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 Income Statement
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- Analysis of Liquidity Ratios
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Historical Valuation Ratios (Summary)
Marathon Petroleum Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 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).
The analyzed financial ratios display notable fluctuations and trends over the reported periods. The metrics covered include Price to Earnings (P/E), Price to Operating Profit (P/OP), Price to Sales (P/S), and Price to Book Value (P/BV), each providing insights into valuation and performance over time.
- Price to Earnings (P/E) Ratio
- Data availability for the P/E ratio begins from March 31, 2019, showing an initial value of 11.68. The ratio then declines sharply through subsequent periods, reaching lows around 3.03 in December 2022. From early 2023 onwards, the P/E ratio rises steadily, peaking at 10.62 by September 2024. This pattern indicates an initial decline in market valuation relative to earnings, followed by recovery and increasing investor valuation in the later periods.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits extreme volatility in some quarters, notably reaching an anomalously high value of 310.45 in March 2021. Prior to and after this spike, the values trend downward significantly, moving from double digits (5.52 in 2019) to lows around 2.08 in December 2022. Subsequent quarters show a gradual increase toward 5.97 by September 2024. The extreme spike likely reflects an outlier or abnormality in operating profit or price, while the general trend suggests improving operational profitability relative to market price, stabilizing in recent quarters.
- Price to Sales (P/S) Ratio
- The P/S ratio displays moderate fluctuations within a narrow range over the entire period, beginning near 0.25 in early 2019. It dips to a low near 0.17 in mid-2020 amid potential economic disruptions, then climbs gradually to peak near 0.55 by June 2021. Following this peak, there is a gradual decline and fluctuation between 0.28 and 0.44, ending at approximately 0.34 as of September 2024. The ratio’s relative stability suggests consistent market valuation relative to sales, with some sensitivity to economic cycles.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio varies between 0.83 and 2.79 across the periods analyzed. Initially near 1.03 in March 2019, it declines slightly, reaching 0.83 by March 2020, before rising steadily from mid-2020 onward. This upward trajectory continues through 2021 and early 2022, peaking at 2.79 in June 2024 before a slight decline to 2.54 in September 2024. This increasing trend indicates growing market valuation relative to the company’s net book value, suggesting improving investor confidence or asset value perception.
In summary, the ratios reflect a period of volatility and adjustments likely influenced by external economic conditions, particularly around 2020 and early 2021. The valuation measures indicate an overall recovery and strengthening market confidence in more recent quarters, with the P/E, P/OP, and P/BV ratios showing upward trends following prior troughs. The P/S ratio remains comparatively stable, indicating steadier sales volume relative to market price. The combined trends provide a comprehensive picture of a company experiencing considerable valuation shifts, with evidence of operational improvement and enhanced investor sentiment in the later periods.
Price to Earnings (P/E)
Marathon Petroleum Corp., historical P/E calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to MPC (in millions) | ||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
EPS
= (Net income (loss) attributable to MPCQ3 2024
+ Net income (loss) attributable to MPCQ2 2024
+ Net income (loss) attributable to MPCQ1 2024
+ Net income (loss) attributable to MPCQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and changes across the reported periods.
- Share Price
- The share price exhibited significant volatility throughout the analyzed time frame. Initially, from March 2019 to December 2019, the share price fluctuated between approximately $47 and $68. A notable decline occurred in the first half of 2020, reaching a low point close to $30. This was followed by a recovery phase starting in the second half of 2020, with the share price rising steadily through 2021 and gaining momentum into early 2022. From 2022 onward, there was a strong upward trend that peaked near $181 in December 2023, although a decline was observed in the first three quarters of 2024, with share prices dropping to around $149 by September 2024. Overall, the share price showed a recovery from the 2020 trough and a general uptrend before facing recent downward pressure in 2024.
- Earnings Per Share (EPS)
- EPS data is missing before the first quarter of 2020. In 2020, EPS figures were largely negative, with the lowest point in the fourth quarter at -$14.86, reflecting significant challenges, possibly related to broader economic or sector-specific issues. From 2021 onward, EPS turned positive and showed consistent growth, rising from $12.02 in the third quarter of 2021 to a peak of $38.64 in the third quarter of 2023. Following this peak, EPS began to decline steadily, falling to $14.08 by the first quarter of 2024. This pattern indicates a strong recovery and profitability improvement after the 2020 downturn, followed by a recent softening in earnings performance.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio shows a downward trend during the recovery phase from 2021 to 2023, starting above 11 in early 2020 when EPS was negative or low, then declining to values as low as 3.03 by the third quarter of 2023. This decline suggests that earnings growth outpaced share price increases during this period, likely improving valuation attractiveness. However, beginning in late 2023 and into 2024, the P/E ratio increased again, reaching approximately 10.62 by the third quarter of 2024, reflecting a combination of falling EPS and relatively high, although somewhat declining, share prices. This reversal signals a possible market reassessment, possibly due to the recent decrease in earnings.
In summary, the data depicts a company that suffered a significant earnings and valuation setback in 2020, likely due to external factors impacting profitability. Following this, a strong recovery phase occurred with substantial EPS growth and share price appreciation, driving valuations to relatively low P/E multiples due to robust earnings. Recently, a decline in both EPS and share price suggests emerging challenges or market concerns, reflected by rising P/E ratios, indicating relative share price strength compared to earnings.
Price to Operating Profit (P/OP)
Marathon Petroleum Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income (loss) from operations (in millions) | ||||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Operating profit per share
= (Income (loss) from operationsQ3 2024
+ Income (loss) from operationsQ2 2024
+ Income (loss) from operationsQ1 2024
+ Income (loss) from operationsQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in share price, operating profit per share, and their corresponding price-to-operating profit (P/OP) ratios over the analyzed periods.
- Share Price
-
The share price exhibited considerable volatility from March 2019 through June 2020, with a decline from $52.96 to a low of $30.78 by March 2020, likely reflecting market challenges during that period.
Subsequently, the share price recovered and then showed a generally upward trajectory from mid-2020 onward, increasing sharply from $54.62 at the end of 2020 to a peak around $181.72 by March 2024, before experiencing a slight decline to $149.56 in September 2024.
This overall strong price appreciation indicates increasing market confidence or improved company performance in the later periods.
- Operating Profit Per Share
-
Reported operating profit per share data begins only from December 2019, showing an initial negative trend through the first three quarters of 2020, hitting a low of -$18.80 in March 2021.
From June 2021 onwards, the operating profit per share turned positive, starting at $0.19 and demonstrating steady growth through to June 2024, where it reached its peak of $44.40, before declining gradually to $25.05 in September 2024.
The initial negative values suggest operational difficulties likely related to external market conditions during early 2020, while the subsequent growth reflects a recovery and expansion in profitability.
- Price-to-Operating Profit (P/OP) Ratio
-
The P/OP ratio shows substantial variability, with very high values during periods of near-zero or negative operating profits, such as the extreme spike to 310.45 observed in June 2021.
As operating profit per share improved, the ratio normalized, declining to lower single-digit levels between December 2021 and September 2023, indicating a closer alignment between share price and earnings.
Recent quarters reveal a gradual increase in the ratio from around 2.87 in March 2023 to approximately 5.97 in September 2024, suggesting that the share price has grown at a faster rate than operating profit during this interval.
In summary, the data depict an initial challenging phase marked by declining share prices and negative operating profits through early 2020, followed by a strong recovery and sustained growth in profitability and share price through mid-2024. The fluctuations in the P/OP ratio reinforce the narrative of volatile profitability early on, stabilizing as operational performance improved, with recent modest expansion indicating cautious investor optimism or valuation adjustments relative to earnings.
Price to Sales (P/S)
Marathon Petroleum Corp., historical P/S calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
Sales per share
= (Sales and other operating revenuesQ3 2024
+ Sales and other operating revenuesQ2 2024
+ Sales and other operating revenuesQ1 2024
+ Sales and other operating revenuesQ4 2023)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable volatility over the period analyzed. Initially, it starts at $52.96 in March 2019, experiencing fluctuations through 2019 and 2020, reaching a low around the range of $30.78 to $31.58 during mid to late 2020. From 2021 onward, the share price shows a generally upward trend, peaking at $181.72 in March 2024 before declining slightly to $149.56 by September 2024.
Sales per share data is only available from March 2020 onwards and shows a clear upward trend. Starting at $190.84 in March 2020, sales per share decreased slightly in the subsequent quarters until December 2020 but then began a steady increase. By March 2024, sales per share reach $441.59 and maintain this level to September 2024, effectively more than doubling over the span of four years.
The Price-to-Sales (P/S) ratio, observed from March 2020 onwards, illustrates fluctuations without a consistent directional trend. Initially, the ratio falls from 0.25 to a lower 0.17 by the second quarter of 2020, then rises to around 0.55 by mid-2021. Following this peak, P/S declines to approximately 0.29 by late 2022, fluctuating upward again towards 0.44 in early 2024 before ending near 0.34 in the third quarter of 2024. This indicates periods where the share price growth outpaced sales increases and vice versa, reflecting changing investor sentiment or market conditions affecting valuation multiples.
- Share price trend
- Volatile from 2019 through 2020 with a low in mid-2020, followed by a generally strong upward trend until early 2024, before a moderate pullback in mid-2024.
- Sales per share trend
- Data available from 2020 shows an initial dip before consistent and significant growth, more than doubling over four years, demonstrating strong revenue expansion on a per-share basis.
- P/S ratio trend
- Fluctuations indicate varying market valuations relative to sales. Peaks and troughs suggest changing investor confidence or external market factors affecting the price multiple over time.
Price to Book Value (P/BV)
Marathon Petroleum Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total MPC stockholders’ equity (in millions) | ||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2024 Calculation
BVPS = Total MPC stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Marathon Petroleum Corp. Quarterly or Annual Report.
4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits considerable volatility over the observed periods. Initially, it declined from $52.96 in March 2019 to a low of $30.78 in March 2020, coinciding with the early pandemic period. Subsequently, the share price rebounded, showing a generally upward trajectory with fluctuations, reaching a peak of $181.72 in March 2024 before slightly declining to $149.56 in September 2024. This upward trend from mid-2020 onward suggests a strong recovery and growth phase for the company.
Book value per share (BVPS) demonstrates a more stable yet fluctuating pattern compared to the share price. It decreased from $51.24 in March 2019 to a trough of $33.08 in March 2021, indicating potential asset base erosion or other financial impacts during that interval. After this point, the BVPS generally increased, peaking at $68.11 in September 2023 before tapering to $58.91 in September 2024. The overall increase post-2021 suggests an improvement in the company's asset or equity base.
The price-to-book value (P/BV) ratio shows significant variation corresponding to the shifts in share price and BVPS. Starting near parity at around 1.03 in early 2019, the ratio declined below 1 in several quarters of 2019 and 2020, reflecting periods when the market valued the company below its book value. Beginning in late 2020, the P/BV ratio rose sharply, surpassing 2 and peaking at 2.79 in March 2024, indicating increasing market optimism or expectations relative to the company's net asset value. The ratio slightly retreated to 2.54 by September 2024, though it remained substantially above 1 in this later phase.
In summary, the financial metrics convey a company experiencing a significant dip around early 2020, likely reflective of external economic challenges. Following this period, all indicators point to recovery and growth, with notably strong market valuation gains outpacing book value increases, as seen in the elevated P/BV ratios. The data suggest enhanced investor confidence and potentially improved operational or financial performance leading into 2024.