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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Historical Valuation Ratios (Summary)
Estée Lauder Cos. Inc., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited considerable volatility over the observed periods. Starting at 42.23 in late 2018, it experienced fluctuations with marked increases reaching peaks of 132.26 in September 2020 and 117.59 in June 2020. Following these peaks, a declining trend materialized through 2021 and early 2022, descending to 26.14 by March 2022. Subsequent quarters saw moderate recoveries and fluctuations, with values stabilizing around the mid-50s to mid-60s by mid-2023. This pattern reflects varying investor sentiment and earnings performance, particularly influenced by sharp increases in 2020, possibly due to market disruptions or earnings shocks.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio showed parallel volatility akin to the P/E ratio but with more pronounced peaks. It started at 23.35 in late 2018 and climbed steadily, peaking sharply at 152.15 in September 2020 following a rapid ascent earlier that year. After this apex, the ratio declined significantly, reaching lows near 23.4 in September 2022. Thereafter, it experienced moderate fluctuations, ending at 37.14 in mid-2023. The elevated peaks indicate periods when the market price significantly outpaced operating profits, suggesting temporary overvaluation or profit contraction phases.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a generally upward trajectory from 3.58 in late 2018 to a high of 7.59 in June 2021, reflecting increasing market valuation relative to sales. After this peak, the ratio experienced a downward trend, declining to 3.52 by mid-2023. This pattern indicates that the market valuation relative to sales strengthened until mid-2021 before reverting closer to earlier levels, potentially reflecting changes in sales growth rates or market revaluation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio generally trended upward through the observation period, starting at 11.32 in late 2018 and peaking above 20 (20.44) in June 2020. Post-peak, it experienced a gradual decline, with occasional fluctuations, reaching around 10.04 by mid-2023. The initial rise indicates increasing market valuation relative to book value, while the subsequent decrease suggests a normalization or reassessment of the company’s net asset valuation during later periods.
- Overall Insights
- The financial ratios collectively reveal significant valuation fluctuations during 2020, coinciding with market uncertainty or earnings variability, with particularly sharp ratio expansions during mid to late 2020. Following this period, a general trend of valuation normalization is observed across all ratios through 2021 into 2023. The declines in valuation multiples likely reflect improving earnings and operating performance relative to price or market adjustments. The P/S and P/BV ratios indicate the market’s reassessment of sales and asset values over time, suggesting periods of both optimism and caution among investors. These dynamics highlight the company's susceptibility to broader economic and market factors impacting investor sentiment and financial performance.
Price to Earnings (P/E)
Estée Lauder Cos. Inc., 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net earnings (loss) attributable to The Estée Lauder Companies Inc. (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-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net earnings (loss) attributable to The Estée Lauder Companies Inc.Q4 2023
+ Net earnings (loss) attributable to The Estée Lauder Companies Inc.Q3 2023
+ Net earnings (loss) attributable to The Estée Lauder Companies Inc.Q2 2023
+ Net earnings (loss) attributable to The Estée Lauder Companies Inc.Q1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Estée Lauder Cos. Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data over the observed periods reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price
- The share price displayed an overall upward trajectory from late 2018 through late 2021, moving from approximately $137 to a peak around $340. Subsequent to this peak, there was noticeable volatility with a significant decline observed through 2022 and into mid-2023, where the share price fell to around $156. The fluctuations suggest periods of investor optimism followed by increased uncertainty or negative sentiment.
- Earnings Per Share (EPS)
- The EPS exhibited a pattern of growth from late 2018 through the first half of 2022, increasing from roughly $3.25 to over $9 at its highest point. Notably, there was a sharp dip in EPS during 2020, with values dropping to as low as $1.69, likely reflecting operational challenges during that period. After this, EPS rebounded strongly into 2021 and early 2022, before declining again through 2023, reaching levels close to those seen prior to the growth phase. This cyclical behavior may indicate sensitivity to external market conditions or company-specific events.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed considerable variability, initially fluctuating between the low 30s and around 40 until early 2020. There was a dramatic surge in the ratio during the 2020 period, with P/E peaking above 130, which coincides with the EPS trough and suggests that share prices remained relatively elevated despite diminished earnings, possibly due to market speculation or forward-looking investor expectations. After this spike, the P/E ratio declined steadily through 2021 and early 2022, dropping to values in the mid-20s, before increasing again in 2023, reflecting ongoing uncertainty or reevaluation of earnings potential by the market.
Overall, the data indicates that while earnings and share prices experienced significant growth phases, external shocks or market conditions had a marked impact on both profitability and valuation multiples, resulting in increased volatility particularly around the 2020 epoch and persisting through to mid-2023.
Price to Operating Profit (P/OP)
Estée Lauder Cos. Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (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-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023
+ Operating incomeQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Estée Lauder Cos. Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an overall upward trajectory from late 2018 through mid-2021, peaking notably in the second quarter of 2021 at $340.82. This peak was followed by a decline through March 2023, reaching $156.69, indicating significant volatility and a reduction to less than half of its peak value by mid-2023.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed a general growth trend from 2018 through early 2022, rising from $5.89 in September 2018 to a peak of $9.3 in March 2022. There was a dip in early 2020 likely reflecting broader market impacts, but recovery followed robustly. After the peak in early 2022, OPPS experienced a gradual decline through mid-2023, settling at $4.22.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio fluctuated widely, showing relatively stable values around the mid-20s to low 30s from 2018 through 2019, before spiking dramatically in mid-2020, with values exceeding 130 and 150. This sharp rise coincides with a sharp drop in operating profit per share during the same period, implying the share price remained relatively strong despite declining earnings. Post mid-2020, the ratio gradually normalized but remained elevated compared to earlier periods, fluctuating between approximately 23 and 47 through mid-2023.
- Key Insights
-
There is clear evidence of resilience in the share price, as it rebounded sharply after market disruptions around early 2020. However, the significant volatility seen in P/OP ratios during that period signals market uncertainty and a decoupling between share price and earnings performance.
The recovery of operating profit per share following the initial pandemic impact suggests effective operational adjustments. The peak profit levels achieved by early 2022 and subsequent decline indicate potential emerging challenges or market conditions impacting profitability.
The elevated P/OP ratios especially post-2020 imply higher valuation multiples, potentially driven by market optimism or expected future growth not yet realized in earnings. The decrease in share price alongside shrinking OPPS in late 2022 and early 2023 reflects a more cautious investor sentiment.
Price to Sales (P/S)
Estée Lauder Cos. Inc., 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023
+ Net salesQ1 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Estée Lauder Cos. Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable volatility over the periods presented. It generally increased from $137.44 at September 30, 2018, reaching a peak around $340.82 by June 30, 2021. Post this peak, the price experienced a declining trend with some intermittent recoveries, dropping to $156.69 by June 30, 2023. This indicates a period of growth followed by a significant correction or market reassessment in the latter dates.
- Sales per Share Trend
- Sales per share showed a steady upward trajectory from $38.40 in September 2018 to a peak of $50.68 in March 2022. After this peak, sales per share slightly decreased but remained relatively stable around the mid-$40 range by June 2023. This suggests consistent revenue generation capacity with moderate fluctuations near the end of the period.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio reflected considerable fluctuation, initially rising from 3.58 in September 2018 to a high of 7.59 by June 2021. This trend indicates a valuation expansion relative to sales over this period. Following this peak, the ratio declined sharply to 3.52 by June 2023, highlighting a market valuation resetting closer to historical norms or reacting to changes in share price and sales performance.
- Integrated Analysis
- The simultaneous peak of share price and P/S ratio around mid-2021, alongside rising sales per share, suggests that investor optimism and company performance were both strong at that time. The subsequent decreases in share price and P/S ratio, with sales per share maintaining relative stability, may indicate external factors impacting market sentiment or valuation multiples rather than a deterioration in sales performance. The decrease in valuation multiples combined with stable sales per share could imply an opportunity for value reassessment from an investment perspective.
Price to Book Value (P/BV)
Estée Lauder Cos. Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Stockholders’ equity, The Estée Lauder Companies Inc. (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-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Stockholders’ equity, The Estée Lauder Companies Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Estée Lauder Cos. Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals notable movements in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio of the company over the observed quarterly periods. The analysis is structured around these three key financial metrics.
- Share Price Trends
- The share price exhibited an overall upward trajectory from late 2018 through mid-2021, beginning at $137.44 and peaking near $340.82 in June 2021. This represents a significant appreciation in market value over approximately two and a half years. Following that peak, the share price experienced heightened volatility and an evident downward trend, declining to $156.69 by June 2023. The fluctuations include periods of sharp recovery and decline, indicating a possible sensitivity to external market conditions or company-specific factors during the latter periods.
- Book Value per Share (BVPS) Analysis
- BVPS showed a relatively moderate increasing trend from $12.14 in September 2018 to a peak of around $17.34 in December 2021. After this peak, BVPS started to decline gradually, reaching $15.61 by June 2023. While the overall increase indicates growth in the company's net asset base relative to the number of shares outstanding, the recent decline suggests either asset impairment, increased liabilities, share repurchases, or other balance sheet adjustments impacting equity.
- Price-to-Book Value (P/BV) Ratio Dynamics
- The P/BV ratio increased substantially from 11.32 in September 2018 to a high of 20.44 in June 2020. This reflects a growing premium placed by investors over the company's book value, likely driven by strong market confidence or growth expectations. Subsequently, the ratio remained elevated, fluctuating mostly between 16 and 20 through late 2021, before gradually decreasing to a lower multiple of 10.04 in June 2023. The declining P/BV in recent terms corresponds with the decrease in share price outpacing the slower reduction in BVPS, indicating a market reassessment of the company's valuation relative to its accounting net worth.
In summary, the company’s shares appreciated significantly until mid-2021, supported by a steady increase in book value per share and a high price-to-book ratio. However, the period from mid-2021 to mid-2023 has shown marked volatility and a downward correction in market price, accompanied by a modest decline in book value and compression of valuation multiples. This suggests a phase of adjustment possibly linked to external economic factors or changing investor sentiment.