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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Historical Valuation Ratios (Summary)
Emerson Electric Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
The analysis of the financial ratios over the observed quarters reveals several notable trends in the valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio starts at 17.77 and shows a general decline through the end of 2015, reaching a low of 11.7. This decline suggests either an increase in earnings or a drop in share price during that period. From early 2016, the ratio increases significantly, peaking at 27.34 by the end of 2017, indicating market optimism or declining earnings. Subsequently, the ratio trends downward again to 14.86 by the first quarter of 2020, suggesting earnings growth or share price adjustment. Overall, the P/E ratio exhibits cyclical behavior with a high mid-period spike.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a somewhat parallel but more volatile pattern than P/E. Starting at 10.74, it decreases until late 2015, aligning with improved operating profits or valuation adjustments. A sharp increase from early 2016 results in a peak of 17.3 at the end of 2017, reflecting either rising price levels or compressed operating profits. After this peak, a general decline ensues, finishing at 11.25 in early 2020. The wider fluctuations here suggest varying investor sentiment regarding operational efficiency and profitability.
- Price to Sales (P/S) Ratio
- Beginning at 1.6, the P/S ratio remains relatively stable with minor fluctuations until 2016, then rises steadily to a high of 2.8 by the end of 2016. This increase points to higher market valuations relative to sales, possibly due to growth expectations. After peaking, the ratio decreases gradually, ending at 1.79 in March 2020. The pattern indicates that sales growth or price valuation adjustments have influenced this ratio, with a peak reflecting optimistic revenue projections during 2016.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows moderate volatility, starting at 4.13 and fluctuating between 3.75 and 5.53 during the period. It peaks around mid-2018 at 5.53, suggesting heightened market valuation relative to net asset value. After this peak, the ratio slightly declines but remains elevated compared to the early years, closing at 4.28. This behavior points to periods of increased market confidence in asset utilization or growth potential, tempered by occasional corrections.
In summary, the valuation metrics exhibit cyclical trends with notable peaks around 2017 and 2018 periods, reflecting market sentiment shifts, earnings performance, and revenue expectations. The overall patterns indicate periods of investor optimism followed by corrections, with valuations becoming relatively more conservative entering 2020.
Price to Earnings (P/E)
Emerson Electric Co., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net earnings common stockholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
EPS
= (Net earnings common stockholdersQ2 2020
+ Net earnings common stockholdersQ1 2020
+ Net earnings common stockholdersQ4 2019
+ Net earnings common stockholdersQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Emerson Electric Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price demonstrated notable fluctuations over the observed periods. Initially, it experienced a decline from $57.33 at the end of 2014 to a low near $46.09 by the end of 2015. Subsequently, the price showed a recovery and gradual increase, peaking around $74.04 in mid-2018. However, toward the end of the timeline, especially by early 2020, there was a visible downturn, dropping to $53.82, reflecting heightened volatility in recent quarters.
- Earnings per Share (EPS) Trends
- EPS displayed a mild volatility pattern with an overall upward movement. Starting at $3.23, it rose to approximately $4.14 by late 2015, then declined during 2016 with the nadir near $2.27 in mid-2017. Thereafter, a steady improvement was observed, bringing EPS to a peak of $3.79 in late 2019, followed by minor fluctuation and stabilization around $3.6 by early 2020. This pattern indicates a recovery in profitability after a mid-term dip.
- Price-to-Earnings (P/E) Ratio Trends
- The P/E ratio exhibited significant variation, inversely related at times to the share price movements. Beginning at 17.77, it fell steadily to a low of approximately 11.7 by late 2015, coinciding with the share price downturn. In the following periods, the ratio increased consistently, reaching a peak near 27.34 by the end of 2017, reflecting growing investor expectations or share price appreciation relative to earnings. Towards early 2020, the P/E ratio dropped again to about 14.86, indicating a possible market reassessment amid declining share prices.
- Overall Insights
- The data reveals an environment of financial variability with phases of decline and recovery. The initial period up to late 2015 was marked by decreasing share price and earnings, alongside contraction in the valuation multiple. The subsequent years saw rebound and growth in earnings and share price, although P/E ratios suggested fluctuating investor sentiment. The decline in share price and P/E ratio at the end of the timeline may indicate emerging challenges or market corrections. Continuous monitoring of these indicators would be necessary to assess future performance and market valuation dynamics.
Price to Operating Profit (P/OP)
Emerson Electric Co., historical P/OP calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Earnings from continuing operations before interest and income taxes (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Operating profit per share
= (Earnings from continuing operations before interest and income taxesQ2 2020
+ Earnings from continuing operations before interest and income taxesQ1 2020
+ Earnings from continuing operations before interest and income taxesQ4 2019
+ Earnings from continuing operations before interest and income taxesQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Emerson Electric Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- Over the observed periods, the share price exhibited notable fluctuations. Initially, there was a decline from approximately 57.33 to around 46.09 within the span of one year, indicating some downward pressure during that time. A recovery phase followed, with prices climbing to a peak near 76.01 by early 2020. However, this upward momentum was interrupted by a decline in the last recorded quarter, ending at 53.82. These shifts suggest volatility influenced by market conditions or company-specific factors.
- Operating Profit Per Share (OPPS) Trends
- The operating profit per share demonstrated a decreasing trend from 5.34 to 3.90 in the first several quarters, indicating a reduction in profitability at the operational level during that initial period. Subsequently, OPPS stabilized around an average of approximately 4.0 to 4.8 with some growth observed in the middle periods, reaching close to 4.98 before minor fluctuations towards the end. This pattern reflects some recovery and stabilization in operational earnings after an initial decline.
- Price to Operating Profit Ratio (P/OP) Analysis
- The P/OP ratio started relatively low near 7.41, implying that the share price was modest in relation to operating profit per share early on. Over time, this ratio increased significantly to levels above 15, reaching a peak of approximately 17.30, signifying that share prices grew at a faster pace than operating profits or that market valuation per unit of operating profit became more expensive. Towards the latest period, there was a decline in the ratio to roughly 11.25, which could suggest a correction or adjustment in market valuation relative to operational profitability.
- Insights and Overall Patterns
- The initial period was marked by falling share prices and declining operating profit per share, indicating challenging operational or market conditions. Despite this, the operating profit appeared to stabilize and modestly improve in later periods, yet the share price experienced more volatility, including peaks that may reflect changing investor sentiment or external factors beyond operational performance. The P/OP ratio’s rise and subsequent fall indicate varying investor valuation levels, with periods where share price appreciation outpaced profits, followed by a partial correction. This dynamic underscores a complex interaction between earnings performance and market expectations.
Price to Sales (P/S)
Emerson Electric Co., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
Sales per share
= (Net salesQ2 2020
+ Net salesQ1 2020
+ Net salesQ4 2019
+ Net salesQ3 2019)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Emerson Electric Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends and fluctuations in the share price, sales per share, and price-to-sales (P/S) ratio over the examined periods.
- Share Price
- The share price displayed moderate volatility throughout the quarters. Starting at $57.33 at the end of 2014, it experienced a downward trend through 2015, reaching a low of approximately $46.09 by December 2015. Subsequently, the share price embarked on a recovery phase, peaking at $68.96 by the end of 2017. Despite some fluctuations thereafter, it generally maintained levels above $60 through early 2019, before a decline to $53.82 by March 2020. This latter decrease may reflect broader market volatility during that period.
- Sales per Share
- Sales per share showed a consistent declining trend from late 2014 through September 2016, dropping from $35.78 to a low of $22.59. Following this trough, sales per share stabilized and exhibited gradual growth, rising steadily from late 2016 onward to reach roughly $30.07 by the first quarter of 2020. This recovery phase indicates improvements in sales performance per share after an initial contraction.
- Price-to-Sales (P/S) Ratio
- The P/S ratio exhibited considerable variation and often moved inversely relative to sales per share. Initially around 1.6 at the end of 2014, the ratio increased sharply during the period of falling sales per share, reaching a peak above 2.8 in December 2016. After this peak, the ratio gradually declined, fluctuating mostly between 2.0 and 2.7 for several quarters before dropping to 1.79 in March 2020. The elevated P/S ratio during periods of low sales per share suggests that the market's valuation of the company was relatively high compared to its sales-performance at those times, potentially reflecting investor expectations or other market factors.
Overall, the financial data indicates that the company went through a phase of declining sales per share initially, with a corresponding increase in P/S ratio and fluctuating share prices. This was followed by a period of improved sales performance and a moderation of the P/S ratio, although with notable share price volatility. The sharp decline in share price and P/S ratio in early 2020 suggests sensitivity to external market conditions during that period.
Price to Book Value (P/BV)
Emerson Electric Co., historical P/BV calculation (quarterly data)
| Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Common stockholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||||||||
| Caterpillar Inc. | |||||||||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2020 Calculation
BVPS = Common stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Emerson Electric Co. Quarterly or Annual Report.
4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of quarterly financial data reveals distinct trends in share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited fluctuations across the quarters. Initially, there was a moderate decline from approximately $57.33 to $46.09 within the earlier periods, followed by a gradual recovery reaching a peak near $76.01. However, this upward trend was interrupted by a decline to $53.82 in the last reported quarter. This pattern indicates periods of volatility with recovery phases, yet ending with some softness.
- Book Value Per Share (BVPS)
- The BVPS demonstrated relative stability with minor fluctuations. It generally hovered around values between $11.59 and $14.29. Notably, some periods reflect a gradual increase, for instance, reaching $14.29, suggesting steady growth in the underlying book value. However, towards the end of the timeline, a slight decline is evident, falling to roughly $12.58, which might reflect changes in the company's net asset base or retained earnings.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio showed significant variability, ranging approximately from 3.75 to 5.53. Trends show an overall increase in the ratio during most of the timeline, indicating that the market price was often valued at a substantial premium to the book value per share. Peaks near 5.5 suggest elevated market confidence or expectations about future profitability. Nevertheless, the decline in the P/BV ratio towards the last reported quarter to around 4.28 indicates a relative reduction in market optimism compared to the book value.
In summary, the share price and P/BV ratio show marked volatility with phases of ascent and decline, while the book value per share remains comparatively stable with slight growth and some recent decreases. The premium investors are willing to pay over book value varies considerably, reflecting changing market sentiment over time.