Price to Sales (P/S)
since 2005
Calculation
McDonald’s Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 8.80 | = | 333.05 | ÷ | 37.84 | 37.84 | = | 26,885 | ÷ | 710,398,642 | |
| Feb 25, 2025 | 8.56 | = | 310.72 | ÷ | 36.28 | 36.28 | = | 25,920 | ÷ | 714,461,139 | |
| Feb 22, 2024 | 8.38 | = | 295.92 | ÷ | 35.31 | 35.31 | = | 25,494 | ÷ | 722,051,488 | |
| Feb 24, 2023 | 8.32 | = | 263.68 | ÷ | 31.69 | 31.69 | = | 23,183 | ÷ | 731,496,951 | |
| Feb 24, 2022 | 7.85 | = | 245.03 | ÷ | 31.23 | 31.23 | = | 23,223 | ÷ | 743,584,718 | |
| Feb 23, 2021 | 8.20 | = | 211.32 | ÷ | 25.76 | 25.76 | = | 19,208 | ÷ | 745,572,145 | |
| Feb 26, 2020 | 7.43 | = | 210.10 | ÷ | 28.27 | 28.27 | = | 21,077 | ÷ | 745,446,655 | |
| Feb 22, 2019 | 6.67 | = | 183.17 | ÷ | 27.47 | 27.47 | = | 21,025 | ÷ | 765,317,332 | |
| Feb 23, 2018 | 5.68 | = | 163.06 | ÷ | 28.72 | 28.72 | = | 22,820 | ÷ | 794,497,880 | |
| Mar 1, 2017 | 4.29 | = | 129.05 | ÷ | 30.06 | 30.06 | = | 24,622 | ÷ | 818,993,182 | |
| Feb 25, 2016 | 4.20 | = | 118.37 | ÷ | 28.19 | 28.19 | = | 25,413 | ÷ | 901,607,888 | |
| Feb 24, 2015 | 3.33 | = | 94.98 | ÷ | 28.55 | 28.55 | = | 27,441 | ÷ | 961,118,669 | |
| Feb 24, 2014 | 3.40 | = | 96.50 | ÷ | 28.39 | 28.39 | = | 28,106 | ÷ | 989,881,374 | |
| Feb 25, 2013 | 3.50 | = | 96.14 | ÷ | 27.49 | 27.49 | = | 27,567 | ÷ | 1,002,791,769 | |
| Feb 24, 2012 | 3.78 | = | 100.32 | ÷ | 26.51 | 26.51 | = | 27,006 | ÷ | 1,018,555,678 | |
| Feb 25, 2011 | 3.23 | = | 74.44 | ÷ | 23.08 | 23.08 | = | 24,075 | ÷ | 1,043,298,941 | |
| Feb 26, 2010 | 3.02 | = | 63.85 | ÷ | 21.14 | 21.14 | = | 22,745 | ÷ | 1,075,960,799 | |
| Feb 25, 2009 | 2.57 | = | 54.29 | ÷ | 21.12 | 21.12 | = | 23,522 | ÷ | 1,113,621,747 | |
| Feb 25, 2008 | 2.83 | = | 56.05 | ÷ | 19.79 | 19.79 | = | 22,787 | ÷ | 1,151,643,390 | |
| Feb 26, 2007 | 2.55 | = | 45.80 | ÷ | 17.94 | 17.94 | = | 21,586 | ÷ | 1,203,480,015 | |
| Feb 27, 2006 | 2.17 | = | 35.25 | ÷ | 16.28 | 16.28 | = | 20,460 | ÷ | 1,256,645,011 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 McDonald’s Corp. Annual Report.
The price-to-sales ratio exhibited a generally increasing trend over the period examined, though with notable fluctuations. Initial values were relatively low, increasing significantly before stabilizing and then rising sharply in later years.
- Initial Phase (2006-2009)
- From 2006 to 2009, the price-to-sales ratio increased from 2.17 to 2.83, with a slight dip to 2.57 in 2009. This suggests a period of moderate investor confidence and increasing valuation relative to revenue during the early part of the observation period. The dip in 2009 may reflect market conditions related to the global financial crisis.
- Moderate Growth (2010-2012)
- Between 2010 and 2012, the ratio continued to climb, reaching 3.78. This indicates a strengthening of the market’s valuation of the company’s sales. The increase from 3.02 in 2010 to 3.78 in 2012 represents a substantial relative increase in investor willingness to pay for each dollar of sales.
- Fluctuation and Subsequent Increase (2013-2016)
- The ratio experienced a slight decrease in 2013 and 2014, falling to 3.40, before rising again to 4.20 by 2016. This period demonstrates some volatility, potentially influenced by specific company performance or broader economic factors. The increase in 2016 suggests renewed investor optimism.
- Significant Expansion (2017-2021)
- From 2017 onwards, the price-to-sales ratio experienced a period of significant expansion, increasing from 4.29 to 8.20 in 2021. This represents a substantial increase in valuation, potentially driven by strong company performance, market sentiment, or changes in growth expectations. The ratio more than doubled during this timeframe.
- Recent Trends (2022-2026)
- The ratio decreased slightly in 2022 to 7.85, before increasing again to 8.80 in 2026. While still high relative to earlier periods, the slight decrease in 2022 could indicate a market correction or a shift in investor expectations. The continued increase through 2026 suggests sustained, albeit moderated, investor confidence.
Overall, the price-to-sales ratio demonstrates a long-term upward trend, punctuated by periods of fluctuation. The most substantial increase occurred between 2017 and 2021, indicating a significant re-evaluation of the company’s worth relative to its sales during that period. The ratio’s values in the later years of the observation period are considerably higher than those in the earlier years, suggesting a substantial change in market perception.
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Comparison to Competitors
McDonald’s Corp., P/S, long-term trends, comparison to competitors
| McDonald’s Corp. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | DoorDash, Inc. | Starbucks Corp. | |
|---|---|---|---|---|---|---|
| Feb 24, 2026 | 8.80 | 5.77 | 5.02 | 4.36 | 5.49 | 2.59 |
| Feb 25, 2025 | 8.56 | 8.01 | 6.94 | 6.89 | 8.36 | 3.08 |
| Feb 22, 2024 | 8.38 | 9.95 | 6.24 | 7.28 | 5.40 | 3.34 |
| Feb 24, 2023 | 8.32 | 10.04 | 5.35 | 5.14 | 3.23 | 3.49 |
| Feb 24, 2022 | 7.85 | 16.64 | 9.22 | 5.80 | 7.30 | 4.47 |
| Feb 23, 2021 | 8.20 | 37.16 | 14.73 | 7.26 | 16.87 | 4.67 |
| Feb 26, 2020 | 7.43 | — | 4.57 | 4.24 | — | 3.75 |
| Feb 22, 2019 | 6.67 | — | 5.91 | 3.31 | — | 3.42 |
| Feb 23, 2018 | 5.68 | — | 7.13 | 1.66 | — | 3.62 |
| Mar 1, 2017 | 4.29 | — | 7.47 | 2.94 | — | 3.81 |
| Feb 25, 2016 | 4.20 | — | 6.65 | 3.07 | — | 4.73 |
| Feb 24, 2015 | 3.33 | — | 7.49 | 5.10 | — | 3.55 |
| Feb 24, 2014 | 3.40 | — | 9.85 | 5.24 | — | 4.08 |
| Feb 25, 2013 | 3.50 | — | 6.60 | 3.64 | — | 2.73 |
| Feb 24, 2012 | 3.78 | — | 6.76 | 5.19 | — | 2.68 |
| Feb 25, 2011 | 3.23 | — | 7.33 | 4.49 | — | 2.14 |
| Feb 26, 2010 | 3.02 | — | 4.49 | 2.18 | — | 1.62 |
| Feb 25, 2009 | 2.57 | — | 1.82 | 1.29 | — | 0.60 |
| Feb 25, 2008 | 2.83 | — | 3.10 | 3.17 | — | 1.79 |
| Feb 26, 2007 | 2.55 | — | 1.78 | 2.56 | — | 3.55 |
| Feb 27, 2006 | 2.17 | — | 0.97 | 2.80 | — | 3.74 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 (Consumer Services)
McDonald’s Corp., P/S, long-term trends, comparison to sector (consumer services)
| McDonald’s Corp. | Consumer Services | |
|---|---|---|
| Feb 24, 2026 | 8.80 | 5.17 |
| Feb 25, 2025 | 8.56 | 6.34 |
| Feb 22, 2024 | 8.38 | 6.15 |
| Feb 24, 2023 | 8.32 | 5.69 |
| Feb 24, 2022 | 7.85 | 7.25 |
| Feb 23, 2021 | 8.20 | 9.47 |
| Feb 26, 2020 | 7.43 | 5.11 |
| Feb 22, 2019 | 6.67 | 5.02 |
| Feb 23, 2018 | 5.68 | 4.94 |
| Mar 1, 2017 | 4.29 | 4.60 |
| Feb 25, 2016 | 4.20 | 4.67 |
| Feb 24, 2015 | 3.33 | 4.15 |
| Feb 24, 2014 | 3.40 | 4.53 |
| Feb 25, 2013 | 3.50 | 3.63 |
| Feb 24, 2012 | 3.78 | 3.85 |
| Feb 25, 2011 | 3.23 | 3.31 |
| Feb 26, 2010 | 3.02 | 2.70 |
| Feb 25, 2009 | 2.57 | 1.93 |
| Feb 25, 2008 | 2.83 | 2.57 |
| Feb 26, 2007 | 2.55 | 2.77 |
| Feb 27, 2006 | 2.17 | 2.49 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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 (Consumer Discretionary)
McDonald’s Corp., P/S, long-term trends, comparison to industry (consumer discretionary)
| McDonald’s Corp. | Consumer Discretionary | |
|---|---|---|
| Feb 24, 2026 | 8.80 | 7.60 |
| Feb 25, 2025 | 8.56 | 9.86 |
| Feb 22, 2024 | 8.38 | 2.63 |
| Feb 24, 2023 | 8.32 | 2.27 |
| Feb 24, 2022 | 7.85 | 3.58 |
| Feb 23, 2021 | 8.20 | 3.81 |
| Feb 26, 2020 | 7.43 | 2.33 |
| Feb 22, 2019 | 6.67 | 2.05 |
| Feb 23, 2018 | 5.68 | 2.06 |
| Mar 1, 2017 | 4.29 | 1.68 |
| Feb 25, 2016 | 4.20 | 1.57 |
| Feb 24, 2015 | 3.33 | 1.32 |
| Feb 24, 2014 | 3.40 | 1.33 |
| Feb 25, 2013 | 3.50 | 1.06 |
| Feb 24, 2012 | 3.78 | 0.97 |
| Feb 25, 2011 | 3.23 | 0.96 |
| Feb 26, 2010 | 3.02 | 0.92 |
| Feb 25, 2009 | 2.57 | 0.66 |
| Feb 25, 2008 | 2.83 | 0.79 |
| Feb 26, 2007 | 2.55 | 0.86 |
| Feb 27, 2006 | 2.17 | 0.79 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 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).