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: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Kimberly-Clark Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed a fluctuating pattern over the observed period. It started at 21.19 in early 2017 and experienced a downward trend reaching a low of 17.2 by the end of 2017. Subsequently, the ratio increased, peaking at 27.69 by the end of 2018. Following this peak, the ratio declined gradually and stabilized around the 19 to 20 range through early 2021. This suggests variability in earnings valuation, with periods of both higher investor optimism and more conservative earnings assessments.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio similarly showed variability. It declined from 13.83 in early 2017 to approximately 11.87 by the end of that year. Then, the ratio rose sharply to 17.52 at the end of 2018 before entering a phase of decline and stabilization around 13.78 to 15.01 between 2019 and early 2021. The pattern indicates changing market perceptions of operating profitability value over time, with notable peaks corresponding to late 2018.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited an overall U-shaped trend. It began at 2.54 in early 2017, declined steadily to a trough of approximately 1.86 by early 2018, and then recovered gradually, reaching about 2.68 by the end of 2019. Following this recovery, it fluctuated slightly but maintained levels around 2.3 to 2.6 through early 2021. This trend suggests variations in market valuation relative to revenue, with a period of undervaluation or lower sales expectations in 2018 followed by improved market sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrated significant volatility and inconsistency in the data available. It started at an extraordinarily high level of 340.31 in early 2017, spiked to 431.86 mid-2017, then dropped sharply to 62.27 by the end of 2017, followed by 108.57 in early 2018. Data for subsequent periods is missing until 2020 when values range between 71.4 and 187.49. This extreme fluctuation indicates notable changes in book valuation or potential data irregularities, and caution is warranted when interpreting this ratio.
Price to Earnings (P/E)
Kimberly-Clark Corp., historical P/E calculation (quarterly data)
| 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 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income attributable to Kimberly-Clark Corporation (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-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2021 Calculation
EPS
= (Net income attributable to Kimberly-Clark CorporationQ1 2021
+ Net income attributable to Kimberly-Clark CorporationQ4 2020
+ Net income attributable to Kimberly-Clark CorporationQ3 2020
+ Net income attributable to Kimberly-Clark CorporationQ2 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kimberly-Clark Corp. Quarterly or Annual Report.
4 Q1 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable fluctuations over the analyzed period. Initially, it declined from $130.4 at the end of March 2017 to a low of approximately $98.52 by the first quarter of 2018. Subsequently, the price recovered and showed a general upward trend reaching a peak of $147.33 in the second quarter of 2020. Toward the end of the period, the share price moderated slightly and settled around $132.11 by March 2021.
- Earnings Per Share (EPS) Performance
- EPS displayed a cyclical movement with an initial decline from $6.15 in March 2017 to a trough of $4.09 by December 2018. Following this low, EPS began a pronounced recovery phase, climbing to a high of $7.5 in the second quarter of 2020. After reaching this peak, EPS slightly decreased but remained strong at approximately $6.75 by the first quarter of 2021.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio showed a complex pattern. Initially, it decreased from 21.19 in March 2017 down to 17.2 by the end of 2017, reflecting perhaps a combination of falling share price and relatively stable EPS. It then increased steadily to a peak of 27.69 in the fourth quarter of 2018, suggesting that the share price was rising faster than earnings at that time. Following this peak, the P/E ratio declined and stabilized around the 19 to 22 range through the remainder of the period, indicating a normalization relative to earnings.
- Overall Insights
- The summarized financial metrics depict a company that faced downward pressure in both share price and earnings until late 2018, followed by a significant rebound in profitability and stock valuation through mid-2020. The elevated P/E ratio observed in late 2018 indicates increased market optimism or temporarily inflated valuations relative to earnings. Subsequently, the alignment of P/E ratio within a more moderate range suggests investor confidence returning to sustainable levels in line with the improved earnings performance. The trends highlight a recovery phase with stabilized financial health by early 2021.
Price to Operating Profit (P/OP)
Kimberly-Clark Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Procter & Gamble Co. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2021 Calculation
Operating profit per share
= (Operating profitQ1 2021
+ Operating profitQ4 2020
+ Operating profitQ3 2020
+ Operating profitQ2 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kimberly-Clark Corp. Quarterly or Annual Report.
4 Q1 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited a declining trend from March 2017, starting at $130.4 and reaching a low of $98.52 in March 2018. Following this period, a recovery trend is evident, with the price gradually increasing and peaking at $147.33 in June 2020. However, after this peak, the share price experienced a slight decline and stabilization, ending near $132.11 in March 2021. The overall pattern suggests volatility with a significant dip in early 2018 followed by a recovery phase extending through mid-2020.
- Operating Profit Per Share (OPPS) Trends
- Operating profit per share shows a downward trend from $9.43 in March 2017 to a low of $6.47 by December 2018. After this trough, there is a notable improvement in OPPS beginning in early 2019, with a peak of $10.25 in June 2020. This increase was followed by a moderate decrease, settling at $9.22 by March 2021. The OPPS data reveals initial pressure on profitability, with a recovery phase underway post-2018.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio demonstrates a degree of variability over the observed periods, starting at 13.83 in March 2017 and declining to 11.87 by December 2017. It then increases markedly to reach 17.52 by December 2018 and remains elevated around the 15-17 range through to late 2019. From early 2020, the ratio declines gradually to 13.78 by December 2020, before a slight rise to 14.33 in March 2021. This pattern indicates market valuation fluctuations relative to operational profitability, with investor sentiment possibly improving post-2017 but becoming more cautious or balanced during the later periods.
- Overall Financial Insights
- The data indicates a phase of financial challenges between early 2017 and late 2018, characterized by falling share prices and operating profits. Following this period, recovery is apparent in both share price and operating profit per share, peaking around mid-2020. The P/OP ratio's movements suggest shifts in market valuation relative to earnings, signaling phases of optimism and reassessment by investors. The recent stabilization of key metrics could indicate a consolidation phase, with the company potentially entering a steadier performance period as of early 2021.
Price to Sales (P/S)
Kimberly-Clark Corp., historical P/S calculation (quarterly data)
| Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2021 Calculation
Sales per share
= (Net salesQ1 2021
+ Net salesQ4 2020
+ Net salesQ3 2020
+ Net salesQ2 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Kimberly-Clark Corp. Quarterly or Annual Report.
4 Q1 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a decline from early 2017 through early 2018, decreasing from $130.40 to approximately $98.52. Following this period, there was a notable recovery with fluctuations, reaching a peak of around $147.33 by mid-2020. Subsequently, the price showed a moderate decline towards early 2021, settling near $132.11. Overall, the share price demonstrated volatility with a trough in early 2018 and a high point in mid-2020 before stabilizing.
- Sales Per Share Trend
- Sales per share exhibited a steady and gradual increase throughout the entire period. Starting at $51.30 in early 2017, it rose consistently, reaching a value of approximately $55.93 by early 2021. The progression reflects a stable growth in sales without notable fluctuations, indicating consistent revenue generation per share.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio started at a relatively high level of 2.54 in early 2017 and declined to a low of 1.86 by the first quarter of 2018, reflecting the falling share price against relatively stable sales per share. From mid-2018 onwards, the ratio showed a recovery and upward trend, peaking at 2.68 by the end of 2019. It then experienced minor fluctuations, remaining generally between 2.34 and 2.67 into early 2021. The P/S ratio's movements correlate with share price changes while sales per share continued their steady rise.
- Overall Insights
- The data indicates that sales per share provided a strong and consistent foundation, growing gradually without disruption. Share price dynamics were more volatile, influenced by broader market or company-specific factors, with a significant trough in early 2018 and a peak in mid-2020. The P/S ratio fluctuated primarily due to variations in share price rather than sales fluctuations, suggesting market valuation adjustments around a stable underlying sales performance. The stabilization of share price and P/S ratio toward early 2021 may suggest market confidence in the underlying sales trend.
Price to Book Value (P/BV)
Kimberly-Clark Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Kimberly-Clark Corporation stockholders’ equity (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-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2021 Calculation
BVPS = Total Kimberly-Clark Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Kimberly-Clark Corp. Quarterly or Annual Report.
4 Q1 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the financial data over the quarterly periods indicates several notable trends regarding the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio.
- Share Price
- The share price started at $130.40 in March 2017, experienced a decline over the next year to a low near $98.52 in March 2018, and then exhibited a recovery trend. From March 2018 onward, the share price rose steadily with some fluctuations, reaching a peak of approximately $147.33 by June 2020, before slightly declining and stabilizing around $132.11 by March 2021. This overall pattern suggests initial market uncertainty or negative sentiment followed by regained investor confidence and price appreciation.
- Book Value Per Share (BVPS)
- The BVPS shows considerable volatility and instability across the periods. Initially, it fluctuated between positive and negative values, starting at $0.38 in March 2017 and peaking at 1.79 at the end of 2017. Subsequently, it declined to negative territory, reaching lows around -0.89 in early 2019. From mid-2020, the BVPS displayed a recovery trend, moving back into positive values with a high of 1.85 in December 2020, but then decreased to 1.54 by March 2021. The irregular pattern and negative values in several quarters might reflect asset impairments, accumulated losses, or accounting adjustments impacting shareholders' equity.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio is highly variable and demonstrates extreme values, especially in the early periods where it reached as high as 431.86 in June 2017. Such elevated ratios correspond with low or negative book values, implying potentially inflated market valuations relative to accounting equity. Later periods show fewer data points for P/BV, but where available, the ratio moderates somewhat, ranging mostly between 71.4 and 187.49 towards 2020 and early 2021. This suggests that market valuation remained substantially above book value despite the modest recovery in BVPS, reflecting either strong investor expectations or underlying intangible value elements not captured by book equity.
In summary, the share price recovers and stabilizes after an initial decline. The BVPS fluctuates with significant negative intervals, indicating inconsistent equity valuation from an accounting standpoint. The P/BV ratio's extreme volatility underscores the disparity between market valuation and book equity, influenced by the irregular BVPS pattern. This combination points to the necessity of cautious interpretation of equity values, where market perceptions and accounting measures diverge materially at times.