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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits significant volatility over the observed periods. Starting from a range of approximately 26.72 to 34.23 in 2020 and early 2021, it experiences a downward movement toward the end of 2021, dropping to around 13.36. It then shows a gradual increase through 2022 and early 2023, reaching a peak of 86.53 in Q3 2023. Following this peak, the ratio declines sharply but remains elevated in late 2023 at around 56.85, before experiencing a very pronounced spike to 893.99 in Q1 2024. Subsequently, a steep correction occurs with the ratio settling around 13.49 by Q1 2025. This pattern signifies considerable fluctuations in earnings valuation, potentially driven by varying earnings expectations or one-time impacts on net income.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the volatility seen in the P/E ratio but with somewhat less extreme extremes. Initial values in 2020 and early 2021 range between 23.89 and 38.03, decreasing to a low near 11.72 in Q3 2021. The ratio rebounds during 2022 and early 2023, peaking at 44.67 in Q3 2023, then falls sharply to 33.75 and again surges to 138.56 in Q1 2024. After this peak, it declines steadily to about 11.6 by Q1 2025. These movements reflect shifts in the market’s valuation of operating profit, consistent with changing profitability outlooks or operational performance fluctuations.
- Price to Sales (P/S) Ratio
- The P/S ratio maintains comparatively more stability than the earnings and operating profit ratios. It generally fluctuates within the range of about 3.6 to 5.43 over the timeline. Starting near 3.93 in early 2020, it increases gradually with some minor oscillations, peaking around 5.43 in Q4 2023, before trending downward toward 3.27 by Q1 2025. This indicates relatively steady revenue valuation, suggesting more consistent sales performance without dramatic shifts.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a declining trend over the entire period analyzed, starting at around 7.43 in Q1 2020 and decreasing to approximately 4.32 by Q1 2025. There are intermittent fluctuations, with minor rebounds such as a peak at about 8.68 in Q4 2023, but the overall movement is downward. This downward trend may indicate a diminishing market premium over book equity or a reassessment of the company’s asset value on the market.
Price to Earnings (P/E)
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Net income (loss) attributable to Merck & Co., Inc. (in millions) | ||||||||||||||||||||||||||||
Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/E ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss) attributable to Merck & Co., Inc.Q1 2025
+ Net income (loss) attributable to Merck & Co., Inc.Q4 2024
+ Net income (loss) attributable to Merck & Co., Inc.Q3 2024
+ Net income (loss) attributable to Merck & Co., Inc.Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Merck & Co. Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price demonstrates notable fluctuations over the observed periods. From March 2020 to December 2021, it oscillates moderately between approximately $74 and $82, with some intermittent increases particularly in the third quarter of 2021. Starting in March 2022, there is a pronounced upward trend reaching a peak near $129 by December 2023, indicating strong market performance and possibly positive investor sentiment during this phase. However, following this peak, the share price exhibits a declining trajectory through to March 2025, decreasing steadily from above $127 to about $83, which may suggest market corrections or altered expectations regarding future performance.
Earnings per share (EPS) data commence from March 2021. Initially, EPS shows some variability, beginning near $2.79 and experiencing a rise to over $6 by September 2022. This upward movement signals improving profitability or earnings growth. However, EPS sharply declines afterwards, dropping to below $1 by late 2023, corresponding with a period of volatility and uncertainty in earnings generation. Following this trough, EPS recovers substantially, stabilizing around $6 to $7 by early 2025, suggesting a return to robust profitability.
The price-to-earnings (P/E) ratio mirrors the fluctuations seen in share price and EPS but with greater volatility. Initially, the P/E ranges between approximately 14 and 34, reflecting moderate valuation multiples in relation to earnings. During the period of EPS decline around late 2023, the P/E ratio spikes dramatically, exceeding 800 at one point, which typically signals market uncertainty, speculative trading, or earnings anomalies impacting valuation. Subsequently, the ratio normalizes to lower levels between approximately 12 and 21 by 2025, indicating a more balanced valuation environment as earnings stabilize and the share price declines.
- Overall Trends
- The data depict a cycle of growth in price and earnings until about late 2022, followed by a period of earnings decline and valuation spikes, then a recovery phase with earnings growth and share price correction. Market valuations appear sensitive to earnings fluctuations, with extreme P/E values highlighting temporary instability or atypical earnings periods.
- Interpretation
- The initial growth phase reflects positive operational performance or favorable market conditions. The sharp EPS decline and corresponding P/E spike suggest episodic challenges or one-off factors impacting profitability and investor perceptions. The subsequent recovery denotes a restoration of confidence and financial performance, though accompanied by a share price correction potentially reflecting adjusted expectations or profit-taking.
Price to Operating Profit (P/OP)
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Operating income (loss) (in millions) | ||||||||||||||||||||||||||||
Operating profit per share2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/OP ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024
+ Operating income (loss)Q3 2024
+ Operating income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Merck & Co. Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed quarterly periods. Initially, it trended upward from $77.12 in March 2020 to a peak of $128.84 by December 2023. Following this peak, the share price experienced a steady decline, reaching $83.18 by March 2025. This pattern reflects considerable volatility with a general increase until late 2023, followed by a retracement in subsequent quarters.
The operating profit per share showed limited available data prior to March 2021, after which it displayed a series of rises and falls. From March 2021, it increased from $3.12 to a peak of $7.88 by September 2024, with intermittent declines such as the drop to $0.93 in March 2024. This suggests variability in profitability but an overall positive trend towards higher operating profit per share in the long term.
The price-to-operating profit ratio (P/OP) initially started high at 23.89 in March 2021, increased further to an extreme 138.56 in March 2024, signaling a phase where the share price was very high relative to operating profit. After this spike, the ratio declined significantly to 10.37 by March 2025. This indicates that the market valuation was relatively expensive compared to operating profit during early 2024 but became more reasonable by early 2025.
- Summary of trends
- The share price rose sharply through 2023 before retreating sharply in 2024-2025.
- Operating profit per share showed an upward trend overall but with notable short-term volatility and some sharp declines.
- P/OP ratios reflected high market expectations in early 2024, followed by market normalization.
- Insights
- The peak P/OP ratio in March 2024 aligns with a low operating profit per share, indicating that the stock price was relatively high despite decreased profitability.
- The subsequent decrease in share price alongside recovery in operating profit per share suggests a correction in market valuation toward fundamentals.
- The volatility in profitability may imply operational challenges or shifts influencing earnings on a quarterly basis.
Price to Sales (P/S)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Sales (in millions) | ||||||||||||||||||||||||||||
Sales per share2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/S ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Merck & Co. Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits distinct fluctuations over the reported periods. From the initial value of $77.12 on March 31, 2020, it generally trends upwards, peaking at $128.84 by December 31, 2023. Subsequent to this peak, a descending pattern emerges, with values declining to $83.18 by March 31, 2025. This indicates significant volatility with an overall increase followed by a notable decrease in the latter quarters.
Sales per share data is absent until March 31, 2021, where it starts at $18.97. From this point forward, there is a gradual and steady increase. It rises from $18.97 to $25.46 by March 31, 2025. This upward trend suggests consistent growth in sales efficiency or revenue generation attributed to each share over the period.
The Price to Sales (P/S) ratio commences at 3.93 on March 31, 2021, then demonstrates variable movement through the timeframe. Initially, it rises to a high of 5.43 by December 31, 2023, indicating periods where share price growth outpaced sales per share. Post-peak, the P/S ratio declines progressively to 3.27 by March 31, 2025. This reduction in the P/S ratio aligns temporally with the diminishing share price, implying a contraction in the market valuation relative to sales.
- Share Price Trend
- Starting around the high $70s, the share price ascends moderately before peaking in late 2023, then experiences a steady decline into early 2025.
- Sales Per Share Evolution
- Sales per share emerge in early 2021 and display continuous growth through the examined periods, reflecting stronger sales revenue on a per-share basis.
- Price to Sales Ratio Dynamics
- The P/S ratio peaks alongside the share price near the end of 2023, after which it gradually drops, indicating that share price adjustments are more pronounced than sales changes in the latter periods.
Overall, the data reveals a period of growth in shares' sales performance complemented by share price appreciation until late 2023, followed by a correction phase characterized by decreasing share prices and valuation multiples despite sustained sales growth. This pattern could suggest market reassessment of growth prospects or external factors impacting investor sentiment.
Price to Book Value (P/BV)
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
Selected Financial Data (US$) | ||||||||||||||||||||||||||||
Total Merck & Co., Inc. stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
Share price1, 3 | ||||||||||||||||||||||||||||
Valuation Ratio | ||||||||||||||||||||||||||||
P/BV ratio4 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Pfizer Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Merck & Co., Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Merck & Co. Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price showed notable fluctuations over the observed periods. Initially, it increased from 77.12 US$ at the end of Q1 2020 to a peak of 81.64 US$ in Q2 2020, followed by a slight dip and recovery around 80 US$ to 74.62 US$ by the end of 2020. During 2021, the price remained relatively stable, oscillating between 75.32 US$ and 81.61 US$. Starting in Q1 2022, there was a clear upward trend, with the price rising sharply to reach a high of 128.84 US$ by Q4 2023. However, from this peak, the price then demonstrated a marked decline through 2024 and into early 2025, falling to 83.18 US$ by Q1 2025.
- Book Value per Share (BVPS) Trend
- BVPS exhibited a gradual upward movement throughout the analysis period. It increased from 10.38 US$ in Q1 2020 to 18.46 US$ by Q1 2023, indicating consistent growth in the company's net asset value per share. Despite some minor fluctuations post Q1 2023, BVPS maintained an overall positive trend, finishing at 19.25 US$ in Q1 2025. This steady increase implies strengthening equity and possibly retained earnings accumulation.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio declined notably from a high of 7.47 in Q2 2020 to a trough around 5.05 in Q4 2021, suggesting that the share price growth did not keep pace with the increase in book value during that period. Subsequently, the ratio rose again, peaking at 8.68 in Q4 2023, corresponding with the peak in share price and a slower rise in book value. Following this peak, the ratio fell sharply alongside the share price decline in 2024 and early 2025, reaching 4.32 by Q1 2025. This decline may indicate a relative undervaluation of the stock compared to its book value or a market reassessment of company prospects.