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
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Historical Valuation Ratios (Summary)
Danaher Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows initial missing data but begins at 44.49 in December 2020 and exhibits a general downward trend until the first half of 2023, decreasing from 44.49 to a low of 24.76 by June 2023. This suggests a reduction in valuation relative to earnings during this period. Afterwards, the ratio increases again, peaking at 48.49 by December 2024, indicating a notable rise in valuation relative to earnings. Towards the mid-2025 periods, the P/E ratio declines somewhat, settling around 39.84 by June 2025.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio starts at 36.91 in December 2020 and follows a pattern similar to the P/E ratio, decreasing consistently through 2022 and the first half of 2023 to levels around 20.71–21.31. This trend suggests increasing operating profitability or a more conservative market valuation during this time. From the second half of 2023 onwards, there is a distinct increase, reaching a peak of approximately 39.52 in December 2024. Thereafter, the ratio begins to moderate, descending to about 30.79 by June 2025.
- Price to Sales (P/S) Ratio
- The P/S ratio data commences at 7.01 in December 2020 and initially trends upward until the last quarter of 2021, where it peaks close to 7.91. Following this, the ratio declines steadily into the first half of 2023, reaching 5.63, indicating either sales growth outpacing price increases or falling market valuation relative to sales. The ratio then rises sharply again, peaking at 8.10 in September 2024, before decreasing consistently thereafter to around 5.66 by mid-2025.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio is available from April 2020 and exhibits variability throughout the period. It rises from 3.68 in April 2020 to a peak of 5.11 in October 2021, indicating increased market valuation relative to book value. Following this peak, a pronounced decline occurs through 2022 and into early 2023, falling to 2.78 in March 2023, the lowest point observed in the data set. Subsequent recovery is noted up to 3.82 in September 2024, followed by a renewed decline toward 2.60 by June 2025, reflecting fluctuating investor perceptions relative to net asset value over time.
Price to Earnings (P/E)
Danaher Corp., historical P/E calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings attributable to common stockholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| 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: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net earnings attributable to common stockholdersQ2 2025
+ Net earnings attributable to common stockholdersQ1 2025
+ Net earnings attributable to common stockholdersQ4 2024
+ Net earnings attributable to common stockholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data reveals notable fluctuations in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price demonstrated an upward trend from April 2020, rising from approximately $164 to a peak near $311 in October 2021. Subsequently, it experienced volatility with periods of decline and recovery. After dipping to around $197 in September 2023, it rebounded to about $264 by June 2024, followed by a decrease to approximately $190 in June 2025. Overall, the share price showed cyclical movements with a general upward trajectory initially, followed by fluctuations and a decline toward the end.
- Earnings Per Share (EPS)
- EPS data, available starting from April 2021, showed consistent growth from $4.93 to a peak of $9.75 by December 2022. After reaching this high point, EPS steadily decreased, falling to $4.77 by June 2025. This indicates strong earnings performance in the early observed period, followed by a gradual weakening in profitability toward the later dates.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio initially decreased from a high of 44.49 in April 2021 to a low near 25.00 in December 2022, suggesting that share prices were becoming more attractive relative to earnings during that period. However, from early 2023 onwards, the P/E ratio increased significantly, reaching a peak of 48.49 by December 2024. This suggests that despite declining EPS, share prices remained relatively elevated, possibly indicating optimistic market expectations or overvaluation. Towards mid-2025, the P/E ratio moderated somewhat but remained elevated compared to prior lows.
In summary, the company experienced a period of robust earnings growth accompanied by increasing share prices through late 2021 and 2022. Following this, EPS declined steadily, while the share price and P/E ratio showed increased volatility. The rising P/E ratio amid falling EPS in the later periods may reflect changing market perceptions or other external factors influencing valuation. The overall trends suggest a transition from strong growth to a more cautious outlook within the analyzed timeframe.
Price to Operating Profit (P/OP)
Danaher Corp., historical P/OP calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| 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: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price of the company exhibited an overall upward trend from April 2020 through July 2021, increasing from approximately $164 to nearly $289. This growth period was followed by fluctuations and a decline beginning in October 2021, with some temporary recoveries around the end of 2021 and mid-2023. However, from late 2023 onward, the share price showed a consistent downward movement, dropping to around $190 by June 2025.
Operating profit per share data starts from April 2021 and initially shows a strong upward trajectory, increasing from about $5.94 to a peak of $11.92 by March 2023. After reaching this peak, a gradual decline is evident over the subsequent quarters, with profit per share falling to approximately $6.17 by June 2025.
The Price to Operating Profit (P/OP) ratio mirrored these trends with some lag and variability. From April 2021 to March 2023, the P/OP ratio decreased substantially from around 37 to near 21, suggesting that the share price increased at a slower rate than operating profit per share in this period. After March 2023, the ratio began rising again, reaching past 38 by the end of 2024, indicating that the share price did not decline as sharply relative to the operating profit decline. In the last observed quarters, the ratio decreased slightly to around 30 by mid-2025.
Overall, the data reveals a period of earnings growth followed by a downturn in operating profit per share, accompanied by considerable volatility in the share price. The P/OP ratio trends suggest changing market perceptions of profitability and valuation, with initial improvements followed by increased valuation multiples during declining earnings.
Price to Sales (P/S)
Danaher Corp., historical P/S calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Sales (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| 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: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced significant growth from April 2020 through mid-2021, rising from $163.98 to a peak of approximately $310.74 in October 2021. Following this peak, the price displayed notable volatility and a general downward trajectory, declining to $189.91 by June 2025. This pattern indicates an initial bullish period followed by a phase of correction and reduced investor confidence.
- Sales Per Share Trend
- Sales per share data, recorded starting from April 2021, showed steady growth initially, increasing from $31.29 to a high of $43.2 by December 2022. Subsequently, it declined consistently over the following quarters, reaching $33.54 by June 2025. The upward trend in sales per share until late 2022 suggests improving operational performance, whereas the subsequent decline may indicate market saturation, competitive pressure, or other challenges affecting revenue generation.
- Price-to-Sales (P/S) Ratio Analysis
- The P/S ratio started at 7.01 in April 2021, rising to around 7.91 by December 2021, suggesting increased market valuation relative to sales. Thereafter, the ratio decreased to 5.66 by December 2022, which corresponds with the decline in share prices and a stabilizing or slow growth in sales per share. Notably, the P/S ratio then fluctuated, recovering to a high near 8.1 in September 2024 before declining again to 5.66 by June 2025. This volatility indicates changing market perceptions of future growth prospects and profitability.
- Overall Insights
- The data reveals a period of growth and optimism from 2020 through 2021, with increasing share price and sales per share, supported by relatively high P/S ratios. However, from late 2022 onwards, the company faced challenges reflected in declining sales per share and share price, accompanied by fluctuating valuation multiples. These patterns may reflect external factors such as market conditions or internal operational challenges, warranting further investigation into underlying causes.
Price to Book Value (P/BV)
Danaher Corp., historical P/BV calculation (quarterly data)
| Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | Dec 31, 2021 | Oct 1, 2021 | Jul 2, 2021 | Apr 2, 2021 | Dec 31, 2020 | Oct 2, 2020 | Jul 3, 2020 | Apr 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total Danaher stockholders’ 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. | |||||||||||||||||||||||||||||
| Bristol-Myers Squibb Co. | |||||||||||||||||||||||||||||
| 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: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Total Danaher stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Danaher Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends regarding the share price, book value per share (BVPS), and their relationship expressed by the price-to-book value (P/BV) ratio over the periods analyzed.
- Share Price
- The share price showed a general upward trend from April 2020 ($163.98) to October 2021 ($310.74), reaching a peak during this period. After that, the price experienced significant volatility, with notable declines and recoveries. It dropped to $196.84 by September 2023 from a high of $255.70 in June 2023, followed by a partial recovery exceeding $260 in June 2024. Towards the latest quarters, the price decreased again, falling to $189.91 by June 2025, indicating increased market uncertainty or pressure on valuation.
- Book Value per Share (BVPS)
- The BVPS demonstrated a steady and consistent increase throughout the timeframe, rising from $44.52 in April 2020 to $73.09 by June 2025. This steady growth suggests ongoing accumulation of the company’s net assets, indicating improvement in the underlying book equity value over time without any significant disruptions.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibited more fluctuation than BVPS, reflecting changes in market valuation relative to the book value. It initially increased from 3.68 in April 2020 to a peak of 5.11 in October 2021, signaling high market optimism as the share price rose faster than book value. Following this peak, the ratio decreased notably to around 2.6–3.0 range by mid-2025, suggesting a reduction in market premium relative to the book value basis. The decline in P/BV ratio alongside share price volatility highlights a shift toward more conservative valuation multiples in recent periods.
Overall, the data indicates a solid and continuous increase in fundamental book value per share, reflecting asset growth or retained earnings accumulation. However, market valuation as reflected in the share price and P/BV ratio has been more volatile, showing an initial rapid appreciation followed by a period of correction and valuation multiple contraction. This pattern points to a maturing valuation environment with investor sentiment becoming more cautious despite underlying asset growth.