Price to Sales (P/S)
since 2005
Calculation
Hubbell Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 2.61 | = | 240.62 | ÷ | 92.31 | 92.31 | = | 4,947,900 | ÷ | 53,600,592 | |
| Feb 11, 2022 | 2.38 | = | 183.31 | ÷ | 77.08 | 77.08 | = | 4,194,100 | ÷ | 54,409,067 | |
| Feb 11, 2021 | 2.13 | = | 164.36 | ÷ | 77.09 | 77.09 | = | 4,186,000 | ÷ | 54,296,993 | |
| Feb 14, 2020 | 1.75 | = | 147.54 | ÷ | 84.34 | 84.34 | = | 4,591,000 | ÷ | 54,434,310 | |
| Feb 15, 2019 | 1.45 | = | 118.61 | ÷ | 82.08 | 82.08 | = | 4,481,700 | ÷ | 54,601,694 | |
| Feb 15, 2018 | 2.04 | = | 136.30 | ÷ | 66.92 | 66.92 | = | 3,668,800 | ÷ | 54,822,923 | |
| Feb 16, 2017 | 1.93 | = | 122.13 | ÷ | 63.22 | 63.22 | = | 3,505,200 | ÷ | 55,446,167 | |
| Feb 18, 2016 | 1.55 | = | 92.91 | ÷ | 59.76 | 59.76 | = | 3,390,400 | ÷ | 56,736,237 | |
| Feb 19, 2015 | 1.98 | = | 113.95 | ÷ | 57.42 | 57.42 | = | 3,359,400 | ÷ | 58,506,554 | |
| Feb 18, 2014 | 2.24 | = | 120.52 | ÷ | 53.76 | 53.76 | = | 3,183,900 | ÷ | 59,227,706 | |
| Feb 13, 2013 | 1.84 | = | 94.34 | ÷ | 51.34 | 51.34 | = | 3,044,400 | ÷ | 59,294,318 | |
| Feb 15, 2012 | 1.55 | = | 74.85 | ÷ | 48.18 | 48.18 | = | 2,871,600 | ÷ | 59,606,011 | |
| Feb 16, 2011 | 1.58 | = | 66.09 | ÷ | 41.93 | 41.93 | = | 2,541,200 | ÷ | 60,603,262 | |
| Feb 19, 2010 | 1.21 | = | 47.78 | ÷ | 39.43 | 39.43 | = | 2,355,600 | ÷ | 59,747,131 | |
| Feb 20, 2009 | 0.56 | = | 26.68 | ÷ | 47.95 | 47.95 | = | 2,704,400 | ÷ | 56,398,666 | |
| Feb 25, 2008 | 1.05 | = | 46.88 | ÷ | 44.51 | 44.51 | = | 2,533,900 | ÷ | 56,924,087 | |
| Feb 27, 2007 | 1.23 | = | 49.56 | ÷ | 40.26 | 40.26 | = | 2,414,300 | ÷ | 59,965,515 | |
| Mar 8, 2006 | 1.33 | = | 46.20 | ÷ | 34.75 | 34.75 | = | 2,104,900 | ÷ | 60,566,850 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Hubbell Inc. Annual Report.
The analysis of the Price-to-Sales (P/S) ratio from 2006 to 2023 reveals a general expansion in market valuation relative to revenue per share. While the period was marked by cyclical volatility, the long-term trajectory indicates an increasing premium applied to each dollar of sales generated.
- Valuation Contraction and Recovery
- A significant decline in the P/S ratio is observed between 2006 and 2009, falling from 1.33 to a period low of 0.56. This contraction was driven primarily by a sharp decrease in share price during 2009. A subsequent recovery phase occurred between 2010 and 2014, during which the ratio climbed steadily to reach 2.24, signaling a strong return of market confidence.
- Intermediate Fluctuation Period
- From 2015 to 2019, the P/S ratio experienced a period of instability, oscillating between a peak of 2.04 in 2018 and a trough of 1.45 in 2019. Despite these fluctuations in valuation, sales per share maintained a consistent upward trend, increasing from 57.42 in 2015 to 82.08 in 2019.
- Recent Valuation Acceleration
- A pronounced upward trend is evident from 2020 through 2023. The P/S ratio rose from 1.75 to its historical peak of 2.61. This period is characterized by a significant acceleration in share price, which outpaced the growth in sales per share, leading to the highest valuation multiple in the analyzed timeframe.
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Comparison to Competitors
Hubbell Inc., P/S, long-term trends, comparison to competitors
| Hubbell Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 9, 2023 | 2.61 | 1.90 | 2.27 | 3.31 | 1.20 | 3.78 | 1.78 | 2.14 |
| Feb 11, 2022 | 2.38 | 1.87 | 2.26 | 3.03 | 1.50 | 3.73 | 1.57 | 2.21 |
| Feb 11, 2021 | 2.13 | 1.96 | 2.83 | 2.96 | 1.41 | 4.34 | 1.40 | 1.95 |
| Feb 14, 2020 | 1.75 | 2.34 | 1.48 | 1.87 | 1.18 | 3.51 | 2.07 | 1.75 |
| Feb 15, 2019 | 1.45 | 2.26 | 1.47 | 1.58 | 0.82 | 2.59 | 1.58 | 1.56 |
| Feb 15, 2018 | 2.04 | 2.17 | 2.24 | 1.74 | 1.11 | 2.74 | 1.91 | 1.67 |
| Feb 16, 2017 | 1.93 | 1.06 | 1.62 | 1.65 | 2.39 | 2.36 | 1.59 | 1.55 |
| Feb 18, 2016 | 1.55 | 0.80 | 0.86 | 1.25 | 2.59 | 2.06 | 1.43 | 1.26 |
| Feb 19, 2015 | 1.98 | 1.15 | 0.99 | 1.49 | 2.45 | 2.03 | 1.34 | 1.67 |
| Feb 18, 2014 | 2.24 | 1.12 | 1.17 | 1.63 | 2.54 | 1.90 | 1.15 | 1.60 |
| Feb 13, 2013 | 1.84 | 0.70 | 0.99 | 1.79 | 2.39 | 1.46 | 0.60 | 1.43 |
| Feb 15, 2012 | 1.55 | 0.82 | 1.30 | 1.08 | 2.15 | 1.28 | 0.62 | 1.31 |
| Feb 16, 2011 | 1.58 | 0.83 | 1.63 | 1.33 | 2.20 | 1.36 | 0.61 | 1.44 |
| Feb 19, 2010 | 1.21 | 0.64 | 1.23 | 0.95 | 1.66 | 0.94 | 0.64 | 1.19 |
| Feb 20, 2009 | 0.56 | 0.51 | 0.33 | 0.39 | 1.02 | 0.66 | 0.64 | 0.77 |
| Feb 25, 2008 | 1.05 | 0.98 | 1.06 | 0.91 | 3.45 | 1.21 | 1.03 | 1.30 |
| Feb 27, 2007 | 1.23 | 1.17 | 1.12 | 0.96 | 3.54 | 1.22 | 1.08 | 1.44 |
| Mar 8, 2006 | 1.33 | 1.06 | 1.44 | 0.93 | 3.72 | 1.24 | 0.86 | 1.36 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Hubbell Inc., P/S, long-term trends, comparison to sector (capital goods)
| Hubbell Inc. | Capital Goods | |
|---|---|---|
| Feb 9, 2023 | 2.61 | 2.09 |
| Feb 11, 2022 | 2.38 | 2.09 |
| Feb 11, 2021 | 2.13 | 2.11 |
| Feb 14, 2020 | 1.75 | 1.92 |
| Feb 15, 2019 | 1.45 | 1.62 |
| Feb 15, 2018 | 2.04 | 1.82 |
| Feb 16, 2017 | 1.93 | 1.76 |
| Feb 18, 2016 | 1.55 | 1.55 |
| Feb 19, 2015 | 1.98 | 1.66 |
| Feb 18, 2014 | 2.24 | 1.66 |
| Feb 13, 2013 | 1.84 | 1.37 |
| Feb 15, 2012 | 1.55 | 1.33 |
| Feb 16, 2011 | 1.58 | 1.45 |
| Feb 19, 2010 | 1.21 | 1.12 |
| Feb 20, 2009 | 0.56 | 0.71 |
| Feb 25, 2008 | 1.05 | 1.76 |
| Feb 27, 2007 | 1.23 | 1.91 |
| Mar 8, 2006 | 1.33 | 1.95 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Hubbell Inc., P/S, long-term trends, comparison to industry (industrials)
| Hubbell Inc. | Industrials | |
|---|---|---|
| Feb 9, 2023 | 2.61 | 1.80 |
| Feb 11, 2022 | 2.38 | 2.07 |
| Feb 11, 2021 | 2.13 | 2.14 |
| Feb 14, 2020 | 1.75 | 1.77 |
| Feb 15, 2019 | 1.45 | 1.58 |
| Feb 15, 2018 | 2.04 | 1.71 |
| Feb 16, 2017 | 1.93 | 1.68 |
| Feb 18, 2016 | 1.55 | 1.48 |
| Feb 19, 2015 | 1.98 | 1.65 |
| Feb 18, 2014 | 2.24 | 1.57 |
| Feb 13, 2013 | 1.84 | 1.31 |
| Feb 15, 2012 | 1.55 | 1.27 |
| Feb 16, 2011 | 1.58 | 1.39 |
| Feb 19, 2010 | 1.21 | 1.09 |
| Feb 20, 2009 | 0.56 | 0.71 |
| Feb 25, 2008 | 1.05 | 1.62 |
| Feb 27, 2007 | 1.23 | 1.73 |
| Mar 8, 2006 | 1.33 | 1.80 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).