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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Colgate-Palmolive Co., historical price multiples (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial ratios reveals several notable trends over the observed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a generally increasing trend from the first available data point in March 2018 through to June 2023. Early values in 2018 start in the mid-20s, fluctuating moderately around the 24 to 27 range through the end of 2020. From 2021 onwards, the ratio steadily increases, reaching a peak of approximately 41.76 by June 2023. This rise indicates a growing market valuation relative to earnings, possibly reflecting increased investor optimism or expectations of future earnings growth.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio shows a similar increasing pattern over time, albeit with smaller fluctuations. Starting around 15.56 in early 2018, the ratio climbs gradually over the years, maintaining values mostly within the 16 to 18 range up to the end of 2020. A noticeable upward shift occurs from 2021 onwards, peaking near 22.5 in June 2023. This trend suggests an elevated market price relative to operating profits, which could indicate growing confidence in the company’s operational efficiency or resilience.
- Price to Sales (P/S) Ratio
- The P/S ratio remains relatively more stable when compared to the P/E and P/OP ratios, fluctuating mildly between 3.35 and 4.18 across the reported periods. A slight decline is observed starting in early 2022 through mid-2023, moving from approximately 3.69 down to 3.35. This downward movement may point to a modest adjustment in how the market values sales relative to price, potentially signaling cautiousness regarding sales growth or profit margins.
- Price to Book Value (P/BV) Ratio
- The P/BV data displays high volatility and significant gaps with some missing values. Notably, extremely high figures such as 557.38 in late 2018 and 390.94 in late 2021 suggest outliers or possibly special circumstances impacting the book value measurement. Apart from these spikes, the ratio generally fluctuates within a considerably wide range, between approximately 89.9 to 260.57 in various quarters. The irregular pattern and magnitude indicate challenges in interpreting book value relevance during these periods or significant changes in equity valuation components.
In summary, the company demonstrates an overall increase in valuation metrics based on earnings and operating profit, suggesting growing investor confidence or improved performance expectations. The price-to-sales ratio remains relatively steady with a slight downward bias in recent quarters, while the price-to-book value ratio presents substantial volatility and inconsistency, limiting straightforward interpretation.
Price to Earnings (P/E)
Colgate-Palmolive Co., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income attributable to Colgate-Palmolive Company (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income attributable to Colgate-Palmolive CompanyQ2 2023
+ Net income attributable to Colgate-Palmolive CompanyQ1 2023
+ Net income attributable to Colgate-Palmolive CompanyQ4 2022
+ Net income attributable to Colgate-Palmolive CompanyQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Colgate-Palmolive Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data indicates varied performance and valuation trends over the observed periods.
- Share Price
- The share price exhibited fluctuations throughout the timeframe. Starting near the mid-60s, it showed gradual increments with intermittent dips. Peaks were noted around the end of 2019 and mid-2021, reaching values above 79 US dollars. However, the share price experienced a slight downward trend from early 2022 into mid-2023, decreasing from around 79.8 to approximately 75.6 US dollars by June 2023. The overall trend suggests moderate volatility with phases of growth followed by consolidation or slight decline.
- Earnings per Share (EPS)
- EPS data commenced from March 2019, initially reflecting values around the 2.7 to 2.8 US dollars range. A steady increase was observed through 2020 and 2021, peaking above 3.2 US dollars by late 2021. However, this positive momentum reversed beginning in 2022, with EPS showing a consistent decline each quarter, ending at 1.81 US dollars by June 2023. This downward trend in EPS indicates a reduction in profitability or earnings generated for shareholders in recent quarters.
- Price-Earnings (P/E) Ratio
- The P/E ratio started near 24 in early 2019 and fluctuated mildly through 2020 and 2021. Notably, from early 2022 onwards, the P/E ratio increased significantly, reaching levels above 40 in 2023. This rise in P/E ratio occurred despite declining EPS, suggesting that share prices did not decline proportionally to earnings or that market expectations for future growth remain optimistic. Elevated P/E levels may indicate investor confidence or overvaluation relative to current earnings.
In summary, the data demonstrates an initial phase of growing earnings and fluctuating but generally stable share prices, followed by a recent period characterized by decreasing earnings and rising valuation multiples. This pattern reflects cautious investor sentiment amid declining profitability, with the elevated P/E ratio warranting close monitoring for any implications regarding future earnings expectations and market valuation.
Price to Operating Profit (P/OP)
Colgate-Palmolive Co., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating profitQ2 2023
+ Operating profitQ1 2023
+ Operating profitQ4 2022
+ Operating profitQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Colgate-Palmolive Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price displayed fluctuations over the analyzed periods, initially ranging from approximately $59.58 to $76.27 between 2018 and 2019. Moving into 2020 and 2021, the price showed upward momentum, peaking near $80.7 in early 2021. However, during 2022 and mid-2023, the share price generally trended downward, declining from roughly $78.74 to $75.62, with some intermittent fluctuations within this timeframe.
Operating profit per share data, available starting from March 31, 2019, demonstrated a gradual increase in the first half of the analyzed span, moving from about $4.10 to a peak near $4.73 by the end of 2021. Post this peak, a noticeable decline in operating profit per share occurred through 2022 and into mid-2023, falling from approximately $3.96 to $3.67. This suggests some pressure on operational profitability in the most recent periods.
The price-to-operating-profit (P/OP) ratio exhibited considerable variation. Initially, ratio values ranged between 15.56 and 18.35 in early periods. From late 2021 through 2023, the ratio increased substantially, peaking above 22 at some points, indicating that the share price was relatively high compared to operating profits during these more recent quarters. This rising valuation multiple alongside declining operating profits per share suggests growing investor expectations or a divergence between market valuation and operational earnings trends.
- Share Price Trends
- Moderate volatility observed with mid-2019 to early 2021 growth, followed by a general decline through mid-2023.
- Operating Profit Per Share
- Steady increase until late 2021, followed by a decline reflecting reduced profitability in recent periods.
- Price-to-Operating-Profit Ratio
- Initially stable within a moderate range; significant increase post-2021 indicates higher valuation relative to operating earnings despite decreasing profits.
Overall, the data indicates a period of operational strength culminating around the end of 2021, succeeded by declining profitability, while the market valuation increased in relative terms. This trend may warrant deeper investigation into the drivers behind the rising price multiple and the causes of diminished operating profits.
Price to Sales (P/S)
Colgate-Palmolive Co., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (Net salesQ2 2023
+ Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Colgate-Palmolive Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals several notable trends in the financial metrics over the examined periods.
- Share Price
- The share price experienced fluctuations with an overall upward trajectory from 2018 through mid-2021, peaking around the $80 level. It showed some volatility in 2022 and into 2023, with a decline observed in mid-2022, dropping closer to the mid-$70s. Towards early 2023, the share price showed some recovery but remained below the peak levels reached in 2021. This pattern indicates periods of market optimism followed by intermittent corrections.
- Sales per Share
- Sales per share demonstrated consistent growth throughout the periods starting from 2019. The value increased steadily from approximately $18 in early 2019 to above $22 by mid-2023. This continuous upward trend suggests stable sales growth and potentially effective revenue-generating strategies over time, reflecting positively on operational performance.
- Price-to-Sales Ratio (P/S)
- The P/S ratio showed variability and a somewhat declining trend after peaking near 4.18 in late 2020. From 2019 to early 2021, P/S ratios fluctuated between approximately 3.7 and above 4.1, indicating varying market valuations relative to sales. From 2021 onward, the ratio gradually decreased to values closer to 3.35 by mid-2023. The decreasing valuation multiple, despite rising sales per share, may suggest market reassessment of growth expectations or profit margins or an overall moderation in investor enthusiasm.
In summary, the company displayed increasing sales per share, implying improved sales performance, but the share price showed volatility with recent downward pressure. The declining price-to-sales ratio in the presence of higher sales per share could signal cautious investor sentiment or adjustments in valuation expectations.
Price to Book Value (P/BV)
Colgate-Palmolive Co., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Colgate-Palmolive Company shareholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||||||||
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Total Colgate-Palmolive Company shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Colgate-Palmolive Co. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the reported quarters reveals several notable trends and fluctuations in key metrics.
- Share Price (US$)
- The share price demonstrated variability throughout the examined periods. Initially, the price hovered around the mid-60s in early 2018, with some decline observed towards the third quarter of 2018. From late 2018 through 2019, the share price generally increased, reaching peaks above 76 US$. In 2020, despite market-wide disruptions, the share price showed resilience, recovering from a dip in early 2020 to near 79 US$ by the end of the year. The price remained relatively stable through 2021 with minor fluctuations, peaking slightly above 80 US$ in the first quarter. During 2022, the trend slightly reversed, with prices dipping mostly below 75 US$, before partially recovering in early 2023, although still showing some volatility.
- Book Value Per Share (BVPS) (US$)
- BVPS data indicate inconsistent and somewhat negative values in the earlier quarters of the dataset, with significant negative figures recorded in the first half of 2018 and various quarters up to mid-2019. Starting from late 2019, there is a general improvement with BVPS turning positive and exhibiting a mild upward trajectory through 2020 and 2021, peaking around 0.88 US$. However, the period from 2022 onwards shows declining and volatile values again, including returns to slightly negative or near zero figures in several quarters. Such fluctuations suggest challenges in maintaining or consistently growing book value over recent periods.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio reveals extreme volatility and unusually high values where data is available. Notably, in some periods, the ratio skyrocketed to several hundreds, indicating a significant disparity between market price and book value per share. This likely reflects the periods when BVPS was close to zero or negative, amplifying the ratio considerably. For quarters with valid data, the ratios oscillate widely without a stable trend, highlighting uncertainty or market perceptions not fully aligned with book value measures.
Overall, the financial indicators suggest a company with a somewhat fluctuating valuation, experiencing both volatility in market price and inconsistency in book value creation over the observed timeframe. The elevated P/BV ratios during periods of very low or negative book value per share point to possible risks or investor skepticism regarding underlying asset valuation. The share price, while variable, has demonstrated resilience with periodic recoveries, but the recent downward trend coupled with book value instability may warrant cautious assessment of future prospects.