Price to Operating Profit (P/OP)
since 2005
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Estée Lauder Cos. Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
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Calculation
Estée Lauder Cos. Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 18, 2023 | = | ÷ | = | ÷ | |||||||
| Aug 24, 2022 | = | ÷ | = | ÷ | |||||||
| Aug 27, 2021 | = | ÷ | = | ÷ | |||||||
| Aug 28, 2020 | = | ÷ | = | ÷ | |||||||
| Aug 23, 2019 | = | ÷ | = | ÷ | |||||||
| Aug 24, 2018 | = | ÷ | = | ÷ | |||||||
| Aug 25, 2017 | = | ÷ | = | ÷ | |||||||
| Aug 24, 2016 | = | ÷ | = | ÷ | |||||||
| Aug 20, 2015 | = | ÷ | = | ÷ | |||||||
| Aug 20, 2014 | = | ÷ | = | ÷ | |||||||
| Aug 23, 2013 | = | ÷ | = | ÷ | |||||||
| Aug 17, 2012 | = | ÷ | = | ÷ | |||||||
| Aug 22, 2011 | = | ÷ | = | ÷ | |||||||
| Aug 20, 2010 | = | ÷ | = | ÷ | |||||||
| Aug 19, 2009 | = | ÷ | = | ÷ | |||||||
| Aug 21, 2008 | = | ÷ | = | ÷ | |||||||
| Aug 28, 2007 | = | ÷ | = | ÷ | |||||||
| Aug 25, 2006 | = | ÷ | = | ÷ | |||||||
| Sep 2, 2005 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Estée Lauder Cos. Inc. Annual Report.
- Share Price Trends
- The share price showed a general upward trend from 2005 to 2021, increasing from $20.27 in 2005 to a peak of $340.82 in 2021. This growth was relatively steady with significant acceleration beginning around 2010. However, after reaching its peak in 2021, the share price declined substantially, dropping to $265.43 in 2022 and further to $156.69 in 2023.
- Operating Profit per Share (OPPS) Trends
- Operating profit per share exhibited overall growth over the analyzed period, starting at $1.63 in 2005 and increasing with some fluctuations to a high of $8.88 in 2022. Notably, there was a sharp decline to $1.68 in 2020 before rebounding strongly in subsequent years. The increase in OPPS indicates an improvement in profitability per share, particularly pronounced post-2010, except for the notable dip in 2020.
- Price to Operating Profit Ratio (P/OP) Trends
- The price to operating profit ratio displayed considerable volatility. From 2005 to around 2015, the ratio generally increased from about 12.4 to over 20, suggesting that the share price was growing faster than operating profit per share. After 2015, the ratio surged dramatically, reaching an extreme peak of 132.73 in 2020, reflecting a sharp drop in operating profit per share while the share price remained relatively high. Subsequently, the ratio decreased but remained elevated at 29.88 in 2022 and 37.14 in 2023, indicating that shares continued to be valued at a premium relative to operating profit despite the fall in share price.
- Key Insights
- The data reveal that while profitability per share improved consistently over the long term, the valuation multiples expanded significantly, particularly in the latter years, indicating strong investor optimism or potentially overvaluation during certain periods. The sharp dip in operating profit per share in 2020 suggests an exceptional event impacting profitability, likely relating to external economic conditions. Despite this, the company’s share price showed resilience with a strong recovery post-2020, until the decline in the last two years of the series. The elevated P/OP ratios in these later years signal a divergence between share price and earnings performance, which may prompt a need for closer analysis of market expectations and company fundamentals going forward.
Comparison to Competitors
Estée Lauder Cos. Inc., P/OP, long-term trends, comparison to competitors
| Estée Lauder Cos. Inc. | Procter & Gamble Co. | |
|---|---|---|
| Aug 18, 2023 | ||
| Aug 24, 2022 | ||
| Aug 27, 2021 | ||
| Aug 28, 2020 | ||
| Aug 23, 2019 | ||
| Aug 24, 2018 | ||
| Aug 25, 2017 | ||
| Aug 24, 2016 | ||
| Aug 20, 2015 | ||
| Aug 20, 2014 | ||
| Aug 23, 2013 | ||
| Aug 17, 2012 | ||
| Aug 22, 2011 | ||
| Aug 20, 2010 | ||
| Aug 19, 2009 | ||
| Aug 21, 2008 | ||
| Aug 28, 2007 | ||
| Aug 25, 2006 | ||
| Sep 2, 2005 |
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).