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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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2011
- Operating Profit Margin since 2011
- Return on Assets (ROA) since 2011
- Current Ratio since 2011
- Analysis of Debt
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Historical Valuation Ratios (Summary)
LyondellBasell Industries N.V., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Price to Earnings (P/E) Ratio Analysis
- The P/E ratio exhibits a general declining trend from early 2015 through mid-2019. Starting at 10.86 in March 2015, it decreases notably to a low of 5.78 in September 2018. Post this trough, the ratio shows slight upward adjustments, fluctuating around the 7.0 mark through the first half of 2019. This pattern suggests diminishing market valuation relative to earnings over the period, with some recovery attempts in late 2018 and early 2019.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio also decreases over the observed period, beginning at 7.99 in the first quarter of 2015 and showing intermittent fluctuations. Similar to the P/E ratio, it reaches one of its lowest points at 5.90 in September 2018, indicating reduced pricing relative to operating profit. Despite minor rebounds, values remain below early 2015 levels by mid-2019, underscoring a trend of market valuation compression against operating profitability.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio fluctuates over the period but reveals a downward trajectory particularly pronounced after the first quarter of 2018. From an initial value around 1.12 in early 2015, it peaks marginally above 1.2 during some quarters but eventually declines sharply to 0.69 by June 2019. This decline signals a decreasing market valuation relative to sales, possibly reflecting concerns about revenue quality or growth prospects in later years.
- Price to Book Value (P/BV) Ratio Analysis
- The P/BV ratio shows a significant and steady decline from 6.38 in March 2015 to 2.38 in June 2019, indicating reduced market valuation relative to net asset value. The ratio demonstrates a consistent downward slope, highlighting market adjustments to underlying equity valuations over time. This trend suggests investors increasingly priced the company's assets more conservatively throughout the period.
- Overall Observations
- Across all four valuation multiples—P/E, P/OP, P/S, and P/BV—there is a clear pattern of declining market valuation ratios from early 2015 through mid-2019. Peaks and troughs occur intermittently, but the long-term tendency is downward, especially after 2017. These trends may reflect market sentiment adjustments concerning earnings sustainability, profitability, sales growth, and asset valuation. The consistent contractions in multiples imply heightened market caution or potentially underlying challenges affecting financial performance or growth expectations during the period examined.
Price to Earnings (P/E)
LyondellBasell Industries N.V., historical P/E calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income attributable to the Company shareholders (in millions) | ||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
EPS
= (Net income attributable to the Company shareholdersQ2 2019
+ Net income attributable to the Company shareholdersQ1 2019
+ Net income attributable to the Company shareholdersQ4 2018
+ Net income attributable to the Company shareholdersQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price showed considerable volatility over the observed periods from Q1 2015 to Q2 2019. Initially, it declined from approximately $100.83 in March 2015 to a lower point near $75.26 in June 2016. Thereafter, the price rebounded, reaching a peak of $112.15 in June 2018. However, following that peak, the price experienced a downward trend that saw it fall below $80 by June 2019.
- Earnings Per Share (EPS) Trends
- EPS displayed a generally upward trend, rising from $9.29 in Q1 2015 to a peak of $15.36 in Q3 2018. Following this peak, EPS declined to $10.80 by Q2 2019. The increase in EPS over the first three years suggests improved profitability, although the later decline indicates possible challenges or cyclical factors impacting earnings.
- Price to Earnings (P/E) Ratio Trends
- The P/E ratio fluctuated between approximately 5.78 and 10.86 over the period. Early on, it started at 10.86 and fell to a low of 5.78 in Q3 2018, coinciding with the EPS peak and relatively stable or declining share price. This reduction in P/E ratio suggests that the share price did not increase proportionally with earnings, indicating a lower market valuation relative to earnings at that time. Post-Q3 2018, the P/E ratio rose slightly again but remained below early period levels, ending around 7.05 by Q2 2019.
- Overall Insights
- There is a noticeable pattern where EPS increased steadily leading to Q3 2018, reflecting operational improvement or favorable market conditions. Concurrently, the share price initially lagged behind but eventually peaked around mid-2018. The subsequent decline in both share price and EPS suggests a reversal of prior positive trends. The variation in P/E ratio indicates fluctuating investor sentiment or valuation adjustments, with the lowest P/E occurring when earnings peaked. This may imply market caution despite strong earnings during that period.
Price to Operating Profit (P/OP)
LyondellBasell Industries N.V., historical P/OP calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | ||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Operating profit per share
= (Operating incomeQ2 2019
+ Operating incomeQ1 2019
+ Operating incomeQ4 2018
+ Operating incomeQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited considerable fluctuations over the observed periods. Beginning at a relatively high level, it experienced a decline through the year 2015, reaching a low point by the end of that year. In 2016, the price showed volatility with some periods of recovery and decline but generally remained below the initial levels. The trend improved noticeably entering 2017, peaking towards the end of that year and early 2018. However, beginning mid-2018, the share price showed a downward trajectory, declining steadily into mid-2019.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share displayed a more stable pattern across the timeline than the share price. There was a gradual increase from early 2015 through late 2018, peaking around the third quarter of 2018. After this peak, the operating profit per share showed a slight decline but remained relatively high compared to the earlier years in the data. This suggests steady operational efficiency or profitability growth until the late 2018 period, followed by some easing in profitability.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio started relatively high in early 2015, indicating the share price was valued at nearly eight times the operating profit per share. This ratio decreased significantly by the end of 2015, reaching one of its lowest points at 5.5, reflecting either a drop in share price or improvement in profitability that made the shares appear more reasonably priced. Throughout 2016 and 2017, the ratio fluctuated around a mid-range level between approximately 6 and 8, suggesting variability in market valuation relative to earnings. In 2018, the ratio again dipped close to lower levels, especially in the third quarter, aligning with peaks in operating profit per share and the declines in share price. By mid-2019, the ratio had stabilized to a moderately low level, indicating a potentially more attractive valuation based on operating profits.
- Overall Insights
- The share price volatility contrasts with a generally upward trend in operating profit per share, suggesting external market factors might have influenced stock valuation independently of operational performance. The P/OP ratio reflects these dynamics, revealing periods where the stock was potentially undervalued relative to its operating earnings and times of higher valuation multiples. The data indicates cautious optimism in operational results, with market valuation showing responsiveness to both profits and external conditions over the analyzed periods.
Price to Sales (P/S)
LyondellBasell Industries N.V., historical P/S calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Sales and other operating revenues (in millions) | ||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
Sales per share
= (Sales and other operating revenuesQ2 2019
+ Sales and other operating revenuesQ1 2019
+ Sales and other operating revenuesQ4 2018
+ Sales and other operating revenuesQ3 2018)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed significant fluctuations throughout the analyzed periods. Initially, it started relatively high, near $101 in the first quarter of 2015, then declined to a low of approximately $77 by the end of 2015. The price recovered somewhat during 2016, reaching near $93 by the year's end. The trend continued with some volatility, reaching a peak around $111 in the fourth quarter of 2017 and mid-2018. However, the share price experienced a downward trend in late 2018 and 2019, falling to approximately $76 by mid-2019, indicating potential market or company-specific challenges towards the end of the period.
- Sales per Share
- Sales per share exhibited a consistent upward trajectory across the quarters. Starting from about $90 in the first quarter of 2015, there was a gradual decline until late 2016, reaching a low near $70. After this point, the sales per share steadily increased, peaking at approximately $110 by mid-2019. This steady growth suggests improving revenue generation efficiency or expanded operational scale over the latter part of the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated notably during the timeframe. It began slightly above 1.1 in early 2015, experienced minor ups and downs throughout 2015 and 2016, reaching a high of 1.28 at the end of 2016 and again in late 2017. Subsequently, the ratio declined substantially in 2018, dropping below 1, and further decreased in 2019 to around 0.69. The declining P/S ratio amidst rising sales per share and falling share price suggests a diminishing market valuation relative to the company's sales, potentially reflecting investor concerns or diminished expectations of profitability.
- Overall Analysis
- The combined data indicates that while operational performance, as shown by sales per share, improved steadily, the market’s valuation response was mixed. Initial share price volatility and later decline along with a falling P/S ratio despite increasing sales per share may imply investor skepticism regarding the translation of sales growth into profitability or future growth prospects. This divergence merits further investigation into profitability indicators and external market conditions influencing investor sentiment.
Price to Book Value (P/BV)
LyondellBasell Industries N.V., historical P/BV calculation (quarterly data)
| Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Company share of stockholders’ equity (in millions) | ||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Linde plc | ||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2019 Calculation
BVPS = Total Company share of stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of LyondellBasell Industries N.V. Quarterly or Annual Report.
4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable fluctuations over the analyzed periods. Beginning at 100.83 US$ at the end of the first quarter of 2015, it declined to a low of 75.26 US$ by the second quarter of 2016. Following this, the price showed a recovery trend until it peaked at 112.15 US$ in the second quarter of 2018. Subsequent to this peak, the share price experienced a consistent decline, falling to 76.14 US$ by mid-2019, indicating increased volatility and downward pressure in the latter periods.
- Book Value Per Share (BVPS) Trends
- The book value per share presented a generally upward trajectory throughout the timeframe. Starting from 15.8 US$ at the end of the first quarter of 2015, BVPS initially showed modest fluctuations but steadily increased from 2016 onward. Notably, it rose from 15.02 US$ in the last quarter of 2016 to 31.98 US$ by the second quarter of 2019, reflecting enhanced net asset value on a per-share basis over the reviewed periods.
- Price-to-Book Value (P/BV) Ratio Trends
- The P/BV ratio demonstrated a decreasing trend over the analyzed quarters. It started relatively high at 6.38 in the first quarter of 2015, showing volatility through 2016 with values oscillating between approximately 5.0 and 6.2. From 2017 onwards, a clear downtrend is visible, with the ratio declining steadily to 2.38 by mid-2019. This decrease suggests the market price of the shares is moving closer to the underlying book value, potentially indicating a market reassessment of the valuation premium previously assigned to the company.
- Overall Insights
- The combination of a rising book value per share and declining share price after 2018 contributed to the marked reduction in the P/BV ratio. This pattern may reflect market concerns about growth prospects or risk factors, leading to lower market valuation multiples despite increasing net asset value. The volatility in share prices and the decreasing valuation multiples warrant further analysis into earnings performance, sector conditions, and broader market factors influencing investor sentiment during this period.