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: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) 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).
The analysis of the quarterly financial data reveals several notable trends in valuation ratios for the company over the examined period.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited moderate fluctuations from March 2019 through December 2021, mostly ranging between approximately 24 and 31. Starting in 2022, the ratio escalated more sharply, reaching peaks above 41 by mid-2023. This upward trend in P/E suggests rising market expectations of the company's future earnings growth or possibly a shift in market sentiment towards higher valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio followed a somewhat parallel trajectory to P/E, with values mostly between 16 and 20 during the initial periods. Beginning in early 2022, the ratio increased to above 22 at the highest point before slightly retreating near 20.6 in the latest quarter. This pattern may reflect changes in operating performance or investor willingness to pay a premium for operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable compared to other ratios, with a more constrained range between about 3.3 and 4.2. There was a slight gradual decline after 2021, moving from near 4 down to approximately 3.35 by mid-2023. This could indicate that sales growth has been steady but not accelerating strongly enough to drive higher valuation multiples based on revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio data is highly irregular and incomplete, with scattered extremely high values, such as 557 and 390 in certain quarters, which may hint at either reporting anomalies or extraordinary market valuations at specific points. Due to these inconsistencies and missing data, a reliable trend or pattern is difficult to ascertain for this metric.
Overall, the valuation ratios point toward an increasing investor optimism or willingness to pay higher multiples on earnings and operating profit beginning in 2022. In contrast, the price to sales ratio indicates more subdued growth expectations relative to revenues. The irregular price to book value data prevents firm conclusions regarding changes in asset-based valuation. These insights suggest that earnings and profitability metrics have driven recent valuation changes more than sales or book value trends.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Share Price
- The share price exhibited some volatility over the analyzed periods. Starting at $71.30 in March 2019, it generally trended upward reaching a peak near $80.70 in March 2021. Following this, the price showed some fluctuations with a modest decline towards the end of 2022, dropping to approximately $72.77 in December 2022. The first half of 2023 saw a partial recovery, with the share price increasing again to around $79.80 in March 2023 before declining to $75.62 in June 2023.
- Earnings Per Share (EPS)
- EPS demonstrated a growth trend from March 2019 through June 2021, increasing from $2.71 to a peak of $3.24. After this peak, EPS started to decline steadily, reaching $1.81 by June 2023. This downward trend in EPS over the last few quarters suggests a reduction in profitability on a per-share basis, potentially indicating challenges in operational performance or increased costs during recent periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio showed relative stability from March 2019 to June 2021, fluctuating mainly between 23 and 27. However, from December 2021 onwards, the P/E ratio increased significantly, rising from around 30.71 to values above 40 by mid-2023. This rise in P/E, despite falling EPS, indicates that the market continued to value the company's shares highly, potentially reflecting expectations for future growth or other qualitative factors despite recent earnings declines.
- Overall Analysis
- The data indicates a period of increasing profitability up to mid-2021, followed by a persistent decline in earnings per share through mid-2023. The share price remained relatively resilient during this decline, with some volatility but without a corresponding sharp drop, which is reflected in the rising P/E ratio. This combination suggests that investors might be anticipating future improvements or valuing the company based on factors beyond current earnings, such as brand strength or market position. Nevertheless, the declining EPS imposes caution regarding the company's near-term earnings performance.
Price to Operating Profit (P/OP)
Colgate-Palmolive Co., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 analysis of the quarterly financial data reveals several noteworthy trends concerning the share price, operating profit per share, and the price-to-operating-profit (P/OP) ratio over the observed periods.
- Share price
- The share price exhibited fluctuations across the quarters with an overall range between approximately $66.81 and $80.7. Initially, from early 2019 to the end of that year, the share price showed moderate volatility but maintained within a relatively narrow band. In the first half of 2020, the share price increased, reaching its peak around the third quarter before experiencing some declines towards the end of 2020. Throughout 2021 and 2022, the share price demonstrated a pattern of mild decline and recovery, with highs generally staying below the earlier 2020 peaks. Despite some resilience in the early months of 2023, such as reaching near $79.8 in March, the price decreased again by mid-2023, indicating cautious market sentiment in recent quarters.
- Operating profit per share (OPPS)
- Operating profit per share steadily increased from early 2019 through 2020, moving from about $4.1 to nearly $4.6, signaling an improvement in operational efficiency or profitability during that period. However, a notable decline began in the latter half of 2021, with values dropping below $4.0 and continuing a slight downward trend into 2022 and early 2023, reaching values around $3.48 to $3.67. This decline suggests potential pressures on operating profitability that may derive from increasing costs, competitive pressures, or other operational challenges in the more recent periods.
- Price-to-Operating-Profit (P/OP) ratio
- The P/OP ratio demonstrated variability consistent with changes in share price and operating profit per share. In 2019 and early 2020, the ratio fluctuated between approximately 16 and 18, indicating a relatively stable valuation concerning operating earnings. From late 2020 onwards, the ratio increased significantly, surpassing 20 at several points in 2021 and 2022. The elevated P/OP ratios in this period suggest that the share price remained relatively high or did not decrease in proportion to the decline in operating profit per share. This divergence could signal expectations of future growth or an optimistic market outlook despite current earnings pressures. However, the ratio started to slightly retreat in early 2023, coinciding with the modest recovery in operating profit per share and the decrease in share price, reflecting some realignment between market valuation and operating earnings.
In summary, the data indicate a phase of improved operational performance until mid-2020, followed by a period of declining operating profits amid fluctuating share prices and rising valuation multiples. The recent movement suggests a cautious market reappraisal of the company's earning potential, with mixed signals regarding its near-term profitability outlook.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Share Price Trend
- The share price exhibited fluctuations over the analyzed quarters. Initially, it showed an increase from $71.3 in March 2019 to a peak around $78.89 in September 2020. Subsequently, it experienced variability with a general downward trend, reaching lows near $72.77 by December 2022, followed by partial recovery and volatility up to $75.62 in June 2023. The price movement suggests periods of both investor optimism and caution within the timeframe.
- Sales Per Share Development
- Sales per share demonstrated a steady upward trajectory throughout the period. Starting at $17.97 in March 2019, it gradually increased each quarter, reaching $22.59 by June 2023. This consistent growth points to increasing sales performance on a per-share basis, reflecting positive revenue progression or share count management.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio fluctuated in correlation with changes in share price and sales per share. Initially, it varied between approximately 3.7 and 4.16 from 2019 through 2021, indicating a relatively stable valuation relative to sales. However, a notable decline in the P/S ratio occurred from early 2022 onwards, decreasing from 3.69 to around 3.35 by mid-2023. This decline, despite increasing sales per share, suggests a reduction in market valuation multiples, possibly reflecting market apprehension or changing investor sentiment regarding future growth prospects.
Price to Book Value (P/BV)
Colgate-Palmolive Co., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 quarterly financial data reveals several notable patterns and trends in the company’s share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the period from March 2019 through June 2023.
- Share Price
- The share price experienced fluctuations throughout the period without a clear long-term upward or downward trajectory. Starting at $71.30 in March 2019, the price rose moderately towards the end of 2019, peaking at $78.89 in September 2020. Subsequently, the share price displayed volatility, with notable declines in late 2022, dropping to $72.77 in December 2022 before recovering modestly to $79.80 in March 2023 and then falling again to $75.62 by June 2023. Overall, the share price remained within a range roughly between $66.81 and $80.70, suggesting relatively stable market valuation with some periods of investor uncertainty or external market influences.
- Book Value per Share (BVPS)
- BVPS exhibited greater variability relative to share price, reflecting shifts in the company’s net asset value on a per-share basis. The metric started from negative values at -$0.64 in March 2019, indicating a book deficit, but improved gradually to reach positive figures by December 2019. However, the trend was inconsistent, with several reversals to negative territory in the first half of 2023. The highest positive BVPS was approximately $0.88 in December 2020, after which occasional declines suggested fluctuations in retained earnings or asset revaluations. Such volatility in BVPS points to changing capital structure or balance sheet valuations impacting shareholder equity recognition.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio showed exceptionally high values when BVPS was near zero or negative, reaching extremes such as 557.38 and 246.98 in 2019 and 2020, respectively, which reflects inflated price levels relative to the book value during periods of book value deficits. Apart from these outliers, P/BV ratios mostly ranged between approximately 89 and 201, indicating a persistent premium of market price over book value. The presence of unusually high P/BV values during times of negative or minimal book value stresses limitations in interpreting this ratio in isolation, as it signals that investors may be valuing the company more on expected future earnings rather than current book assets.
In summary, the data suggests a company with relatively stable share price dynamics but fluctuating underlying equity values as indicated by BVPS. The high P/BV ratios during times of near-zero or negative book value emphasize an investor focus on intangibles or anticipated growth rather than tangible net assets. Meanwhile, the volatility in BVPS and associated valuation multiples underscore potential balance sheet adjustments or earnings volatility affecting shareholders’ equity perception.