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).
Historical Valuation Ratios (Summary)
McDonald’s Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit a cyclical pattern characterized by an initial expansion in 2022, a correction through 2023, and a period of relative stabilization between 2024 and 2025, followed by a notable contraction in the first half of 2026.
- Price to Earnings (P/E) Ratio
- A significant upward trend was observed during 2022, with the ratio peaking at 34.24 in September. This was followed by a correction in 2023, where the ratio reached a low of 23.23 in September. Throughout 2024 and 2025, the ratio remained relatively stable, fluctuating between 22.51 and 27.63. However, a downward trajectory is evident in the first half of 2026, ending at 22.10.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrors the movement of the P/E ratio. It rose from 17.56 in March 2022 to a peak of 22.47 in March 2023. A subsequent decline occurred throughout the remainder of 2023, hitting 16.94 in September. After a period of modest recovery and stability across 2024 and 2025, the ratio declined sharply in the first half of 2026, reaching its lowest point of 15.17.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated less volatility than the earnings-based ratios but followed a similar overarching trend. It increased from 7.68 in March 2022 to a high of 9.20 in March 2023. Following a dip in late 2023, the ratio remained consistently between 7.51 and 8.80 from 2024 through 2025. A marked decrease is observed in 2026, with the ratio falling to 7.01 by June.
Overall, the synchronized movement across these three ratios suggests that the market valuation of the common stock experienced a premium phase in 2022 and early 2023, transitioned into a plateau phase through 2025, and entered a compression phase by mid-2026.
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Price to Earnings (P/E)
McDonald’s Corp., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 707,641,531 | 710,505,859 | 710,398,642 | 712,154,350 | 713,604,434 | 715,032,727 | 714,461,139 | 716,619,686 | 717,343,247 | 720,681,656 | 722,051,488 | 725,342,030 | 728,763,452 | 730,093,896 | 731,496,951 | 732,423,892 | 735,717,271 | 739,546,930 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in millions) | 2,362) | 1,983) | 2,164) | 2,278) | 2,253) | 1,868) | 2,017) | 2,255) | 2,022) | 1,929) | 2,039) | 2,317) | 2,310) | 1,802) | 1,903) | 1,982) | 1,188) | 1,104) | ||||||
| Earnings per share (EPS)2 | 12.42 | 12.21 | 12.05 | 11.82 | 11.76 | 11.41 | 11.51 | 11.51 | 11.58 | 11.93 | 11.73 | 11.49 | 10.97 | 9.42 | 8.44 | 8.07 | 8.27 | 9.62 | ||||||
| Share price1, 3 | 274.48 | 283.70 | 333.05 | 305.67 | 307.66 | 311.92 | 310.72 | 294.66 | 271.19 | 268.49 | 295.92 | 266.85 | 289.62 | 295.16 | 263.68 | 276.41 | 260.64 | 246.64 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 22.10 | 23.23 | 27.63 | 25.87 | 26.16 | 27.33 | 27.00 | 25.61 | 23.42 | 22.51 | 25.23 | 23.23 | 26.39 | 31.34 | 31.22 | 34.24 | 31.53 | 25.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 33.74 | 33.63 | 28.11 | 28.20 | 30.89 | 30.61 | 33.58 | 50.83 | 17.28 | 20.59 | 20.59 | 14.19 | 39.65 | 40.05 | 44.53 | 36.29 | 59.77 | 96.17 | ||||||
| Booking Holdings Inc. | 20.25 | 21.83 | 25.03 | 32.72 | 37.65 | 29.37 | 28.00 | 29.34 | 24.42 | 24.55 | 31.09 | 18.68 | 22.74 | 23.90 | 29.87 | 28.26 | 50.57 | 164.31 | ||||||
| Chipotle Mexican Grill Inc. | 33.18 | 30.03 | 33.86 | 27.99 | 39.78 | 42.75 | 50.81 | 51.16 | 49.35 | 65.94 | 58.48 | 44.26 | 47.35 | 54.42 | 49.37 | 50.59 | 55.45 | 61.35 | ||||||
| DoorDash, Inc. | 106.79 | 79.04 | 80.56 | 98.12 | 141.17 | 221.23 | 728.78 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | 74.13 | 79.20 | 51.93 | 40.14 | 30.82 | 32.43 | 29.62 | 21.14 | 24.11 | 24.81 | 29.09 | 30.66 | 36.91 | 37.77 | 34.26 | 23.05 | 19.34 | 25.86 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= (2,362,000,000 + 1,983,000,000 + 2,164,000,000 + 2,278,000,000)
÷ 707,641,531 = 12.42
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 274.48 ÷ 12.42 = 22.10
5 Click competitor name to see calculations.
The analysis of valuation metrics reveals a period of significant fluctuation in market sentiment juxtaposed with steady fundamental growth. While earnings per share have demonstrated a consistent long-term increase, the price-to-earnings ratio indicates varying levels of market premium throughout the observed timeframe.
- Earnings Per Share (EPS) Growth
- A sustained upward trajectory in earnings per share is observed, rising from 9.62 US$ in March 2022 to 12.42 US$ by June 2026. This growth reflects a strengthening of underlying profitability per share, with the most consistent gains occurring from March 2023 onward.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio experienced a sharp escalation during 2022, peaking at 34.24 in September. This peak was followed by a correction phase throughout 2023, leading to a contraction to 22.51 by March 2024. The ratio subsequently entered a period of relative stabilization between 2024 and 2025, generally oscillating between 25.61 and 27.63, before trending downward to 22.10 by June 2026.
- Share Price Movements
- Share prices exhibited considerable volatility, climbing from 246.64 US$ in early 2022 to a peak of 333.05 US$ in December 2025. The subsequent decline to 274.48 US$ by June 2026, coupled with the decrease in the P/E ratio despite rising EPS, suggests a compression in the valuation multiple applied by the market in the final periods of the analysis.
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Price to Operating Profit (P/OP)
McDonald’s Corp., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 707,641,531 | 710,505,859 | 710,398,642 | 712,154,350 | 713,604,434 | 715,032,727 | 714,461,139 | 716,619,686 | 717,343,247 | 720,681,656 | 722,051,488 | 725,342,030 | 728,763,452 | 730,093,896 | 731,496,951 | 732,423,892 | 735,717,271 | 739,546,930 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 3,338) | 2,953) | 3,156) | 3,357) | 3,232) | 2,648) | 2,868) | 3,188) | 2,920) | 2,736) | 2,802) | 3,208) | 3,104) | 2,532) | 2,583) | 2,764) | 1,712) | 2,313) | ||||||
| Operating profit per share2 | 18.09 | 17.87 | 17.45 | 17.00 | 16.73 | 16.26 | 16.39 | 16.25 | 16.26 | 16.44 | 16.13 | 15.75 | 15.07 | 13.14 | 12.81 | 12.54 | 12.79 | 14.05 | ||||||
| Share price1, 3 | 274.48 | 283.70 | 333.05 | 305.67 | 307.66 | 311.92 | 310.72 | 294.66 | 271.19 | 268.49 | 295.92 | 266.85 | 289.62 | 295.16 | 263.68 | 276.41 | 260.64 | 246.64 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 15.17 | 15.87 | 19.09 | 17.98 | 18.39 | 19.19 | 18.95 | 18.13 | 16.68 | 16.33 | 18.35 | 16.94 | 19.22 | 22.47 | 20.58 | 22.04 | 20.38 | 17.56 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 33.16 | 32.66 | 27.75 | 27.43 | 31.13 | 31.20 | 34.83 | 57.42 | 52.39 | 62.62 | 65.01 | 34.45 | 46.61 | 45.09 | 46.78 | 35.98 | 57.78 | 88.47 | ||||||
| Booking Holdings Inc. | 15.72 | 14.87 | 15.33 | 19.36 | 22.04 | 20.41 | 21.80 | 22.96 | 19.32 | 19.08 | 22.85 | 15.07 | 16.75 | 17.88 | 17.91 | 14.98 | 19.34 | 28.66 | ||||||
| Chipotle Mexican Grill Inc. | 25.88 | 23.52 | 26.87 | 22.27 | 31.82 | 34.15 | 40.67 | 40.74 | 38.97 | 52.39 | 46.13 | 34.75 | 36.84 | 42.00 | 38.25 | 40.02 | 45.28 | 50.34 | ||||||
| DoorDash, Inc. | 126.14 | 101.79 | 104.18 | 122.18 | 203.41 | 421.34 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Starbucks Corp. | 37.80 | 40.07 | 32.83 | 26.65 | 21.21 | 22.61 | 20.60 | 14.82 | 17.06 | 17.45 | 20.44 | 21.64 | 25.87 | 26.73 | 24.35 | 19.58 | 16.72 | 22.12 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (3,338,000,000 + 2,953,000,000 + 3,156,000,000 + 3,357,000,000)
÷ 707,641,531 = 18.09
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 274.48 ÷ 18.09 = 15.17
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 2022 through June 2026 reveals a divergence between fundamental operational growth and market valuation multiples.
- Operating Profit per Share Trends
- A consistent and steady upward trajectory is observed in operating profit per share, which increased from 14.05 US$ in March 2022 to 18.09 US$ by June 2026. This progression demonstrates sustained growth in core profitability over the period analyzed.
- Share Price Behavior
- The share price exhibited notable volatility, characterized by a general increase from 246.64 US$ in March 2022 to a peak of 333.05 US$ in December 2025. This peak was followed by a sharp correction in the first half of 2026, with the price declining to 274.48 US$ by June 2026.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio experienced significant fluctuations, reaching a maximum of 22.47 in March 2023. Following this peak, the ratio entered a phase of contraction, fluctuating between 16.33 and 19.19 for the majority of 2024 and 2025. The period concludes with a marked decline in the valuation multiple, reaching a low of 15.17 by June 2026.
The data indicates that while operational profitability improved linearly, the market valuation did not maintain a proportional relationship. The compression of the P/OP ratio in 2026 suggests that the decline in share price outpaced the growth in operating profit per share, resulting in a lower valuation multiple relative to the company's earnings power.
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Price to Sales (P/S)
McDonald’s Corp., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 707,641,531 | 710,505,859 | 710,398,642 | 712,154,350 | 713,604,434 | 715,032,727 | 714,461,139 | 716,619,686 | 717,343,247 | 720,681,656 | 722,051,488 | 725,342,030 | 728,763,452 | 730,093,896 | 731,496,951 | 732,423,892 | 735,717,271 | 739,546,930 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenues (in millions) | 7,099) | 6,517) | 7,008) | 7,078) | 6,843) | 5,956) | 6,388) | 6,873) | 6,490) | 6,169) | 6,406) | 6,692) | 6,498) | 5,898) | 5,927) | 5,872) | 5,718) | 5,666) | ||||||
| Sales per share2 | 39.15 | 38.63 | 37.84 | 36.88 | 36.52 | 35.95 | 36.28 | 36.20 | 35.91 | 35.75 | 35.31 | 34.49 | 33.20 | 32.07 | 31.69 | 31.76 | 32.07 | 32.13 | ||||||
| Share price1, 3 | 274.48 | 283.70 | 333.05 | 305.67 | 307.66 | 311.92 | 310.72 | 294.66 | 271.19 | 268.49 | 295.92 | 266.85 | 289.62 | 295.16 | 263.68 | 276.41 | 260.64 | 246.64 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 7.01 | 7.34 | 8.80 | 8.29 | 8.42 | 8.68 | 8.56 | 8.14 | 7.55 | 7.51 | 8.38 | 7.74 | 8.72 | 9.20 | 8.32 | 8.70 | 8.13 | 7.68 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 6.90 | 6.69 | 5.77 | 6.21 | 7.00 | 6.92 | 8.01 | 8.62 | 7.97 | 9.93 | 9.95 | 8.07 | 10.03 | 9.33 | 10.04 | 7.36 | 10.11 | 11.65 | ||||||
| Booking Holdings Inc. | 5.17 | 4.85 | 5.02 | 6.34 | 7.24 | 6.63 | 6.94 | 6.41 | 5.48 | 5.36 | 6.24 | 4.80 | 5.24 | 5.29 | 5.35 | 4.31 | 5.33 | 6.83 | ||||||
| Chipotle Mexican Grill Inc. | 3.79 | 3.59 | 4.36 | 3.65 | 5.30 | 5.81 | 6.89 | 6.91 | 6.53 | 8.38 | 7.28 | 5.43 | 5.68 | 6.25 | 5.14 | 4.86 | 5.15 | 5.36 | ||||||
| DoorDash, Inc. | 5.65 | 4.97 | 5.49 | 6.70 | 9.27 | 6.67 | 8.36 | 6.35 | 4.63 | 5.72 | 5.40 | 3.71 | 4.40 | 3.41 | 3.23 | 3.30 | 5.50 | 4.81 | ||||||
| Starbucks Corp. | 2.88 | 2.88 | 2.59 | 2.88 | 2.65 | 3.16 | 3.08 | 2.36 | 2.74 | 2.90 | 3.34 | 3.31 | 3.86 | 3.81 | 3.49 | 3.00 | 2.72 | 3.74 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025)
÷ No. shares of common stock outstanding
= (7,099,000,000 + 6,517,000,000 + 7,008,000,000 + 7,078,000,000)
÷ 707,641,531 = 39.15
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 274.48 ÷ 39.15 = 7.01
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through June 2026 reveals a divergence between consistent operational growth and volatile market valuation. While sales per share maintained a steady upward trajectory, the Price to Sales (P/S) ratio experienced significant fluctuations, reflecting shifts in investor sentiment and share price volatility.
- Sales per Share Performance
- A consistent growth pattern is observed in sales per share, which rose from 32.13 US$ in March 2022 to 39.15 US$ by June 2026. This represents a steady increase in revenue generation per unit of equity throughout the entire period, with very few quarterly contractions, indicating strong fundamental operational growth.
- Share Price Volatility
- The share price exhibited substantial volatility, characterized by a general upward trend that peaked at 333.05 US$ in December 2025. Following this peak, a notable correction occurred, with the price descending to 274.48 US$ by June 2026. This volatility served as the primary driver for the fluctuations observed in the valuation multiples.
- Price to Sales (P/S) Ratio Trends
- The P/S ratio fluctuated between a low of 7.01 and a high of 9.20. A peak in valuation occurred in March 2023 at 9.20, driven by a surge in share price that outpaced sales growth. Conversely, the ratio reached its lowest point of 7.01 in June 2026. This decline is particularly significant as it occurred while sales per share were at their highest recorded level, suggesting a compression in the valuation multiple as the market price corrected.
- Correlation and Valuation Insights
- The relationship between the metrics indicates that the P/S ratio was more sensitive to share price movements than to the steady increase in sales. Between December 2025 and June 2026, the P/S ratio dropped from 8.80 to 7.01 despite sales per share increasing from 37.84 US$ to 39.15 US$. This suggests that the reduction in the P/S ratio during the final periods was exclusively a result of the share price decline rather than a failure in revenue performance.
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Price to Book Value (P/BV)
McDonald’s Corp., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 707,641,531 | 710,505,859 | 710,398,642 | 712,154,350 | 713,604,434 | 715,032,727 | 714,461,139 | 716,619,686 | 717,343,247 | 720,681,656 | 722,051,488 | 725,342,030 | 728,763,452 | 730,093,896 | 731,496,951 | 732,423,892 | 735,717,271 | 739,546,930 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Shareholders’ deficit (in millions) | (1,023) | (1,286) | (1,791) | (2,163) | (2,760) | (3,454) | (3,797) | (5,177) | (4,824) | (4,833) | (4,707) | (4,855) | (4,999) | (5,776) | (6,003) | (6,566) | (6,370) | (5,991) | ||||||
| Book value per share (BVPS)2 | -1.45 | -1.81 | -2.52 | -3.04 | -3.87 | -4.83 | -5.31 | -7.22 | -6.72 | -6.71 | -6.52 | -6.69 | -6.86 | -7.91 | -8.21 | -8.97 | -8.66 | -8.10 | ||||||
| Share price1, 3 | 274.48 | 283.70 | 333.05 | 305.67 | 307.66 | 311.92 | 310.72 | 294.66 | 271.19 | 268.49 | 295.92 | 266.85 | 289.62 | 295.16 | 263.68 | 276.41 | 260.64 | 246.64 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Airbnb Inc. | 11.64 | 11.09 | 8.61 | 8.62 | 10.42 | 9.79 | 10.57 | 11.01 | 10.46 | 12.88 | 12.09 | 8.49 | 18.03 | 15.36 | 15.16 | 10.67 | 14.23 | 16.27 | ||||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | 89.53 | 32.84 | 18.79 | 19.51 | 19.54 | ||||||
| Chipotle Mexican Grill Inc. | 21.41 | 18.11 | 18.37 | 13.35 | 17.38 | 19.12 | 21.32 | 21.01 | 18.75 | 25.43 | 23.47 | 17.95 | 19.07 | 22.64 | 18.74 | 17.58 | 19.46 | 19.67 | ||||||
| DoorDash, Inc. | 9.05 | 7.18 | 7.51 | 8.92 | 12.36 | 8.94 | 11.49 | 8.52 | 6.22 | 7.45 | 6.85 | 4.61 | 5.29 | 3.75 | 3.15 | 2.93 | 4.18 | 5.44 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Shareholders’ deficit ÷ No. shares of common stock outstanding
= -1,023,000,000 ÷ 707,641,531 = -1.45
3 Closing price as at the filing date of McDonald’s Corp. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 274.48 ÷ -1.45 = —
5 Click competitor name to see calculations.
The financial data indicates a persistent divergence between the market valuation of the common stock and the accounting book value per share. Throughout the period from March 2022 to June 2026, the book value per share remained consistently negative, rendering the traditional Price to Book Value (P/BV) ratio mathematically negative and functionally non-meaningful for standard valuation purposes.
- Book Value Per Share Trends
- An overall upward trajectory in book value per share is observed, although the figure remains in negative territory throughout the entire period. The book value reached its lowest point on September 30, 2022, at -8.97 USD. Following this point, a consistent recovery pattern is evident, with the value improving to -1.45 USD by June 30, 2026. This represents a steady reduction in the deficit of the book value over the analyzed timeframe.
- Share Price Performance
- The share price exhibited moderate volatility while maintaining a general upward trend for the majority of the period. From a starting point of 246.64 USD in March 2022, the price reached a peak of 333.05 USD on December 31, 2025, before declining to 274.48 USD by June 2026. The price movements appear decoupled from the book value, indicating that market valuation is driven by factors independent of net asset value.
- Valuation Implications
- The coexistence of a positive share price and a negative book value per share results in a negative P/BV ratio. Such a condition typically reflects a capital structure where liabilities and treasury stock exceed total assets. While the narrowing deficit in book value suggests a gradual improvement in the equity position, the market continues to assign a significant premium to the stock, maintaining a price far above the accounting book value.
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