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).
Paying user area
Try for free
Caterpillar Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Caterpillar Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
Caterpillar Inc., historical price multiples (quarterly data)
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).
The analysis of the quarterly financial ratios over the observed periods reveals several notable trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows a clear downward trend from early 2021 through late 2023, decreasing from 36.8 in March 2021 to a low of 12.95 in September 2023. This decline indicates a potential increase in earnings relative to the stock price during this period, suggesting improved profitability or market valuation adjustments. After September 2023, the P/E ratio exhibits some volatility, fluctuating between approximately 14 and 19 through early 2025, without a consistent directional trend. This variation may reflect changing investor sentiment or earnings expectations.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a pattern similar to the P/E ratio, initially decreasing from 24.23 in March 2021 to a trough of 10.25 in September 2023. This decline implies enhanced operating profit margins or favorable reevaluation of the company’s operating profitability. After this period, the ratio shows some upward movement, reaching around 15.15 in September 2024, before slightly decreasing again. The fluctuating trend suggests shifts in operational efficiency or market perception during the recent periods.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrates a general downward movement from 2.83 in March 2021 to a low near 1.86 in September 2023, indicating that the stock price is becoming relatively cheaper compared to sales revenue. This could be due to either an increase in sales outpacing stock price growth or market adjustments. From late 2023 onwards, the P/S ratio moves upward sharply to 3.23 in September 2024 before receding slightly by March 2025. This rebound points to changing valuation metrics relative to sales, possibly driven by revised sales forecasts or shifts in investor sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio presents a contrasting trend compared to other valuation ratios, starting at 4.11 in March 2020 and experiencing a generally increasing trajectory, peaking at 10.38 in September 2024. This indicates a rising market valuation relative to the book value, which may reflect stronger asset values, optimistic market outlooks, or decreased book value adjustments. This upward trend continues despite fluctuations in other ratios, suggesting differing dynamics between market capitalization and book assets during the entire period.
Overall, the data points to a period of improving earnings and operating profitability from 2021 through 2023, as reflected by the declining P/E and P/OP ratios, followed by more variable valuation measures thereafter. Meanwhile, the P/BV ratio’s continuous rise suggests increasing investor confidence in the company's net asset value or growth prospects. The P/S ratio’s fluctuations indicate relative changes in how sales are priced. Taken together, these patterns imply a complex interplay of earnings growth, asset valuation, and market sentiment influencing the company's financial valuation over time.
Price to Earnings (P/E)
Caterpillar Inc., historical P/E calculation (quarterly data)
| 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$) | ||||||||||||||||||||||||||||
| Profit attributable to common stockholders (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
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
= (Profit attributable to common stockholdersQ1 2025
+ Profit attributable to common stockholdersQ4 2024
+ Profit attributable to common stockholdersQ3 2024
+ Profit attributable to common stockholdersQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data reveals several key trends over the examined periods.
- Share Price
- The share price demonstrated an overall upward trend from March 2020 through December 2024, despite certain fluctuations. Starting at $107.67 in March 2020, the price rose steadily, peaking at $321.91 by December 2023. Following that peak, the share price experienced some volatility, reaching its highest value of $416.88 in September 2024 before declining to $320.29 by March 2025. Notable dips occurred around mid-2022 and early 2023, indicating short-term market corrections or external factors affecting investor sentiment during these periods.
- Earnings per Share (EPS)
- EPS data is available starting from March 2021 and exhibits a consistent growth trajectory. Beginning at $5.5, EPS increased steadily each quarter, reaching a peak of $22.99 in June 2024. Although there is a minor decrease afterward, EPS remained relatively stable with a slight decline to $21.1 in March 2025. This pattern suggests solid earnings growth over the observed period, reflecting improving profitability or operational efficiency.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio reveals an initial high valuation in early 2021, with ratios such as 36.8 in March 2021 and 37.92 in June 2021. Over time, the ratio generally declined, reaching a low around 12.95 in December 2023, suggesting that the share price growth outpaced earnings growth or that the stock became less expensive relative to earnings. However, in 2024, the P/E ratio increased moderately, ranging from approximately 14.35 to 18.85, implying some valuation expansion or market reevaluation of future growth prospects. The variability in P/E ratio reflects shifting market perceptions and investor confidence relative to earnings performance.
In summary, the financial indicators point to substantial underlying earnings growth accompanied by a generally rising share price, albeit with some market volatility. The declining P/E ratio early in the period transitioning to modest increases later suggests a market adjusting valuations in response to improving earnings and changing expectations. These dynamics collectively indicate a maturing growth phase with investor assessments balancing price appreciation against earnings advances.
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
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 profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024
+ Operating profitQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed financial data reveals notable trends in the share price, operating profit per share, and the price to operating profit (P/OP) ratio over a period from early 2020 through early 2025. Observations are as follows:
- Share Price
- The share price demonstrated a general upward trajectory with fluctuations. It rose significantly from approximately $108 in March 2020 to a peak near $322 in December 2023, reflecting substantial market appreciation. This peak was followed by some volatility, including a notable dip to around $182 in June 2022 before recovering sharply. Towards the end of the period, the share price experienced another rise to about $417 in September 2024 but then declined to $320 by March 2025. This pattern indicates periods of strong investor confidence interspersed with corrections likely driven by market or company-specific developments.
- Operating Profit per Share
- Operating profit per share data begins from March 2020 with $8.35 and shows a consistent increase throughout the timeline. Starting at $8.35, it rose steadily each quarter, reaching a high of approximately $28.11 in June 2024 before slightly decreasing to around $25.76 by March 2025. This continuous growth suggests improving operational efficiency and profitability on a per-share basis over the years.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio fluctuated over the period but generally indicated a trend toward valuation adjustment relative to operating profit. Initially, the ratio was relatively high (e.g., 24.23 in March 2020), which dropped significantly to levels around 10-16 during the middle periods, reflecting better alignment between share price and operating profitability. However, slight increases in this ratio toward the later quarters, up to 15.15 in December 2024, suggest periods where valuation expanded somewhat beyond operating profit growth, possibly due to market optimism or other valuation factors.
Overall, the operating profit per share shows a strong and steady improvement, which underpins the longer-term increase in share price despite intermediary volatility. The P/OP ratio's fluctuations exhibit market reassessments of the company's profitability relative to its share price during the analyzed quarters, reflecting a dynamic valuation environment. The data presents a positive operational performance trend, albeit accompanied by cyclical market pricing adjustments.
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
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
= (Sales of Machinery, Energy & TransportationQ1 2025
+ Sales of Machinery, Energy & TransportationQ4 2024
+ Sales of Machinery, Energy & TransportationQ3 2024
+ Sales of Machinery, Energy & TransportationQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. 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 displayed considerable volatility over the analyzed period. Starting at $107.67 in March 2020, it rose steadily to reach a peak near the end of 2020 at $202.30. Subsequently, fluctuations occurred with several ups and downs, hitting a notable high of $331.07 in March 2024 before declining to $320.29 by March 2025. Overall, the trend indicates substantial growth compared to the initial value, with intermittent periods of consolidation and pullbacks.
- Sales Per Share Development
- Sales per share data were unavailable before March 2021. From that point, the figures show a consistent upward trend from $71.56 to a peak near $130.25 in June 2024. Afterward, a slight decrease is observed, descending to $126.91 by March 2025. The improvement over the years reflects growing revenue generation on a per-share basis, suggesting positive sales momentum despite minor recent softness.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio reveals fluctuating market valuation relative to sales per share. Starting at 2.83 in March 2021, the ratio experienced declines and rebounds, hitting a low of 1.86 in December 2023 and a notable peak at 3.23 in December 2024. The ratio’s volatility corresponds with share price fluctuations, indicating changing investor sentiment and market perception of the company's sales growth and valuation. The peak P/S ratio in late 2024 suggests heightened market confidence or valuation premium at that time.
- Overall Insights
- The interplay between rising sales per share and a somewhat volatile share price resulted in varying P/S multiples. The steady increase in sales per share underscores improving operational performance, while share price volatility points to external market factors influencing equity valuation beyond fundamental sales growth. The peaks and troughs in the P/S ratio highlight periods of market re-rating of the company’s sales potential. The recent slight decline in sales per share combined with a lower share price towards March 2025 signals a potential moderation in growth expectations or nearer-term challenges.
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| 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$) | ||||||||||||||||||||||||||||
| Shareholders’ equity attributable to common shareholders (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
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 = Shareholders’ equity attributable to common shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend over the observed periods, though with notable fluctuations. Starting at $107.67 on March 31, 2020, the price increased steadily through 2020 and the first quarter of 2021, peaking around $237.88 in March 2021. After this peak, the share price experienced a moderate decline and fluctuated around the $200 level through the end of 2021 and into the first half of 2022. A significant rebound occurred in the latter half of 2022 and into 2023, with prices reaching a new high of $321.91 in December 2023. Following this, the share price continued to rise, peaking at $416.88 in September 2024 before decreasing somewhat to $320.29 by March 2025.
- Book Value Per Share (BVPS)
- The book value per share showed incremental growth over the period, reflecting steady expansion in the underlying equity value. Beginning at $26.20 on March 31, 2020, BVPS increased modestly throughout 2020 and 2021, reaching approximately $32 at the beginning of 2022. After a slight dip during mid-2022 to $29.79, it resumed growth, reaching a peak of $40.25 in September 2023. The value then fluctuated slightly, settling at $38.36 by March 2025. The progression implies ongoing accumulation of equity value, albeit with periods of minor contraction.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio displayed considerable volatility, suggesting changing market perceptions of the stock relative to its book value. Initially, the ratio rose sharply from 4.11 in March 2020 to a high of 7.86 by March 2021, indicating the market price was increasingly valuing the stock above its book value. Subsequently, it declined and stabilized somewhat around the mid-6 range during late 2021 and early 2022, followed by an upward trajectory reaching a notable peak of 10.38 in September 2024. This peak reflects heightened market optimism or anticipated future growth relative to the book value. The ratio then eased slightly to 8.35 by March 2025, indicating a partial correction after the peak.
- Summary of Trends
- The data indicates a strong equity market performance with growth in share price outpacing the growth in book value per share, as demonstrated by the generally rising P/BV ratio. The upward trend in share price signifies positive investor sentiment and possibly strong operational performance. Meanwhile, the steady increase in book value per share points to an underlying improvement in the company's net asset base. The fluctuations in the P/BV ratio suggest periods of market reassessment concerning valuation, possibly driven by external economic factors or company-specific developments.