranging between approximately 3.01 and 4.07, suggesting a period of profitability. However, in the quarters from March 2024 onwards, EPS declined sharply again, turning negative and dropping to -4.41 before rebounding to 2.66 in the most recent quarter. This pattern indicates cyclical fluctuations in profitability, with distinct periods of loss and gain.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was not reported in the earlier periods but begins at 20.92 in March 2022, coinciding with the shift in EPS from negative to positive. The ratio increased marginally to 25.64 by June 2022, then steadily decreased to 12.27 by December 2023, reflecting a decline in market valuation relative to earnings. The lack of P/E data in the latter periods complicates the assessment, but the observed decline in P/E suggests either rising earnings outpacing the share price or decreasing investor optimism.
In summary, the financial indicators reflect a company that underwent significant earnings volatility, moving from losses to profitability and back to losses within a relatively short span. The share price trends generally align with these earnings changes but exhibit additional market variability. The P/E ratio pattern during available periods suggests changing investor valuation dynamics, with periods of both optimism and caution.
Price to Operating Profit (P/OP)
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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
Operating profit per share2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/OP ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated variability over the analyzed periods, starting at $61.04 in March 2020 and exhibiting moderate fluctuations through 2021, reaching a peak of $75.27 by March 2022. After this peak, a downward trend is apparent with the price declining steadily through the end of 2023 and into early 2024, dropping to $48.69 by March 2025. Notably, there were short-term recoveries around mid-2024, but overall, the price trend suggests decreasing investor confidence or market value towards the end of the period.
- Operating Profit Per Share (OPPS) Patterns
- Operating profit per share data is incomplete for the early periods but begins to be available from December 2020. Initially, OPPS shows negative values, indicating operating losses ranging from -$4.10 to -$3.22 through the end of 2020 and early 2021. This negative trend reverses sharply in 2021, turning positive and reaching a peak of $4.19 by December 2022. The values remain relatively stable and positive through most of 2023, slightly declining from $3.96 to $3.60. However, in 2024, a significant oscillation occurs with OPPS dropping again to negative values around -$3.69 by early 2025. The data indicates volatility in operational efficiency or profitability over the observed timeframe.
- Price to Operating Profit Ratio (P/OP) Insights
- The P/OP ratio is only available from the first quarter of 2022 onward. The ratio starts relatively high around 19.84 in March 2022 and shows a consistent downward trend through 2023, reaching 13.53 by December of that year. This suggests that the market valuation relative to operating profitability has been decreasing, possibly reflecting either improving operating profits outpacing price declines or a market reassessment of valuation multiples. The ratio data is sparse towards the end of the period, but the last noted value in March 2025 is 13.65, which is stable compared to prior quarters.
- Overall Observations
- The period reflects a complex financial dynamic with share price peaking in early 2022 and then falling significantly by early 2025, while operating profits per share fluctuate between negative and positive values, indicating periods of loss followed by recovery and again decline. The declining P/OP ratio suggests that the company's stock became relatively less expensive in terms of operating profits, though this coincides with volatile profitability. The cyclical nature of operating profit alongside the share price movements may indicate external market factors or internal operational challenges affecting performance and valuation.
Price to Sales (P/S)
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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Revenues (in millions) | ||||||||||||||||||||||||||||
Sales per share2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/S ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited fluctuations over the analyzed period. Initially, from March 2020 through December 2020, share prices were relatively stable, oscillating around the low 60s to mid 60s in US dollars. Moving into 2021, the price increased reaching a peak of 75.27 USD in March 2022. However, starting from mid-2022, a consistent decline is evident, with the price dropping from the mid-70s to a low of 44.7 USD by March 2024. A modest recovery followed, with the price increasing again to a range between 50 and 56 USD by late 2024. The value declined once again slightly to 48.69 USD by the end of March 2025.
- Sales Per Share Trend
- Sales per share were not reported prior to March 2021. From March 2021 onward, sales per share showed a consistent upward trend, starting at 18.98 USD and increasing steadily each quarter. This growth continued through the entire period, reaching 23.41 USD by March 2025, indicating sustained growth in sales relative to the number of shares outstanding.
- Price-to-Sales Ratio (P/S)
- The P/S ratio showed a varying trend. From March 2021, the ratio started at 3.16, climbing to a high of 3.44 in September 2021, reflecting a higher market valuation relative to sales. However, from late 2021 and onward, the P/S ratio declined steadily, dropping sharply from 3.39 in December 2021 to 2.08 by March 2025. This downward trend in P/S ratio mostly corresponds with the decline in share price despite continuous growth in sales per share, indicating that the market valuation relative to sales decreased over time during the latter periods.
- Overall Insights
- The data illustrates a divergence between the company’s sales performance and its share price valuation in recent years. While sales per share have shown steady increases, the share price peaked in early 2022 and then experienced a prolonged downward trend until early 2024, with only a partial recovery thereafter. Consequently, the price-to-sales ratio contracted over time, implying a reduced market premium on sales growth or potentially increased market concerns or risks affecting the valuation despite ongoing sales growth.
Price to Book Value (P/BV)
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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Total BMS shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/BV ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total BMS shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveal notable fluctuations in the share price, book value per share (BVPS), and price-to-book value ratio (P/BV) over the observed quarters.
- Share Price Trends (US$)
-
Initially, the share price showed some stability around the low 60s to mid-60s range during 2020, followed by a peak in early 2022 reaching approximately 75.27 US$. Subsequently, a consistent downward trend was noted from early 2022 through early 2025, slipping to 48.69 US$ by March 2025. There is a slight recovery observed between mid-2024 and late 2024, but the price ultimately declines again by the end of the reported period.
- Book Value Per Share (BVPS) Trends (US$)
-
The BVPS presents a more gradual but overall declining trend. It started around 22 US$ in early 2020, experienced a significant drop near the end of 2020 to below 17 US$, and remained relatively stable with minor fluctuations around 15 US$ through 2021 and 2022. From early 2023 onwards, BVPS further declined markedly to around 8.5 US$ by the first quarter of 2025.
- Price-to-Book Value Ratio (P/BV) Trends
-
The P/BV ratio displayed a rising trend starting near 2.77 in early 2020, increasing to a peak above 6.9 by late 2024. This increase indicates that the stock price was trading at a significantly higher multiple relative to book value especially during 2023 and 2024. The ratio reached its highest points as the BVPS was declining markedly, while the share price was relatively less volatile, which elevated the P/BV ratio.
- Summary and Insights
-
The share price exhibited moderate volatility with an overall downward trajectory from early 2022 to early 2025. The decline in BVPS was more consistent and pronounced, suggesting sustained decreases in underlying book value per share. The rising P/BV ratio despite falling BVPS indicates that market valuations grew increasingly detached from book value in later periods, potentially reflecting changing investor sentiment or expectations not supported by tangible book value growth.
The divergence between declining BVPS and elevated P/BV ratios may raise questions about the stock's fundamental valuation, implying increased market optimism or anticipation of future growth not yet reflected in book value. The weakening share price towards the end of the period signals potential market concerns balancing earlier optimistic valuations.