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).
Paying user area
Try for free
McDonald’s Corp. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Analysis of Debt
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to McDonald’s Corp. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Historical Valuation Ratios (Summary)
McDonald’s Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
The analysis of the quarterly financial ratios reveals several notable trends over the observed periods. The price to earnings (P/E) ratio demonstrates a cyclical pattern with fluctuations around a central tendency that gradually declines from the initial high of approximately 34.24 in late 2022 to near 25.87 by late 2025. This suggests fluctuating but generally moderating market expectations of earnings growth or risk over time.
The price to operating profit (P/OP) ratio similarly exhibits a pattern of variation with peaks around late 2022 and a general moderate decrease afterward. It starts from a higher level near 22.17 in early 2021, drops to about 16.33 in early 2024, and then rises subtly but remains below initial highs by late 2025. This indicates changing perceptions of operating profitability relative to market valuation influenced by operating income trends and possibly cost fluctuations.
Regarding the price to sales (P/S) ratio, there is a degree of cyclical movement with values oscillating between roughly 7.5 and 9.2. The ratio increases notably in early 2023, reaching a peak, before slightly declining and stabilizing around 8.3 to 8.6 levels towards the end of the period. This behavior points to variable revenue market valuations but with relative stability in the medium term.
The price to book value (P/BV) ratio data is unavailable, thus precluding analysis of equity book value market valuation trends.
- Price to Earnings (P/E) Ratio
- Shows a cyclical but generally downward trending pattern from early high values toward a more moderate ratio by the end of the observed periods, indicating tempered investor expectations or earnings growth adjustments.
- Price to Operating Profit (P/OP) Ratio
- Exhibits fluctuations with peaks and troughs, but overall a slight declining trend after mid-2022. This implies changing investor perspectives on operating profit valuation relative to share price.
- Price to Sales (P/S) Ratio
- Displays modest oscillations, with a peak in early 2023, followed by stabilization at slightly lower levels, suggesting somewhat stable valuation metrics relative to sales over the medium term.
- Price to Book Value (P/BV) Ratio
- No data available for analysis.
Price to Earnings (P/E)
McDonald’s Corp., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (in millions) | |||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reflects the trends in share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over multiple quarters. The analysis reveals patterns in pricing and profitability alongside valuation metrics.
- Share Price
- The share price demonstrates an overall upward trend from the beginning to the end of the examined period. Starting near $235, it exhibited some volatility, with rises and dips but generally increased to peak around $312 in late 2024 before slightly declining toward 2025. This pattern suggests investor confidence strengthened over time, with intermittent corrections.
- Earnings Per Share (EPS)
- EPS initially showed significant growth early in the period, rising from approximately $6.92 to around $10.15 within the first year. Subsequently, EPS stabilized in the range of about $8 to $12, with minor fluctuations but an overall tendency to maintain steady profitability. The latest quarters indicated consistent EPS slightly above $11, suggesting stable earnings capability.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio showed considerable variability throughout the period. Early in the timeline, it decreased from roughly 34 toward the mid-20s, indicating a moderation in investor valuation relative to earnings growth. Mid-period saw a rise in the P/E ratio reaching above 34, perhaps reflecting increased market optimism or share price outpacing earnings temporarily. In the most recent quarters, the P/E ratio settled back into the mid-20s range, reflecting a balanced valuation consistent with steady earnings and share price levels.
In summary, the data suggests a mature financial profile characterized by increasing and stabilizing earnings supported by a generally rising share price. Market valuation, as expressed through the P/E ratio, adjusted over time, reflecting changing investor sentiment but remained within a moderate range, indicating prudent market expectations relative to the company's earning power.
Price to Operating Profit (P/OP)
McDonald’s Corp., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | |||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, operating profit per share, and the price-to-operating profit ratio (P/OP) over the observed periods.
- Share Price (US$)
- The share price demonstrated a general upward trajectory from March 2021 to December 2025. Starting at approximately $235, it experienced fluctuations but maintained an overall increase, reaching over $305 by September 2025. Notable peaks occurred around March and December of 2024 and 2025, with the share price close to or exceeding $310. Some intermediate declines were observed, for example, in December 2021 and December 2022, but these were temporary reversals in an otherwise positive trend.
- Operating Profit per Share (US$)
- The operating profit per share steadily increased throughout the period under review. Beginning at $10.60 in March 2021, it rose with some minor volatility to reach a peak of $17.00 by September 2025. The growth was consistent, especially from the beginning of 2023 onward, indicating improved operational efficiency or profitability. The increase was gradual and persistent, suggesting stable underlying business performance.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio exhibited notable variability over the quarters, reflecting changes in market valuation relative to operating profitability. Initially, it was higher at around 22 in March 2021, then it declined through 2021, reaching levels below 18 by the end of that year. During 2022 and early 2023, the ratio showed fluctuations ranging roughly between 16 and 22. From 2023 to 2025, it mostly stabilized between approximately 16 and 19, with a slight upward tendency toward the end of the period. This suggests that while the share price generally increased, market participants adjusted their valuation multiples, possibly responding to changes in market conditions or company performance expectations.
In summary, the data reflect a positive trend in both the share price and operating profit per share, indicative of improving financial performance. The P/OP ratio fluctuations imply adjustments in investor sentiment or market conditions but do not detract from the overall upward movement in operating profitability and equity value during the examined intervals.
Price to Sales (P/S)
McDonald’s Corp., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in key metrics over the examined periods.
- Share Price
- The share price exhibits considerable variability with an overall upward trajectory. Starting around $235 in early 2021, the price increased to approximately $295 by the end of 2023, experiencing fluctuations throughout the quarters. Notably, the share price peaked at about $311 in late 2024 and early 2025 before showing a slight decline to the mid-300 range. This pattern indicates a generally positive market valuation with intermittent volatility.
- Sales Per Share
- Sales per share demonstrated a steady upward trend from $26.29 at the start of 2021 to approximately $36.88 by the end of Q3 2025. The increase is consistent, highlighting gradual growth in revenue generation relative to the number of shares outstanding. This steady rise suggests improving operational performance or favorable market conditions supporting sales growth over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated between approximately 7.5 and 9.2 across the periods. Initially, it declined from around 8.94 in early 2021 to a low near 7.5 in early 2024. Thereafter, the ratio increased, peaking near 8.7 in late 2024 before slightly tapering off. This indicates that while the stock price increased over time, sales per share also rose, balancing the valuation multiples. The movement in P/S ratio suggests alternating investor sentiment or changing market perceptions regarding the company's sales quality and growth prospects.
In summary, the company experienced solid growth in sales per share accompanied by an increasing share price with periodic volatility. The P/S ratio's fluctuations reflect shifts in market valuation relative to sales performance, implying evolving investor expectations throughout the observed timeframe.
Price to Book Value (P/BV)
McDonald’s Corp., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Shareholders’ equity (deficit) (in millions) | |||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Airbnb Inc. | |||||||||||||||||||||||||
| Booking Holdings Inc. | |||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | |||||||||||||||||||||||||
| DoorDash, Inc. | |||||||||||||||||||||||||
| Starbucks Corp. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Shareholders’ equity (deficit) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends over the observed periods in share price and book value per share (BVPS) for the company.
- Share Price Movement
- The share price demonstrates a generally upward trajectory with some fluctuations. Starting at approximately $235 in the first quarter of 2021, it experienced a gradual increase, reaching its peak near $311 in early 2025. Despite intermittent declines, such as a notable dip in late 2022 and mid-2023, the long-term pattern indicates growth in shareholder value.
- Book Value Per Share (BVPS)
- BVPS displays consistent negative values throughout the period, indicating that the company's liabilities exceed its assets on a per-share basis. Although the negative book value fluctuates, there is an observable trend towards a less negative figure over time, moving from approximately -9.7 in early 2021 to around -3.04 by early 2025. This suggests a gradual improvement in the equity position.
- Price to Book Value (P/BV) Ratio
- No data is provided for the price-to-book value ratio; however, given the persistent negative book value and rising share price, the P/BV ratio would be negative or not meaningful, reflecting the company's market valuation relative to its book equity.
- Insights
- The increase in share price alongside a declining negative book value may signal market optimism about the company's prospects, possibly driven by factors not fully captured in the book value metric. The negative book value indicates balance sheet challenges, but the improving trend suggests potential remediation. The disparity between rising market value and negative book value warrants further qualitative analysis to understand underlying drivers such as intangible assets, brand value, or anticipated future earnings.